{
    "fund_name": "VanEck Semiconductor UCITS ETF",
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [
        "None identified"
    ],
    "classification": "non-complex",
    "supporting_data": "The VanEck Semiconductor UCITS ETF uses physical replication (full replication) to track the MVIS US Listed Semiconductor 10% Capped ESG Index. The KIID and PRIIPs documents confirm that the fund invests directly in equity securities and depositary receipts of U.S. exchange-listed companies in the semiconductor industry. There is no mention of synthetic replication, swaps, leverage, or inverse strategies. The fund's investment policy explicitly states that it will not use derivatives for leverage or amplification. The risk profile is straightforward, with the primary risks being equity market risk and sector concentration risk. The fund is UCITS-compliant, which typically implies a higher standard of transparency and liquidity. The fact sheet further confirms that the fund uses physical replication and does not employ derivatives for any purpose beyond efficient portfolio management. The absence of complex structures, leverage, or derivative-based strategies leads to the conclusion that this ETF is non-complex under MiFID II.",
    "confidence": 95
}