{
    "type": "ETF",
    "ucits": true,
    "fund_name": "VanEck Oil Services UCITS ETF",
    "investment_objective": "Replicate the price and performance of the MarketVector\u2122 US Listed Oil Services 10% Capped Index",
    "primary_asset_class": "Equity",
    "geographic_focus": "United States and other markets where index constituents are listed",
    "replication_method": "physical",
    "swaps": true,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": "Swaps usage, Derivative instruments for index tracking, Sector concentration",
    "classification": "complex",
    "supporting_data": "The Fund primarily uses physical replication investing directly in underlying equity securities of the MarketVector US Listed Oil Services 10% Capped Index. However, the KIID and PRIIPs KID explicitly state that the Fund may also invest in financial derivative instruments (FDIs) including futures, options, and swaps (equity swaps and swaps on the Index). The presence of swaps and other derivatives, even if used for tracking or risk management, triggers complexity under MiFID II. The Fund is UCITS compliant and does not employ leverage or inverse strategies. The risk profile is high (6-7 out of 7), reflecting sector concentration risk and market volatility in the oil services sector. The Fund does not have capital protection or structured features. Costs are straightforward with no performance fees, but derivative usage and swap fees are implied. The monthly factsheet confirms physical full replication but also acknowledges derivative usage for tracking and risk management. The use of swaps and derivatives, combined with sector concentration and a high risk rating, leads to a classification of 'complex' under MiFID II despite the absence of leverage or capital protection mechanisms."
}