{
    "fund_name": "Vanguard USD Corporate Bond UCITS ETF",
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication to track the Bloomberg Global Aggregate Corporate  United States Dollar Index, investing directly in a representative sample of bonds. While derivatives are mentioned for risk management or cost reduction, they are not used for leverage or synthetic replication. The fund has a straightforward investment objective, invests in liquid investment-grade corporate bonds, and has a clear risk profile (SRRI 4). The KIID and factsheet do not indicate the use of complex strategies, leverage, or structured products. The fund is UCITS-compliant, which generally aligns with non-complex classifications under MiFID II.",
    "confidence": 95,
    "risk_level": 4,
    "counterparty_risk": "Mentioned but not a primary driver of complexity due to standard hedging practices.",
    "liquidity_risk": "Standard for bond ETFs, not excessive.",
    "benchmark_complexity": "The Bloomberg Global Aggregate Corporate  United States Dollar Index is a widely recognized benchmark of investment-grade corporate bonds, not inherently complex."
}