JPM Climate Change Solutions Fund X2 GBP Net Accumulation

INVESTMENT OBJECTIVE To achieve a return through investing at least 80% of the Fund’s assets in equity securities of companies with exposure to the theme of climate change solutions. INVESTMENT PROCESS Investment approach B Uses the ThemeBot to define the investment universe of the fund, which, through natural language processing, determines textual relevance and revenue attribution to identify companies exposed to the theme of climate change solutions and its related sub-themes. B Using the results of the Themebot as the basis for company selection, applies an active, bottom-up investment approach to stock selection, drawing on a fundamental research-based investment process. Benchmark MSCI All Country World Index (Net) Benchmark uses and resemblance B The Fund is actively managed. The Benchmark is a Performance Comparator and the Fund may bear little resemblance to its Benchmark. The Benchmark has been chosen as it reflects the main investment universe and strategy for the Fund. POLICIES Main investment exposure At least 80% of assets invested in equities of companies that have been identified by the Investment Manager as best positioned to develop solutions to address climate change. Companies are selected in relation to key sub-themes of climate change solutions, which may change from time to time, such as sustainable transport, sustainable construction, sustainable food & water, renewable energy and recycling and re-use. The Fund will invest globally, including in emerging markets. The Fund may invest a significant portion of its assets in small capitalisation companies and have significant positions in specific sectors or markets from time to time. The process to identify companies with exposure to the theme of climate change solutions has three steps: 1) exclusionary framework, 2) identification of initial universe of relevant companies using the ThemeBot, 3) identification of companies best positioned to develop solutions to address climate change, Step 1: The Investment Manager evaluates and applies values and norms based screening to implement exclusions. To support this screening, it relies on third party provider(s) who identify an issuer’s participation in or the revenue which they derive from activities that are inconsistent with the values and norms based screens. Step 2: The identification of companies aligned to the sub-themes uses the ThemeBot which is a proprietary natural language processing tool that: B identifies and determines the relevance of key words and concepts related to the climate change solutions sub-themes, and B evaluates public documentation such as regulatory filings, broker reports, news reports or company profiles to identify those companies providing the highest exposure to these sub-themes Step 3) The Investment Manager analyses the results of the Themebot to select the companies from this core universe best placed to achieve the Funds objective. This analysis is based on fundamental analysis and ongoing engagement with companies to understand how they are positioned to develop solutions today and in the future to address climate change. Fundamental analysis is used to better understand sustainability risks and opportunities that may impact a company. This analysis is also an important driver behind active company engagement when seeking to positively influence business practices to improve sustainability. As part of this analysis, the Investment Manager may make use of a proprietary ESG framework which assess each company’s exposure to material sustainability issues however the focus is to identify companies aligned to the theme of climate change solutions. The Investment Manager has ultimate discretion over the construction of the portfolio and may add companies that have not been identified by the Themebot. If a company ceases to qualify as a company with exposure to the theme of climate change solutions, the Investment Manager will engage with the company to determine the circumstances for ceasing to qualify. If the company can resolve the matter in the short-term it may continue to be held in the portfolio. However, if not the security will be sold. Other investment exposures Cash and near cash on an ancillary basis. Derivatives Used for: efficient portfolio management; hedging. Types: see Fund Derivative Usage table under How the Funds Use Derivatives, Instruments and Techniques in the Prospectus. TRS including CFD: none. Global exposure calculation method: commitment. Currencies Fund Base currency: GBP Currencies of asset denomination: any. Hedging approach: typically unhedged. Redemption and Dealing Shares of the Fund may be redeemed on demand, with dealing normally on a daily basis. Distribution Policy This Share Class will reinvest income. For an explanation of some of the terms used in this document, please visit the glossary on our website at www.jpmorgan.co.uk/kiid-glossary