{
    "type": "ETF",
    "ucits": true,
    "fund_name": "JPM Eurozone Research Enhanced Index Equity Active UCITS ETF - EUR (acc)",
    "investment_objective": "Achieve long-term return in excess of MSCI EMU Index (Total Return Net) by actively investing primarily in Eurozone companies",
    "primary_asset_class": "Equity",
    "geographic_focus": "Eurozone (developed market countries using the Euro)",
    "replication_method": "physical",
    "swaps": false,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": "",
    "classification": "non-complex",
    "supporting_data": "The ETF is a UCITS fund investing primarily in physical equity securities of Eurozone companies with an active management approach aiming to outperform the MSCI EMU Index. The KIID and PRIIPs KID documents confirm that the fund may use derivatives only for efficient portfolio management purposes, not as an inherent part of the investment strategy, and no synthetic replication or swap usage is indicated. The factsheet confirms a bottom-up stock selection process with no mention of leverage, inverse exposure, or complex underlying assets such as contingent convertible bonds or CLOs. The risk rating is 6 in the KIID (based on volatility) but 4 in the PRIIPs KID, reflecting medium risk typical of equity funds, not complexity. No capital protection or structured features are present. Costs are straightforward with no performance fees or swap fees. The fund uses physical replication of equities, invests in liquid, transparent securities, and has no significant counterparty risk exposure. Therefore, under MiFID II criteria, this ETF is classified as non-complex."
}