{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "derivatives": false,
    "swaps": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": "",
    "classification": "non-complex",
    "supporting_data": "The Fidelity EUR Corp Bond Research Enhanced PAB UCITS ETF is a UCITS-compliant fixed income ETF investing primarily in EUR denominated investment grade corporate bonds globally. The fund is actively managed with reference to the Solactive Euro Corporate IG PAB Index, which is a Paris-aligned benchmark focusing on ESG and carbon emission reduction. The KIID and PRIIPs KID documents indicate that derivatives may be used only for efficient portfolio management and currency hedging, not as an inherent part of the investment strategy. There is no mention of synthetic replication, swap agreements, or counterparty risk exposure. The monthly factsheet confirms the fund holds a diversified portfolio of physical bonds (284 holdings, 172 issuers) with no indication of complex underlying assets such as contingent convertible bonds or CLOs. The risk indicator is moderate-low (3/7), supporting a non-complex classification. Costs are straightforward with no performance fees or swap fees. No leverage or inverse exposure is present. The fund uses physical replication and direct bond holdings, with derivatives only for risk management purposes, thus derivatives are marked false. There are no capital protection or structured features. No complexity warnings or comprehension warnings appear in the PRIIPs KID. Overall, the fund exhibits a clear, linear relationship to underlying bond performance, with transparent holdings and no synthetic or leveraged elements, leading to a non-complex classification under MiFID II."
}