{
    "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 Japan Equity Active UCITS ETF is an actively managed equity ETF primarily investing in Japanese equities, including common stock, preferred stock, warrants, ADRs, EDRs, and GDRs. 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 underlying securities. There is no leverage, inverse exposure, or capital protection features. The risk profile is medium (4 out of 7), consistent with equity market risk, without elevated derivative or counterparty risk disclosures. Costs are straightforward with a TER of 0.25%, no performance fees, and no swap or derivative fees. The benchmark is the MSCI Japan Investable Market Index (Net Total Return), a standard, transparent index without complex structured features. The fund discloses holdings daily, enhancing transparency. No complexity flags such as contingent convertible bonds, CLOs, or structured products are present. The PRIIPs KID does not include any comprehension warnings or complexity disclaimers. Therefore, under MiFID II criteria, this ETF is classified as non-complex."
}