{
    "fund_name": "Jupiter Global Government Bond Active UCITS ETF",
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [
        "Active management with discretionary deviations from benchmark",
        "Investment in high-yield and non-rated bonds",
        "Potential exposure to illiquid bonds in difficult market conditions"
    ],
    "classification": "non-complex",
    "supporting_data": "The ETF is classified as non-complex under MiFID II because it primarily uses physical replication (direct investment in government bonds) and does not employ leverage, inverse strategies, or synthetic replication via swaps. The fund's active management approach allows for deviations from the benchmark, but this does not inherently make it complex. While the fund may invest in high-yield and non-rated bonds, these are not inherently complex instruments. The risk profile is clearly disclosed, and the fund's structure is transparent, with no indications of capital protection mechanisms or structured features that would trigger a complex classification. The use of derivatives is limited to efficient portfolio management (e.g., bond futures for hedging), which does not meet the MiFID II threshold for complexity. The fund's UCITS compliance further supports its non-complex classification.",
    "confidence": 90
}