{
    "ucits": true,
    "type": "ETF",
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": "None",
    "classification": "non-complex",
    "supporting_data": "The Goldman Sachs Global Green Bond UCITS ETF is a UCITS-compliant, physically replicated ETF tracking a transparent, diversified index of global investment-grade green bonds. It uses derivatives only for currency hedging and efficient portfolio management, not as a core part of its investment strategy. The ETF does not employ leverage, swaps, or inverse strategies, and its structure, risks, and objectives are straightforward and well-disclosed. Under MiFID II, all UCITS are automatically non-complex unless they are structured UCITS or use derivatives as a central part of their strategy, which is not the case here[1]. The ETFu2019s use of derivatives is limited and incidental, supporting a non-complex classification. There are no embedded complex features (e.g., contingent convertible bonds, complex indices, or significant counterparty risk from swaps) that would make the product difficult for a retail investor with basic knowledge to understand. The risks disclosed (credit, market, liquidity, etc.) are typical of fixed income ETFs and do not indicate structural complexity. Therefore, the ETF meets all criteria for non-complex classification under MiFID II Article 25(4) and Article 57."
}