{
    "type": "ETF",
    "ucits": true,
    "fund_name": "JPM Global Emerging Markets Research Enhanced Index Equity (ESG) UCITS ETF - USD (acc)",
    "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 stock selection.",
    "primary_asset_class": "Equity",
    "geographic_focus": "Emerging Markets (24 countries including China, India, Taiwan, Korea, Brazil, Saudi Arabia, Mexico, South Africa, Indonesia, UAE)",
    "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 investing primarily in emerging market equities with an active enhanced index strategy. The KIID and PRIIPs KID confirm the fund uses physical holdings of securities rather than synthetic replication or swap-based structures. The fund may use derivatives only for efficient portfolio management purposes, not as an inherent part of the investment strategy, so derivatives are marked false. There is no leverage, inverse or amplified exposure mentioned. The risk profile is medium (4/7) consistent with equity market volatility but no complexity flags such as capital protection, contingent bonds, or structured products are present. The fund invests directly in liquid equity securities, including China A-Shares via Stock Connect, and does not employ synthetic replication or funded/unfunded swaps. The factsheet confirms no securities lending or swap usage. The benchmark is a standard MSCI Emerging Markets Index, which is transparent and widely understood. No complex derivative or structured product exposure is identified. The cost structure is straightforward with no performance fees or swap fees. The PRIIPs KID does not include any comprehension warnings or complexity flags. Overall, the fund exhibits a clear, linear relationship to underlying equity performance with minimal derivative use for risk management only, and no leverage or capital protection features. Therefore, under MiFID II, this ETF is classified as non-complex."
}