{
    "type": "ETF",
    "ucits": true,
    "fund_name": "Global X Telemedicine & Digital Health UCITS ETF",
    "investment_objective": "To track the performance of the Solactive Telemedicine & Digital Health Index by investing primarily in equity securities of companies involved in telemedicine and digital health.",
    "primary_asset_class": "Equity",
    "geographic_sector_focus": "Global, focused on telemedicine and digital health companies",
    "replication_method": "synthetic",
    "swaps": true,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": [
        "Unfunded total return swaps",
        "Sector concentration",
        "Derivative counterparty risk"
    ],
    "classification": "complex",
    "supporting_data": "The Fund uses synthetic replication via total return 'unfunded' OTC swaps and exchange-traded equity futures to achieve its investment objective, as explicitly stated in the KIID and PRIIPs KID. This swap usage is inherent to the strategy rather than solely for risk management, triggering complexity classification. The Fund invests primarily in equities but may use derivatives extensively, including swaps, which introduces counterparty risk. The risk profile is high (risk category 7 in KIID, 5 in PRIIPs KID), reflecting volatility and sector concentration risk. There is no leverage or inverse exposure. The Fund is UCITS compliant and physically invests in equities where practicable but relies on synthetic replication when full physical replication is not possible. The presence of unfunded swaps and derivative counterparty risk, combined with sector concentration and derivative usage, drives the classification as complex under MiFID II. Costs are straightforward with no performance fees, but securities lending is used. The PRIIPs KID does not carry a specific comprehension warning but confirms medium-high risk and derivative usage. No capital protection or structured features are present. Overall, the synthetic replication via unfunded swaps and derivative counterparty risk are the main complexity drivers despite the Fund's equity focus and UCITS status."
}