{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": "",
    "classification": "non-complex",
    "supporting_data": "The Fidelity Europe Equity Research Enhanced UCITS ETF is a UCITS-compliant, actively managed equity ETF investing primarily in European equities. The KIID and PRIIPs KID clearly state that derivatives may be used only for efficient portfolio management and currency hedging, not as an inherent part of the investment strategy, indicating minimal derivative exposure. There is no mention of synthetic replication, swap agreements, or counterparty risk, and the factsheet confirms physical equity holdings with no use of swaps or leverage. The risk profile is medium (4 out of 7 in PRIIPs KID, 6 in KIID but consistent with equity risk), with no capital protection or structured features. Costs are straightforward with no performance fees or swap fees. The benchmark is the MSCI Europe Index, a standard broad equity index without complex features. No leverage, inverse exposure, or complex underlying assets such as contingent convertible bonds or CLOs are present. Therefore, the ETF does not meet MiFID II criteria for complexity."
}