{
    "type": "ETF",
    "ucits": true,
    "fund_name": "JPM AC Asia Pacific ex Japan Research Enhanced Index Equity (ESG) UCITS ETF - USD (dist)",
    "investment_objective": "Achieve long-term return in excess of MSCI All Country Asia Pacific ex Japan Index (Total Return Net) by actively investing primarily in Asia Pacific equity securities excluding Japan, using an actively-managed enhanced index approach.",
    "primary_asset_class": "Equity",
    "geographic_focus": "Asia Pacific ex 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 equity ETF that uses an actively-managed enhanced index strategy focused on Asia Pacific ex Japan equities. The KIID and PRIIPs KID confirm the fund invests directly in equity securities, with no mention of synthetic replication, swap agreements, or derivative instruments used as part of the investment strategy. Derivatives are only used 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 rating is medium (4 out of 7), consistent with equity market volatility but not indicative of complexity. The factsheet confirms physical holdings of 348 equity securities, no use of swaps or complex structured products, and no leverage. Costs are straightforward with a TER of 0.30% and no performance fees. No complex underlying assets such as contingent convertible bonds or CLOs are held. The benchmark is a standard MSCI index without complex features. No counterparty risk or collateral management risks are disclosed beyond normal market risks. Overall, the fund exhibits a clear, linear relationship to underlying equity performance and uses physical replication, making it non-complex under MiFID II."
}