{
    "type": "ETF",
    "ucits": true,
    "fund_name": "JPM Global High Yield Corporate Bond Multi-Factor UCITS ETF - USD Hedged (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, using a multi-factor active management strategy.",
    "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, not synthetic replication. The KIID and PRIIPs KID explicitly state 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 mention of swap agreements, total return swaps, or counterparty risk exposure. The fund does not employ leverage, inverse or amplified returns. The risk profile is moderate (risk level 4 in KIID, 3 in PRIIPs), consistent with bond market volatility but not indicating complexity. The fund invests directly in physical bonds, not complex structured products or contingent convertible bonds. The factsheet confirms physical holdings with no synthetic replication or swap usage. Costs are straightforward with no performance fees or swap fees. No capital protection or structured features are present. The PRIIPs KID does not carry any comprehension warnings. Overall, the fund exhibits a straightforward, physical bond investment strategy with minimal derivative use for risk management, no leverage, and no complex features, leading to a non-complex classification under MiFID II."
}