{
    "success": true,
    "data": {
        "complex": false,
        "leverage": false,
        "derivates": false,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "ucits": true,
        "type": "ETF",
        "complex_factors": "None identified. The ETF tracks a transparent index (S&P 500) using physical replication.  While the fund uses derivatives for efficient portfolio management (EPM), this is not integral to the investment objective.  No other complex factors are present.",
        "classification": "non-complex",
        "supporting_data": "The Goldman Sachs Alpha Enhanced US Equity Active UCITS ETF (IE000HYFO765) is actively managed and references the S&P 500 Index as a performance comparator. The fund has a stated investment objective of long-term capital appreciation through active investment primarily in US equity securities.  The fund aims for moderate return above the benchmark.  Crucially, the fund explicitly states that it 'may use derivatives for efficient portfolio management purposes, to help manage risks.'  This suggests derivative use for portfolio management, not as an inherent aspect of the investment strategy or payoff. The fact that replication is physical (not synthetic) is a strong indicator of non-complexity.  There's no mention of leverage, complex indices, or other factors that would trigger a complex classification.  The overall description suggests the fund's structure and risks are straightforward and easily understood by retail investors with basic knowledge."
    }
}