{
    "fund_name": "JPM UK Equity Core UCITS ETF - GBP (dist)",
    "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 fund has a straightforward investment objective of outperforming the benchmark through active stock selection, with a risk profile (category 6) that is typical for equity funds. The KIID and factsheet do not indicate any complex structures, illiquid assets, or capital protection mechanisms. The fund is UCITS-compliant, which generally aligns with non-complex classifications under MiFID II.",
    "confidence": 95,
    "risk_level": 6,
    "benchmark": "FTSE All-Share Index (Net)",
    "geographic_focus": "UK",
    "asset_class": "Equity",
    "counterparty_risk": false,
    "illiquid_assets": false,
    "structured_products": false,
    "capital_protection": false,
    "performance_fee": false,
    "securities_lending": false,
    "comprehension_warning": false,
    "additional_notes": "The fund's use of derivatives is limited to EPM, which does not trigger complexity under MiFID II. The absence of leverage, synthetic replication, or complex underlying assets supports the non-complex classification. The risk level (6) is consistent with standard equity ETFs and does not indicate complexity."
}