{
    "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, with significant exposure to US, Japan, Switzerland, Norway, UK, Canada, Israel, Finland, South Korea",
    "replication_method": "physical",
    "swaps": true,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": "Unfunded total return swaps usage",
    "classification": "complex",
    "supporting_data": "The ETF primarily uses physical replication investing in equities and depositary receipts to track the Indxx Global Robotics & Artificial Intelligence Thematic v2 Index. However, the KIID explicitly states the Fund may use financial derivative instruments, specifically total return 'unfunded' OTC swaps and exchange-traded equity futures for investment purposes. The use of unfunded total return swaps introduces counterparty risk and derivative complexity, which under MiFID II rules classifies the ETF as complex. There is no leverage or inverse exposure. The risk profile is high (risk category 7 in KIID), reflecting the volatility of the underlying thematic equity exposure rather than derivative leverage. The PRIIPs KID confirms the use of unfunded OTC swaps and futures but indicates derivatives are used for investment purposes, not merely risk management, supporting the classification as complex. The monthly factsheet confirms physical full replication as the primary method but does not contradict the derivative usage noted in the KIID. No capital protection or structured features are present. Costs are straightforward with no performance fees, but securities lending is used for efficient portfolio management. Overall, the presence of unfunded total return swaps and derivative instruments as an inherent part of the investment strategy drives the complex classification despite physical replication being the main method."
}