{
    "ucits": true,
    "type": "ETF",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": "",
    "classification": "non-complex",
    "supporting_data": "The asset is a UCITS ETF, which under MiFID II is generally presumed non-complex due to strict regulatory requirements ensuring diversification, liquidity, and transparency. The ETF described invests predominantly in bonds and money market instruments, using a stratified sampling approach to replicate the J.P. Morgan Global Government ESG Liquid Bond hedged to CHF Index. It uses currency forwards solely for hedging currency risk, which is considered efficient portfolio management (EPM) and does not trigger complexity. The fund explicitly states it will not engage in securities lending, and there is no indication of leverage beyond UCITS limits or embedded derivatives. The replication method is physical or optimized sampling, not synthetic. The risks disclosed relate to market volatility, credit risk, and currency fluctuations, which are straightforward and understandable by retail investors with basic knowledge. The fund's structure and risks are transparent, and the underlying index is a well-documented government bond ESG index, supporting non-complex classification. According to MiFID II Article 25(4)(a)(iv) and Article 57 criteria, this ETF does not embed derivatives integral to its strategy, does not have complex payoff structures, and provides comprehensive, understandable information. Therefore, it is classified as non-complex under MiFID II."
}