{
    "fund_name": "VanEck Morningstar Global Wide Moat UCITS ETF",
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [
        "Complex Index Methodology",
        "Global Equity Exposure"
    ],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication to track the Morningstar Global Wide Moat Focus Index, which selects companies with sustainable competitive advantages. The index methodology is proprietary but based on quantifiable factors (price-to-fair-value ratio, competitive moat). No derivatives, swaps, or leverage are used. The fund invests directly in equity securities, and the risk profile aligns with global equity market risks. The PRIIPs KID and factsheet confirm no derivative usage beyond efficient portfolio management (e.g., hedging). The index's complexity is mitigated by Morningstar's transparent methodology and quarterly rebalancing. While the index selection criteria are sophisticated, they are not inherently complex under MiFID II, as the fund's structure remains straightforward and liquid.",
    "confidence": 90
}