{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "leverage": false,
        "derivatives": false,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "complex_factors": [],
        "classification": "non-complex",
        "supporting_data": "Based on the provided Key Investor Information Document (KIID), the JPM Global Government Bond Active UCITS ETF uses an active investment strategy, investing primarily in investment-grade government and government-related debt securities. The replication method is not explicitly mentioned as synthetic, and it is likely using physical replication or optimized physical replication. The fund can use derivative instruments for efficient portfolio management (EPM). This includes hedging currency risk. The structure, risks, and objective are generally understandable for retail investors with basic knowledge, and there is no indication of significant leverage or complex derivative strategies. The risks, such as market volatility, are standard for bond ETFs but do not automatically make the ETF complex.  The absence of complex replication methods (synthetic),  significant leverage, or embedded derivatives in the fund's description, supports a non-complex classification. (Refer to Sections 1-4 and 6 of the MiFID II Complexity Assessment Rules).  The fund is GBP hedged but this is not a complex feature.  The asset meets the conditions for the execution-only exemption under MiFID II (Refer to ESMA Section 2.1)"
    }
}