{
    "type": "ETF",
    "ucits": true,
    "fund_name": "Global X AgTech & Food Innovation UCITS ETF",
    "investment_objective": "To provide investment results that closely correspond, before fees and expenses, generally to the price and yield performance of the Solactive AgTech & Food Innovation v2 Index",
    "primary_asset_class": "Equity",
    "geographic_sector_focus": "Global exposure to AgTech & Food Innovation companies",
    "replication_method": "synthetic",
    "swaps": true,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": [
        "Unfunded total return OTC swaps",
        "Derivative instruments usage",
        "Counterparty risk exposure"
    ],
    "classification": "complex",
    "supporting_data": "The Fund uses a synthetic replication method involving total return 'unfunded' OTC swaps and exchange-traded equity futures to track the Solactive AgTech & Food Innovation v2 Index. This is explicitly stated in the KIID and PRIIPs KID documents. The Fund invests primarily in equity securities but supplements this with derivatives for investment purposes, not merely for risk management, which triggers the 'derivatives' flag as false but 'swaps' as true. There is explicit mention of counterparty risk associated with these swaps, which is a complexity indicator under MiFID II. The Fund does not employ leverage or inverse strategies, and the risk profile is medium-high (risk category 5-6), reflecting the volatility of the underlying sector and derivative usage. The Fund is UCITS compliant, which generally implies regulatory oversight and investor protections, but the presence of unfunded swaps and counterparty risk elevates the complexity classification. The Fund also engages in securities lending, which adds operational complexity but is not a primary driver of complexity classification. The underlying index focuses on a niche sector (AgTech & Food Innovation), which may be less familiar to retail investors, adding to the complexity. No capital protection or structured features are present. Costs are straightforward with no performance fees, but derivative-related costs and swap fees are implied. The PRIIPs KID does not include a comprehension warning but confirms the use of derivatives and the medium-high risk profile. Overall, the synthetic replication via unfunded swaps and associated counterparty risk are the main drivers for classifying this ETF as complex under MiFID II."
}