{
    "fund_name": "JPM US Research Enhanced Index Equity Active UCITS ETF - USD (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 that invests primarily in US equities with an ESG focus. It does not use leverage, inverse strategies, or synthetic replication. While derivatives may be used for efficient portfolio management (EPM), this is a standard practice and does not introduce complexity. The fund's risk profile (category 6) is due to market volatility rather than structural complexity. The underlying assets are liquid US equities, and the investment strategy is transparent and straightforward. The use of derivatives is limited to EPM, which is explicitly excluded from triggering complexity under MiFID II.",
    "confidence": 95,
    "risk_level": 6,
    "benchmark_complexity": "low",
    "esg_focus": true,
    "counterparty_risk": "none",
    "liquidity": "high",
    "transparency": "high"
}