{
    "type": "ETF",
    "ucits": true,
    "fund_name": "Vanguard USD Corporate Bond UCITS ETF",
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The Vanguard USD Corporate Bond UCITS ETF employs a passive, physical replication strategy by acquiring a representative sample of investment grade US dollar-denominated corporate bonds to track the Bloomberg Global Aggregate Corporate \u2013 United States Dollar Index. There is no indication of synthetic replication or use of swap agreements. The fund may use derivatives only for risk or cost reduction or to generate incremental income, but this is ancillary and not inherent to the investment strategy, so derivatives are marked false. There is no leverage, inverse or amplified exposure. The risk profile is moderate-low (risk level 3-4), consistent with a straightforward bond ETF. The fund invests directly in liquid, transparent fixed income securities with no complex structured products or contingent capital bonds. The PRIIPs KID explicitly states the fund is 'not simple and may be difficult to understand' but this is a standard caution for bond funds with currency and credit risk, not an indication of complexity under MiFID II. The monthly factsheet confirms physical replication, no synthetic or swap usage, and no leverage. Costs are simple with a low ongoing charge (0.09%) and no performance fees or swap fees. No capital protection or structured features are present. Counterparty risk is limited to custodial and ancillary derivative counterparties, typical for UCITS bond ETFs. Overall, the fund 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."
}