{
    "type": "ETF",
    "ucits": true,
    "fund_name": "Vanguard USD Corporate Bond UCITS ETF",
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The Vanguard USD Corporate Bond UCITS ETF employs a passive, physical replication strategy by acquiring a representative sample of investment grade US dollar-denominated corporate bonds to track the Bloomberg Global Aggregate Corporate \u2013 United States Dollar Index. There is no indication of synthetic replication or use of swap agreements. The fund may use derivatives only for risk or cost reduction or to generate extra income, but this is ancillary and not inherent to the investment strategy, so derivatives are marked false. There is no leverage, inverse or amplified exposure. The underlying assets are straightforward investment grade corporate bonds, with no contingent convertible bonds or complex structured products. The risk profile is moderate (risk level 3-4 in KIID, 4 in PRIIPs), consistent with bond market risk, and no capital protection or structured features are present. Costs are simple with a low ongoing charge (0.09%) and no performance fees or swap fees. The PRIIPs KID includes a comprehension warning stating the fund 'may be difficult to understand' but this relates to bond market and currency risks rather than structural complexity. The monthly factsheet confirms physical replication, no synthetic or swap usage, and no leverage. Overall, the fund is transparent, linear in performance, and invests in liquid, transparent securities. Therefore, under MiFID II, it is classified as non-complex."
}