{
    "name": "JPM UK Equity Core UCITS ETF - GBP (acc)",
    "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 a physically replicated, actively managed fund tracking the FTSE All-Share Index (Net) with no leverage, inverse exposure, or synthetic replication. Derivatives are only used for efficient portfolio management (EPM), not as a core strategy. The risk profile (category 6) is high due to equity market volatility, not structural complexity. The fund holds liquid UK equities, has a straightforward benchmark-aware strategy, and maintains transparency in holdings and performance. While the KIID mentions derivative use, it is explicitly for EPM and does not introduce material counterparty risk or complexity. The absence of swaps, leverage, or illiquid assets further supports the non-complex classification.",
    "confidence": 95
}