{
    "fund_name": "JPM Global High Yield Corporate Bond Multi-Factor UCITS ETF - GBP Hedged (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 UCITS-compliant fund that invests primarily in below-investment-grade corporate bonds. It does not use leverage, inverse strategies, or synthetic replication. While it may use derivatives for efficient portfolio management (EPM), this is a standard practice and does not introduce complexity under MiFID II. The fund's risk profile (category 4) is typical for high-yield bond ETFs, and its investment strategy is transparent and straightforward. The absence of structured features, capital protection mechanisms, or significant counterparty risks further supports the non-complex classification.",
    "confidence": 95,
    "risk_level": 4,
    "benchmark_complexity": "The ICE BofA Global High Yield Index is a standard, well-established benchmark for high-yield corporate bonds, which does not introduce additional complexity.",
    "counterparty_risk": "Minimal, as the fund uses physical replication and any derivative use is limited to EPM purposes.",
    "liquidity_risk": "Moderate, given the focus on high-yield bonds, but this is typical for the asset class and does not contribute to complexity under MiFID II."
}