{
    "type": "ETF",
    "ucits": true,
    "fund_name": "Global X Artificial Intelligence UCITS ETF",
    "investment_objective": "To provide investment results that closely correspond, before fees and expenses, generally to the price and yield performance of the Indxx Artificial Intelligence Index.",
    "primary_asset_class": "Equity",
    "geographic_sector_focus": "Developed markets, with potential exposure to China A-Shares via Stock Connect",
    "replication_method": "synthetic",
    "swaps": true,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": [
        "Unfunded total return OTC swaps",
        "Counterparty risk",
        "Use of derivatives for replication",
        "Index exposure to AI & Big Data companies",
        "Securities lending"
    ],
    "classification": "complex",
    "supporting_data": "The Fund uses synthetic replication via total return 'unfunded' OTC swaps and exchange-traded equity futures to replicate the Indxx Artificial Intelligence Index. The KIID explicitly mentions the use of unfunded swaps and counterparty risk associated with derivatives. Although derivatives are used primarily for replication rather than for leverage or amplification, the presence of swap agreements and counterparty exposure triggers complexity under MiFID II. The Fund is UCITS compliant and invests primarily in equities of AI and Big Data companies, which are concentrated and potentially volatile but not inherently complex assets. The risk profile is medium-high (risk category 6 in KIID, 5 in PRIIPs KID), reflecting volatility rather than structural complexity. No leverage or inverse exposure is present. Costs include securities lending revenue sharing but no performance fees. The PRIIPs KID does not carry a specific comprehension warning but confirms the use of derivatives and counterparty risk. The synthetic replication and swap usage are the main drivers of the complex classification under MiFID II, despite the straightforward equity focus and absence of leverage or capital protection features."
}