{
    "type": "ETF",
    "ucits": true,
    "fund_name": "Vanguard ESG EUR Corporate Bond UCITS ETF",
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The Fund employs a passive management approach through physical acquisition of securities, tracking the Bloomberg MSCI EUR Corporate Liquid Bond Screened Index by representative sampling of investment grade corporate fixed-rate bonds. The KIID and factsheet explicitly state physical replication and no synthetic replication or swap usage. Derivatives may be used only for risk or cost reduction or to generate extra income, not as an inherent part of the investment strategy, thus derivatives are not considered complexity drivers here. There is no leverage, inverse or amplified exposure. The risk rating is moderate (4 in KIID, 2 in PRIIPs KID), reflecting typical bond market risks but no complexity flags such as capital protection or structured features. The Fund invests in liquid, transparent corporate bonds with no contingent convertible bonds or complex structured products. Counterparty risk is disclosed as a standard risk for safekeeping and derivative counterparties but no significant counterparty exposure or unfunded swaps are mentioned. Costs are straightforward with a low ongoing charge (0.11%) and no performance fees or swap fees. The PRIIPs KID states the Fund is 'not simple and may be difficult to understand' but this is likely due to ESG screening and bond market risks rather than structural complexity. The factsheet confirms no synthetic replication and no leverage. Overall, the Fund is a UCITS ETF with physical replication, no leverage, no synthetic swaps, and invests in straightforward corporate bonds, leading to a non-complex classification under MiFID II."
}