{
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The Fidelity Global Equity Research Enhanced UCITS ETF is a physically replicated, actively managed equity fund with a straightforward investment objective of achieving long-term capital growth through global equities. The fund uses derivatives only for efficient portfolio management and currency hedging, not for leverage or synthetic replication. It tracks a well-established benchmark (MSCI World Index) and has a clear, linear relationship to its underlying assets. The risk profile (risk class 6) is primarily due to equity market volatility rather than structural complexity. The fund is UCITS-compliant, has transparent holdings, and provides regular liquidity. There are no indications of complex strategies, leverage, or synthetic replication that would classify it as a complex instrument under MiFID II.",
    "confidence": 95
}