{
    "success": true,
    "data": {
        "leverage": false,
        "derivates": false,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "ucits": true,
        "type": "ETF",
        "complex_factors": "The index tracks a USD denominated portfolio of investment grade corporate fixed rate bonds. The fund may use derivatives to reduce risk or cost.",
        "classification": "non-complex",
        "supporting_data": "The Vanguard ESG USD Corporate Bond UCITS ETF aims to track a well-defined index of investment-grade corporate bonds. While the ETF may use derivatives for risk management, their purpose is for efficient portfolio management and not integral to the investment strategy. The index construction involves screening for ESG criteria, which adds a layer of complexity but does not automatically make the ETF complex. The fund's structure, which includes physical acquisition of securities, and objective of tracking an index of investment grade corporate fixed rate bonds are straightforward for retail investors. Given this fund's investment objective, structure and passive management approach it is considered non-complex. The use of derivatives for efficient portfolio management and the fact it invests in a ESG-screened index does not change the classification. In Section 3 'III Section 2 u2013 UCITS and other collective investment undertakings' and also by the fact it is UCITS compliant the asset is considered non-complex."
    }
}