{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": "",
    "classification": "non-complex",
    "supporting_data": "The JPM Global Government Bond Active UCITS ETF is an actively managed bond ETF investing primarily in global government and government-related debt securities. The KIID and factsheet indicate the fund invests directly in physical bonds, with no mention of synthetic replication, swap agreements, or total return swaps. The fund may use derivatives only for efficient portfolio management purposes, which does not constitute inherent derivative exposure for complexity classification. There is no leverage, inverse or amplified exposure language. The risk profile is moderate (category 4), consistent with medium volatility typical of government bond funds. No capital protection or structured features are present. The fund is UCITS compliant, with a straightforward investment objective to outperform a government bond benchmark through active selection of physical securities. No complex underlying assets such as contingent convertible bonds or CLOs are mentioned. Counterparty risk disclosures relate only to emerging market and PRC Bond Connect exposures, which is standard for bond funds investing in those markets and does not imply synthetic swap counterparty risk. Costs are simple with a single ongoing charge and no performance fees or swap fees. The PRIIPs KID does not include any comprehension warnings or complexity flags. Overall, the fund exhibits characteristics of a non-complex ETF under MiFID II, with physical replication, no leverage, minimal derivative use for risk management only, and investment in liquid, transparent government bonds."
}