{
    "type": "ETF",
    "ucits": true,
    "fund_name": "JPM Japan Research Enhanced Index Equity (ESG) UCITS ETF - USD (acc)",
    "investment_objective": "Achieve long-term return in excess of MSCI Japan Index (Total Return Net) by actively investing primarily in a portfolio of Japanese companies with ESG integration.",
    "primary_asset_class": "Equity",
    "geographic_focus": "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 investing primarily in Japanese equities selected through an active, enhanced index approach. The KIID and PRIIPs KID explicitly state that the Sub-Fund may use derivatives only for efficient portfolio management purposes, not as an inherent part of the investment strategy, thus derivatives are considered non-complex and used for risk management or liquidity. There is no mention of synthetic replication, swap agreements, or counterparty risk exposure. The replication is physical, holding actual equity securities. There is no leverage, inverse or amplified exposure. The underlying assets are standard equity securities, not complex structured products or contingent convertible bonds. The risk profile is medium (4 out of 7 in PRIIPs KID, 6 in KIID based on volatility), consistent with equity market risk but not indicating complexity. Costs are straightforward with a single ongoing charge of 0.25%, no performance fees, and no swap or derivative fees. The benchmark is the MSCI Japan Index (Total Return Net), a standard, liquid equity index without complex features. The factsheet confirms no use of swaps or synthetic replication and shows a diversified portfolio of 128 Japanese stocks. No capital protection or structured features are present. The PRIIPs KID does not carry a comprehension warning. Overall, the ETF exhibits none of the MiFID II complexity triggers such as synthetic replication, leverage, complex underlying assets, or capital protection mechanisms. Therefore, it is classified as non-complex."
}