{
    "type": "ETF",
    "ucits": true,
    "fund_name": "Global X Robotics & Artificial Intelligence UCITS ETF",
    "investment_objective": "To replicate the performance of the Indxx Global Robotics & Artificial Intelligence Thematic v2 Index by investing primarily in equity securities of companies involved in robotics and AI.",
    "primary_asset_class": "Equity",
    "geographic_focus": "Developed markets globally",
    "replication_method": "synthetic",
    "swaps": true,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": [
        "Unfunded total return swaps",
        "Counterparty risk",
        "Use of derivatives for investment purposes",
        "Securities lending",
        "Exposure to thematic equity index with potential concentration risk"
    ],
    "classification": "complex",
    "supporting_data": "The Fund uses synthetic replication via total return 'unfunded' OTC swaps and exchange-traded equity futures to replicate the Indxx Global Robotics & Artificial Intelligence Thematic v2 Index. The KIID explicitly mentions the use of unfunded swaps and counterparty risk associated with derivatives. Although the derivatives are used for investment purposes rather than solely for risk management, the presence of swap agreements triggers complexity classification under MiFID II. The Fund is UCITS compliant and invests primarily in equities, but the synthetic replication method and derivative usage introduce complexity. There is no leverage or inverse exposure. The risk profile is high (category 7 in KIID, 5 in PRIIPs), reflecting volatility and derivative risks. Costs are straightforward with no performance fees, but securities lending is used. The PRIIPs KID does not include a comprehension warning but confirms medium-high risk and derivative usage. The monthly factsheet (not fully provided) is expected to confirm swap usage and derivative exposure. Overall, the synthetic replication via unfunded swaps and associated counterparty risk are the main drivers of the complex classification despite the fund's equity focus and UCITS status."
}