{
    "type": "ETF",
    "ucits": true,
    "fund_name": "Global X Disruptive Materials 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 Disruptive Materials v2 Index.",
    "primary_asset_class": "Equity",
    "geographic_sector_focus": "Global companies involved in production of disruptive materials essential to technologies such as lithium batteries, solar panels, wind turbines, robotics, etc.",
    "replication_method": "synthetic",
    "swaps": true,
    "derivatives": true,
    "leverage": false,
    "inverse": false,
    "complex_factors": [
        "Unfunded total return OTC swaps",
        "Derivative instruments usage",
        "Counterparty risk exposure",
        "Complex underlying index with exposure to volatile disruptive materials sector"
    ],
    "classification": "complex",
    "supporting_data": "The Fund uses total return 'unfunded' OTC swaps and exchange-traded equity futures to achieve its investment objective, indicating synthetic replication. The KIID explicitly mentions derivative instruments and swap agreements as part of the investment strategy. There is counterparty exposure inherent in the use of unfunded swaps. The Fund invests in a complex and volatile sector (disruptive materials companies) with high price volatility and risks related to commodity prices, political and environmental factors. The risk profile is high (risk category 7 in KIID, 5 in PRIIPs KID), reflecting the volatility and complexity of the underlying assets. No leverage or inverse exposure is indicated. The Fund is UCITS compliant but the use of synthetic replication and swaps classifies it as complex under MiFID II. Costs include securities lending but no performance fees. The PRIIPs KID confirms the use of unfunded OTC swaps and derivative instruments for investment purposes, not merely for risk management, reinforcing the complexity classification. The complexity arises primarily from the synthetic replication method and derivative usage, combined with the volatile and complex underlying index exposure.",
    "risk_level_assessment": "The Fund's stated risk profile is high (7/7 in KIID, 5/7 in PRIIPs KID), consistent with the volatility of the underlying disruptive materials sector and the use of derivatives. This aligns with the MiFID II complexity assessment, as higher risk ratings often correlate with complexity. The presence of counterparty risk and derivative exposure further supports this alignment."
}