{
    "name": "Goshawk Global Balanced UCITS ETF",
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF is a physically replicated, actively managed UCITS fund investing primarily in global equities and sovereign bonds. It does not employ leverage, inverse strategies, or synthetic replication. While it may use securities lending (with 70% of revenues returned to the fund), this is a common practice and does not introduce complexity. The risk profile is rated at level 6, but this is due to the nature of the underlying investments (equities and bonds) rather than structural complexity. The fund does not mention the use of derivatives beyond standard portfolio management, and there are no indications of complex underlying assets or structured features. The KIID does not contain any 'comprehension warnings' or references to complex instruments like swaps, contingent bonds, or sophisticated indices.",
    "confidence": 90,
    "risk_level": 6,
    "counter_argument": "The risk level of 6 might suggest complexity, but this is attributed to the inherent volatility of global equities and bonds rather than structural complexity. The fund's active management approach does not introduce additional complexity under MiFID II rules, as it remains transparent and invests in standard asset classes.",
    "final_decision": "The ETF is classified as non-complex because it meets all criteria for a straightforward, physically replicated fund with no leverage, derivatives, or complex underlying assets. The risk level is high due to market exposure, not structural complexity."
}