{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": "",
    "classification": "non-complex",
    "supporting_data": "The Fidelity USD Corp Bond Research Enhanced PAB UCITS ETF is a UCITS-compliant, actively managed fixed income ETF investing primarily in USD denominated investment grade corporate bonds globally. The fund references the Solactive USD Corporate IG PAB Index, which is a Paris-aligned benchmark with ESG criteria. 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 are considered non-complex in this context. There is no mention of synthetic replication, swap agreements, or counterparty risk exposure. The replication method is physical, investing directly in underlying bonds. There is no leverage, inverse or amplified exposure. The risk indicator is moderate-low (3 out of 7), consistent with a straightforward bond ETF. The monthly factsheet confirms no use of swaps or complex derivatives, and the portfolio consists of liquid investment grade bonds with an average credit rating around BBB+/A-. No capital protection or structured features are present. Costs are simple with a 0.20% ongoing charge and no performance fees. There are no complexity flags such as contingent convertible bonds or structured products. The benchmark is ESG and Paris-aligned but does not introduce complexity in terms of derivative usage or leverage. Overall, the fund exhibits characteristics of a non-complex ETF under MiFID II rules."
}