{
    "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 Equity Research Enhanced UCITS ETF is a UCITS-compliant equity ETF investing primarily in US equities. The KIID and PRIIPs KID documents indicate the fund aims for long-term capital growth by investing directly in equities of US companies, with no mention of synthetic replication, swap agreements, or derivative instruments used as part of the investment strategy. Derivatives are only used 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 indicator is medium (4 out of 7 in PRIIPs KID, 6 in KIID but consistent with equity volatility), with no extensive counterparty risk or derivative risk disclosures. The monthly factsheet confirms physical replication with direct holdings in approximately 200 stocks, no use of swaps or complex structured products, and a straightforward benchmark (MSCI USA Net Total Return Index). Costs are simple with a 0.20% ongoing charge and no performance fees or swap fees. There are no complexity flags such as contingent bonds, leverage, or capital protection. The PRIIPs KID does not include any comprehension warnings or complexity disclosures. Therefore, the ETF is classified as non-complex under MiFID II."
}