{
    "complex": false,
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "ucits": true,
    "type": "ETF",
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The UBS J.P. Morgan Global Gov ESG Liquid Bond UCITS ETF uses physical replication with stratified sampling, as explicitly stated in the factsheet ('replication methodology: physical stratified sampling'). The KIID confirms it invests directly in bonds and does not use synthetic replication or derivatives for leverage/inverse exposure. The risk profile (category 4) aligns with moderate volatility typical of bond funds. The index tracks liquid global government bonds with ESG screening, which does not introduce complexity. No references to swaps, unfunded structures, or counterparty risk beyond standard derivative disclosures. The fund is UCITS-compliant, further supporting its non-complex classification. The factsheet and KIID emphasize transparency and liquidity, with no indications of structured products or capital protection features.",
    "confidence": 95
}