{
    "ucits": true,
    "type": "ETF",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": "None",
    "classification": "non-complex",
    "supporting_data": "The Vanguard FTSE 250 UCITS ETF is a UCITS-compliant, physically replicating ETF that tracks a transparent, well-documented equity index (FTSE 250). It uses physical replication (full or sampling) to hold the underlying securities, which is straightforward and transparent for retail investors. While the fund may use derivatives for efficient portfolio management (EPM) to reduce risk or cost, such use is limited and not central to the investment strategy. There is no evidence of synthetic replication, embedded derivatives, significant leverage, or complex features such as swaps, inverse strategies, or contingent convertible bonds. The fundu2019s structure, risks (primarily market and tracking error), and investment objective are easily understood by retail investors with basic knowledge. Securities lending is permitted but is a secondary feature, well-managed within UCITS rules, and does not dominate the risk profile. The index is transparent, and the ETFu2019s documentation is comprehensive and publicly available. All these factors align with the MiFID II presumption that UCITS ETFs are non-complex, absent features that introduce material complexity or opacity[1]. No complex factors were identified in the provided documentation that would override this presumption."
}