{
    "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 by selecting a portfolio of bonds rather than replicating an index. The KIID and factsheet indicate that derivatives may be used only for efficient portfolio management purposes, not as an inherent part of the investment strategy, and there is no mention of synthetic replication, swap agreements, or funded/unfunded swaps. There is no leverage or inverse exposure. The underlying assets are primarily investment grade government bonds, which are liquid and transparent. The risk profile is moderate (risk level 4), consistent with bond market volatility, with no complexity flags such as capital protection, structured features, or contingent bonds. Costs are straightforward 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 uses physical holdings of bonds, has minimal derivative use limited to risk management, no leverage, no swaps, and invests in straightforward government bonds, leading to a non-complex classification under MiFID II."
}