{
    "fund_name": "Fidelity EUR HY Corp Bond Research Enhanced PAB UCITS ETF",
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [
        "Complex benchmark (Paris-aligned with ESG screens)",
        "High-yield corporate bonds (sub-investment grade)",
        "Active management with ESG integration"
    ],
    "classification": "non-complex",
    "supporting_data": "The ETF primarily invests in high-yield corporate bonds and uses physical replication. While it references a complex benchmark (Paris-aligned with ESG screens), the fund does not use derivatives for leverage or synthetic replication. The active management strategy and ESG integration add some complexity, but the core investment strategy remains straightforward. The fund is UCITS-compliant and does not exhibit the key complexity triggers under MiFID II (e.g., leverage, inverse exposure, or capital protection features). The risk profile (risk class 4) is moderate and aligns with the underlying assets. The use of derivatives is limited to efficient portfolio management (hedging, currency hedging), which does not trigger complexity under MiFID II.",
    "confidence": 85
}