{
    "success": true,
    "data": {
        "leverage": false,
        "derivatives": false,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "ucits": true,
        "type": "ETF",
        "complex_factors": [],
        "classification": "non-complex",
        "supporting_data": "The Fidelity Europe Quality Income UCITS ETF is classified as UCITS, which generally presumes it to be non-complex under MiFID II. The fund employs physical replication by holding the underlying index securities, which is a transparent and straightforward method. Derivatives are explicitly stated to be used solely for efficient portfolio management (EPM) and currency hedging, not as an integral part of its investment objective or for replicating the index, and there is no indication of embedded derivatives or significant impact on the risk-return profile beyond that of a physically replicated fund. The underlying index tracks large and mid-capitalization dividend-paying companies and has a publicly available methodology, indicating transparency. There are no mentions of leverage (beyond standard UCITS temporary borrowing), inverse strategies, or other complex features like structured payoffs or complex bond holdings (e.g., asset-backed securities, callable/puttable bonds, contingent convertibles). While the fund has a high-risk category (6/7), this is attributed to market volatility, which does not equate to structural complexity under MiFID II rules. The fund does not fit the definition of a 'structured UCITS' that would be excluded from the non-complex classification."
    }
}