{
    "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 Equity Research Enhanced UCITS ETF is an actively managed equity fund investing primarily in global 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 replication with direct equity holdings (316 holdings, 311 issuers). The fund tracks the MSCI World Index with a low tracking error (1.26%) and high R\u00b2 (0.99), showing a close and linear relationship to the underlying index. The risk indicator is 4 out of 7 (medium risk), consistent with an equity fund without leverage or complex features. No leverage, inverse exposure, capital protection, or structured products are referenced. Costs are straightforward with a 0.25% ongoing charge and no performance fees or swap fees. The PRIIPs KID does not include any comprehension warnings or complexity flags. Overall, the fund\u2019s structure, replication method, risk profile, and disclosures align with a non-complex classification under MiFID II."
}