{
    "type": "ETF",
    "ucits": true,
    "fund_name": "JPM Global Emerging Markets Research Enhanced Index Equity (ESG) UCITS ETF - USD (dist)",
    "investment_objective": "Achieve long-term return in excess of MSCI Emerging Market Index (Total Return Net) by actively investing primarily in a portfolio of emerging market companies with ESG integration and active management.",
    "primary_asset_class": "Equity",
    "geographic_focus": "Emerging Markets (24 countries), including up to 40% China A-Shares via China-Hong Kong Stock Connect",
    "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 focused on emerging markets with an actively managed enhanced index strategy. The KIID and PRIIPs KID confirm the fund invests directly in equity securities, with no mention of synthetic replication, swap agreements, or derivative instruments used as part of the investment strategy beyond efficient portfolio management (which does not trigger 'derivatives' = true). The factsheet confirms no use of leverage or inverse strategies, no capital protection or structured features, and no complex underlying assets such as contingent convertible bonds or CLOs. The risk profile is moderate (risk level 4 out of 7), consistent with equity market volatility but not indicative of complexity. Costs are straightforward with no performance fees or swap fees. The fund uses physical replication with direct holdings in underlying securities, including China A-Shares via Stock Connect, which may carry some operational and counterparty risk but not to a level that classifies the ETF as complex under MiFID II. No leverage or synthetic replication is present. The active management and ESG integration do not add complexity under MiFID II. The PRIIPs KID does not include a comprehension warning. Therefore, the fund is classified as non-complex.",
    "risk_level": 4
}