{
    "type": "ETF",
    "ucits": true,
    "fund_name": "JPM UK Equity Core UCITS ETF - GBP (dist)",
    "investment_objective": "Achieve long-term return in excess of the FTSE All-Share Index (Net) by actively investing primarily in a portfolio of UK companies",
    "primary_asset_class": "Equity",
    "geographic_focus": "United Kingdom",
    "replication_method": "physical",
    "swaps": false,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF is a UCITS-compliant equity fund investing primarily in UK equities with an actively managed strategy aiming to outperform the FTSE All-Share Index. The KIID and PRIIPs KID documents indicate the fund may use derivatives only for efficient portfolio management purposes, not as an inherent part of the investment strategy, thus derivatives are not considered a complexity factor here. There is no mention of synthetic replication, swap agreements, or counterparty risk exposure. The replication method is physical, investing directly in underlying securities. There is no leverage, inverse exposure, or capital protection features. The risk rating is 6 on a 7-point scale, reflecting market volatility and active management risk, but not complexity from structural features. Costs are straightforward with no performance fees or swap fees. The factsheet confirms holdings are direct UK equities with no complex underlying assets or structured products. No references to complex indices, contingent bonds, or derivative-based replication were found. Therefore, under MiFID II criteria, this ETF is classified as non-complex."
}