{
    "complex": false,
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "ucits": true,
    "type": "ETF",
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The Goldman Sachs ActiveBeta Emerging Markets Equity UCITS ETF is classified as non-complex under MiFID II based on the following analysis: 1. Replication Method: The fund uses physical replication, holding all securities in the index in similar proportions (as confirmed in both the KIID and fact sheet). 2. Derivative Usage: While the KIID mentions derivatives may be used for efficient portfolio management, the fact sheet explicitly states 'Portfolio Structure: Full Replication' with no mention of synthetic replication or swap agreements. 3. Leverage/Inverse: No leverage or inverse exposure is indicated in any document. 4. Underlying Assets: The fund invests in liquid emerging market equities with no mention of complex instruments like CoCos or CLOs. 5. Risk Profile: The fund's risk profile (category 6) is consistent with emerging market equities and is clearly explained. 6. UCITS Compliance: The fund is UCITS-compliant, which inherently limits complexity. The only potential complexity factor would be the ActiveBeta methodology, but this is a transparent factor-based approach commonly used in passive funds. The fact sheet's detailed holdings and replication method confirm the straightforward nature of the investment strategy.",
    "confidence": 95
}