{
    "fund_name": "Vanguard FTSE All-World UCITS ETF (USD) Distributing",
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication to track the FTSE All-World Index, which consists of large and mid-sized company stocks in developed and emerging markets. The fund employs a passive management approach through direct acquisition of securities. While it mentions the potential use of derivatives for risk reduction or cost management, there is no indication of extensive or complex derivative usage. The risk profile is rated 6, which is moderate, and the fund's investment strategy is straightforward, focusing on tracking the index through representative sampling. There are no signs of leverage, inverse strategies, or complex structured products. The fund is UCITS-compliant, which typically aligns with non-complex classifications under MiFID II. The fact that the ETF is physically replicated and tracks a broad, transparent index further supports its non-complex classification.",
    "confidence": 95
}