{
    "fund_name": "Goldman Sachs ActiveBeta Paris-Aligned Sustainable US Large Cap Equity UCITS ETF",
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [
        "Complex index methodology (ActiveBeta factors)",
        "Sustainability-focused investment strategy",
        "Potential for tracking error due to index construction"
    ],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication to track the Goldman Sachs ActiveBeta Paris-Aligned Sustainable US Large Cap Equity Index. It does not employ leverage, inverse strategies, or synthetic replication via swaps. The primary complexity factors are the index's proprietary ActiveBeta methodology (which combines Value, Quality, Momentum, and Low Volatility factors) and its sustainability alignment with the Paris Climate Agreement. However, these factors do not meet MiFID II's criteria for complexity, as the ETF remains transparent, liquid, and suitable for retail investors. The use of derivatives is limited to potential hedging or efficient portfolio management, not for leverage or complex strategies. The risk profile is clearly disclosed as category 6 (moderate to high risk), and the ETF provides daily liquidity and full holdings disclosure.",
    "confidence": 90
}