{
    "type": "ETF",
    "ucits": true,
    "fund_name": "JPM Global High Yield Corporate Bond Multi-Factor Active UCITS ETF - USD (acc)",
    "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 considered false for complexity. There is no leverage, inverse or amplified exposure mentioned. The fund holds physical bonds, not complex structured products or contingent convertible bonds. The risk profile is moderate (risk level 4 in KIID, 3 in PRIIPs), consistent with bond market volatility but not indicating complexity. Costs are straightforward with 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 warnings or comprehension warnings appear in the PRIIPs KID. Overall, the fund is a physically replicated, actively managed high yield bond ETF with no leverage or synthetic elements, thus classified as non-complex under MiFID II."
}