{
    "type": "ETF",
    "ucits": true,
    "fund_name": "Vanguard FTSE Emerging Markets UCITS ETF (USD) Distributing",
    "investment_objective": "Passive management/indexing to track FTSE Emerging Index through physical acquisition of securities",
    "primary_asset_class": "Equity",
    "geographic_focus": "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 or representative sampling of the FTSE Emerging Index, investing directly in underlying securities. There is no mention of synthetic replication, swap agreements, or derivative instruments used as part of the investment strategy, only limited use of derivatives for risk reduction or cost management, which is not considered inherent to the strategy. The fund is UCITS compliant and does not employ leverage or inverse exposure. The risk profile is medium (4-6 range in KIID and PRIIPs), reflecting emerging market equity risks rather than structural complexity. No capital protection or structured features are present. Costs are straightforward with a single ongoing charge figure and no performance fees. The PRIIPs KID states the fund 'is not simple and may be difficult to understand' due to market risks and emerging market exposure, but this relates to market risk rather than structural complexity. The factsheet confirms physical replication, no use of swaps, and no leverage. Overall, the fund is a standard physical replication emerging market equity ETF with no complex features triggering MiFID II complexity classification."
}