{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": "",
    "classification": "non-complex",
    "supporting_data": "The Fidelity Sustainable Global High Yield Bond Paris-Aligned Multifactor UCITS ETF is a UCITS-compliant fixed income ETF investing primarily in high-yield, sub-investment grade corporate bonds globally. The fund uses physical replication, investing directly in underlying 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, which means derivative use is limited and not a complexity driver. There is no mention of synthetic replication, swap agreements, or counterparty risk exposure. The fund does not employ leverage, inverse or amplified exposure. The risk profile is moderate (risk class 4 in KIID, risk class 2 in PRIIPs KID, reflecting different methodologies), consistent with direct bond exposure without complex structured features. The monthly factsheet confirms no use of swaps or synthetic replication, and the portfolio consists of a diversified set of corporate bonds with no contingent convertible bonds or complex structured products. Costs are straightforward with a single ongoing charge of 0.40%, no performance fees, and no swap or derivative fees. There are no capital protection or structured features. The benchmark is a Paris-aligned high yield corporate bond index, which is transparent and does not imply complexity. No complexity warnings or comprehension warnings appear in the PRIIPs KID. Overall, the fund\u2019s structure, replication, and risk disclosures indicate a non-complex ETF under MiFID II criteria."
}