{
    "complex": false,
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "ucits": true,
    "type": "ETF",
    "complex_factors": null,
    "classification": "non-complex",
    "supporting_data": "The Vanguard ESG Global All Cap UCITS ETF employs a physical replication method, investing directly in a representative sample of the FTSE Global All Cap Choice Index constituents. While the KIID mentions the potential use of derivatives for risk reduction, cost management, or income generation, there is no indication of extensive or complex derivative usage that would materially alter the fund's risk profile. The fund's risk rating of 6 is primarily due to its exposure to global equities and emerging markets, rather than structural complexity. The absence of leverage, inverse strategies, or synthetic replication supports a non-complex classification. The fund's ESG screening criteria do not introduce additional complexity under MiFID II rules, as they are transparent and applied at the index level.",
    "confidence": 95
}