{
    "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 using representative sampling.",
    "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 representative sampling to track the FTSE Global All Cap Choice Index, a broad global equity index. There is no mention of synthetic replication, swap agreements, or funded/unfunded swap structures. Derivatives may be used 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 emerging market exposure, but this does not imply complexity under MiFID II. The fund is UCITS compliant, with a straightforward index-tracking objective, investing directly in liquid, transparent equity securities. Costs are simple with a single ongoing charge figure and no performance fees or swap fees. The PRIIPs KID includes a comprehension warning stating the fund 'is not simple and may be difficult to understand,' but this relates to the broad global equity exposure and ESG screening complexity rather than structural complexity such as derivatives or leverage. The monthly factsheet confirms physical replication, no synthetic elements, no leverage, and no complex underlying assets like contingent bonds or CLOs. Overall, the fund does not meet MiFID II complexity criteria related to synthetic replication, leverage, complex underlying assets, or capital protection mechanisms."
}