{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The Vanguard Global Aggregate Bond UCITS ETF GBP Hedged Accumulating employs a passive, physical replication strategy by investing in a representative sample of bonds included in the Bloomberg Global Aggregate Float Adjusted and Scaled Index. There is no indication of synthetic replication or use of swap agreements. The fund uses derivatives only for risk or cost reduction and/or to generate extra income, not as an inherent part of the investment strategy, so derivatives are considered non-complex in this context. There is no leverage, inverse or amplified exposure. The underlying assets are investment-grade government and corporate bonds, which are liquid and transparent. The fund does not have capital protection or structured features. The risk profile is moderate to low (risk level 4 in KIID, 2 in PRIIPs KID), consistent with a straightforward bond ETF. Costs are simple with a low ongoing charge (0.10%) and no performance fees or complex fee structures. The PRIIPs KID includes a standard comprehension warning that the product 'may be difficult to understand,' but this is typical for bond ETFs with currency hedging and does not reflect structural complexity. The monthly factsheet confirms physical replication, no use of funded or unfunded swaps, and no leverage. Currency hedging is employed but does not involve synthetic replication. Overall, the ETF exhibits none of the MiFID II complexity triggers such as synthetic replication, leverage, complex underlying assets, or capital protection mechanisms. Therefore, it is classified as non-complex."
}