{
    "fund_name": "JPMorgan ETFs (Ireland) ICAV - Global High Yield Corporate Bond Multi-Factor UCITS ETF - USD Hedged (acc)",
    "isin": "IE00BL0BLZ15",
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": true,
    "swaps": false,
    "inverse": false,
    "complex_factors": [
        "High yield corporate bonds (below investment grade)",
        "Active multi-factor investment strategy",
        "Global exposure including emerging markets",
        "Currency hedging",
        "ESG integration in investment decisions"
    ],
    "classification": "non-complex",
    "supporting_data": "The ETF is classified as non-complex under MiFID II for the following reasons:1. Physical replication: The ETF uses physical replication of the underlying assets, which is a non-complex method.2. No leverage or inverse exposure: The ETF does not employ any leverage or inverse strategies, which are key indicators of complexity.3. Straightforward investment objective: The ETF aims to achieve long-term returns by investing in below investment grade corporate debt securities globally, which is a clear and understandable objective.4. UCITS compliance: The ETF is UCITS compliant, which inherently limits the use of complex strategies and derivatives.5. Risk profile: The ETF has a risk rating of 4 out of 7, which is within the range typically considered suitable for retail investors.6. Derivative usage: While the ETF may use derivatives for efficient portfolio management (e.g., currency hedging), this is not considered complex under MiFID II as it is a common practice for UCITS funds and does not materially alter the risk profile.7. Transparency: The ETF provides clear and comprehensive information about its investment strategy, risks, and costs, which are key factors in determining complexity.The ETF's use of derivatives is limited to efficient portfolio management and does not involve complex strategies or significant additional risk. The overall structure and strategy of the ETF are transparent and easily understandable, making it suitable for retail investors.",
    "confidence": 90
}