{
    "type": "ETF",
    "ucits": true,
    "fund_name": "JPM Global High Yield Corporate Bond Multi-Factor UCITS ETF - USD (dist)",
    "investment_objective": "Achieve long-term return in excess of the Benchmark by actively investing primarily in a portfolio of below investment grade corporate debt securities globally.",
    "primary_asset_class": "Bond",
    "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 a UCITS-compliant bond ETF investing primarily in below investment grade corporate bonds globally. The investment strategy is active multi-factor selection of physical bonds, with no indication of synthetic replication or use of swap agreements. The KIID and PRIIPs KID both confirm that derivatives may be used only for efficient portfolio management purposes, not as an inherent part of the investment strategy, so derivatives are marked false. There is no leverage or inverse exposure mentioned. The fund holds physical bonds, not complex structured products or contingent convertible bonds. The risk profile is moderate (category 3-4 out of 7), consistent with the underlying asset class and credit risk, but not indicative of complexity. Costs are straightforward with a single ongoing charge and no performance fees or swap fees. The factsheet confirms no synthetic replication or swap usage, and the benchmark is a standard ICE BofA Global High Yield Index. No capital protection or structured features are present. No complexity flags such as capital guarantees, knock-in/out barriers, or contingent return formulas are identified. Overall, the fund exhibits a straightforward physical bond investment strategy with active selection, no leverage, no synthetic replication, and no complex underlying assets, leading to a non-complex classification under MiFID II."
}