{
    "type": "ETF",
    "ucits": true,
    "fund_name": "Vanguard Global Aggregate Bond UCITS EUR Hedged Accumulating",
    "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, Japan, France, Germany, UK, Italy, Canada, supranational, others)",
    "replication_method": "physical",
    "swaps": false,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": "",
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication with a representative sampling approach to track a widely recognized global bond index. There is no mention of synthetic replication, swap agreements, or derivative instruments used as part of the investment strategy, only limited use of derivatives for risk or cost reduction which does not constitute inherent derivative exposure. The fund is UCITS compliant and employs currency hedging techniques but does not use leverage or inverse strategies. The risk profile is moderate-low (risk level 2-4 depending on document), with no capital protection or structured features. Costs are straightforward with a low ongoing charge of 0.10% and no performance fees. The monthly factsheet confirms no synthetic or swap-based replication and shows a diversified portfolio of investment-grade bonds with no complex underlying assets such as contingent convertible bonds or CLOs. The PRIIPs KID includes a comprehension warning that the product 'is not simple and may be difficult to understand' but this relates to the nature of bond markets and currency hedging rather than structural complexity or leverage. Overall, the ETF exhibits characteristics of a non-complex product under MiFID II criteria."
}