{
    "type": "ETF",
    "ucits": true,
    "fund_name": "VanEck New China UCITS ETF",
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The VanEck New China UCITS ETF aims to replicate the MarketGrader New China ESG Index primarily through physical replication by investing directly in underlying equity securities such as stocks, ADRs, and GDRs. The KIID and PRIIPs KID both confirm the use of physical replication or optimised sampling only when full replication is impractical, with no indication of synthetic replication or funded/unfunded swap structures. Although the Fund may use derivatives such as futures, options, swaps, currency forwards, and NDFs, these are described as ancillary and used for efficient portfolio management or hedging rather than as an inherent part of the investment strategy, so derivatives are marked false per instructions. There is no leverage, inverse exposure, or capital protection features mentioned. The underlying assets are equities of financially sound Chinese companies with ESG criteria, traded on liquid exchanges, with no complex structured products or contingent bonds. The risk profile is medium-high (5/7) reflecting emerging market and China-specific risks, but not complexity from product structure. Costs are straightforward with a single ongoing charge of 0.60%, no performance fees, and no swap fees disclosed. The monthly factsheet confirms physical full replication, no use of swaps, and no leverage. There is no PRIIPs comprehension warning or complexity flag. Therefore, the ETF is classified as non-complex under MiFID II criteria."
}