{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "derivatives": false,
    "swaps": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": "",
    "classification": "non-complex",
    "supporting_data": "The Fidelity Global Corp Bond Research Enhanced PAB UCITS ETF is a UCITS-compliant bond ETF investing primarily in investment grade corporate debt securities globally. The fund uses physical replication, investing directly in bonds aligned with a Paris-aligned benchmark. The KIID and PRIIPs KID documents state that derivatives may be used only for efficient portfolio management and currency hedging, not as an inherent part of the investment strategy, indicating minimal derivative exposure. There is no mention of synthetic replication, swap agreements, or counterparty risk related to derivatives. The fund does not employ leverage, inverse or amplified exposure. The risk profile is moderate-low (risk class 3-4), consistent with a straightforward bond ETF. The monthly factsheet confirms the use of physical bonds, no synthetic structures, and no complex underlying assets such as contingent convertible bonds or CLOs. Costs are simple with no performance fees or swap fees. 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 minimal complexity factors, leading to a non-complex classification under MiFID II."
}