{
    "type": "ETF",
    "ucits": true,
    "fund_name": "JPM Europe Research Enhanced Index Equity SRI Paris Aligned Active UCITS ETF - EUR (dist)",
    "investment_objective": "Achieve long-term return in excess of MSCI Europe SRI EU PAB Overlay ESG Custom Index by actively investing primarily in European equity securities aligned with Paris Agreement objectives",
    "primary_asset_class": "Equity",
    "geographic_focus": "Europe",
    "replication_method": "physical",
    "swaps": false,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF is a UCITS-compliant, actively managed equity ETF investing primarily in European equities. The KIID and PRIIPs KID documents indicate the fund aims to outperform a custom ESG benchmark by direct investment in underlying securities, with no mention of synthetic replication, swap agreements, or derivative instruments used as part of the investment strategy. Derivatives are only mentioned in the context of efficient portfolio management, which is standard and does not imply inherent complexity. There is no leverage, inverse exposure, or capital protection features. The risk profile is medium (4 out of 7 in PRIIPs KID), consistent with equity market risk, not complexity. The factsheet confirms physical holdings of approximately 200 stocks with no indication of derivative or swap usage. Fees are straightforward with a 0.25% ongoing charge and no performance fees. No complex underlying assets such as contingent convertible bonds or CLOs are held. No complexity flags such as capital protection, structured returns, or significant counterparty risk are present. The PRIIPs KID does not carry any comprehension warnings. Overall, the ETF exhibits a straightforward, physical replication strategy with direct equity investments and no leverage or synthetic structures, leading to a non-complex classification under MiFID II."
}