{
    "type": "ETF",
    "ucits": true,
    "fund_name": "Goldman Sachs Alpha Enhanced World Equity Active",
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The Goldman Sachs Alpha Enhanced World Equity Active UCITS ETF is an actively managed equity fund primarily investing in global equity securities, including common stock, preferred stock, warrants, ADRs, EDRs, and GDRs. The KIID and PRIIPs KID documents 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, with direct investment in underlying securities. There is no leverage or inverse exposure, and no capital protection or structured product features. The risk profile is medium (4 out of 7 in PRIIPs KID, 6 in KIID but mostly equity securities), consistent with a straightforward equity investment. Costs are simple, with no performance fees or swap fees. No complex underlying assets such as contingent convertible bonds or CLOs are mentioned. The fund is UCITS compliant, which imposes strict rules limiting complexity and leverage. The PRIIPs KID does not include any comprehension warnings or complexity flags. Therefore, under MiFID II criteria, this ETF is classified as non-complex."
}