{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The Fidelity Global Government Bond Climate Aware UCITS ETF is a UCITS-compliant, physically replicating ETF that tracks the Solactive Paris Aware Global Government USD Index. The KIID and PRIIPs KID clearly state that the fund aims to replicate the index by holding all of the index securities in similar proportions, indicating physical replication. There is no mention of synthetic replication, swap agreements, total return swaps, or derivative instruments used as part of the investment strategy, only limited use of derivatives for efficient portfolio management and currency hedging, which does not trigger complexity under MiFID II. The fund does not employ leverage, inverse exposure, or capital protection mechanisms. The risk profile is moderate (risk class 3-4), consistent with a bond ETF investing in investment grade government bonds. The monthly factsheet confirms the fund holds a diversified portfolio of government bonds with no complex underlying assets such as contingent convertible bonds or CLOs. There are no complex fee structures or performance fees, and no significant counterparty risk disclosures. The PRIIPs KID does not include any comprehension warnings or complexity flags. Overall, the fund exhibits a straightforward, transparent, and linear investment strategy with physical replication of liquid, investment grade government bonds, making it non-complex under MiFID II."
}