{
    "type": "ETF",
    "ucits": true,
    "fund_name": "Global X Defence Tech UCITS ETF",
    "investment_objective": "To closely correspond, before fees and expenses, generally to the price and yield performance of the Mirae Asset Defence Tech Index.",
    "primary_asset_class": "Equity",
    "geographic_sector_focus": "Global Defence Technology companies in developed and emerging markets excluding China (A-Shares and B-Shares), India, Kuwait, Pakistan, Russia, and Saudi Arabia",
    "replication_method": "synthetic",
    "swaps": true,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": [
        "Unfunded total return swaps",
        "Derivative counterparty risk",
        "Complex index exposure"
    ],
    "classification": "complex",
    "supporting_data": "The Fund uses synthetic replication via total return 'unfunded' OTC swaps and exchange-traded equity futures to replicate the Mirae Asset Defence Tech Index. The use of unfunded swaps and derivative instruments introduces counterparty risk and complexity beyond physical replication. Although derivatives are used primarily for replication and hedging rather than leverage, the presence of unfunded swaps mandates classification as complex under MiFID II. The Fund invests in a specialized sector (defence technology) with concentrated exposure, which may increase volatility and tracking error risk. The risk profile is medium-high (risk category 5-6), reflecting the volatility of the underlying equities and derivative usage. No leverage or inverse exposure is present, and the Fund is UCITS compliant. Costs are straightforward with no performance fees, but securities lending and derivative costs exist. The PRIIPs KID does not include a comprehension warning but confirms the use of swaps and derivatives. Overall, the synthetic replication method using unfunded total return swaps and the associated counterparty risk are the primary drivers of the complex classification."
}