{
    "type": "ETF",
    "ucits": true,
    "fund_name": "Vanguard ESG USD Corporate Bond UCITS ETF",
    "investment_objective": "Passive management through physical acquisition of securities to track Bloomberg MSCI USD Corporate Float-Adjusted Liquid Bond Screened Index",
    "primary_asset_class": "Bond",
    "geographic_focus": "Primarily United States (83.6%), with minor allocations to UK, Canada, Japan, Germany, Australia, Netherlands, Ireland, Spain, Switzerland",
    "replication_method": "physical",
    "swaps": false,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The Fund employs a physical replication strategy investing directly in a representative sample of investment grade corporate fixed-rate bonds. There is no mention of synthetic replication, swap agreements, or funded/unfunded swap structures. The Fund may use derivatives only for risk or cost reduction or to generate extra income, but this is ancillary and not inherent to the investment strategy, so derivatives are marked false. There is no leverage or inverse exposure. The risk profile is moderate (4 on a 7-point scale) consistent with bond market risk, not indicating complexity. The Fund is UCITS compliant. Costs are straightforward with a low ongoing charge (0.11%) and no performance fees. The underlying assets are investment grade corporate bonds, liquid and transparent, with no contingent convertible bonds or complex structured products. 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 monthly factsheet confirms physical replication, no synthetic elements, and no leverage. Counterparty risk exists but only in the context of ancillary derivative use and safekeeping, typical for bond ETFs. No capital protection or structured features are present. Overall, the Fund's structure and strategy align with a non-complex classification under MiFID II."
}