{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The Goldman Sachs Alpha Enhanced US Equity Active UCITS ETF is an actively managed equity fund primarily investing in US large-cap equities, referencing the S&P 500 Index as a benchmark. The KIID and PRIIPs KID explicitly state that derivatives may be used only for efficient portfolio management and risk management purposes, not as an inherent part of the investment strategy. There is no mention of synthetic replication, swap agreements, total return swaps, or counterparty exposure. The replication method is physical, investing directly in equity securities including common stock, preferred stock, warrants, and ADRs. There is no leverage or inverse exposure indicated, and no capital protection or structured product features. The risk profile is medium-high (5 out of 7), consistent with equity market risk, but not indicative of complexity due to derivatives or leverage. Costs are straightforward with a TER of 0.20%, no performance fees, and no swap or derivative fees. The PRIIPs KID does not include any comprehension warnings or complexity flags. The fund discloses holdings daily, enhancing transparency. No complex underlying assets such as contingent convertible bonds or CLOs are mentioned. Overall, the fund exhibits a clear, linear relationship to the underlying equity market performance with minimal derivative use strictly for risk management, qualifying it as non-complex under MiFID II."
}