{
    "type": "ETF",
    "ucits": true,
    "fund_name": "JPM US Research Enhanced Index Equity Active UCITS ETF - USD (dist)",
    "investment_objective": "Achieve long-term return in excess of S&P 500 Index (Total Return Net) by actively investing primarily in 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 an actively managed UCITS ETF investing primarily in US equities with an objective to outperform the S&P 500 Index. 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) reflecting equity market volatility but not complexity from derivatives or leverage. The ongoing charges are straightforward with no performance fees or swap fees. The factsheet confirms no securities lending and no complex underlying assets such as contingent convertible bonds or CLOs. The fund uses ESG screening but this does not add complexity under MiFID II. 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, physical replication, and no leverage or complex structures, leading to a non-complex classification under MiFID II."
}