{
    "type": "ETF",
    "ucits": true,
    "fund_name": "JPM USD IG Corporate Bond Active UCITS ETF - GBP Hedged (acc)",
    "investment_objective": "Achieve long-term return in excess of Bloomberg US Corporate Bond Index by actively investing primarily in investment grade USD-denominated corporate debt securities.",
    "primary_asset_class": "Corporate Bonds (Investment Grade USD-denominated)",
    "geographic_focus": "Primarily United States, issuers may be global including emerging markets",
    "replication_method": "physical",
    "swaps": false,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": "Contingent Convertible Bonds",
    "classification": "complex",
    "supporting_data": "The ETF is a UCITS-compliant actively managed bond ETF investing primarily in physical investment grade USD corporate bonds. The replication method is physical as the fund holds a portfolio of fixed income securities rather than synthetic replication via swaps or derivatives. There is no mention of synthetic replication, swap agreements, or total return swaps. The fund does not employ leverage or inverse exposure. The risk profile is moderate (Risk level 4), consistent with medium volatility typical of investment grade corporate bonds. However, the fund invests up to 5% in contingent convertible bonds (CoCos), which are complex instruments with trigger events that can convert debt to equity or write down principal, increasing complexity and risk. This inclusion of CoCos is a key complexity driver under MiFID II. The fund may use derivatives only for efficient portfolio management purposes, not as an inherent part of the investment strategy, so derivatives are marked false. The PRIIPs KID does not include a comprehension warning but confirms the presence of CoCos and derivative use for risk management only. The factsheet confirms physical holdings, no synthetic replication, no leverage, and no structured capital protection features. The fund\u2019s complexity arises primarily from the inclusion of contingent convertible bonds, which are hard to understand and carry contingent risk, making the product complex under MiFID II despite the absence of leverage or synthetic replication."
}