{
    "type": "ETF",
    "ucits": true,
    "fund_name": "JPM Global High Yield Corporate Bond Multi-Factor UCITS ETF - GBP Hedged (dist)",
    "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, including emerging markets. 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 language. The fund invests directly in physical bonds, which are liquid and transparent, with no complex structured products or contingent capital instruments mentioned. The risk profile is moderate (risk level 4), consistent with bond market volatility, 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, not a complex or structured index. No capital protection or structured features are present. No counterparty risk beyond normal bond issuer risk is disclosed. Overall, the fund exhibits a straightforward physical bond investment strategy with active selection, no leverage, no synthetic replication, and no complex underlying assets, leading to a non-complex classification under MiFID II."
}