{
    "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 sector companies",
    "replication_method": "synthetic",
    "swaps": true,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": [
        "Unfunded total return swaps",
        "Counterparty risk",
        "Sector concentration",
        "Use of derivatives for investment purposes"
    ],
    "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, which is a key complexity indicator under MiFID II. The KIID explicitly mentions the use of unfunded swaps and counterparty risk, confirming derivative usage beyond mere risk management. The Fund invests primarily in equities but may hold depositary receipts and uses derivatives as an inherent part of its strategy, not solely for hedging. The risk profile is high (category 7 in KIID), reflecting volatility and sector concentration risk. The PRIIPs KID confirms a medium-high risk rating (5/7) and highlights counterparty risk and derivative usage. No leverage or inverse exposure is present. The Fund is UCITS compliant. The presence of unfunded swaps and counterparty exposure mandates classification as complex under MiFID II, despite the absence of leverage or capital protection features. The Fund\u2019s strategy and structure may be difficult for retail investors to fully understand due to synthetic replication and derivative counterparty risks. No capital protection or structured features are present. Costs are straightforward with no performance fees, but derivative-related risks and swap usage increase complexity. The monthly factsheet (though content not fully provided) is expected to confirm swap usage and synthetic replication, consistent with the KIID disclosures.",
    "risk_level_assessment": "The Fund\u2019s risk profile is high (7/7) in the KIID and medium-high (5/7) in the PRIIPs KID, reflecting the volatility of the telemedicine sector and the use of derivatives. This aligns with the complexity classification, as higher risk ratings often correlate with complex instruments. The presence of counterparty risk and derivative usage further supports a higher risk and complexity profile."
}