{
    "type": "ETF",
    "ucits": true,
    "fund_name": "Global X Video Games & Esports UCITS ETF",
    "investment_objective": "To track the performance of the Solactive Video Games & Esports v2 Index",
    "primary_asset_class": "Equity",
    "geographic_sector_focus": "Global, focused on video games and esports companies",
    "replication_method": "synthetic",
    "swaps": true,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": [
        "Unfunded total return swaps",
        "Synthetic replication",
        "Counterparty risk"
    ],
    "classification": "complex",
    "supporting_data": "The Fund aims to track the Solactive Video Games & Esports v2 Index primarily by investing in equity securities and derivatives, including total return 'unfunded' OTC swaps and exchange-traded futures. The use of unfunded OTC swaps for synthetic replication is explicitly stated, which introduces counterparty risk and derivative exposure beyond mere risk management. The Fund does not employ leverage or inverse strategies, and the risk profile is medium-high (risk category 5-6). The Fund is UCITS compliant and invests in liquid equity securities but uses synthetic replication via swaps, which is a key complexity driver under MiFID II. There is no capital protection or structured product features. Costs include securities lending revenue sharing but no performance fees. The PRIIPs KID confirms the use of unfunded OTC swaps and highlights counterparty risk and derivative use as inherent to the strategy, not just for hedging. The synthetic replication and swap usage classify this ETF as complex under MiFID II despite the absence of leverage or capital protection. The risk rating aligns with a medium-high risk but the complexity classification is driven primarily by the synthetic replication method and swap counterparty exposure."
}