{
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The Goldman Sachs ActiveBeta Emerging Markets Equity UCITS ETF is a physically replicated ETF that aims to track the Goldman Sachs ActiveBeta Emerging Markets Equity Index. The ETF uses full replication to hold the underlying securities in similar proportions to the index. While the KIID mentions that derivatives may be used for efficient portfolio management and investment purposes, the primary replication method is physical, and there is no indication of leverage, inverse strategies, or complex underlying assets. The risk profile is categorized as level 6, which is typical for emerging market equity funds and does not inherently indicate complexity under MiFID II. The ETF is UCITS-compliant, which generally aligns with non-complex classifications. The use of derivatives is limited to efficient portfolio management and does not appear to introduce significant additional risk or complexity.",
    "confidence": 90
}