{
    "type": "ETF",
    "ucits": true,
    "fund_name": "JPM USD Emerging Markets Sovereign Bond UCITS ETF - EUR Hedged (acc)",
    "investment_objective": "Provide exposure to USD-denominated bonds issued by emerging markets governments or quasi-government entities globally, tracking the J.P. Morgan Emerging Markets Risk-Aware Bond Index.",
    "primary_asset_class": "Bond",
    "geographic_focus": "Emerging Markets (Global)",
    "replication_method": "physical",
    "swaps": false,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF pursues a passive index-tracking strategy using an optimisation methodology to build a representative portfolio holding a subset of the index securities. The KIID and PRIIPs KID explicitly state that the Sub-Fund may use financial derivative instruments for efficient portfolio management and investment purposes, but this use is ancillary and not inherent to the investment strategy, thus derivatives are not considered a complexity driver here. There is no mention of synthetic replication, swap agreements, or counterparty risk exposure. The replication is physical via direct holdings of USD emerging market sovereign bonds, including investment grade and below investment grade securities. The fund is UCITS compliant. Leverage or inverse exposure is not present. The risk profile is moderate (category 5 in KIID, category 3 in PRIIPs KID), reflecting market and credit risks typical of emerging market bonds, not complexity from structure. Costs are straightforward with a single ongoing charge (0.39%) and no performance fees. The fund does not have capital protection or structured features. The underlying assets are bonds, some below investment grade, but not complex structured products or contingent convertible bonds. The index tracked is a risk-aware emerging market bond index with ESG overlays, but no complex derivatives or contingent features. The monthly factsheet confirms no synthetic replication or swap usage. The PRIIPs KID does not carry a comprehension warning. Overall, the fund's structure and strategy are straightforward and transparent, with no complexity flags under MiFID II criteria."
}