{
    "type": "ETF",
    "ucits": true,
    "fund_name": "Vanguard ESG Global Corporate Bond EUR Hedged Distributing 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 management approach through physical acquisition of securities, explicitly stated as 'physical acquisition of securities' and 'representative sampling' of the Bloomberg MSCI Global Corporate Float-Adjusted Liquid Bond Screened Index. The fund may use derivatives only for risk reduction, cost minimization, or generating extra income, but not as an inherent part of the investment strategy, which aligns with derivatives = false. There is no mention of synthetic replication, swap agreements, total return swaps, or counterparty exposure related to derivatives as a core strategy. The fund does not use leverage or inverse exposure; no leverage ratios or terms like 'leveraged' or 'inverse' are present. The underlying assets are investment grade corporate fixed-rate bonds, with no indication of complex structured products, contingent convertible bonds, or illiquid/hard-to-value securities. The risk profile is moderate-low (risk rating 3-4), consistent with a non-complex fixed income ETF. Costs are straightforward with a single ongoing charge figure (0.15%) and no performance fees or swap fees. The PRIIPs KID includes a statement that the fund 'is not simple and may be difficult to understand,' but this is a standard caution for bond ETFs with currency hedging and ESG screening, not indicative of complexity under MiFID II. The monthly factsheet confirms physical replication, no synthetic or swap-based replication, and derivative use only for hedging or cash management. Currency hedging is used but does not imply synthetic replication or complexity. No capital protection or structured features are present. Overall, the fund exhibits a clear, linear relationship to the underlying index performance, invests directly in liquid, transparent securities, and uses minimal derivatives for risk management rather than as a core strategy. Therefore, it is classified as non-complex under MiFID II."
}