{
    "type": "ETF",
    "ucits": true,
    "fund_name": "JPM US Equity Active UCITS ETF - USD (acc)",
    "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 ETF investing primarily in US large-cap stocks. The KIID and PRIIPs KID documents indicate the fund invests directly in equity securities and does not seek to replicate the benchmark but to outperform it through active stock selection. There is no mention of synthetic replication, swap agreements, or derivative instruments used as part of the investment strategy, only a note that derivatives may be used for efficient portfolio management purposes, which does not trigger complexity under MiFID II. The fund does not employ leverage, inverse or amplified exposure. The risk rating is 6 out of 7, reflecting equity market volatility rather than structural complexity. The factsheet confirms physical holdings in a diversified portfolio of 78 US large-cap stocks with no indication of complex underlying assets such as contingent convertible bonds or CLOs. Costs are straightforward with a single ongoing charge and no performance fees or swap fees. No capital protection or structured features are present. The PRIIPs KID does not include any comprehension warnings or complexity flags. Overall, the fund exhibits a clear, linear relationship to underlying equity performance with minimal derivative use for risk management only, and no leverage or synthetic structures, leading to a non-complex classification under MiFID II."
}