{
    "type": "ETF",
    "ucits": true,
    "fund_name": "Vanguard FTSE 100 UCITS ETF (GBP) Distributing",
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The Vanguard FTSE 100 UCITS ETF employs a passive management approach through physical acquisition of securities, aiming to track the FTSE 100 Index by investing in all constituent securities or using representative sampling where full replication is impracticable. The KIID and PRIIPs KID explicitly state that derivatives may be used only for risk reduction, cost efficiency, or generating additional income, not as an inherent part of the investment strategy, indicating derivatives are used for hedging or operational purposes rather than exposure. There is no mention of synthetic replication, swap agreements, or counterparty risk related to derivatives as a core strategy. The fund does not employ leverage, inverse or amplified exposure, and the risk indicator is moderate (4 in PRIIPs KID, 6 in KIID but driven by equity market risk, not complexity). The monthly factsheet confirms physical replication, no synthetic or swap-based structures, and no leverage. The fund invests directly in large-cap UK equities, which are liquid and transparent. No capital protection or structured features are present. Costs are straightforward with a low ongoing charge (0.09%) and no performance fees or swap fees. The PRIIPs KID includes a standard comprehension warning that the product is 'not simple and may be difficult to understand,' which is common for equity ETFs but does not reflect structural complexity. Overall, the fund's structure, replication method, underlying assets, and risk disclosures indicate a non-complex classification under MiFID II."
}