{
    "type": "ETF",
    "ucits": true,
    "fund_name": "Global X FinTech UCITS ETF",
    "investment_objective": "To generate returns that closely correspond, before fees and expenses, generally to the price and yield performance of the Indxx Global FinTech Thematic v2 Index.",
    "primary_asset_class": "Equity",
    "geographic_sector_focus": "Developed markets, financial technology sector",
    "replication_method": "synthetic",
    "swaps": true,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": [
        "Unfunded total return swaps",
        "Synthetic replication",
        "Counterparty risk",
        "Sector concentration risk"
    ],
    "classification": "complex",
    "supporting_data": "The ETF aims to replicate the Indxx Global FinTech Thematic v2 Index primarily by investing in equity securities and depositary receipts. However, the KIID explicitly states that when it is not possible or practicable to hold all component securities, the Fund may invest in financial derivative instruments, specifically total return 'unfunded' OTC swaps and exchange-traded equity futures for investment purposes. The use of unfunded total return swaps is a key complexity indicator under MiFID II. The Fund also engages in securities lending and repurchase transactions for efficient portfolio management, which adds operational complexity but is not a primary complexity driver. The risk profile is high (risk category 7 in KIID, 5 in PRIIPs KID), reflecting volatility and concentration in the fintech sector. The PRIIPs KID confirms the use of unfunded OTC swaps and equity futures but clarifies derivatives are used for investment purposes, not merely risk management, thus derivatives exposure is inherent to the strategy. There is no leverage or inverse exposure. The Fund is UCITS compliant. The complexity arises mainly from synthetic replication via unfunded total return swaps, counterparty risk, and sector concentration in a thematic fintech index, which may be difficult for retail investors to fully understand. No capital protection or structured features are present. Costs are straightforward with no performance fees, but swap fees and securities lending revenue sharing are noted. The PRIIPs KID does not carry a specific comprehension warning but the synthetic replication and swap usage alone classify the ETF as complex under MiFID II rules."
}