{
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The Vanguard ESG Global Corporate Bond UCITS ETF employs a physical replication method, directly holding a representative sample of the underlying bonds in the Bloomberg MSCI Global Corporate Float-Adjusted Liquid Bond Screened Index. While the KIID mentions the potential use of derivatives for risk management or income generation, this is explicitly stated as being for reducing risk or cost rather than as a core investment strategy. The fund does not use leverage, inverse strategies, or synthetic replication. The risk profile (SRRI 4) is moderate, and the underlying assets are investment-grade corporate bonds, which are generally considered straightforward. The fund's ESG screening adds a layer of complexity in terms of methodology, but this does not inherently make the financial instrument complex under MiFID II. The absence of leverage, inverse exposure, or synthetic replication, combined with the physical replication method and transparent underlying assets, supports the classification as non-complex.",
    "confidence": 90
}