{
    "type": "ETF",
    "ucits": true,
    "fund_name": "JPM Climate Change Solutions Active UCITS ETF - USD (acc)",
    "investment_objective": "Achieve return through investing in companies exposed to climate change solutions theme via active management",
    "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 pursues an actively managed equity strategy investing directly in companies aligned with climate change solutions. 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, so derivatives are not considered a complexity driver. There is no mention of synthetic replication, swap agreements, or counterparty risk exposure. The replication is physical, investing directly in underlying equities. There is no leverage, inverse or amplified exposure. The risk rating is 6 in the KIID (based on volatility) but the PRIIPs KID risk indicator is 4/7 (medium risk), reflecting equity market risk rather than structural complexity. The fund invests in liquid equities globally, including emerging markets, but does not hold complex structured products or contingent convertible bonds. No capital protection or structured features are present. Costs are straightforward with a single ongoing charge and no performance fees or swap fees. The factsheet confirms no use of swaps or synthetic replication and shows a diversified portfolio of equities. No complexity warnings or comprehension warnings appear in the PRIIPs KID. Therefore, under MiFID II criteria, this ETF is classified as non-complex."
}