{
    "type": "ETF",
    "ucits": true,
    "fund_name": "JPM Global IG Corporate Bond Active UCITS ETF - USD 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": "Contingent Convertible Bonds, Active Management, ESG Integration",
    "classification": "complex",
    "supporting_data": "The ETF is an actively managed UCITS ETF investing primarily in global investment grade corporate bonds, including emerging markets. The fund does not seek to replicate an index but aims to outperform it through active security selection and credit sector rotation. The KIID and PRIIPs documents confirm the use of physical securities rather than synthetic replication or swap agreements. There is no mention of leverage, inverse exposure, or funded/unfunded swaps. However, the fund invests in complex underlying assets such as contingent convertible bonds (CoCos), subordinated debt, and convertible bonds, which carry specific risks including trigger events that can lead to conversion to equity or write-downs. These features introduce complexity beyond straightforward bond ETFs. The risk profile is medium (category 3-4), reflecting the credit and market risks inherent in corporate bonds and the additional complexity of CoCos and subordinated debt. The fund uses derivatives only for efficient portfolio management, not as an inherent part of the investment strategy, so derivatives are marked false. Costs are straightforward with no performance fees and a TER of 0.25%. The PRIIPs KID does not include a comprehension warning but highlights the need for investors to understand the risks, including potential loss of capital. The active management approach and the inclusion of complex bond types drive the MiFID II classification as complex, despite the absence of leverage or synthetic replication."
}