{
    "type": "ETF",
    "ucits": true,
    "fund_name": "JPM Global Research Enhanced Index Equity Active UCITS ETF - GBP Hedged (dist)",
    "investment_objective": "Achieve long-term return exceeding MSCI World Index (Total Return Net) by actively investing primarily in a global portfolio of companies with ESG integration and active overweight/underweight stock selection.",
    "primary_asset_class": "Equity",
    "geographic_focus": "Global, including developed and emerging markets",
    "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 pursues an actively managed strategy aiming to outperform the MSCI World Index by selecting and weighting stocks based on fundamental analysis and ESG criteria. The KIID and PRIIPs KID explicitly state that derivatives may be used only for efficient portfolio management purposes, not as an inherent part of the investment strategy, and there is no mention of synthetic replication, swap agreements, or counterparty risk exposure. The factsheet confirms no securities lending and no leverage or inverse exposure. The replication is physical, investing directly in underlying equity securities. The risk profile is medium (4 out of 7 in PRIIPs KID, 6 out of 7 in KIID based on volatility), consistent with equity market risk but no complexity flags such as capital protection or structured features are present. Costs are straightforward with no performance fees or swap fees. No complex underlying assets like contingent convertible bonds or CLOs are held. No references to roll costs, contango, or backwardation effects are found. Overall, the ETF exhibits a clear, linear relationship to the underlying equity market performance with minimal derivative use for risk management only, and no leverage or synthetic structures, leading to a non-complex classification under MiFID II."
}