{
    "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 ESG Global Corporate Bond UCITS ETF is a UCITS-compliant, physically replicated ETF tracking a transparent, ESG-screened corporate bond index. It uses derivatives only for efficient portfolio management (EPM), such as currency hedging, and not as a core part of its investment strategy. The ETF does not employ leverage, swaps, or inverse strategies, and its structure, risks, and objectives are straightforward and disclosed in the KID. The underlying index is transparent and the ETFu2019s risk profile is typical for investment-grade corporate bonds, with no complex features such as embedded derivatives, contingent convertible bonds, or structured products. All UCITS are automatically non-complex under MiFID II unless they are structured UCITS or use derivatives as a core part of their strategy, which is not the case here[1]. The use of derivatives for EPM does not trigger a complex classification under MiFID II, provided the impact on the risk-return profile is minimal and well-disclosed, as is the case with this ETF. The ETFu2019s structure, transparency, and regulatory compliance support a non-complex classification."
}