{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The JPM UK Equity Core UCITS ETF is a UCITS-compliant ETF that pursues an actively managed equity strategy focused on UK companies, aiming to outperform the FTSE All-Share Index. The fund invests primarily in physical equity securities listed on the London Stock Exchange, with no indication of synthetic replication or use of swap agreements. The KIID and PRIIPs KID documents confirm that derivatives may be used only for efficient portfolio management purposes, not as an inherent part of the investment strategy, thus derivatives exposure is minimal and not complexity-driving. There is no leverage, inverse or amplified exposure mentioned. The risk profile is medium (category 4 out of 7 in PRIIPs, category 6 in KIID based on volatility), consistent with equity market risk rather than complexity. The factsheet confirms physical holdings with no mention of complex underlying assets such as contingent convertible bonds or structured products. Costs are straightforward with no performance fees or swap fees. No capital protection or structured features are present. No significant counterparty risk or collateral management risks are disclosed. The fund's strategy and holdings are transparent and linear in relation to the underlying equity market performance. Therefore, under MiFID II criteria, this ETF is classified as non-complex."
}