{
    "type": "ETF",
    "ucits": true,
    "fund_name": "Goldman Sachs USD Investment Grade Corporate Bond Active UCITS ETF",
    "investment_objective": "Actively invest primarily in investment grade US Dollar denominated fixed income securities of corporate issuers globally, including up to 10% in contingent convertible bonds (CoCos) and subordinated investment grade corporate bonds.",
    "primary_asset_class": "Bond",
    "geographic_focus": "Global (primarily US Dollar denominated corporate bonds)",
    "replication_method": "physical",
    "swaps": true,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": [
        "Contingent Convertible Bonds",
        "Use of derivatives for investment and risk management",
        "Counterparty risk",
        "Subordinated bonds including CoCos"
    ],
    "classification": "complex",
    "supporting_data": "The ETF is a UCITS-compliant bond ETF investing primarily in investment grade US Dollar denominated corporate bonds globally. It uses physical replication with a portfolio of 154 holdings, mostly investment grade bonds, but includes up to 10% contingent convertible bonds (CoCos) which have complex risk profiles and trigger events that may lead to total loss or conversion to equity. The fund uses derivatives for both efficient portfolio management and investment purposes, but derivative use is limited (0.7% of assets) and not for leverage. The KIID and factsheet disclose counterparty risk and derivatives risk explicitly. The fund is actively managed and does not track the benchmark exactly, with a potential tracking error up to 200 bps. The risk profile is moderate (category 4), but the presence of CoCos and subordinated bonds, plus derivative usage and counterparty risk, drive the MiFID II classification as complex. There is no leverage or inverse exposure. The replication is physical, not synthetic, but the presence of complex underlying assets (CoCos) and derivatives for investment purposes triggers complexity. No capital protection or structured features are present. Costs are straightforward with no performance fees. The PRIIPs KID does not contain a comprehension warning but highlights risks related to CoCos and derivatives. Overall, the complexity arises mainly from the underlying asset complexity (CoCos) and derivative usage, not from leverage or synthetic replication."
}