{
    "type": "ETF",
    "ucits": true,
    "fund_name": "Vanguard ESG Global All Cap UCITS ETF",
    "investment_objective": "Passive management/indexing approach to track the FTSE Global All Cap Choice Index through physical acquisition of securities",
    "primary_asset_class": "Equity",
    "geographic_focus": "Global (large, mid, and small-cap stocks worldwide)",
    "replication_method": "physical",
    "swaps": false,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF physically acquires securities and uses a representative sampling technique to track the FTSE Global All Cap Choice Index. The KIID and PRIIPs KID explicitly state that derivatives may be used only for risk reduction, cost reduction, or generating extra income, not as an inherent part of the investment strategy, implying derivatives usage is ancillary and not structural. There is no mention of synthetic replication, swap agreements, or funded/unfunded swap structures. The fund does not employ leverage or inverse strategies. The risk indicator is medium (4 out of 7) in the PRIIPs KID, which is consistent with a broad equity fund and does not indicate complexity. The monthly factsheet confirms physical replication, no leverage, and no complex underlying assets such as contingent convertible bonds or CLOs. The fund is UCITS compliant. Costs are straightforward with a single ongoing charge figure and no performance fees or swap fees. Counterparty risk is disclosed as a general risk related to safekeeping and derivative counterparties but is not significant or structural. The PRIIPs KID includes a standard comprehension warning that the product is 'not simple and may be difficult to understand,' which is a regulatory standard phrase for many ETFs but does not reflect structural complexity under MiFID II. Overall, the fund's structure, replication method, and risk profile align with a non-complex classification under MiFID II."
}