{
    "type": "ETF",
    "ucits": true,
    "fund_name": "Global X Data Center REITS & Digital Infrastructure UCITS ETF",
    "investment_objective": "To replicate the performance of the Solactive Data Center REITs & Digital Infrastructure v2 Index by investing primarily in equity securities of companies involved in data centers, cellular towers, and digital infrastructure hardware.",
    "primary_asset_class": "Equity",
    "geographic_sector_focus": "Global, focused on data center REITs and digital infrastructure companies",
    "replication_method": "synthetic",
    "swaps": true,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": [
        "Unfunded total return OTC swaps",
        "Concentration in Data Center REITs and Digital Infrastructure companies",
        "Use of securities lending",
        "Derivative counterparty risk"
    ],
    "classification": "complex",
    "supporting_data": "The Fund uses synthetic replication via total return 'unfunded' OTC swaps and exchange-traded equity futures to replicate the Solactive Data Center REITs & Digital Infrastructure v2 Index. The KIID explicitly mentions the use of unfunded swaps and derivative instruments, which are complexity indicators under MiFID II. Although derivatives are used primarily for replication and hedging rather than for leverage or amplification, the presence of unfunded swaps and counterparty risk exposure classifies the ETF as complex. The Fund invests in a concentrated sector of Data Center REITs and Digital Infrastructure companies, which may include illiquid or specialized securities, adding to complexity. The risk profile is medium-high (risk category 5-6), consistent with the volatility and derivative usage. The PRIIPs KID confirms the use of unfunded OTC swaps and highlights counterparty risk and derivative risk. No leverage or inverse exposure is present. The Fund is UCITS compliant and an ETF. The fact that the Fund uses securities lending and repurchase agreements also adds operational complexity. There is no capital protection or structured product features. The cost structure is straightforward with no performance fees, but swap and derivative costs are implicit in the replication method. Overall, the synthetic replication via unfunded swaps and associated counterparty risk are the main drivers of the complex classification under MiFID II."
}