{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "replication_method": "physical",
        "derivatives": false,
        "swaps": false,
        "inverse": false,
        "leverage": false,
        "complex_factors": [
            "ESG screening",
            "Emerging Markets focus"
        ],
        "classification": "non-complex",
        "supporting_data": "The Fidelity Emerging Markets Quality Income UCITS ETF aims to track the Fidelity Emerging Markets Quality Income Index. The KIID explicitly states that the fund aims to replicate the Index by holding all of the Index securities in a similar proportion to their weighting. This indicates a physical replication method, which is generally considered non-complex. The fund may use derivatives for efficient portfolio management and currency hedging, but this is stated as a secondary purpose and not integral to achieving the investment objective. The underlying index focuses on dividend-paying companies in emerging markets with quality fundamental characteristics and integrates ESG screens, which may introduce some complexity in understanding the index composition, but does not inherently make the ETF's structure complex. The risk category of 6 (out of 7) is due to potential considerable fluctuations in investment value, which reflects market risk rather than structural complexity. There is no mention of embedded derivatives, leverage, or other complex structures that would typically lead to a complex classification under MiFID II. The focus on emerging markets and ESG screening, while adding layers to index methodology, does not alter the fundamental physical replication and direct exposure to equity securities, making it understandable for a retail investor with basic financial knowledge."
    }
}