{
    "fund_name": "Vanguard FTSE Emerging Markets UCITS (USD) Distributing ETF",
    "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 Emerging Index, investing directly in the underlying securities. While it mentions the potential use of derivatives for risk management or cost reduction, there is no indication of synthetic replication, leverage, or inverse strategies. The fund's risk profile is rated 6 (moderate to high), primarily due to the nature of emerging market equities rather than structural complexity. The KIID and PRIIPs documents do not contain any 'comprehension warnings' or indications of complex structures. The fact sheet confirms physical replication and no swap usage. The fund's transparency, liquidity, and straightforward investment approach align with typical non-complex ETFs under MiFID II.",
    "confidence": 95
}