{
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The Fidelity Emerging Markets Equity Research Enhanced UCITS ETF is a physically replicated, actively managed equity ETF that invests directly in emerging market equities. The KIID and factsheet indicate no use of leverage, inverse strategies, or synthetic replication. Derivatives are only mentioned for efficient portfolio management and currency hedging, which are standard practices under MiFID II and do not trigger complexity. The fund has a clear investment objective, transparent benchmark (MSCI Emerging Markets Index), and straightforward risk profile (risk class 6, typical for emerging market equities). The absence of complex structures, leverage, or significant derivative exposure supports the non-complex classification.",
    "confidence": 95,
    "risk_level": 6,
    "benchmark_complexity": "low",
    "liquidity": "high",
    "counterparty_risk": "none",
    "additional_notes": "The fund's use of derivatives is limited to EPM (efficient portfolio management) and currency hedging, which are explicitly excluded from complexity considerations under MiFID II. The underlying assets (emerging market equities) are liquid and transparent, and the fund's active management approach does not introduce additional complexity. The PRIIPs KID did not contain any comprehension warnings, further supporting the non-complex classification."
}