{
    "type": "ETF",
    "ucits": true,
    "fund_name": "JPM USD High Yield Bond Active UCITS ETF - GBP Hedged (dist)",
    "investment_objective": "Achieve long-term return in excess of the ICE BofA US High Yield Constrained Index by actively investing primarily in a portfolio of USD-denominated below investment grade corporate debt securities.",
    "primary_asset_class": "Bond",
    "geographic_focus": "Primarily developed markets (mainly United States), limited emerging markets exposure (excluding Russia).",
    "replication_method": "physical",
    "swaps": false,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": "Contingent Convertible Bonds",
    "classification": "complex",
    "supporting_data": "The ETF is a UCITS-compliant actively managed bond ETF investing primarily in USD-denominated below investment grade corporate bonds. The replication method is physical, with no indication of synthetic replication or use of swap agreements. The fund may use derivatives only for efficient portfolio management, not as an inherent part of the investment strategy, so derivatives are marked false. There is no leverage or inverse exposure. The fund holds complex underlying assets including contingent convertible bonds (CoCos), which have specific trigger events that can lead to conversion to equity, write-downs, or coupon suspension, increasing complexity. The risk profile is medium (risk level 4), consistent with bond volatility but not excessive leverage. The PRIIPs KID does not include any comprehension warnings but notes the risks related to CoCos and below investment grade bonds, which are less liquid and more volatile. The fund does not have capital protection or structured features. Costs are straightforward with no performance fees or swap fees. The complexity arises primarily from the nature of the underlying assets (CoCos and high yield bonds) which are inherently complex and may be difficult for retail investors to fully understand, fulfilling MiFID II criteria for complexity despite physical replication and no leverage or synthetic structures."
}