{
    "type": "ETF",
    "ucits": true,
    "fund_name": "JPM Europe Research Enhanced Index Equity Active UCITS ETF - EUR (acc)",
    "investment_objective": "Achieve long-term return in excess of MSCI Europe Index by actively investing primarily in European companies",
    "primary_asset_class": "Equity",
    "geographic_focus": "Europe",
    "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 investing primarily in European equities with an active management approach aiming to outperform the MSCI Europe Index. The KIID and PRIIPs KID documents indicate the fund uses physical equity securities and does not seek to replicate the benchmark but to outperform it by active stock selection. The fund may use derivatives only for efficient portfolio management purposes, not as an inherent part of the investment strategy, thus derivatives are not considered a complexity factor here. There is no mention of synthetic replication, swap agreements, or counterparty risk exposure. No leverage or inverse exposure is indicated. The risk rating is 6 in the KIID (high volatility typical of equity funds) but the PRIIPs KID shows a medium risk rating of 4/7, reflecting typical equity market risk rather than complexity. The factsheet confirms no securities lending or complex derivative usage, and the portfolio consists of liquid large and mid-cap European stocks with no complex underlying assets such as contingent convertible bonds or CLOs. Costs are straightforward with a single ongoing charge of 0.25% and no performance fees. There are no capital protection or structured features. The fund's active management and ESG integration do not add complexity under MiFID II. Overall, the absence of synthetic replication, leverage, complex underlying assets, or structured features leads to a non-complex classification."
}