{
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The JPM Global Government Bond Active UCITS ETF - GBP Hedged (dist) is classified as non-complex under MiFID II regulations. The ETF uses physical replication, investing directly in government and government-related debt securities without reliance on synthetic instruments or derivatives for core strategy purposes. While the KIID mentions the potential use of derivatives for efficient portfolio management (EPM), this is a standard practice for hedging and operational efficiency rather than a core investment strategy. The ETF does not employ leverage, inverse strategies, or complex structured products. The risk profile is rated at level 4, indicating medium fluctuations, which is typical for bond funds. The underlying assets are straightforward government bonds, and there are no indications of capital protection mechanisms or complex structured features. The ETF is UCITS-compliant, further supporting its classification as non-complex.",
    "confidence": 95
}