{
    "ucits": true,
    "type": "ETF",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": "None identified",
    "supporting_data": "The JPM UK Equity Core UCITS ETF is a UCITS-compliant, physically replicated ETF that invests primarily in UK equities listed on the London Stock Exchange. It does not use derivatives as a core part of its investment strategy; any derivative use is limited to efficient portfolio management (EPM) with minimal impact on risk-return. The ETF tracks a transparent, well-documented index (FTSE All-Share Index) and does not employ leverage, synthetic replication, or complex structured products. Its structure, risks, and objectives are straightforward and easily understood by retail investors with basic knowledge. There is no evidence of embedded derivatives, contingent convertible bonds, or other features that would introduce complexity under MiFID II Article 57 criteria. The ETFu2019s risk profile reflects market volatility but not structural complexity. All these factors support a non-complex classification under MiFID II, consistent with the presumption that UCITS ETFs are non-complex unless specific complex features are present[1].",
    "classification": "non-complex"
}