{
    "type": "ETF",
    "ucits": true,
    "fund_name": "JPM US Value Equity Active UCITS ETF - USD (dist)",
    "investment_objective": "Achieve long-term return in excess of Russell 1000 Value Index by actively investing primarily in a value 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 investing primarily in US large-cap value stocks. 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, which means derivatives usage is limited and not a complexity driver. There is no mention of synthetic replication, swap agreements, or counterparty risk exposure. The replication method is physical, with direct investment in underlying securities. There is no leverage, inverse exposure, or capital protection features. The risk rating is 6 (medium-high) reflecting equity market volatility, not structural complexity. Costs are straightforward with a single ongoing charge of 0.49%, no performance fees, and no swap or derivative fees. The benchmark is the Russell 1000 Value Index, a standard, liquid equity index without complex features. The factsheet confirms no use of swaps or leverage and a portfolio of approximately 170 holdings in liquid US equities. No complex underlying assets such as contingent convertible bonds or CLOs are held. No capital protection or structured features are present. The PRIIPs KID does not include any comprehension warnings or complexity flags. Overall, the ETF exhibits a clear, linear relationship to underlying equity performance with minimal derivative use solely for risk management, physical replication, and no leverage or synthetic structures, leading to a non-complex classification under MiFID II."
}