{
    "fund_name": "JPM Global Aggregate Bond Active UCITS ETF - GBP Hedged (acc)",
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": true,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": [
        "Contingent Convertible Bonds",
        "Financial Derivative Instruments for exposure"
    ],
    "classification": "complex",
    "supporting_data": "The ETF uses financial derivative instruments (FDI) to gain exposure to underlying assets, which is a key complexity indicator under MiFID II. Additionally, the presence of Contingent Convertible Bonds (CoCos) in the portfolio adds another layer of complexity due to their embedded derivative-like features and potential for principal write-downs or conversion to equity under certain conditions. While the ETF primarily uses physical replication, the active use of derivatives for exposure and the inclusion of complex instruments like CoCos necessitate classification as complex.",
    "confidence": 85,
    "risk_level": 4,
    "benchmark_complexity": "medium",
    "esg_integration": true,
    "counterparty_risk": "moderate",
    "liquidity_risk": "moderate",
    "currency_hedging": true,
    "comprehension_warning": false,
    "key_risks": [
        "Credit risk",
        "Interest rate risk",
        "Liquidity risk",
        "Counterparty risk from derivatives",
        "ESG screening impact"
    ],
    "additional_notes": "While the ETF is UCITS-compliant and primarily uses physical replication, the active management strategy involving derivatives and the inclusion of complex instruments like Contingent Convertible Bonds (CoCos) make it a complex product under MiFID II. The risk level of 4 and the use of derivatives for exposure further support this classification."
}