{
    "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 UCITS-compliant ETF investing primarily in global government and government-related debt securities. The investment objective is to outperform a benchmark through active selection of bonds rather than tracking an index via synthetic replication. The KIID explicitly states that derivatives may be used only for efficient portfolio management purposes, implying limited and non-inherent derivative use, not for leverage or synthetic replication. There is no mention of swap agreements, total return swaps, or funded/unfunded swap structures. The replication method is physical, investing directly in bonds. There is no leverage, inverse exposure, or amplified returns language. The risk profile is moderate (category 4), consistent with bond market volatility, without elevated derivative or counterparty risk disclosures. Charges are straightforward with no performance fees or swap fees. No capital protection or structured features are present. The fund invests in liquid, transparent government bonds, with no complex underlying assets such as contingent convertible bonds or CLOs. No PRIIPs KID or factsheet information contradicts these findings. Therefore, under MiFID II criteria, this ETF is classified as non-complex."
}