{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The Vanguard FTSE Emerging Markets UCITS ETF employs a passive, physical replication strategy by investing directly in all or substantially all of the constituent securities of the FTSE Emerging Index, with sampling only when full replication is impracticable. 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 considered non-complex in this context. There is no leverage, inverse or amplified exposure. The underlying assets are large and mid-sized emerging market equities, which are liquid and transparent, with no complex structured products or contingent bonds. The risk profile is medium (4 out of 7 in PRIIPs KID, 6 in KIID but driven by emerging market equity volatility rather than complexity). Costs are straightforward with a single ongoing charge figure and no performance fees or swap fees. Counterparty risk is disclosed but limited to custodial and derivative counterparties, with no significant exposure. The PRIIPs KID states the fund 'is not simple and may be difficult to understand' due to emerging market risks and index tracking error, but this relates to market risk rather than structural complexity. No capital protection or structured features are present. Overall, the fund aligns with MiFID II criteria for a non-complex financial instrument."
}