{
    "type": "ETF",
    "ucits": true,
    "fund_name": "VanEck Uranium and Nuclear Technologies UCITS ETF",
    "investment_objective": "Replicate the MarketVector\u2122 Global Uranium and Nuclear Energy Infrastructure Index",
    "primary_asset_class": "Equity",
    "geographic_focus": "Global with exposure to emerging markets including China (Shanghai and Shenzhen Stock Exchanges), Canada, US, Japan, South Korea, Australia, UK",
    "replication_method": "physical",
    "swaps": true,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": [
        "Swaps",
        "Emerging Markets Exposure",
        "Sector Concentration"
    ],
    "classification": "complex",
    "supporting_data": "The Fund primarily uses physical replication investing directly in underlying equity securities of the Index, which are companies generating significant revenues from uranium or nuclear energy infrastructure. However, the Fund may also invest in financial derivative instruments (FDIs) including futures, options, and swaps (including equity swaps and index swaps). The KIID and PRIIPs documents explicitly mention the use of swaps and other derivatives related to the Index or its constituents. Although derivatives are used, the documents clarify that these are not for leverage or amplification but to manage exposure or optimize replication. The Fund is UCITS compliant and does not employ leverage or inverse strategies. The risk profile is medium-high (5/7 in PRIIPs KID, 7/7 in KIID), reflecting sector concentration, liquidity risks, and natural resources company risks rather than leverage or derivative complexity alone. The presence of swap agreements, even if unfunded or used for replication efficiency, triggers MiFID II complexity classification. No capital protection or structured features are present. Costs are straightforward with no performance fees, but derivative usage implies some swap-related costs. The Fund tracks a specialized, sector-concentrated index with emerging market exposure, which adds to complexity. The monthly factsheet confirms physical full replication as primary but allows optimized sampling and derivative use when full replication is impractical. Overall, the use of swaps and derivatives, combined with sector concentration and emerging market exposure, leads to a classification of 'complex' under MiFID II despite no leverage or inverse exposure."
}