{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "swaps": false,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The JPM Global Government Bond Active UCITS ETF is an actively managed UCITS-compliant ETF investing primarily in global government and government-related debt securities. The investment policy emphasizes direct investment in physical bonds and notes issued or guaranteed by governments and supranational organizations. The KIID explicitly states that derivatives may be used only for efficient portfolio management purposes, indicating derivatives are not an inherent part of the investment strategy but rather a risk management tool, so derivatives are marked false. There is no mention of synthetic replication, swap agreements, total return swaps, or counterparty risk exposure. The fund does not employ leverage, inverse or amplified returns, nor does it have capital protection or structured features. The risk rating is moderate (category 4), consistent with bond market volatility but not indicative of complexity. Fees are straightforward with no performance fees or swap fees. No complex underlying assets such as contingent convertible bonds or CLOs are held. The benchmark is a broad Bloomberg Global Aggregate Corporate Index, which is transparent and liquid. No PRIIPs comprehension warnings or complexity flags are present. Therefore, the ETF is classified as non-complex under MiFID II criteria."
}