{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The Fidelity Japan Equity Research Enhanced UCITS ETF is a UCITS-compliant equity ETF investing primarily in Japanese equities. The fund aims for long-term capital growth by actively managing a portfolio of approximately 141 stocks, closely aligned with the MSCI Japan Index. The KIID and PRIIPs KID explicitly 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 replication method is physical, investing directly in underlying securities. The fund does not employ leverage, inverse or amplified exposure, nor does it invest in complex underlying assets such as contingent convertible bonds or structured products. The risk profile is moderate (risk level 4 out of 7 in PRIIPs KID, risk level 6 in KIID but consistent with equity volatility), with no capital protection or structured features. Costs are straightforward with a single ongoing charge of 0.25%, no performance fees, and no swap or derivative fees. The monthly factsheet confirms physical replication, no use of swaps, and a transparent portfolio. There are no complexity flags such as significant counterparty risk, capital guarantees, or complex fee structures. Therefore, under MiFID II criteria, this ETF is classified as non-complex."
}