{
    "type": "ETF",
    "ucits": true,
    "fund_name": "JPM China A Research Enhanced Index Equity Active UCITS ETF - USD (acc)",
    "investment_objective": "Achieve long-term return in excess of MSCI China A Index (Total Return Net) by actively investing primarily in a portfolio of Chinese companies.",
    "primary_asset_class": "Equity",
    "geographic_focus": "China (China A Shares via China-Hong Kong Stock Connect)",
    "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 China A shares through physical holdings, with an active management approach aiming to outperform the MSCI China A Index. The KIID and PRIIPs KID confirm that the fund may use derivatives only for efficient portfolio management purposes, not as an inherent part of the investment strategy, thus derivatives usage is minimal and risk-managing rather than structural. There is no mention of synthetic replication, swap agreements, or total return swaps. The replication method is physical, holding actual underlying securities. There is no leverage, inverse or amplified exposure. The risk rating is 6 (medium-high) reflecting market volatility and concentration risk in Chinese equities, but not complexity from product structure. The fund does not have capital protection or structured features. Costs are straightforward with a single ongoing charge of 0.40%, no performance fees, and no swap or derivative fees. Counterparty risk is limited to operational risks related to China-Hong Kong Stock Connect, not derivative counterparties. The benchmark is a standard MSCI index without complex features. The factsheet confirms holdings are direct equity securities, no complex bonds or structured products are held. No complexity flags such as contingent convertible bonds, leverage, or synthetic replication are present. The PRIIPs KID does not include a comprehension warning. Overall, the fund is a physically replicated, actively managed equity UCITS ETF with minimal derivative use for risk management, no leverage, and no complex underlying assets, thus classified as non-complex under MiFID II."
}