{
    "ucits": true,
    "type": "ETF",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": "None",
    "classification": "non-complex",
    "supporting_data": "The JPM USD Emerging Markets Sovereign Bond UCITS ETF is a UCITS-compliant, physically replicated ETF tracking a transparent, rules-based sovereign bond index. It does not use derivatives as a core part of its investment strategy, nor does it employ leverage, swaps, or inverse strategies. The ETF may use derivatives for efficient portfolio management (EPM), but this is ancillary and does not materially alter the risk-return profile or introduce significant counterparty or collateral risk. The underlying index is composed of straightforward, liquid sovereign bonds, and the ETFu2019s structure, risks, and objectives are transparent and easily understood by retail investors with basic knowledge. There is no evidence of embedded derivatives, complex payout structures, or other features that would make the product difficult to understand. Therefore, it meets all criteria for non-complex classification under MiFID II Article 25(4)(a)(iv) and Article 57 of the Delegated Regulation[1][2]. The risk profile (category 5) reflects market volatility of emerging market debt, not structural complexity."
}