{
    "type": "ETF",
    "ucits": true,
    "fund_name": "JPM US Growth Equity Active UCITS ETF - USD (dist)",
    "investment_objective": "Achieve long-term return in excess of Russell 1000 Growth Index by actively investing primarily in US growth style equity securities",
    "primary_asset_class": "Equity",
    "geographic_focus": "United States",
    "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 US growth stocks with an active management strategy. The KIID and PRIIPs KID explicitly state that the fund may use derivatives only for efficient portfolio management purposes, not as an inherent part of the investment strategy, implying minimal derivative exposure. There is no mention of synthetic replication, swap agreements, or counterparty risk. The replication method is physical, investing directly in underlying securities. There is no leverage, inverse or amplified exposure. The underlying assets are large-cap US equities, which are liquid and transparent. No capital protection or structured features are present. The risk rating is 6, reflecting equity market volatility but not complexity. Costs are straightforward with no performance fees or swap fees. The factsheet confirms no use of swaps or complex derivatives and shows a standard equity portfolio with typical sector exposures. No complexity flags such as contingent bonds, leverage, or synthetic structures are identified. Therefore, under MiFID II criteria, this ETF is classified as non-complex."
}