{
    "type": "ETF",
    "ucits": true,
    "fund_name": "VanEck Hydrogen Economy UCITS ETF",
    "investment_objective": "Replicate the MVIS Global Hydrogen Economy ESG Index by investing primarily in equity securities of companies generating at least 50% of revenues from the hydrogen economy segment, fuel cell companies, or industrial gases companies.",
    "primary_asset_class": "Equity",
    "geographic_focus": "Global with exposure to emerging markets including China (Shanghai and Shenzhen Stock Exchanges), US, Japan, UK, South Korea, Germany, Norway, Canada",
    "replication_method": "physical",
    "swaps": true,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": "Swaps usage, Emerging markets exposure, Small and mid-cap equity risk",
    "classification": "complex",
    "supporting_data": "The Fund primarily uses physical replication investing directly in underlying equities but also may use financial derivative instruments including futures, options, and swaps (including equity swaps and swaps on the Index). The KIID and PRIIPs documents explicitly mention use of swaps and other derivatives as part of the investment strategy, though these are used to achieve replication rather than for leverage or amplification. The Fund is UCITS compliant and does not employ leverage or inverse strategies. The risk profile is high (7/7 in KIID, 6/7 in PRIIPs), reflecting volatility from concentrated holdings in smaller companies and emerging markets, as well as liquidity risks. The presence of swap agreements and derivative instruments, even if for replication, triggers MiFID II complexity classification. The Fund does not have capital protection or structured features. Costs are straightforward with no performance fees, but derivative usage implies some complexity. The monthly factsheet confirms physical full replication with derivative overlay and no leverage. The complexity arises mainly from the use of swaps and derivatives in replication, the underlying exposure to smaller and emerging market companies, and the high risk rating. There is no indication that derivatives are used solely for risk management; rather, they are an inherent part of the replication strategy. Therefore, under MiFID II, the Fund is classified as complex."
}