{
    "type": "ETF",
    "ucits": true,
    "fund_name": "JPM Global IG Corporate Bond Active UCITS ETF - USD (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": [],
    "classification": "non-complex",
    "supporting_data": "The ETF is an actively managed UCITS fund investing primarily in physical investment grade corporate bonds globally, including emerging markets. The KIID and PRIIPs KID explicitly state that the fund may use financial derivatives only for efficient portfolio management purposes, not as an inherent part of the investment strategy, so derivatives are not considered a complexity driver here. There is no mention of synthetic replication, swap agreements, or counterparty risk exposure. The fund does not employ leverage, inverse or amplified exposure. The risk profile is moderate (risk level 3 out of 7 in PRIIPs KID, and 4 in KIID), consistent with a bond fund investing in investment grade debt. The fund holds no contingent convertible bonds or other complex structured products. The factsheet confirms the portfolio consists of physical bonds, with no indication of synthetic replication or leverage. Costs are straightforward with a 0.25% ongoing charge and no performance fees. There are no capital protection or structured features. The PRIIPs KID does not carry any comprehension warnings or complexity flags. Overall, the fund exhibits a straightforward, physical bond investment strategy with minimal derivative use for risk management, no leverage, and no complex underlying assets, leading to a non-complex classification under MiFID II."
}