{
    "type": "ETF",
    "ucits": true,
    "fund_name": "Goldman Sachs ActiveBeta\u00ae Emerging Markets Equity UCITS ETF",
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The Goldman Sachs ActiveBeta Emerging Markets Equity UCITS ETF is a passively managed fund that seeks to replicate the Goldman Sachs ActiveBeta Emerging Markets Equity Index by holding all of its securities in similar proportion to their weightings in the index, using full physical replication. The fund invests directly in equity securities of emerging market issuers, with no indication of synthetic replication or use of swap agreements. Derivatives are used only for efficient portfolio management and risk management purposes, not as an inherent part of the investment strategy, thus derivative exposure is minimal and not a complexity driver. There is no leverage, inverse or amplified exposure. The risk profile is medium (4 out of 7 in PRIIPs KID), consistent with emerging market equity risk but not indicative of complexity. The fund does not employ capital protection, structured features, or invest in complex underlying assets such as contingent convertible bonds or CLOs. Costs are straightforward with a single ongoing charge of 0.49%, no performance fees, and no swap or derivative fees. Counterparty risk is disclosed but limited, consistent with normal UCITS ETF operations. The index tracked uses a patented factor-based methodology (ActiveBeta\u00ae) but this does not introduce complexity under MiFID II as the fund holds the underlying securities physically. The PRIIPs KID does not carry any comprehension warnings or complexity flags. The monthly factsheet confirms full physical replication, no use of swaps, and direct holdings of approximately 780 emerging market stocks. Therefore, the fund is classified as non-complex under MiFID II criteria."
}