{
    "type": "ETF",
    "ucits": true,
    "fund_name": "JPM USD Emerging Markets Sovereign Bond UCITS ETF - GBP Hedged (dist)",
    "replication_method": "physical",
    "swaps": false,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF is a UCITS-compliant, passively managed index-tracking fund that aims to replicate the J.P. Morgan Emerging Markets Risk-Aware Bond Index. The replication method is physical, using an optimisation methodology to hold a representative subset of the index securities rather than synthetic replication or swap-based structures. The KIID and PRIIPs KID explicitly state that derivatives may be used only for efficient portfolio management and investment purposes, not as an inherent part of the investment strategy, and the derivative exposure is minimal and not leveraged. There is no mention of swap agreements, total return swaps, or counterparty risk exposure. The fund does not employ leverage, inverse or amplified exposure. The underlying assets are USD-denominated emerging market sovereign and quasi-sovereign bonds, which are liquid and transparent fixed income securities, without complex structured products or contingent convertible bonds. The risk profile is moderate (risk level 5 in KIID, 3 in PRIIPs KID), consistent with emerging market sovereign bond risk, 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 PRIIPs KID does not carry any comprehension warnings or complexity flags. The factsheet confirms no synthetic replication or swap usage and shows a standard bond portfolio with no leverage or complex derivatives. Therefore, under MiFID II criteria, this ETF is classified as non-complex."
}