{
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The Vanguard FTSE Emerging Markets UCITS ETF employs a physical replication strategy, directly investing in the underlying securities of the FTSE Emerging Index. While the KIID mentions the use of derivatives, it specifies that these are used to reduce risk or cost and/or generate extra income or growth, which aligns with efficient portfolio management (EPM) rather than as a core strategy. The fund does not exhibit leverage, inverse exposure, or synthetic replication. The risk profile is rated 6, but this is primarily due to the inherent volatility of emerging markets rather than structural complexity. The fund's transparency, liquidity, and straightforward investment approach support its classification as non-complex under MiFID II.",
    "confidence": 95
}