{
    "type": "ETF",
    "ucits": true,
    "fund_name": "Vanguard FTSE All-World UCITS ETF (USD) Accumulating",
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The Vanguard FTSE All-World UCITS ETF employs a passive, physical replication strategy by investing in a representative sample of the FTSE All-World Index constituents. There is no mention of synthetic replication, swap agreements, or total return swaps in the KIID, PRIIPs KID, or factsheet. The fund may use derivatives only for risk reduction or cost management, not as an inherent part of the investment strategy, so derivatives are marked false. There is no leverage, inverse or amplified exposure. The underlying assets are large and mid-cap equities from developed and emerging markets, which are liquid and transparent. The risk rating is 6 in the KIID but 4 in the PRIIPs KID, reflecting equity market risk and currency risk, not complexity from derivatives or leverage. No capital protection or structured features are present. Costs are straightforward with a single ongoing charge figure (0.22%) and no performance fees or swap fees. The PRIIPs KID includes a comprehension warning stating the fund 'is not simple and may be difficult to understand,' but this relates to the broad equity exposure and currency risk rather than structural complexity. The factsheet confirms physical replication and no synthetic or swap-based structures. Therefore, under MiFID II criteria, this ETF is classified as non-complex."
}