{
    "ucits": true,
    "type": "ETF",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": "None identified in the KID",
    "supporting_data": "The Goshawk Global Balanced UCITS ETF is a UCITS-compliant, actively managed ETF investing primarily in global equities and, to a lesser extent, developed market sovereign bonds. The KID does not mention the use of derivatives for investment purposes, synthetic replication, leverage beyond UCITS limits, or exposure to complex structured products (e.g., CLOs, contingent convertible bonds). The fund may engage in securities lending, but this is a secondary activity, well within UCITS rules, and does not dominate the risk profile. The risks disclosed are standard for equity and bond funds (market, currency, liquidity, interest rate, and active management risk), with no indication of complex mechanisms or opaque features. The ETF is listed, and comprehensive information is publicly available. There is no evidence of embedded derivatives, swaps, or other features that would make the structure or risks difficult for a retail investor with basic knowledge to understand.",
    "classification": "non-complex"
}