{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "replication_method": "physical",
        "derivatives": false,
        "swaps": false,
        "inverse": false,
        "leverage": false,
        "complex_factors": [
            "ESG overlay on index methodology",
            "Active management referencing a benchmark"
        ],
        "classification": "non-complex",
        "supporting_data": "The Fidelity Global Corp Bond Research Enhanced PAB UCITS ETF aims to align with the Paris Agreement and invests primarily in investment grade corporate debt securities globally. It references the Solactive Paris Aligned Global Corporate USD Index, which incorporates ESG characteristics and exclusions. The fund uses physical replication by holding underlying securities. Derivatives are only used for efficient portfolio management and currency hedging, which is considered a non-complex use. The investment policy and process are described as actively managed and focused on ESG characteristics, but the underlying investments are standard corporate debt. The use of an ESG overlay on the index methodology does not inherently make the ETF complex, as it is a characteristic of the index it tracks and the fund itself holds straightforward debt securities. The KID specifies a risk category of 4 out of 7, indicating moderate fluctuations, which is related to market risk rather than structural complexity. There is no mention of embedded derivatives, leverage, or other features that would typically render a UCITS ETF complex under MiFID II. Therefore, based on the provided information, the ETF is considered non-complex."
    }
}