{
    "complex": false,
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "ucits": true,
    "type": "ETF",
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The Goldman Sachs Global Green Bond UCITS ETF is classified as non-complex under MiFID II for the following reasons: 1. Physical Replication: The ETF uses physical replication (optimised sampling) as confirmed in the KIID and fact sheet, holding a representative sample of the underlying index securities. 2. No Derivative Usage for Strategy: While the KIID mentions derivatives for currency hedging (up to 10% of assets), this is standard practice for hedged share classes and does not materially alter the fund's risk profile. The fact sheet confirms no derivative exposure (0.0%). 3. No Leverage or Inverse Exposure: The fund has no leverage or inverse features, with a straightforward objective of tracking the Solactive Global Green Bond Select Index. 4. Transparent Underlying Assets: The fund invests in global investment-grade green bonds, which are relatively straightforward fixed-income securities. 5. UCITS Compliance: The fund is UCITS-compliant, subject to stringent regulatory standards that typically preclude complex structures. 6. Risk Profile: The risk profile is rated as lower risk (category 2), consistent with fixed-income investments. 7. No Complex Features: There are no capital protection mechanisms, contingent bonds, or structured products in the portfolio. The fact sheet shows a portfolio of 254 holdings, primarily government and corporate bonds. 8. Adequate Disclosure: The fund provides daily holdings disclosure and clear risk explanations, meeting MiFID II transparency requirements. The PRIIPs KID does not contain a comprehension alert, further supporting the non-complex classification.",
    "confidence": 95
}