{
    "type": "ETF",
    "ucits": true,
    "fund_name": "JPM US Equity Active UCITS ETF - USD (dist)",
    "investment_objective": "Achieve long-term return in excess of S&P 500 (Total Return Net) by actively investing primarily in a 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 fund investing primarily in US large-cap stocks. The investment approach is bottom-up stock selection with ESG integration. The KIID and PRIIPs KID explicitly state that derivatives may be used only for efficient portfolio management purposes, not as an inherent part of the investment strategy, indicating minimal derivative exposure. There is no mention of synthetic replication, swap agreements, or counterparty risk. The fund does not employ leverage, inverse or amplified exposure. The underlying assets are physical equity securities, liquid and transparent. The risk rating is 6 out of 7, reflecting equity market volatility rather than structural complexity. Costs are straightforward with no performance fees or swap fees. The factsheet confirms no use of swaps or synthetic replication. No capital protection or structured features are present. There are no complexity flags such as contingent bonds or complex structured products. Therefore, under MiFID II criteria, this ETF is classified as non-complex."
}