{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "derivatives": false,
    "swaps": false,
    "leverage": 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. There is no mention of synthetic replication, swap agreements, total return swaps, or counterparty risk exposure. The monthly factsheet confirms the portfolio holds physical bonds (270 holdings, 157 issuers) with no indication of synthetic replication or funded/unfunded swaps. The risk profile is moderate-low (risk class 3-4), with no leverage or inverse exposure. Costs are straightforward with no performance fees or swap fees. The benchmark is a transparent, fixed income index without complex structured products or contingent bonds. No capital protection or structured features are present. The PRIIPs KID does not include any comprehension warnings or complexity flags. Overall, the fund uses physical replication, invests in liquid, transparent securities, and has minimal derivative use limited to hedging, leading to a non-complex classification under MiFID II."
}