{
    "type": "ETF",
    "ucits": true,
    "fund_name": "JPM USD Emerging Markets Sovereign Bond UCITS ETF - USD (acc)",
    "investment_objective": "Provide exposure to USD-denominated bonds issued by governments or quasi-government entities of emerging markets countries 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 only for efficient portfolio management and investment purposes, not as an inherent part of 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 fund does not employ leverage, inverse or amplified return strategies. The underlying assets are USD-denominated emerging market sovereign and quasi-sovereign bonds, which are liquid and transparent fixed income securities. The risk profile is moderate (category 5 in KIID, 3 in PRIIPs KID), consistent with bond market volatility but not indicative of complexity. Costs are straightforward with a single ongoing charge of 0.39%, no performance fees, and no swap or derivative fees. The fund is UCITS compliant and regulated by the Central Bank of Ireland. The factsheet confirms physical replication with no synthetic or swap-based structures. No capital protection or structured features are present. No complex underlying assets such as contingent convertible bonds or CLOs are held. The PRIIPs KID does not carry a comprehension warning. Overall, the ETF exhibits characteristics of a standard physical bond index tracker with minimal derivative use for risk management, no leverage, and no complex features, leading to a non-complex classification under MiFID II."
}