{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "swaps": false,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The Goshawk Global Balanced UCITS ETF is a UCITS-compliant ETF investing primarily in global equities (at least 80%) and some sovereign bonds, with ancillary liquid assets and money market instruments. The investment approach is active management with direct purchase of underlying securities, as indicated by the absence of any mention of synthetic replication, swap agreements, or derivative instruments used for replication. There is no leverage or inverse exposure language, and the risk profile is moderate (level 4 out of 7), consistent with a straightforward equity/bond balanced fund. The KIID and PRIIPs KID do not mention any capital protection, structured features, or complex underlying assets such as contingent convertible bonds or CLOs. Costs are standard with no performance fees or swap fees. Securities lending is present but does not imply complexity. No references to counterparty risk or derivative counterparty risk are found. The fund uses physical replication or direct investment in underlying securities, and derivatives, if any, are only used for risk management, not as an inherent part of the strategy. The PRIIPs KID does not carry any comprehension warnings or complexity flags. Therefore, under MiFID II criteria, this ETF is classified as non-complex."
}