{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The Fidelity US Quality Value UCITS ETF is a UCITS-compliant equity ETF that physically replicates the Fidelity US Quality Value Index by holding all underlying securities in similar proportions. The KIID and PRIIPs KID documents confirm the fund uses physical replication and only employs derivatives for efficient portfolio management and currency hedging, not as an inherent part of the investment strategy. There is no mention of synthetic replication, swap agreements, or counterparty risk exposure. The fund does not use leverage or inverse strategies, and the risk indicator is moderate (5/7) consistent with equity market risk rather than complexity. The monthly factsheet confirms 125 holdings of large and mid-cap US companies with no complex underlying assets such as contingent convertible bonds or structured products. Fees are straightforward with a 0.20% ongoing charge and no performance fees or swap fees. There are no capital protection or structured features. The PRIIPs KID does not include any comprehension warnings or complexity flags. Overall, the fund\u2019s straightforward physical replication of a transparent equity index, absence of leverage, derivatives as only risk management tools, and simple fee structure support a non-complex classification under MiFID II."
}