{
    "type": "ETF",
    "ucits": true,
    "fund_name": "Global X Clean Water UCITS ETF",
    "investment_objective": "To track the Solactive Global Clean Water Industry v2 Index by investing primarily in equity securities and derivatives replicating the index.",
    "primary_asset_class": "Equity",
    "geographic_sector_focus": "Global Clean Water Industry companies with at least 50% revenue from clean water activities",
    "replication_method": "synthetic",
    "swaps": true,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": [
        "Unfunded total return swaps",
        "Derivative counterparty risk",
        "Sector concentration risk"
    ],
    "classification": "complex",
    "supporting_data": "The Fund uses synthetic replication via total return 'unfunded' OTC swaps and exchange-traded equity futures to track the Solactive Global Clean Water Industry v2 Index. The KIID explicitly mentions use of unfunded swaps and derivative counterparty risk, which are complexity indicators under MiFID II. There is no leverage or inverse exposure. The Fund invests primarily in equities but uses derivatives as an inherent part of the replication strategy, not just for risk management, so derivatives are marked true for complexity. The risk profile is high (category 6 in KIID, 5 in PRIIPs), reflecting volatility and sector concentration. Costs are straightforward with no performance fees, but derivative usage and counterparty risk elevate complexity. The PRIIPs KID does not include a comprehension warning but confirms the use of unfunded swaps and derivative counterparty risk. The Fund is UCITS compliant and open-ended. The synthetic replication and swap usage drive the classification as complex under MiFID II despite the absence of leverage or capital protection features."
}