{
    "type": "ETF",
    "ucits": true,
    "fund_name": "Global X Genomics & Biotechnology UCITS ETF",
    "investment_objective": "To replicate the performance of the Solactive Genomics v2 Index by investing primarily in equity securities of genomics and biotechnology companies.",
    "primary_asset_class": "Equity",
    "geographic_sector_focus": "Global, focused on genomics and biotechnology companies",
    "replication_method": "synthetic",
    "swaps": true,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": [
        "Unfunded total return swaps",
        "Counterparty risk",
        "Use of derivatives for investment purposes",
        "High risk category (7 in KIID, 6 in PRIIPs)",
        "Securities lending",
        "Concentration in genomics & biotechnology sector"
    ],
    "classification": "complex",
    "supporting_data": "The Fund aims to replicate the Solactive Genomics v2 Index primarily through physical equity securities but explicitly states it may use total return 'unfunded' OTC swaps and exchange-traded equity futures for investment purposes. The presence of unfunded swaps and derivative instruments as part of the core replication strategy 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. The risk profile is high (7 in KIID, 6 in PRIIPs), reflecting volatility and derivative-related risks. The PRIIPs KID confirms the use of unfunded OTC swaps and futures, and highlights counterparty risk and the need for investors to understand derivative risks. There is no leverage or inverse exposure, and derivatives are used as an inherent part of the strategy rather than solely for hedging, so 'derivatives' is marked false per instructions. The Fund is UCITS compliant and an ETF. The complexity arises mainly from the synthetic replication via unfunded swaps and the concentrated exposure to a specialized, volatile sector. No capital protection or structured features are present. The PRIIPs document does not include a comprehension warning but does emphasize the high risk and derivative usage. Overall, the synthetic replication and swap usage mandate classification as complex under MiFID II despite the absence of leverage or capital protection features."
}