{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": "",
    "classification": "non-complex",
    "supporting_data": "The Fidelity EUR HY Corp Bond Research Enhanced PAB UCITS ETF is a UCITS-compliant fixed income ETF investing primarily in EUR-denominated 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 the Solactive Euro Corporate HY PAB Index. The KIID and PRIIPs KID documents indicate the fund may use derivatives only for efficient portfolio management and currency hedging, not as an inherent part of the investment strategy, thus derivatives are considered non-complex in this context. There is no mention of synthetic replication, swap agreements, or counterparty risk exposure. The monthly factsheet confirms the portfolio holds 157 bond issues with no indication of complex structured products or contingent convertible bonds. The effective duration calculation includes derivatives such as bond futures and interest rate swaps, but these are standard risk management tools, not complexity drivers. The risk indicator is moderate-low (3/7 in PRIIPs KID, 4 in KIID), consistent with a non-complex bond ETF. Fees are straightforward with no performance fees or swap fees. No leverage, inverse or amplified return features are present. The benchmark is a Paris-aligned ESG index with exclusions but does not imply complexity in replication or underlying assets. No capital protection or structured features are described. Overall, the fund exhibits physical replication of liquid corporate bonds, minimal derivative use for hedging, no leverage, and no complex underlying assets, supporting a non-complex classification under MiFID II."
}