{
    "type": "ETF",
    "ucits": true,
    "fund_name": "JPM Global IG Corporate Bond Active UCITS ETF - GBP Hedged (acc)",
    "investment_objective": "Achieve long-term return in excess of the Bloomberg Global Aggregate Corporate Index Total Return USD Unhedged by actively investing primarily in global investment grade corporate debt securities.",
    "primary_asset_class": "Corporate Bonds (Investment Grade)",
    "geographic_focus": "Global, including emerging markets",
    "replication_method": "physical",
    "swaps": false,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": "Active management with exposure to subordinated, convertible and contingent convertible bonds",
    "classification": "complex",
    "supporting_data": "The ETF is a UCITS-compliant, actively managed bond ETF investing primarily in global investment grade corporate debt securities, including emerging markets. The replication method is physical, with no indication of synthetic replication or use of swaps. The fund does not employ leverage or inverse strategies. Derivatives are only used for efficient portfolio management purposes, not as an inherent part of the investment strategy, so derivatives flag is false. However, the fund invests in complex underlying assets such as subordinated bonds, convertible bonds, and contingent convertible bonds (CoCos), which have embedded complexity and risk features (e.g., trigger events causing conversion to equity, coupon suspension, or write-downs). The risk profile is medium (risk level 3-4), with extensive disclosures on credit risk, liquidity risk, and specific risks related to contingent convertible bonds. There is no capital protection or structured product features. Costs are straightforward with a single ongoing charge and no performance fees. The PRIIPs KID does not carry a comprehension warning but highlights the complexity of the underlying assets. According to MiFID II criteria, the presence of contingent convertible bonds and subordinated debt securities, which are complex and may be difficult for retail investors to understand, drives the classification as complex despite the absence of synthetic replication or leverage. The fund\u2019s active management and exposure to complex bond types mean the product is not straightforward index tracking and involves risks beyond simple bond ETFs. Therefore, the classification is complex primarily due to the complexity of the underlying assets rather than replication or leverage.",
    "risk_level_assessment": "The fund\u2019s stated risk profile is medium (category 3-4 out of 7), reflecting moderate volatility and credit risk consistent with investment grade corporate bonds including some exposure to subordinated and contingent convertible bonds. This aligns with the complexity classification as these asset types carry additional risks and complexity beyond plain vanilla bonds."
}