{
    "type": "ETF",
    "ucits": true,
    "fund_name": "JPM All Country Research Enhanced Index Equity Active UCITS ETF - USD (dist)",
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF is a UCITS-compliant actively managed equity ETF investing primarily in large and mid-cap global companies, with some small-cap exposure. The investment objective is to outperform the MSCI ACWI Index by active stock selection rather than replication. The KIID and PRIIPs KID documents confirm the use of physical equity securities, with no mention of synthetic replication, swap agreements, or derivative instruments as part of the core strategy. Derivatives may be used only for efficient portfolio management purposes, which does not trigger complexity under MiFID II. There is no leverage, inverse exposure, or capital protection features. The risk profile is medium (risk level 4 out of 7), consistent with equity market volatility, not complexity. The factsheet confirms a diversified portfolio of 668 holdings, mostly common stocks, with no indication of complex underlying assets such as contingent convertible bonds or CLOs. Fees are straightforward with a single ongoing charge of 0.25%, no performance fees, and no swap or derivative fees. No counterparty risk or collateral management risks are disclosed. There is no comprehension warning in the PRIIPs KID. Overall, the ETF exhibits a straightforward physical equity investment strategy with no structural complexity or leverage, leading to a non-complex classification under MiFID II."
}