{
    "success": true,
    "data": {
        "leverage": false,
        "derivates": false,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "ucits": true,
        "type": "ETF",
        "complex_factors": "The fund invests in high-yield, sub-investment grade corporate debt securities. The Benchmark excludes issuers based on their involvement in activities with significant externalities, which does not automatically make the fund complex. This fund uses ESG considerations. The use of derivatives for efficient portfolio management does not automatically flag it as complex.",
        "classification": "non-complex",
        "supporting_data": "The Fidelity Sustainable Global High Yield Bond Paris-Aligned Multifactor UCITS ETF primarily invests in high-yield corporate debt securities and aims to align with the Paris Agreement. The KID explicitly states that the fund may use derivatives for efficient portfolio management (EPM) and currency hedging. However, based on the MiFID II guidelines, the use of derivatives for EPM, especially currency hedging is not inherently a complex factor. The ETF uses the Solactive Paris Aligned Global Corporate High Yield USD Index as its benchmark, which tracks high yield debt securities. The index excludes companies based on ESG criteria and involvement in activities with significant externalities. Although the fund invests in bonds, which are generally considered non-complex, the use of derivatives would need to be carefully analyzed to ensure that it's usage does not increase complexity. Given the focus on high-yield debt, there is no indication of leverage or of derivative use beyond EPM.The KID does not indicate that derivatives are used as central elements of the investment strategy to achieve the objectives; therefore, the fund is classified as non-complex. The fundu2019s risk category is classified as 4 because, in accordance with the investment policy, the value of the investments may fluctuate moderately which, does not automatically mean the fund is complex. The replication method is not explicitly mentioned in the document, it is based on the content provided that this fund does not rely on any complex structural attributes that would impede a customeru2019s understanding and would result in the asset being classified as non-complex under MiFID II."
    }
}