{
    "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 Quality Income UCITS ETF is a UCITS-compliant equity ETF that physically replicates the Fidelity Europe Quality Income Index by holding all index securities in similar proportions. The KIID and PRIIPs KID confirm the fund uses physical replication and only employs derivatives for efficient portfolio management and currency hedging, not as an inherent part of the investment strategy. There is no mention of synthetic replication, swap agreements, or counterparty risk exposure. The fund does not use leverage or inverse strategies, and the risk indicator is moderate (4 out of 7 in PRIIPs, 6 in KIID but reflecting market volatility rather than complexity). The underlying assets are large and mid-cap dividend-paying European equities screened for ESG and quality factors, with no complex structured products or contingent bonds. Costs are straightforward with a single ongoing charge of 0.30%, no performance fees, and no swap or derivative fees disclosed. The monthly factsheet confirms physical replication, no use of swaps, and a transparent portfolio of approximately 90 holdings. There are no capital protection or structured features. The PRIIPs KID does not include any comprehension warnings or complexity flags. Overall, the ETF exhibits a clear, linear relationship to its underlying index and invests directly in liquid, transparent securities, supporting a non-complex classification under MiFID II."
}