{
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The Fidelity EUR HY Corp Bond Research Enhanced PAB UCITS ETF is a physically replicated, actively managed bond ETF that invests in EUR-denominated high-yield corporate bonds. The KIID and factsheet indicate no use of leverage, inverse strategies, or synthetic replication. While derivatives are mentioned for efficient portfolio management and currency hedging, this is a standard practice under UCITS regulations and does not constitute complexity under MiFID II. The fund's risk level is classified as 4, which is moderate, and there are no indications of illiquid holdings or structured products. The benchmark is a standard corporate bond index aligned with the Paris Agreement, which does not introduce additional complexity. The fund's holdings are transparent, and the strategy is straightforward, focusing on income and capital growth through bond investments.",
    "confidence": 95
}