{
    "type": "ETF",
    "ucits": true,
    "fund_name": "JPM US Growth Equity Active UCITS ETF - USD (acc)",
    "investment_objective": "Achieve long-term return in excess of Russell 1000 Growth Index by actively investing primarily in a growth style-biased portfolio of US companies.",
    "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, actively managed equity ETF focused on US growth stocks. The KIID and PRIIPs KID documents indicate the fund invests directly in equity securities, primarily large-cap US growth companies, with no mention of synthetic replication, swap agreements, or derivative instruments used as part of the investment strategy. Derivatives may be used only for efficient portfolio management purposes, which does not trigger complexity under MiFID II. There is no leverage, inverse exposure, or capital protection features. The risk profile is medium-high (risk level 5-6), reflecting equity market volatility and growth stock sensitivity, but this does not imply complexity. The factsheet confirms physical holdings in equities with no indication of complex underlying assets or structured products. Costs are straightforward with a single ongoing charge and no performance fees or swap fees. No complexity flags such as contingent bonds, capital protection, or significant counterparty risk are present. The PRIIPs KID does not include any comprehension warnings or complexity disclaimers. Therefore, the ETF is classified as non-complex under MiFID II."
}