{
    "type": "ETF",
    "ucits": true,
    "fund_name": "VanEck Circular Economy UCITS ETF",
    "investment_objective": "Replicate the MVIS Global Circular Economy ESG Index by investing primarily in underlying equity securities of companies contributing to the circular economy.",
    "primary_asset_class": "Equity",
    "geographic_focus": "Global with some emerging markets exposure (including China via Shanghai and Shenzhen Stock Exchanges)",
    "replication_method": "physical",
    "swaps": false,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The Fund uses a physical replication strategy investing directly in underlying equity securities, ADRs, and GDRs of the index constituents. The KIID and PRIIPs KID confirm that derivatives such as futures, options, swaps, currency forwards, and NDFs may be used but only for efficient portfolio management or where full replication is not practical or cost efficient. However, the derivative use is ancillary and not an inherent element of the investment strategy, thus derivatives are marked false. There is no mention of synthetic replication, funded or unfunded swaps, or counterparty risk exposure. The monthly factsheet explicitly states the product structure is physical (full replication). There is no leverage, inverse or amplified exposure. The risk profile is medium (4 out of 7) in the PRIIPs KID, reflecting normal equity market and sector concentration risks, not complexity. No capital protection or structured features are present. Costs are straightforward with a single ongoing charge of 0.40%, no performance fees, and no complex fee structures. The index tracked is an ESG thematic equity index focused on circular economy companies, which is transparent and liquid. No complex underlying assets such as contingent convertible bonds or CLOs are held. Overall, the ETF exhibits characteristics of a straightforward, physical, equity index tracking UCITS ETF with minimal derivative use for risk management or sampling, and no leverage or synthetic elements, leading to a non-complex classification under MiFID II."
}