{
    "ucits": true,
    "type": "ETF",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": "None identified",
    "classification": "non-complex",
    "supporting_data": "The Goldman Sachs Alpha Enhanced US Equity Active UCITS ETF is a UCITS-compliant, physically replicated ETF that primarily invests in US equities and equity-related securities. It is actively managed and references the S&P 500 Index as a performance comparator. The fund may use derivatives for efficient portfolio management (EPM) purposes only, not as a core part of its investment strategy. There is no evidence of synthetic replication, significant leverage, embedded derivatives, or complex structured products such as swaps or CLOs. The risks disclosed (equity market risk, custody risk, operational risk, liquidity risk, and counterparty risk from limited derivative use) are typical for equity UCITS ETFs and do not indicate structural complexity beyond what is standard for such products. The fundu2019s structure, objectives, and risks are transparent and can be understood by retail investors with basic knowledge, consistent with the presumption that UCITS ETFs are non-complex under MiFID II unless specific complex features are present[1]. No such features are evident in the provided documentation."
}