{
    "type": "ETF",
    "ucits": true,
    "fund_name": "JPM US Value Equity Active UCITS ETF - USD (acc)",
    "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 documents explicitly state that the fund may use financial 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 or amplified exposure. The underlying assets are liquid US equities, with no complex structured products or contingent bonds. The risk profile is medium-high (risk level 5 out of 7), consistent with equity market volatility but not indicative of complexity under MiFID II. Costs are straightforward with a single ongoing charge and no performance fees or swap fees. The PRIIPs KID does not include any comprehension warnings or complexity flags. The factsheet confirms no use of swaps or synthetic replication and shows a diversified portfolio of 170 US equity holdings. Therefore, the ETF does not meet the MiFID II criteria for a complex financial instrument."
}