{
    "fund_name": "JPM Eurozone Research Enhanced Index Equity Active UCITS ETF - EUR (acc)",
    "is_complex": false,
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF is physically replicated, uses no leverage or inverse strategies, and employs derivatives only for efficient portfolio management (EPM) purposes. The investment strategy is straightforward, focusing on Eurozone equities with an ESG overlay. The risk profile (category 6) is primarily due to equity market volatility rather than structural complexity. The KIID and factsheet confirm no use of synthetic replication, swaps, or complex derivatives. The ESG screening and active management do not introduce complexity under MiFID II criteria.",
    "confidence": 95,
    "risk_level": 6,
    "benchmark": "MSCI EMU Index (Total Return Net)",
    "primary_asset_class": "equity",
    "geographic_focus": "Eurozone",
    "esg_focus": true,
    "counterparty_risk": false,
    "liquidity_risk": false,
    "performance_fee": false,
    "ongoing_charge": 0.25,
    "additional_notes": "While the ETF uses derivatives for EPM, this is explicitly permitted under MiFID II without triggering complexity, as it does not materially alter the risk profile or require specialist knowledge. The active management and ESG overlay are transparent and do not introduce structural complexity."
}