{
    "type": "ETF",
    "ucits": true,
    "fund_name": "Global X Renewable Energy Producers UCITS ETF",
    "investment_objective": "To replicate the performance of the Indxx Renewable Energy Producers v2 Index by investing primarily in equity securities of renewable energy producers.",
    "primary_asset_class": "Equity",
    "geographic_sector_focus": "Global renewable energy producers, including companies producing wind, solar, hydroelectric, geothermal, and biofuels energy.",
    "replication_method": "synthetic",
    "swaps": true,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": [
        "Unfunded total return swaps",
        "Counterparty risk",
        "Securities lending"
    ],
    "classification": "complex",
    "supporting_data": "The Fund aims to replicate the Indxx Renewable Energy Producers v2 Index primarily by investing in the component equity securities. However, the KIID explicitly states the Fund may use financial derivative instruments, namely total return 'unfunded' OTC swaps and exchange-traded equity futures, to achieve its investment objective. The use of unfunded total return swaps introduces counterparty risk and synthetic replication complexity. The Fund also engages in securities lending, which adds operational complexity but not necessarily classification complexity. The PRIIPs KID confirms the Fund is UCITS compliant and has a medium-high risk rating of 5/7, consistent with equity market volatility and derivative usage. There is no leverage or inverse exposure. The derivatives are used as an inherent part of the replication strategy rather than solely for risk management, so derivatives are marked true. The Fund does not have capital protection or structured features. The underlying assets are equities in renewable energy companies, which are liquid and transparent, but the synthetic replication via unfunded swaps and counterparty exposure drives the complexity classification under MiFID II. The fact that the Fund uses unfunded swaps rather than physical replication is the key complexity driver. No leverage or inverse exposure is present. The risk profile aligns with a medium-high risk equity ETF with derivative usage. No performance fees or complex fee structures are noted beyond a standard TER and securities lending revenue sharing. The PRIIPs KID does not carry a specific comprehension warning but highlights counterparty risk and derivative usage clearly. Overall, the synthetic replication via unfunded swaps and associated counterparty risk leads to a classification of 'complex' under MiFID II rules."
}