{
    "type": "ETF",
    "ucits": true,
    "fund_name": "Vanguard ESG USD Corporate Bond UCITS ETF",
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The fund is a UCITS-compliant ETF investing primarily in investment grade USD-denominated corporate bonds, tracking the Bloomberg MSCI USD Corporate Float-Adjusted Liquid Bond Screened Index through physical acquisition of securities. The KIID and PRIIPs KID explicitly state the fund uses physical replication and representative sampling of the index. Derivatives are only used for risk or cost reduction and/or to generate extra income, not as an inherent part of the investment strategy, and no synthetic replication or swap usage is mentioned. There is no leverage, inverse or amplified exposure. The risk profile is moderate (risk level 3-4 out of 7), consistent with a bond ETF, with no capital protection or structured features. The fund holds liquid, transparent investment grade corporate bonds, with no contingent convertible bonds or complex structured products. Counterparty risk is disclosed only in relation to safekeeping and derivative counterparties but is not significant or structural. Costs are straightforward with a low ongoing charge (0.16%) and no performance fees or swap fees. The monthly factsheet confirms physical replication, no synthetic or swap structures, and no leverage. The PRIIPs KID includes a standard comprehension warning that the product is 'not simple and may be difficult to understand' which is common for bond ETFs but does not indicate complexity under MiFID II. Overall, the fund exhibits none of the MiFID II complexity triggers such as synthetic replication, leverage, complex underlying assets, or capital protection mechanisms. Therefore, it is classified as non-complex."
}