{
    "ucits": true,
    "type": "ETF",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": "",
    "classification": "non-complex",
    "supporting_data": "The Goldman Sachs Paris-Aligned Climate World Equity UCITS ETF is a UCITS-compliant ETF that uses physical replication by holding all securities in the underlying Solactive ISS ESG Developed Markets Paris-Aligned Benchmark USD Index in similar proportions. It may use derivatives only for efficient portfolio management (EPM) purposes, such as risk management and increasing return, but not as an inherent part of its investment strategy. The derivatives use is limited and intended to manage risks, not to replicate the index synthetically or embed complex derivative structures. There is no indication of embedded derivatives, leverage beyond UCITS limits, or complex structured products like CLOs. The ETF tracks a transparent equity index aligned with ESG criteria, and the risks disclosed (market risk, counterparty risk from limited derivatives use, liquidity risk) are standard and understandable for retail investors with basic knowledge. According to MiFID II Article 25(4)(a)(iv) and Article 57 of the Commission Delegated Regulation, UCITS ETFs that physically replicate transparent indices and use derivatives only for EPM with minimal impact on risk-return profile are classified as non-complex. ESMA guidance confirms that synthetic replication or embedded derivatives would trigger complexity, but this ETF does not exhibit such features. Therefore, the ETF is classified as non-complex under MiFID II, and no appropriateness assessment or comprehension alert is required for retail investors."
}