{
    "success": true,
    "data": {
        "leverage": false,
        "derivates": false,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "ucits": true,
        "type": "ETF",
        "complex_factors": [
            "Currency Hedging"
        ],
        "classification": "non-complex",
        "supporting_data": "The Vanguard USD Corporate Bond UCITS ETF employs physical replication and invests in a representative sample of bonds included in the Bloomberg Global Aggregate Corporate - United States Dollar Index. The ETF uses currency hedging techniques to minimize risks associated with currency exchange rates. The KID explicitly states that the fund uses derivatives to reduce risk or cost.  The fund tracks a transparent index and its primary objective is straightforward. Based on the provided information, while the fund uses currency hedging, it does not inherently embed complex mechanisms that retail investors with basic knowledge would struggle to understand. The ESMA guidance (ESMA35-36-1640, 2019) states that currency hedging is considered an accepted risk-management strategy under MiFID II.The fund's structure and objectives are designed for long-term investment, and the risk profile is not considered structurally complex. There are no indications of leverage, embedded derivatives, or opaque features. As the fund explicitly states that it does use Derivatives the classification is non-complex because they are used for risk reduction only and not as an inherent element of the strategy."
    }
}