{
    "type": "ETF",
    "ucits": true,
    "fund_name": "JPM Emerging Markets Local Currency Bond Active UCITS ETF - USD (dist)",
    "investment_objective": "Achieve long-term return in excess of J.P. Morgan GBI-EM Global Diversified (Total Return Gross) Benchmark by actively investing primarily in emerging market local currency debt securities.",
    "primary_asset_class": "Bond",
    "geographic_focus": "Emerging Markets",
    "replication_method": "physical",
    "swaps": false,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": "",
    "classification": "non-complex",
    "supporting_data": "The ETF is an actively managed UCITS fund investing primarily in emerging market local currency debt securities. The KIID and PRIIPs KID explicitly state that the fund may use financial derivative instruments for gaining exposure or for efficient portfolio management, but this is not an inherent element of the investment strategy, rather a tool to gain exposure or manage risk. There is no mention of synthetic replication, swap agreements, total return swaps, or funded/unfunded swap structures. The factsheet confirms the fund holds a portfolio of physical debt securities, including government and corporate bonds, with no indication of synthetic replication or leverage. The risk profile is moderate (category 3 out of 7 in PRIIPs KID), and the KIID risk rating is 5, reflecting the underlying emerging market bond risks rather than complexity from derivatives or leverage. No capital protection or structured features are present. Costs are straightforward with a single ongoing charge (0.45%) and no performance fees or swap fees. The fund invests directly in liquid, transparent securities, and the benchmark is a standard emerging market local currency bond index. There are no references to complex underlying assets such as contingent convertible bonds or CLOs. The PRIIPs KID does not carry any comprehension warnings or complexity flags. Therefore, under MiFID II criteria, this ETF is classified as non-complex."
}