{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "derivatives": false,
    "swaps": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The Fidelity Emerging Markets Equity Research Enhanced UCITS ETF is an actively managed equity fund investing primarily in emerging markets equities. The KIID and PRIIPs KID documents indicate the fund aims for long-term capital growth by investing directly in equities, 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 is UCITS compliant, uses physical replication, and does not employ leverage, inverse exposure, or capital protection mechanisms. The risk profile is medium (risk level 4 out of 7 in PRIIPs KID, risk class 6 in KIID), reflecting market and emerging market risks but no complexity flags such as counterparty risk or structured product exposure. The monthly factsheet confirms no use of swaps or complex derivatives and shows a broad, liquid equity portfolio with 271 holdings, mainly large and mid-cap stocks. Costs are straightforward with a 0.30% ongoing charge and no performance fees or swap fees. There are no references to complex indices, contingent bonds, or leverage. The PRIIPs KID does not include any comprehension warnings or complexity disclaimers. Overall, the fund\u2019s structure and disclosures align with a non-complex classification under MiFID II."
}