{
    "type": "ETF",
    "ucits": true,
    "fund_name": "Vanguard FTSE Developed World UCITS (USD) Distributing",
    "investment_objective": "Passive management through physical acquisition of securities to track the FTSE Developed Index",
    "primary_asset_class": "Equity",
    "geographic_focus": "Developed markets globally",
    "replication_method": "physical",
    "swaps": false,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication investing in a representative sample of the FTSE Developed Index constituents. There is no mention of synthetic replication, swap agreements, or total return swaps. 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 or inverse exposure. The risk rating is 6 in the KIID, reflecting equity market risk and currency risk, but no complexity flags such as capital protection or structured features are present. The PRIIPs KID includes a comprehension warning stating the product 'is not simple and may be difficult to understand,' but this is a standard caution for equity ETFs and does not indicate synthetic or leveraged complexity. The factsheet confirms physical replication, no use of swaps, and a straightforward index tracking approach. Costs are simple with a low ongoing charge of 0.12%, no performance fees, and no complex fee structures. Overall, the ETF is UCITS compliant, physically replicates a broad equity index, and does not employ leverage or synthetic structures, leading to a non-complex classification under MiFID II."
}