{
    "type": "ETF",
    "ucits": true,
    "fund_name": "Vanguard EUR Corporate Bond UCITS ETF",
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The Vanguard EUR Corporate Bond UCITS ETF employs a passive, physical replication strategy by acquiring a representative sample of bonds from the Bloomberg Euro-Aggregate: Corporates Index. There is no indication of synthetic replication or use of swap agreements. The fund may use derivatives only for risk reduction or cost management, not as an inherent part of the investment strategy, thus derivatives are considered non-complex in this context. There is no leverage, inverse or amplified exposure. The underlying assets are investment-grade corporate bonds with maturities generally over one year, which are liquid and transparent. The risk profile is moderate (risk level 4 in KIID) but the PRIIPs KID classifies it as low risk (2/7), reflecting the bond nature and no complex features such as capital protection or contingent returns. Costs are straightforward with a low ongoing charge (0.09%) and no performance fees or swap fees. Counterparty risk is disclosed but limited, consistent with physical bond holdings and minimal derivative use. The factsheet confirms no use of swaps or synthetic structures and no leverage. The PRIIPs KID includes a comprehension warning that the product is 'not simple and may be difficult to understand' due to bond market complexities and currency risk, but this does not translate into MiFID II complexity classification. Overall, the fund is straightforward, physically replicates a broad investment-grade corporate bond index, and does not employ complex derivatives or leverage, leading to a non-complex classification under MiFID II."
}