{
    "type": "ETF",
    "ucits": true,
    "fund_name": "VanEck Emerging Markets High Yield Bond UCITS ETF",
    "investment_objective": "Replicate the ICE BofA Diversified High Yield US Emerging Markets Corporate Plus Index",
    "primary_asset_class": "Bond",
    "geographic_focus": "Emerging Markets (US dollar denominated below investment grade emerging markets corporate and quasi-government debt instruments)",
    "replication_method": "physical",
    "swaps": false,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": "",
    "classification": "non-complex",
    "supporting_data": "The Fund physically invests in a diversified portfolio of US dollar-denominated below investment grade emerging markets corporate and quasi-government bonds that comprise the ICE BofA Diversified High Yield US Emerging Markets Corporate Plus Index. The Fund uses a sampling methodology due to practical difficulties in purchasing all securities but does not use synthetic replication or swap agreements. Derivatives such as futures, swaps, and forwards are only used for efficient portfolio management or hedging purposes, not as an inherent part of the investment strategy, so derivative exposure is minimal and risk-managed. There is no leverage beyond temporary borrowing up to 10% for operational purposes, and no inverse or leveraged exposure. The Fund is UCITS compliant, with a moderate risk rating of 4 (on a 1-7 scale) in the KIID, indicating medium risk but not complexity. The PRIIPs KID confirms a medium-low risk rating of 3 out of 7 and no capital protection or structured features. The monthly factsheet confirms physical (optimized) replication, no securities lending, no swap usage, and no complex underlying assets such as contingent convertible bonds or CLOs. The Fund invests in liquid, transparent bonds with no capital protection or structured features. Costs are straightforward with a single ongoing charge of 0.40% and no performance fees. There are no complexity flags such as synthetic replication, leverage, inverse exposure, capital protection, or significant counterparty risk. Therefore, under MiFID II criteria, this ETF is classified as non-complex."
}