{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The Fidelity Pacific ex-Japan Equity Research Enhanced UCITS ETF is a UCITS-compliant equity ETF investing primarily in equities of developed market companies in the Pacific region excluding Japan. The fund is actively managed with a quantitative approach referencing the MSCI Pacific ex-Japan (Net Total Return) Index. The KIID and PRIIPs KID documents indicate that derivatives may be used only for efficient portfolio management and currency hedging purposes, not as an inherent part of the investment strategy, thus derivatives exposure is minimal and for risk management only. There is no mention of synthetic replication, swap agreements, or counterparty risk exposure. The replication method is physical, investing directly in underlying securities. There is no leverage, inverse or amplified exposure. The risk indicator in the PRIIPs KID is 4 out of 7, a medium risk level consistent with equity market exposure, not indicating complexity. Costs are straightforward with no performance fees or swap fees. The monthly factsheet confirms the fund holds 108 equity securities, with no indication of complex underlying assets such as contingent convertible bonds or structured products. No capital protection or structured features are present. The fund\u2019s benchmark is a standard MSCI index without complex derivatives or contingent features. Overall, the fund\u2019s structure, investment approach, and risk profile align with a non-complex classification under MiFID II."
}