{
    "type": "ETF",
    "ucits": true,
    "fund_name": "Vanguard FTSE North America UCITS ETF",
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The Vanguard FTSE North America UCITS ETF employs a passive management approach through physical acquisition of securities, tracking the FTSE North America Index by investing in a representative sample of index constituents. The KIID and PRIIPs KID explicitly state that derivatives may be used only for risk reduction, cost management, or generating additional income, not as an inherent part of the investment strategy, indicating minimal derivative exposure. There is no mention of synthetic replication, swap agreements, or counterparty risk related to derivatives as a core element. The fund does not use leverage or inverse exposure, and the ongoing charges are low (0.10%) with no performance fees or complex fee structures. The risk profile is medium-high (5 out of 7), reflecting equity market risk rather than complexity. The monthly factsheet confirms physical replication, no use of swaps, and a straightforward equity index exposure with a large number of holdings (593 stocks) in liquid, large-cap North American equities. There are no capital protection features or structured product elements. The PRIIPs KID includes a comprehension warning that the product is 'not simple and may be difficult to understand,' but this relates to the nature of equity index investing and market risks rather than structural complexity or derivative usage. Overall, the fund's structure, replication method, and risk disclosures align with a non-complex classification under MiFID II."
}