{
    "success": true,
    "data": {
        "complex": "complex",
        "leverage": false,
        "derivates": true,
        "swaps": true,
        "inverse": false,
        "replication_method": "physical",
        "ucits": true,
        "type": "ETF",
        "complex_factors": "High Yield Bond ETF, using Derivatives for hedging/EPM, Investing in high yield, fallen angel bonds, subject to market volatility, and Index includes High yield corporate bonds",
        "classification": "complex",
        "supporting_data": "The VanEck Global Fallen Angel High Yield Bond UCITS ETF is classified as complex under MiFID II due to several factors outlined in the provided KID. While the ETF uses physical replication, the key driver of complexity is its investment strategy focusing on high-yield bonds, specifically 'fallen angel' bonds (bonds initially rated investment grade that have since been downgraded to high-yield). The KID also states 'The Fund may also invest in financial derivative instruments for efficient portfolio management or hedging purposes.' and that it may use 'futures, swaps and currency forwards' This implies the use of derivatives, which ESMA and other regulatory bodies often consider a complexity factor. The fund's investment in high-yield bonds introduces significant credit risk. This risk, coupled with the potential use of derivatives, and its investment objective to replicate the Net Asset Value, performance, and yield of the ICE Global Fallen Angel High Yield 10% Constrained Index further increases its complexity.  The index includes and tracks high-yield corporate bonds, and its yield is derived from and affected by underlying market conditions, which could be difficult for a retail investor with basic knowledge to fully comprehend and understand and the the risks involved. The use of 'financial derivative instruments for efficient portfolio management or hedging purposes', even if limited, contributes to the complex classification due to the potential counterparty risks and other intricacies not easily understood."
    }
}