{
    "type": "ETP",
    "ucits": false,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": "Actively managed basket of ETFs across multiple asset classes with monthly rebalancing and collateralised structure",
    "classification": "complex",
    "supporting_data": "The Vanilla Global Balanced ETP is a collateralised exchange traded product that invests in a diversified basket of ETFs listed on the London Stock Exchange, covering equities, fixed income, and commodities globally. The replication method is physical, with underlying assets held in margin accounts and collateral assets backing the issuer's payment obligations. There is no use of synthetic replication, swaps, or derivatives as an inherent part of the investment strategy, and no leverage or inverse exposure is applied. However, the product is actively managed with monthly rebalancing using technical and fundamental metrics, investing in other ETFs which themselves may have derivative exposure. The product is not UCITS compliant and is structured as an ETP security with a scheduled maturity date far in the future. The risk indicator is medium-low (3/7), but the product carries complexity due to its active management, multi-asset class exposure, collateralised structure, and the fact that investors have no direct rights to dividends or voting on underlying assets. The product documentation explicitly states it is 'not simple and may be difficult to understand' and is intended for investors with specific knowledge or experience. There is no capital protection, and investors may lose some or all of their investment. Costs include a relatively high management fee (1.3%) and transaction costs related to underlying ETF trading. The complexity arises mainly from the active management of a basket of ETFs, collateralised ETP structure, and the lack of investor rights on underlying assets, rather than from leverage, swaps, or derivatives usage. The PRIIPs KID and factsheet confirm no synthetic replication or leverage, but the collateralised nature and active multi-ETF strategy lead to a classification as complex under MiFID II."
}