{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The Fidelity Emerging Markets Quality Income UCITS ETF is a UCITS-compliant equity ETF that physically replicates the Fidelity Emerging Markets Quality Income Index by holding all index securities in similar proportions. The KIID and PRIIPs KID explicitly state the fund aims to track the index through physical replication and may only use 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, total return swaps, or counterparty risk exposure. The fund does not employ leverage, inverse or amplified exposure, nor does it invest in complex underlying assets such as contingent convertible bonds or CLOs. The risk profile is medium (4 out of 7 in PRIIPs KID, 6 in MiFID KIID but this is due to emerging markets equity risk, not complexity). Costs are straightforward with a single ongoing charge of 0.50%, no performance fees, and no swap or derivative fees. The monthly factsheet confirms physical replication with 134 holdings, no use of swaps, and no leverage. The index tracked applies ESG screens but is a standard equity dividend index without complex structured features. There are no capital protection or structured product features. No complexity warnings or comprehension warnings appear in the PRIIPs KID. Overall, the ETF exhibits a clear, linear relationship to the underlying index performance with minimal derivative use solely for risk management, qualifying it as non-complex under MiFID II."
}