{
    "type": "ETF",
    "ucits": true,
    "fund_name": "JPM EUR IG Corporate Bond Active UCITS ETF - GBP Hedged (acc)",
    "investment_objective": "Achieve long-term return in excess of Bloomberg Euro Corporate Index by actively investing primarily in investment grade Euro denominated corporate debt securities.",
    "primary_asset_class": "Bond",
    "geographic_focus": "Global (Euro denominated corporate bonds, issuers globally including emerging markets)",
    "replication_method": "physical",
    "swaps": false,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": "",
    "classification": "non-complex",
    "supporting_data": "The ETF is a UCITS-compliant bond ETF investing primarily in investment grade Euro denominated corporate bonds. The investment strategy is active but based on physical holdings of bonds, not synthetic replication. The KIID and PRIIPs KID explicitly state that derivatives may be used only for efficient portfolio management purposes, not as an inherent part of the investment strategy, so derivatives exposure is minimal and for risk management only. There is no mention of swap agreements, total return swaps, or counterparty risk related to derivatives. The fund does not employ leverage, inverse or amplified exposure. The risk rating is moderate (4 in KIID, 2 in PRIIPs KID), consistent with bond market volatility but not indicating complexity. The fund holds a diversified portfolio of corporate bonds with no complex structured products or contingent convertible bonds as a material part of the portfolio. The fact sheet confirms physical bond holdings, no synthetic replication, and no leverage. Costs are straightforward with no performance fees or swap fees. There is no capital protection or structured product features. The PRIIPs KID does not carry a complexity or comprehension warning. Overall, the fund exhibits a straightforward, physical bond investment strategy with minimal derivative use for hedging, no leverage, and no complex underlying assets, leading to a non-complex classification under MiFID II."
}