{
    "type": "ETF",
    "ucits": true,
    "fund_name": "Vanguard FTSE All-World UCITS ETF (USD) Distributing",
    "investment_objective": "Passive management through physical acquisition of securities to track the FTSE All-World Index",
    "primary_asset_class": "Equity",
    "geographic_focus": "Global - Developed and Emerging Markets",
    "replication_method": "physical",
    "swaps": false,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication investing in a representative sample of the FTSE All-World Index constituents. There is no mention of synthetic replication, swap agreements, or total return swaps in the KIID, PRIIPs KID, or factsheet. The fund may use derivatives only for risk reduction or cost management, not as an inherent part of the investment strategy, so derivatives are marked false. There is no leverage, inverse or amplified exposure. The underlying assets are large and mid-cap equities from developed and emerging markets, which are liquid and transparent. The risk rating is 6 in the KIID but 4 in the PRIIPs KID; the higher KIID rating reflects equity market risk and some counterparty risk from securities lending, but no complex derivative or structured product risk. Costs are straightforward with a low ongoing charge of 0.22%, no performance fees, and no swap or derivative fees. The PRIIPs KID includes a statement that the product 'is not simple and may be difficult to understand,' which is a standard regulatory caution for ETFs tracking broad indices but does not indicate complexity under MiFID II. The factsheet confirms physical replication and no synthetic structures. No capital protection or structured features are present. Overall, the ETF is a straightforward, physical, passive equity index tracker with minimal derivative use for risk management only, no leverage, and no complex underlying assets, leading to a non-complex classification under MiFID II."
}