{
    "type": "ETF",
    "ucits": true,
    "fund_name": "Vanguard FTSE All-World High Dividend Yield UCITS ETF (USD) Distributing",
    "investment_objective": "Passive management through physical acquisition of securities to track the FTSE All-World High Dividend Yield 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 physically acquires a representative sample of the underlying index securities, with no mention of synthetic replication or use of swap agreements. 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-sized company stocks with no complex structured products or contingent bonds. The risk rating is moderate (4-6 in KIID and PRIIPs documents), consistent with equity market risk but not indicating complexity. Costs are straightforward with a single ongoing charge figure and no performance fees or swap fees. The factsheet confirms physical replication and no synthetic or swap-based structures. The PRIIPs KID states the fund 'is not simple and may be difficult to understand' but this is a standard warning for equity ETFs and does not indicate complexity under MiFID II. No capital protection or structured features are present. Counterparty risk is disclosed but only in relation to normal operational counterparties, not due to synthetic structures. Overall, the fund exhibits none of the MiFID II complexity triggers such as synthetic replication, leverage, complex underlying assets, or capital protection mechanisms."
}