{
    "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 management approach through physical acquisition of securities, specifically a representative sampling of investment grade US dollar-denominated corporate bonds. The KIID and PRIIPs KID explicitly state physical replication and no synthetic replication or swap usage. The fund may use derivatives only for risk or cost reduction or to generate extra 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 mentioned. The risk profile is moderate-low (4 in KIID, 3 in PRIIPs), consistent with a straightforward bond ETF. The monthly factsheet confirms no synthetic replication or funded/unfunded swaps, and no complex underlying assets such as contingent convertible bonds or CLOs. Currency hedging is used but via standard techniques without complex derivative structures. Costs are simple with a low ongoing charge (0.14%) and no performance fees or swap fees. No capital protection or structured features are present. The PRIIPs KID includes a standard comprehension warning that the product is 'not simple and may be difficult to understand,' but this is a generic statement for bond ETFs with currency hedging and does not indicate complexity under MiFID II. Overall, the ETF tracks a broad, liquid, transparent index of investment grade corporate bonds with physical replication and minimal derivative use, leading to a non-complex classification under MiFID II."
}