{
    "type": "ETF",
    "ucits": true,
    "fund_name": "VanEck iBoxx EUR Sovereign Capped AAA-AA 1-5 UCITS ETF",
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF physically replicates the Markit iBoxx EUR Liquid Sovereigns Capped AAA-AA 1-5 Index by investing directly in the underlying euro-denominated AAA and AA rated government bonds with maturities between 1.25 and 5.5 years. The fund uses full or optimized sampling physical replication and does not engage in securities lending or use swap agreements or derivatives as part of its core strategy. There is no leverage, inverse exposure, or capital protection mechanism. The risk profile is low to moderate (risk level 3 in KIID, 2 in PRIIPs KID), consistent with investment-grade sovereign bonds. The fund is UCITS compliant and has a low ongoing charge (0.15%). The PRIIPs KID confirms no synthetic replication or complex derivative usage, and the factsheet explicitly states physical full replication. No references to swaps, total return swaps, or counterparty risk are found. The underlying assets are liquid, transparent government bonds without complex structured features. The fund does not use derivatives for investment purposes but may use them minimally for risk management, which does not trigger complexity under MiFID II. There are no leverage or inverse terms, no contingent bonds, and no capital protection features. The index tracked is a straightforward, liquid sovereign bond index without complex embedded derivatives or contingent features. Therefore, the ETF is classified as non-complex under MiFID II."
}