{
    "type": "ETF",
    "ucits": true,
    "fund_name": "Vanguard Global Aggregate Bond UCITS ETF USD Hedged Accumulating",
    "investment_objective": "Passive management/indexing approach to track Bloomberg Global Aggregate Float Adjusted and Scaled Index through physical acquisition of securities",
    "primary_asset_class": "Bond",
    "geographic_focus": "Global (includes US, Canada, Japan, Italy, France, Germany, Spain, UK, Australia, supranational issuers)",
    "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 bonds from the Bloomberg Global Aggregate Float Adjusted and Scaled Index, with no mention of synthetic replication or swap usage. The fund uses currency hedging techniques but derivatives are only employed for risk or cost reduction, not as an inherent part of the investment strategy. There is no leverage, inverse or amplified exposure. The risk profile is moderate to low (risk rating 4 in KIID, 2 in PRIIPs KID), consistent with a straightforward bond index tracking fund. The fund invests in liquid, investment-grade bonds with no complex structured products or contingent convertible bonds. The ongoing charges are low (0.10%), with no performance fees or complex fee structures. Counterparty risk is disclosed but limited to safekeeping and derivative counterparties, typical for UCITS funds using derivatives for hedging. The PRIIPs KID explicitly states the fund is 'not simple and may be difficult to understand' but this relates to bond market complexity and currency hedging, not to synthetic replication or leverage. The monthly factsheet confirms physical replication, no use of swaps, and a broad, diversified bond portfolio. Therefore, under MiFID II criteria, this ETF is classified as non-complex."
}