{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "swaps": true,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": "Swaps, Emerging Markets Exposure, High Risk Profile",
    "classification": "complex",
    "supporting_data": "The VanEck Crypto and Blockchain Innovators UCITS ETF primarily uses physical replication by investing directly in underlying equity securities of the MVIS Global Digital Assets Equity Index, including ADRs and GDRs. However, the Fund may also invest in financial derivative instruments such as futures, options, and swaps (equity swaps and index swaps). The KIID and PRIIPs documents specify the use of swaps but do not indicate that derivatives are used as an inherent part of the investment strategy; rather, derivatives may be used for efficient portfolio management or to gain exposure to the index constituents. The Fund is UCITS compliant and does not employ leverage or inverse strategies. The risk profile is very high (7 out of 7 in KIID, 6 out of 7 in PRIIPs), reflecting the volatile nature of the underlying digital assets sector and smaller company exposure. The Fund invests up to 15% in Chinese A-shares and more than 20% in emerging markets, adding complexity due to market liquidity and regulatory risks. There is no capital protection or structured features. Costs are straightforward with a TER of 0.65%, no performance fees, and no complex fee structures. Despite physical replication, the presence of swaps (equity and index swaps) and derivative instruments, even if not leveraged or used for speculative purposes, triggers the MiFID II complexity classification. The complexity is further supported by the high risk rating, liquidity risks, and the specialized nature of the digital assets equity segment, which may be difficult for retail investors to fully understand. No leverage or inverse exposure is present, and derivatives are used for risk management or tracking efficiency rather than as a core strategy, so derivatives are marked false for complexity purposes. The Fund\u2019s complexity arises mainly from swap usage and the underlying asset class characteristics."
}