{
    "fund_name": "Fidelity Emerging Markets Quality Income UCITS ETF",
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [
        "Complex indices with ESG screens and fundamental measures",
        "Investment in emerging market equities with potential for higher volatility",
        "Potential currency risk from non-base currency investments"
    ],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication to track the Fidelity Emerging Markets Quality Income Index, which comprises large and mid-cap dividend-paying companies from emerging markets. The index applies ESG screens and integrates ESG ratings, but this does not inherently make the ETF complex. The fund does not use derivatives for leverage or synthetic replication, and there is no mention of swaps or inverse strategies. The risk profile is classified as 6 out of 7, indicating higher risk, but this is consistent with the nature of emerging market equities. The fund's investment policy is straightforward, aiming to track the index as closely as possible with minimal tracking error. The use of derivatives is limited to efficient portfolio management and currency hedging, which does not trigger complexity under MiFID II. The PRIIPs KID does not contain a comprehension warning, further supporting the non-complex classification.",
    "confidence": 90
}