{
    "fund_name": "Fidelity USD 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 USD-denominated 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 in liquid high-yield bonds and the absence of derivatives or leverage make it suitable for retail investors. The risk profile (class 4) is moderate, and the fund is UCITS-compliant, further supporting its non-complex classification.",
    "confidence": 85
}