{
    "type": "ETF",
    "ucits": true,
    "fund_name": "Vanguard FTSE All-World High Dividend Yield UCITS ETF (USD) Accumulating",
    "investment_objective": "Passive management through physical acquisition of securities to track the FTSE All-World High Dividend Yield Index",
    "primary_asset_class": "Equity",
    "geographic_focus": "Global (Developed and Emerging Markets)",
    "replication_method": "physical",
    "swaps": false,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF employs a physical replication strategy using a representative sampling of the FTSE All-World High Dividend Yield Index, investing directly in large and mid-sized company stocks globally. 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 risk rating is 6 in the KIID but 4 in the PRIIPs KID, reflecting typical equity market risk rather than complexity. The Fund holds liquid, transparent equity securities without complex structured products or contingent capital instruments. Costs are straightforward with a single ongoing charge figure (0.29%) 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 general equity market risks and index tracking error, not structural complexity or derivative usage. The factsheet confirms physical replication and no synthetic or swap-based structures. No capital protection or structured features are present. Overall, the Fund's structure and investment approach align with a non-complex classification under MiFID II."
}