{
    "fund_name": "JPMorgan ETFs (Ireland) ICAV - Global IG Corporate Bond Active UCITS ETF - USD (dist)",
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [
        "Active management with potential for higher tracking error",
        "Investment in global corporate bonds with varying credit risks",
        "Potential exposure to subordinated and contingent convertible bonds",
        "Complex benchmark (Bloomberg Global Aggregate Corporate Index)"
    ],
    "classification": "non-complex",
    "supporting_data": "The ETF is physically replicated and does not use derivatives for leverage or inverse exposure. It invests primarily in investment-grade corporate bonds with active management. While the benchmark is complex and there is potential exposure to subordinated and contingent convertible bonds, these factors alone do not make the ETF complex under MiFID II. The fund's risk profile is rated as medium (category 4), and it is UCITS-compliant, indicating suitability for retail investors. The use of derivatives is not mentioned in the KIID or PRIIPs KID, and the factsheet confirms physical replication. The main complexity factors are the active management strategy and the potential for higher tracking error, but these do not meet the MiFID II criteria for complexity.",
    "confidence": 90
}