{
    "type": "ETF",
    "ucits": true,
    "fund_name": "JPM US Research Enhanced Index Equity SRI Paris Aligned Active UCITS ETF - USD (acc)",
    "investment_objective": "Achieve long-term return in excess of MSCI USA SRI EU PAB Overlay ESG Custom Index by actively investing primarily in US companies aligned with Paris Agreement objectives",
    "primary_asset_class": "Equity",
    "geographic_focus": "United States (with limited Canadian exposure)",
    "replication_method": "physical",
    "swaps": false,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": "Active management with ESG overlay; no synthetic replication or leverage",
    "classification": "non-complex",
    "supporting_data": "The ETF is a UCITS-compliant equity ETF investing primarily in US large-cap stocks with an active management approach aiming to outperform a Paris-aligned ESG benchmark. The KIID and PRIIPs KID explicitly state that the fund may use derivatives only for efficient portfolio management purposes, not as an inherent part of the investment strategy, indicating minimal derivative exposure. There is no mention of synthetic replication, swap agreements, or counterparty risk. The replication is physical, holding actual equity securities. There is no leverage, inverse exposure, or capital protection features. The risk rating is 6, reflecting equity market volatility but not complexity from structure. Costs are straightforward with a single ongoing charge and no performance fees. The benchmark is a custom ESG index but composed of large-cap US equities, which are liquid and transparent. The factsheet confirms no use of swaps or complex derivatives. No PRIIPs comprehension warnings or complexity flags are present. Therefore, under MiFID II criteria, this ETF is classified as non-complex."
}