{
    "fund_name": "Vanguard FTSE All-World High Dividend Yield 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 High Dividend Yield Index, investing in a representative sample of index constituent securities. While it mentions the potential use of derivatives for risk reduction or cost management, there is no indication of synthetic replication, leverage, or inverse strategies. The risk profile is rated 6 (moderate-high), but this is typical for equity-based funds. The underlying assets are large and mid-sized company stocks, which are generally liquid and transparent. The fund's investment strategy is straightforward, focusing on dividend-paying stocks across developed and emerging markets. There are no complex structured features, capital protection mechanisms, or significant counterparty risks. The use of derivatives, if any, appears to be for efficient portfolio management rather than as an inherent part of the strategy. The fund is UCITS-compliant, which typically aligns with non-complex classifications under MiFID II.",
    "confidence": 95
}