{
    "ucits": true,
    "type": "ETF",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": "None",
    "classification": "non-complex",
    "supporting_data": "The JPM US Research Enhanced Index Equity SRI Paris Aligned Active UCITS ETF is a UCITS-compliant ETF, which is automatically classified as non-complex under MiFID II Article 25(4)(a)(iv), unless it is a structured UCITS or fails the Article 57 criteria[1]. The fund's investment policy is to actively invest primarily in a portfolio of US equities, with no indication of synthetic replication, significant use of derivatives for investment purposes, leverage beyond UCITS limits, or embedded complex structures such as swaps or contingent convertible bonds. Derivatives, if used, are limited to efficient portfolio management (EPM) with minimal impact on the risk-return profile, which does not trigger a complex classification under MiFID II[1]. The fund does not track or replicate its benchmark using synthetic methods, and there is no evidence of securities lending, significant leverage, or other features that would introduce opacity or complexity beyond the standard market risk of equity investing. The underlying index is transparent and the fund's structure, risks, and objectives are clearly disclosed in the KIID, supporting the non-complex classification. No comprehension alert is required or indicated."
}