{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "inverse": false,
    "derivatives": false,
    "swaps": false,
    "complex_factors": [
        "Complex Index",
        "Currency Hedging"
    ],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication to track the J.P. Morgan Government Bond Index Global (GBI Global), which is a bond index representative of fixed-rate government securities. The KIID explicitly states that the exposure to the index will be achieved through direct replication by investing in transferable securities and/or other eligible assets representing the index constituents. The fact sheet confirms the replication type as 'Physical'. While the ETF may use derivatives for hedging currency risk (as indicated by the 'Hedged GBP' in the name), this is a common practice in bond ETFs and does not necessarily make the product complex. The risk profile is straightforward, with the main risks being credit risk, liquidity risk, and hedging risk, which are typical for bond investments. The SRRI (Synthetic Risk and Reward Indicator) is 3, indicating a medium risk level. The ETF is UCITS compliant, which implies a higher level of investor protection and transparency. The use of derivatives is limited to hedging and does not involve leverage or inverse strategies. The underlying index is a standard government bond index, not a complex or structured product. Therefore, the ETF does not meet the criteria for a 'complex' financial instrument under MiFID II.",
    "confidence": 90
}