{
    "type": "ETF",
    "ucits": true,
    "fund_name": "Vanguard Global Aggregate Bond UCITS GBP Hedged Distributing",
    "investment_objective": "Passive management through physical acquisition of securities to track Bloomberg Global Aggregate Float Adjusted and Scaled Index",
    "primary_asset_class": "Bond",
    "geographic_focus": "Global (including US, Canada, Japan, Europe, Australia, supranational issuers)",
    "replication_method": "physical",
    "swaps": false,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": "",
    "classification": "non-complex",
    "supporting_data": "The ETF employs a passive, physical replication strategy investing in a representative sample of bonds from the Bloomberg Global Aggregate Float Adjusted and Scaled Index. There is no mention of synthetic replication, swap agreements, or total return swaps. The fund uses derivatives only for risk or cost reduction and/or generating extra income, not as an inherent part of the investment strategy, so derivatives are marked false. There is no leverage or inverse exposure. The risk profile is moderate to low (risk rating 2-4 depending on document), consistent with a bond ETF. The fund is UCITS compliant and domiciled in Ireland. The factsheet confirms physical acquisition of securities, no synthetic or swap-based replication, and no leverage. The fund uses currency hedging techniques but does not eliminate currency risk entirely. No capital protection or structured features are present. Costs are straightforward with a low ongoing charge of 0.10% and no performance fees. The PRIIPs KID states the fund is 'not simple and may be difficult to understand' but this is a standard warning for bond funds with currency hedging and does not imply complexity under MiFID II. Overall, the fund is a standard physical bond ETF with minimal derivative use for hedging, no leverage, no synthetic replication, and no complex underlying assets such as contingent bonds or CLOs. Therefore, it is classified as non-complex under MiFID II rules."
}