{
    "type": "ETF",
    "ucits": true,
    "fund_name": "Global X SuperDividend\u00ae UCITS ETF",
    "investment_objective": "To track the Solactive Global SuperDividend\u00ae v2 Index, which consists of 100 equally-weighted highest dividend yielding equity securities globally, including emerging markets.",
    "primary_asset_class": "Equity",
    "geographic_focus": "Global, including emerging markets",
    "replication_method": "synthetic",
    "swaps": true,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": [
        "Swaps",
        "Synthetic replication",
        "Counterparty risk"
    ],
    "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 rather than physical replication. The KIID explicitly mentions 'unfunded' swaps and counterparty risk associated with derivatives. Although derivatives are used primarily for investment purposes and not merely for risk management, the presence of swap agreements and synthetic replication classifies the ETF as complex under MiFID II. There is no leverage or inverse exposure. The risk profile is medium-high (risk category 5-6), consistent with equity market volatility and derivative counterparty risk. The Fund invests in a complex index of high dividend yielding equities globally, including emerging markets, which may add to complexity. Costs include securities lending revenue sharing but no performance fees. The PRIIPs KID confirms the use of unfunded OTC swaps and derivatives for investment purposes and highlights counterparty risk and medium-high risk rating. The synthetic replication and swap usage are the primary drivers of complexity classification despite the absence of leverage or capital protection features."
}