{
    "type": "ETF",
    "ucits": true,
    "fund_name": "Global X Cybersecurity UCITS ETF",
    "investment_objective": "To replicate the performance of the Indxx Cybersecurity v2 Index by investing primarily in equity securities of companies deriving at least 50% of revenues from cybersecurity activities.",
    "primary_asset_class": "Equity",
    "geographic_sector_focus": "Global cybersecurity companies listed on exchanges such as NYSE and LSE",
    "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 replicate the Indxx Cybersecurity v2 Index primarily through physical equity securities but explicitly states it may use financial derivative instruments, namely total return 'unfunded' OTC swaps and exchange-traded equity futures for investment purposes. The use of unfunded total return swaps is a key complexity indicator under MiFID II. Although derivatives are used, the documents clarify these are for investment purposes rather than solely risk management, so 'derivatives' is marked false only if used for hedging, but here swaps are inherent to replication. There is no leverage or inverse exposure. The Fund is UCITS compliant. The risk profile is high (risk category 7 in KIID, 5 in PRIIPs), reflecting volatility of underlying cybersecurity equities and derivative counterparty risk. The Fund discloses counterparty risk and derivative risk prominently, including potential loss of instruments and sensitivity to market volatility. No capital protection or structured features are present. Costs are straightforward with no performance fees, but securities lending is used. The synthetic replication via unfunded swaps and counterparty exposure drives the classification as complex under MiFID II, despite the physical equity focus and absence of leverage. The complexity arises from the swap usage and derivative counterparty risk, which may not be easily understood by retail investors. No mention of complex underlying assets like contingent bonds or structured products was found. The PRIIPs KID does not include a comprehension warning but confirms medium-high risk and derivative use. The monthly factsheet (URL provided) should be checked for further validation but no contradictory information was found in the KIID and PRIIPs documents."
}