{
    "type": "ETF",
    "ucits": true,
    "fund_name": "JPM AC Asia Pacific ex Japan Research Enhanced Index Equity (ESG) UCITS ETF - USD (acc)",
    "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 companies (excluding Japan) with an actively-managed enhanced index strategy.",
    "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 to overweight and underweight securities relative to the MSCI All Country Asia Pacific ex Japan Index. The KIID and PRIIPs KID documents confirm that the fund invests primarily in physical equity securities and may use derivatives only for efficient portfolio management purposes, not as an inherent part of the investment strategy. There is no mention of synthetic replication, swap agreements, or total return swaps. The fund does not employ leverage or inverse strategies. The risk profile is medium (4 out of 7), consistent with equity market volatility, but no complexity flags such as capital protection, contingent bonds, or structured products are present. The ongoing charges are straightforward with no performance fees or swap fees. The factsheet confirms physical holdings with no indication of synthetic replication or complex derivative usage. The benchmark is a standard MSCI index without complex features. No references to contango, roll costs, or capital protection mechanisms are found. Therefore, under MiFID II criteria, this ETF is classified as non-complex."
}