{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "swaps": false,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": "",
    "classification": "non-complex",
    "supporting_data": "The Vanguard LifeStrategy\u00ae 60% Equity UCITS ETF primarily invests in other UCITS-compliant ETFs and collective investment schemes, using physical replication via direct holdings in underlying ETFs that track indices. There is no mention of synthetic replication, swap agreements, total return swaps, or derivative counterparty risk. The Fund may use derivatives only for risk reduction or cost efficiency, 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 standard equity and fixed income ETFs, including government and corporate bonds, with no complex structured products or contingent convertible bonds. The risk profile is moderate (risk level 3-4), consistent with a diversified portfolio of equities and bonds, and no capital protection or structured features are present. Costs are straightforward with a single ongoing charge figure (0.25%) and no performance fees or swap fees. The PRIIPs KID explicitly states the fund is 'not simple and may be difficult to understand' but this is a standard regulatory caution for multi-asset funds investing in other funds, not indicative of synthetic or leveraged complexity. The monthly factsheet confirms physical replication via underlying ETFs and no use of swaps or leverage. Therefore, under MiFID II criteria, this ETF is classified as non-complex."
}