{
    "ucits": true,
    "type": "ETF",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": "",
    "classification": "non-complex",
    "supporting_data": "The JPM EUR IG Corporate Bond Active UCITS ETF is a UCITS-compliant ETF investing primarily in investment grade Euro denominated corporate debt securities, actively managed to outperform the Bloomberg Euro Corporate Index benchmark. It uses physical holdings of bonds rather than synthetic replication or derivatives integral to its strategy. Derivatives may be used only for efficient portfolio management purposes, such as currency hedging, with no indication of embedded derivatives or structured products. There is no significant leverage beyond UCITS limits, no embedded derivatives like convertible bonds or CLOs, and the ETF tracks a transparent benchmark. The risk profile reflects market volatility typical of investment grade corporate bonds, not structural complexity. According to MiFID II Article 25(4)(a)(iv) and Article 57 criteria, UCITS ETFs that do not embed derivatives as a core part of their strategy and use physical replication are presumed non-complex. The ETF does not exhibit features (e.g., synthetic replication, embedded derivatives, significant leverage, complex structured products) that would override this presumption. Therefore, it is classified as non-complex under MiFID II. This aligns with ESMA and CESR guidance that UCITS ETFs with physical replication and limited derivative use for EPM are non-complex, requiring no appropriateness assessment for execution-only sales."
}