{
    "success": true,
    "data": {
        "leverage": false,
        "derivatives": false,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "ucits": true,
        "type": "ETF",
        "complex_factors": "Active Management using a quantitative model",
        "classification": "complex",
        "supporting_data": "The Goshawk Global Balanced UCITS ETF is classified as complex. While it benefits from the baseline UCITS presumption of non-complexity and does not use derivatives or leverage for its primary strategy, this presumption is overturned by its core investment policy. The fund employs an 'active management' approach where the 'Investment Manager will identify global themes using quantitatively determined data points to select companies'. This proprietary, model-driven strategy makes the fund's structure and the drivers of its performance opaque and difficult for a typical retail investor to understand, failing the 'Ease of Understanding' test under MiFID II. The investor cannot easily grasp how investment decisions are made, which contrasts with a simple, transparent index-tracking ETF. Although the fund holds standard assets like equities and bonds, the complexity arises from the investment selection process itself, which is a key factor in the MiFID II assessment. The high risk rating of 6/7 reflects market volatility, not structural complexity, but the active, quantitative nature of the fund is the decisive factor for the complex classification."
    }
}