{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "leverage": false,
        "derivates": true,
        "swaps": true,
        "inverse": false,
        "replication_method": "physical",
        "complex_factors": "The ETF invests in stocks from the global digital assets segment. It may also use financial derivative instruments (FDIs), including swaps, which introduces complexity and counterparty risk. The use of optimized sampling methodology if the ETF cannot fully replicate the index which is also an opaque element",
        "classification": "complex",
        "supporting_data": "The VanEck Crypto and Blockchain Innovators UCITS ETF's KID document states that the fund aims to replicate the MVISu00ae Global Digital Assets Equity Index. The fund uses a replication strategy investing in underlying equity securities. However, the fund may also use financial derivative instruments (FDIs) such as swaps (equity swaps and swaps on the Index). This use of swaps and other derivatives, according to MiFID II, ESMA guidelines, introduces complexity and potential counterparty risk for retail investors, thus triggering a 'complex' classification. Also the use of an optimized sampling methodology further increase the opacity of the replication and may be difficult for retail investors to understand. The ETF's investment in a potentially volatile and specialized sector further contributes to the complexity. The presence of these factors makes the ETF inherently complex as per MiFID II guidelines."
    }
}