{
    "type": "ETF",
    "ucits": true,
    "fund_name": "JPM Global Research Enhanced Index Equity (ESG) UCITS ETF - USD (dist)",
    "investment_objective": "Achieve long-term return in excess of MSCI World Index (Total Return Net) by actively investing primarily in a portfolio of global companies with ESG integration.",
    "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 actively manages a portfolio of global equities aiming to outperform the MSCI World Index. 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, thus derivatives = false. 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 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 not indicative of complexity. The fund uses physical holdings of equities, with no complex underlying assets such as contingent convertible bonds or CLOs. No capital protection or structured features are present. Fees are straightforward with a single ongoing charge of 0.25%, no performance fees, and no swap or derivative fees. The benchmark is a standard MSCI World Index, a widely used and transparent equity index. No references to roll costs, contango, or backwardation effects are found, which would indicate commodity or futures complexity. Overall, the ETF exhibits a clear, linear relationship to underlying equity performance with minimal derivative use limited to risk management, qualifying it as non-complex under MiFID II."
}