{
    "fund_name": "Fidelity Global Government Bond Climate Aware UCITS ETF",
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication to track the Solactive Paris Aware Global Government USD Index, which consists of investment-grade government bonds. The KIID explicitly states that derivatives are only used for efficient portfolio management and currency hedging, not for synthetic replication or leverage. The risk profile is classified as medium (risk class 4), and there are no indications of complex structures, leverage, or capital protection mechanisms. The underlying assets are straightforward government bonds, and the investment strategy is transparent and passive.",
    "confidence": 95,
    "risk_level": 4,
    "counter_argument": "While the ETF uses derivatives for hedging, this is explicitly for efficient portfolio management and not for synthetic replication or leverage, which are key factors in MiFID II complexity assessments. The derivatives are not used in a way that materially alters the risk profile or requires specialist knowledge to understand.",
    "final_decision_override": "The ETF is classified as non-complex because the derivative usage is limited to hedging and efficient portfolio management, which does not introduce complexity under MiFID II rules. The physical replication method and the straightforward nature of the underlying assets further support this classification."
}