{
    "type": "ETF",
    "ucits": true,
    "fund_name": "JPM US Research Enhanced Index Equity Active UCITS ETF - USD (acc)",
    "investment_objective": "Achieve long-term return in excess of S&P 500 Index by actively investing primarily in US companies with ESG integration",
    "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 equity ETF actively managed to outperform the S&P 500 Index by selecting US equities with ESG criteria. 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, indicating minimal derivative exposure. There is no mention of synthetic replication, swap agreements, or counterparty risk. The replication method is physical, investing directly in underlying securities. There is no leverage, inverse or amplified exposure. The risk rating is 6 (medium-high) due to equity market volatility, but this does not imply complexity under MiFID II. Costs are straightforward with a single ongoing charge of 0.20%, no performance fees, and no swap or derivative fees. The factsheet confirms no securities lending and no complex underlying assets such as contingent bonds or CLOs. No capital protection or structured features are present. The PRIIPs KID does not include any comprehension warnings or complexity flags. Overall, the fund\u2019s structure and disclosures align with a non-complex classification under MiFID II."
}