{
    "type": "ETF",
    "ucits": true,
    "fund_name": "Global X CleanTech UCITS ETF",
    "investment_objective": "To generate returns that closely correspond, before fees and expenses, generally to the price and yield performance of the Indxx Global CleanTech v2 Index.",
    "primary_asset_class": "Equity",
    "geographic_sector_focus": "Global CleanTech 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 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. This indicates derivative usage as an inherent part of the strategy rather than solely for risk management, triggering complexity classification. The Fund is UCITS compliant and invests primarily in equity securities of CleanTech companies globally, tracking the Indxx Global CleanTech v2 Index. There is no leverage or inverse exposure. The risk profile is high (risk category 7 in KIID, 5 in PRIIPs KID), reflecting volatility and concentration risk in CleanTech equities. The Fund discloses counterparty risk related to derivatives and swap agreements, which is a key complexity factor. Costs are straightforward with no performance fees, but swap usage and securities lending are noted. The PRIIPs KID does not include a comprehension warning but confirms medium-high risk and derivative use. The monthly factsheet (URL provided) would likely confirm swap usage and synthetic replication but was not fully parsed here. Overall, the synthetic replication via unfunded total return swaps and associated counterparty risk drive the MiFID II complexity classification despite the absence of leverage or capital protection features."
}