{
    "type": "ETF",
    "ucits": true,
    "fund_name": "Vanguard FTSE Developed Europe UCITS ETF (EUR) Distributing",
    "investment_objective": "Passive management through physical acquisition of securities to track the FTSE Developed Europe Index",
    "primary_asset_class": "Equity",
    "geographic_focus": "Developed markets in Europe",
    "replication_method": "physical",
    "swaps": false,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication by investing directly in all or a representative sample of the underlying securities of the FTSE Developed Europe Index. There is no mention of synthetic replication, swap agreements, or total return swaps. 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 in developed European markets, which are liquid and transparent. The risk profile is medium (4-6 range in KIID and PRIIPs), consistent with equity market risk, but no complexity flags such as capital protection, structured features, or contingent bonds are present. Costs are straightforward with a low ongoing charge (0.10%) and no performance fees or swap fees. The PRIIPs KID includes a comprehension warning stating the fund is 'not simple and may be difficult to understand,' but this is a standard phrase for equity ETFs and does not indicate complexity under MiFID II. The factsheet confirms physical replication, no synthetic structures, and no leverage. Therefore, the ETF is classified as non-complex under MiFID II."
}