{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The Vanguard FTSE 100 UCITS ETF is a physically replicated ETF that tracks the FTSE 100 Index through direct investment in constituent securities. The KIID and PRIIPs documents confirm physical replication as the primary method, with no mention of synthetic replication, swaps, or leverage. The fund uses derivatives only for risk reduction or cost management, not as a core strategy. The risk profile is straightforward (SRRI 6), and the underlying index (FTSE 100) is a well-known, liquid equity index. There are no capital protection features, inverse strategies, or complex structured products. The fund is UCITS-compliant, further supporting its non-complex classification. The PRIIPs KID does not include a comprehension warning, and the factsheet confirms physical replication with no derivative-heavy strategies. The only derivative-related risk mentioned is standard counterparty risk (e.g., for safekeeping), which is typical for UCITS ETFs and does not trigger complexity under MiFID II.",
    "confidence": 95
}