{
    "fund_name": "Fidelity Emerging Markets Equity Research Enhanced UCITS ETF",
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [
        "Complex Indices",
        "Emerging Markets Exposure"
    ],
    "classification": "non-complex",
    "supporting_data": "The ETF is physically replicated and does not use derivatives for investment purposes, only for efficient portfolio management and currency hedging. The MSCI Emerging Markets Index is a well-established benchmark, and the fund's strategy of active management with a focus on high-conviction stock recommendations does not introduce complexity beyond what is typical for equity ETFs. The fund's risk profile (class 6) reflects the inherent volatility of emerging markets rather than structural complexity. The absence of leverage, inverse strategies, or synthetic replication methods supports the non-complex classification. The use of derivatives is limited to hedging and does not materially alter the fund's risk profile or require specialist knowledge to understand.",
    "confidence": 90
}