{
    "fund_name": "Goshawk Global Balanced UCITS ETF",
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [
        "Active management with global equities and bonds",
        "Potential investment in ancillary liquid assets (bank deposits, CDs, etc.)",
        "No explicit mention of derivatives or swaps in KIID/PRIIPs",
        "Risk profile rated 6/7 (higher risk)"
    ],
    "classification": "non-complex",
    "supporting_data": "The ETF is physically replicated (no synthetic replication or swaps mentioned), has no leverage or inverse exposure, and invests primarily in global equities and bonds. While it is actively managed and has a higher risk profile (6/7), there are no explicit indicators of complexity under MiFID II. The absence of derivatives, swaps, or structured features suggests it is suitable for retail investors. The PRIIPs KID and factsheet do not introduce additional complexity factors.",
    "confidence": 90,
    "counter_argument": "The high risk rating (6/7) could suggest complexity, but MiFID II complexity is primarily driven by structural factors (derivatives, leverage, etc.), not just risk level. Since no such factors are present, the classification remains non-complex.",
    "risk_level": "6/7 (higher risk, but not due to structural complexity)"
}