{
    "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 All-World High Dividend Yield UCITS ETF is a UCITS-compliant ETF, which is automatically classified as non-complex under MiFID II Article 25(4)(a)(iv) unless it is a structured UCITS or fails the Article 57 criteria[1]. The fund employs physical replication, tracking the FTSE All-World High Dividend Yield Index by holding a representative sample of the index constituents. 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 strategyu2014derivatives are not used for synthetic replication or to achieve leveraged or inverse returns. The fund may engage in securities lending, but this is a secondary activity, well within UCITS limits, and does not dominate the risk profile. There is no significant leverage, no embedded derivatives, and no complex features such as contingent convertible bonds or swaps. The underlying index is transparent and the fundu2019s structure, risks, and objectives are straightforward and disclosed in the Key Investor Information Document (KIID). All these factors support the presumption that the ETF is non-complex for MiFID II purposes[1]. No comprehension alert is required."
}