{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [
        "Physical replication",
        "No leverage or inverse exposure",
        "No capital protection mechanisms",
        "No significant counterparty risk exposure"
    ],
    "classification": "non-complex",
    "supporting_data": "The VanEck Genomics and Healthcare Innovators UCITS ETF (CURE) is classified as non-complex under MiFID II based on the following analysis: The ETF uses physical replication (full replication) as confirmed in the fact sheet, meaning it directly invests in the underlying equity securities of the MVIS Global Future Healthcare ESG Index. There is no mention of synthetic replication, swaps, or derivative instruments in the KIID or fact sheet. The ETF does not employ leverage, inverse strategies, or capital protection mechanisms. The risk profile is straightforward, with the primary risks being equity market risk and sector concentration risk, which are typical for equity ETFs. The ETF is UCITS-compliant, which generally indicates a higher standard of transparency and investor protection. The fact sheet and KIID do not contain any warnings about complexity or suitability for retail investors beyond standard risk disclosures. The ETF's investment strategy is passive and aims to track the performance of a transparent equity index, which is easily understandable for retail investors. The absence of derivatives, leverage, or synthetic replication means the ETF does not exhibit the complexity triggers under MiFID II.",
    "confidence": 95
}