{
    "type": "ETF",
    "ucits": true,
    "fund_name": "Global X U.S. Infrastructure Development UCITS ETF",
    "investment_objective": "To replicate the performance of the Indxx U.S. Infrastructure Development v2 Index by investing primarily in equity securities of U.S. infrastructure-related companies.",
    "primary_asset_class": "Equity",
    "geographic_focus": "United States",
    "replication_method": "synthetic",
    "swaps": true,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": [
        "Unfunded total return swaps",
        "Counterparty exposure",
        "Use of derivatives for investment purposes",
        "Securities lending and repo transactions for efficient portfolio management"
    ],
    "classification": "complex",
    "supporting_data": "The ETF is a UCITS fund aiming to replicate the Indxx U.S. Infrastructure Development v2 Index primarily through equity securities. However, the KIID explicitly states the use of financial derivative instruments, namely total return 'unfunded' OTC swaps and exchange-traded equity futures, for investment purposes. The presence of unfunded total return swaps and counterparty exposure are key complexity indicators under MiFID II. Although the fund is not leveraged and does not have inverse or amplified exposure, the synthetic replication method using derivatives for core investment strategy classifies it as complex. The risk indicator is medium-high (5/7), reflecting market and counterparty risks. The fund also engages in securities lending and repurchase transactions for efficient portfolio management, which adds operational complexity. Costs are straightforward with no performance fees, but swap-related costs are implied. The underlying index focuses on U.S. infrastructure equities, which are liquid and transparent, but the synthetic replication and swap usage introduce complexity beyond physical replication. There is no capital protection or structured product features. The PRIIPs KID and factsheet confirm no leverage or contingent bonds, but the swap usage alone mandates classification as complex under MiFID II rules."
}