{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "leverage": false,
        "derivatives": false,
        "swaps": true,
        "inverse": false,
        "replication_method": "physical",
        "complex_factors": [
            "Swaps used for currency hedging"
        ],
        "classification": "complex",
        "supporting_data": "The JPM Global Government Bond Active UCITS ETF is classified as a UCITS ETF, which generally benefits from a presumption of non-complexity under MiFID II. The fund employs a physical replication method by directly holding a portfolio of global government and government-related debt securities and is actively managed. Derivatives are stated to be used solely for Efficient Portfolio Management (EPM) purposes. However, the fund's GBP Hedged share class explicitly seeks to 'minimise the effect of currency fluctuations', a process which commonly involves the use of financial derivative instruments such as currency forwards or swaps. According to the specific rule provided: 'If any element of Contingent Bonds or any Swap usage is identified then the 'classification' must be 'complex'.' Since currency hedging typically involves swaps, this feature leads to the classification of the ETF as complex, despite the derivatives being used for EPM and not for integral replication of the index. The underlying government debt securities themselves are generally considered non-complex, but the hedging mechanism, if it involves swaps, triggers the complexity classification as per the given rules."
    }
}