{
    "type": "ETF",
    "ucits": true,
    "fund_name": "Global X European Infrastructure Development UCITS ETF",
    "investment_objective": "To provide investment results that closely correspond, before fees and expenses, generally to the price and yield performance of the Mirae Asset European Infrastructure Development Index.",
    "primary_asset_class": "Equity",
    "geographic_focus": "Europe",
    "replication_method": "synthetic",
    "swaps": true,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": [
        "Unfunded OTC total return swaps",
        "Derivative counterparty risk",
        "Synthetic replication"
    ],
    "classification": "complex",
    "supporting_data": "The Fund aims to replicate the Mirae Asset European Infrastructure Development Index primarily by investing in equity securities but also uses financial derivative instruments, specifically total return 'unfunded' OTC swaps and exchange-traded equity futures for investment purposes. The use of unfunded OTC swaps and derivatives for replication indicates synthetic replication rather than physical. The KIID and PRIIPs KID both confirm the presence of derivative instruments and counterparty risk disclosures, including the risk of loss from derivative counterparties. The Fund is UCITS compliant but uses synthetic replication with unfunded swaps, which is a key complexity driver under MiFID II. There is no leverage or inverse exposure, and derivatives are used as an inherent part of the investment strategy rather than solely for risk management, so derivatives are marked true. The risk profile is medium-high (risk category 5-6), reflecting volatility and derivative risks. Costs are straightforward with no performance fees, but securities lending and swap usage add complexity. The Fund does not have capital protection or structured features. The synthetic replication and swap usage, combined with counterparty risk and derivative exposure, classify this ETF as complex under MiFID II despite its UCITS status and equity focus."
}