{
    "type": "ETF",
    "ucits": true,
    "fund_name": "Goldman Sachs Alpha Enhanced Europe Equity Active UCITS ETF",
    "investment_objective": "Seek long-term capital appreciation by actively investing primarily in equity securities of European companies, aiming to moderately outperform the MSCI Europe Index.",
    "primary_asset_class": "Equity",
    "geographic_focus": "Europe",
    "replication_method": "physical",
    "swaps": false,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF is a UCITS-compliant, actively managed equity ETF investing primarily in European equities. 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, or total return swaps. The replication method is physical, with direct investment in underlying securities. There is no leverage, inverse exposure, or capital protection features. The risk profile is medium (4 out of 7 in PRIIPs KID, 6 in MiFID KIID but this appears to be a typographical inconsistency; the PRIIPs KID is more detailed and authoritative here). No complex underlying assets such as contingent convertible bonds or CLOs are mentioned. Costs are straightforward with no performance fees or swap fees. The fund discloses holdings daily, enhancing transparency. No complexity flags such as capital protection, structured returns, or significant counterparty risk are present. The PRIIPs KID does not carry any comprehension warnings or complexity disclaimers. Therefore, under MiFID II criteria, this ETF is classified as non-complex."
}