{
    "ucits": true,
    "type": "ETF",
    "leverage": false,
    "derivatives": true,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": "Derivative use for efficient portfolio management; active management with equity and equity-related securities; no embedded derivatives or structured products",
    "classification": "non-complex",
    "supporting_data": "The Goldman Sachs Alpha Enhanced World Equity Active UCITS ETF is a UCITS-compliant ETF actively managed with at least 70% invested in equity and equity-related securities globally. It uses derivatives only for efficient portfolio management purposes to help manage risks, not as an inherent part of the investment strategy. The ETF tracks a transparent benchmark (MSCI World Index) but is actively managed and may differ from the benchmark. There is no indication of synthetic replication, embedded derivatives, leverage beyond UCITS limits, or complex structured products such as CLOs. The ETF's structure and risks (market volatility, tracking error) are straightforward and understandable by retail investors with basic knowledge. According to MiFID II Article 25(4)(a)(iv) and Article 57 criteria, UCITS ETFs are generally presumed non-complex unless they embed derivatives integral to the strategy or have complex features. The ETF's use of derivatives is limited to risk management (EPM), which does not trigger complexity. The ETF does not embed swaps or structured products, and there is no leverage beyond UCITS limits. The underlying index is transparent and well-known. Therefore, under MiFID II and ESMA guidelines, this UCITS ETF is classified as non-complex and does not require an appropriateness assessment or comprehension alert for retail investors."
}