{
    "success": true,
    "data": {
        "complex": false,
        "derivates": false,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "ucits": true,
        "type": "ETF",
        "complex_factors": [
            "No embedded derivatives or synthetic replication identified.",
            "ETF tracks a well-documented index (MSCI Europe).",
            "ETF is actively managed, but the process is quantitative and focused on high conviction stock recommendations, not necessarily complex strategies."
        ],
        "classification": "non-complex",
        "supporting_data": "The Fidelity Europe Equity Research Enhanced UCITS ETF aims for long-term capital growth from a portfolio of European equity securities.  Its investment policy involves actively managing the portfolio, referencing the MSCI Europe index, but utilizing a quantitative approach to investment selection.  While the ETF may use derivatives for efficient portfolio management and currency hedging, this use is not integral to its investment objective, rather a component of efficient management.  The ETF's primary replication strategy is physical replication.  The description lacks elements that would suggest complexity such as synthetic replication, use of complex derivatives for investment strategy, or leverage beyond UCITS limits."
    }
}