{
    "fund_name": "Goldman Sachs ActiveBeta Paris-Aligned Sustainable US Large Cap Equity UCITS ETF",
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication to track its index, holding all securities in similar proportions to their index weightings. While derivatives are mentioned as a potential tool for risk management, there is no indication of extensive or complex derivative usage that would trigger a 'complex' classification. The fund's risk profile (category 6) is typical for equity ETFs and does not indicate complexity. The investment strategy is straightforward, focusing on large-cap US equities with a sustainability overlay. The KIID and factsheet do not highlight any complex features such as leverage, inverse exposure, or capital protection mechanisms.",
    "confidence": 95,
    "risk_level": 6,
    "counterparty_risk": "Mentioned but not a primary driver of complexity",
    "liquidity_risk": "Standard for equity ETFs",
    "tracking_error_risk": "Standard for index-tracking ETFs",
    "additional_notes": "The ETF's use of derivatives is limited to risk management and does not introduce complexity. The sustainability focus and factor-based methodology (ActiveBeta) do not inherently add complexity under MiFID II. The fund's transparency, liquidity, and straightforward replication method support its classification as non-complex."
}