{
    "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 HY Corp Bond Research Enhanced PAB UCITS ETF is a UCITS-compliant fixed income ETF investing primarily in high-yield, sub-investment grade corporate bonds globally. The fund is actively managed with a sustainable investment objective aligned to the Paris Agreement and references a Paris-aligned benchmark. 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, thus derivatives usage is limited and not complexity-driving. There is no mention of synthetic replication, swap agreements, or counterparty risk exposure. The monthly factsheet confirms physical bond holdings with no indication of synthetic replication or funded/unfunded swaps. The risk profile is moderate (risk class 3-4), consistent with bond market risk rather than complexity. No leverage, inverse or amplified return features are present. Costs are straightforward with no performance fees or swap fees. The benchmark is a Paris-aligned high yield corporate bond index, which is transparent and does not involve complex structured products. No capital protection or structured features are present. Overall, the fund exhibits a straightforward physical replication strategy investing in liquid, transparent fixed income securities with limited derivative use for risk management only, leading to a non-complex classification under MiFID II."
}