{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [
        "Physical replication with no derivatives or swaps",
        "Straightforward index-tracking strategy",
        "No leverage or inverse exposure",
        "Invests directly in liquid, transparent securities"
    ],
    "classification": "non-complex",
    "supporting_data": "The VanEck Circular Economy UCITS ETF uses physical replication to track the MVIS Global Circular Economy ESG Index. The KIID and PRIIPs documents confirm no use of derivatives, swaps, or leverage. The fund invests directly in equity securities of companies contributing to the circular economy, with no complex underlying assets or structured features. The risk profile is clearly explained, and the fund is UCITS-compliant, indicating suitability for retail investors. The fact sheet further confirms physical replication and no derivative usage, reinforcing the non-complex classification.",
    "confidence": 95
}