{
    "type": "ETF",
    "ucits": true,
    "fund_name": "Vanguard ESG Global Corporate Bond UCITS ETF",
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The Vanguard ESG Global Corporate Bond UCITS ETF employs a passive, physical replication strategy by directly acquiring a representative sample of investment grade corporate fixed-rate bonds from developed and emerging markets. The fund tracks the Bloomberg MSCI Global Corporate Float-Adjusted Liquid Bond Screened Index, which is a screened index excluding certain sectors for ESG reasons. The KIID and PRIIPs KID confirm that derivatives may be used only for risk or cost reduction or to generate extra income, not as an inherent part of the investment strategy, and there is no mention of synthetic replication, swap agreements, or funded/unfunded swaps. The factsheet confirms physical acquisition of securities and no synthetic replication. There is no leverage, inverse or amplified exposure. The risk profile is moderate-low (4 on a 7-point scale in KIID, 3 in PRIIPs KID), consistent with a straightforward bond ETF. The fund invests in liquid, investment grade corporate bonds with no contingent convertible bonds or complex structured products. The use of derivatives is limited to hedging and risk management, not fundamental to the strategy, so derivatives are marked false. No capital protection or structured features are present. Costs are simple with a low ongoing charge of 0.15%, no performance fees, and no swap fees. Counterparty risk is disclosed as a general risk but no significant counterparty exposure is indicated. The PRIIPs KID includes a standard comprehension warning that the product is 'not simple and may be difficult to understand,' which is common for bond ETFs with ESG screening and currency hedging, but this does not translate into synthetic or leveraged complexity under MiFID II. Overall, the fund is a physical, passively managed bond ETF with ESG screening and currency hedging, without synthetic replication, leverage, or complex underlying assets, leading to a non-complex classification under MiFID II."
}