{
    "type": "ETF",
    "ucits": true,
    "fund_name": "JPM Japan Research Enhanced Index Equity (ESG) UCITS ETF - USD (dist)",
    "investment_objective": "Actively managed equity portfolio aiming to outperform MSCI Japan Index (Total Return Net) over the long term",
    "primary_asset_class": "Equity",
    "geographic_focus": "Japan",
    "replication_method": "physical",
    "swaps": false,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": "",
    "classification": "non-complex",
    "supporting_data": "The ETF is a UCITS-compliant, actively managed equity ETF investing primarily in Japanese companies with an ESG focus. The KIID and PRIIPs KID explicitly state that the fund may use derivatives only for efficient portfolio management purposes, not as an inherent part of the investment strategy, indicating minimal derivative exposure. There is no mention of synthetic replication, swap agreements, total return swaps, or counterparty risk. The replication method is physical, with direct investment in underlying securities. There is no leverage, inverse or amplified exposure. The risk profile is medium (4 out of 7 in PRIIPs KID, 6 out of 7 in KIID based on volatility), consistent with equity market risk but not indicative of complexity. Costs are straightforward with a single ongoing charge of 0.25%, no performance fees, and no swap or derivative fees. The benchmark is a standard MSCI Japan Index, a well-known and liquid equity index without complex features. The factsheet confirms no use of swaps or synthetic structures and a diversified portfolio of 128 holdings. No capital protection or structured features are present. No complexity warnings or comprehension warnings appear in the PRIIPs KID. Therefore, under MiFID II criteria, this ETF is classified as non-complex."
}