{
    "fund_name": "JPM US Research Enhanced Index Equity Active UCITS ETF - USD (dist)",
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "inverse": false,
    "derivatives": false,
    "swaps": false,
    "replication_method": "physical",
    "complex_factors": [
        "Active management with discretionary overweighting/underweighting",
        "ESG screening criteria may limit investable universe",
        "Benchmark is S&P 500 (relatively simple but active management adds complexity)"
    ],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication (no synthetic/swap references) and has a straightforward active management strategy focused on US large-cap equities. While it employs ESG screening and active weighting, these are standard practices in many mainstream ETFs. The benchmark (S&P 500) is transparent, and the fund's risk profile (category 6) aligns with typical equity market volatility. No leverage, inverse exposure, or complex derivatives are mentioned. The UCITS status and active management with clear risk disclosure further support non-complex classification.",
    "confidence": 90
}