{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "leverage": false,
        "derivatives": false,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "complex_factors": "None apparent, uses physical replication and derivatives only for efficient portfolio management and currency hedging.",
        "classification": "non-complex",
        "supporting_data": "The ETF aims to track the Fidelity Global Quality Value Index using physical replication, holding index securities in similar proportions. It may use derivatives for efficient portfolio management (EPM) and currency hedging. The index takes into account ESG characteristics. The risk rating is 6/7, reflecting market volatility, not structural complexity. It does not appear to have any complex structutures. ",
        "explanation": "The Fidelity Global Quality Value UCITS ETF is classified as non-complex because it is a UCITS ETF that primarily uses physical replication to track its index. Although it uses derivatives, the provided documents state this is only for efficient portfolio management (EPM) and currency hedging purposes, and not integral to achieving its investment objective. Given its UCITS status and the nature of its derivative usage, it's presumed to be easily understood by retail investors with basic knowledge."
    }
}