{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The Fidelity US Quality Income UCITS ETF tracks the Fidelity US Quality Income Index using physical replication by holding all index securities in similar proportions. The KIID and PRIIPs KID confirm the fund uses a passive index tracking approach with no leverage or inverse exposure. Derivatives are only used for efficient portfolio management and currency hedging, not as an inherent part of the investment strategy, so derivatives exposure is minimal and not complexity-driving. There is no mention of synthetic replication, swap agreements, or counterparty risk. The underlying assets are large and mid-cap US dividend-paying equities, which are liquid and transparent. The risk profile is medium-high (5/7) reflecting equity market risk, not complexity. Costs are straightforward with a single ongoing charge of 0.25% and no performance fees or swap fees. The monthly factsheet confirms physical replication, no use of leverage, and no complex underlying assets such as contingent bonds or structured products. There are no capital protection or structured features. No complexity warnings or comprehension warnings appear in the PRIIPs KID. Overall, the fund exhibits characteristics of a non-complex ETF under MiFID II."
}