{
    "fund_name": "JPM EUR IG Corporate Bond Active UCITS ETF - EUR (acc)",
    "isin": "IE00BF59RX87",
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [
        "Contingent Convertible Bonds (CoCos)",
        "Active management with discretionary deviations from benchmark",
        "ESG screening criteria may limit investable universe"
    ],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication and does not employ leverage, inverse strategies, or synthetic replication via swaps. While it holds contingent convertible bonds (CoCos), these are investment-grade corporate bonds and do not inherently make the fund complex. The active management strategy involves discretionary deviations from the benchmark, but this does not trigger complexity under MiFID II. The ESG screening criteria are transparent and do not introduce additional complexity. The risk profile (category 4) is medium and aligns with the fund's stated objectives. The use of derivatives is limited to 'efficient portfolio management purposes,' which is typical for bond ETFs and does not trigger complexity. The fund is UCITS-compliant, further supporting its non-complex classification.",
    "confidence": 90
}