{
    "type": "ETF",
    "ucits": true,
    "fund_name": "Global X Autonomous & Electric Vehicles UCITS ETF",
    "investment_objective": "To replicate the performance of the Solactive Autonomous & Electric Vehicles v2 Index by investing primarily in equity securities of companies involved in electric and autonomous vehicles.",
    "primary_asset_class": "Equity",
    "geographic_sector_focus": "Global, focused on companies involved in electric and autonomous vehicles",
    "replication_method": "synthetic",
    "swaps": true,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": [
        "Unfunded total return OTC swaps",
        "Counterparty risk",
        "Use of derivatives for investment purposes",
        "Securities lending",
        "Concentration in a niche sector"
    ],
    "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, which are complexity flags. Although derivatives are used, the document states they are for investment purposes rather than solely for risk management, so derivatives exposure is considered inherent. There is no leverage or inverse exposure. The Fund invests primarily in equities but is highly concentrated in the autonomous and electric vehicle sector, increasing risk and complexity. The risk profile is high (category 7 in KIID, 5 in PRIIPs), reflecting volatility and complexity. Costs are straightforward with no performance fees, but securities lending is used, which adds operational complexity. The PRIIPs KID confirms the synthetic replication and medium-high risk classification, with no capital protection or structured features. The use of unfunded swaps and counterparty risk exposure mandates classification as complex under MiFID II, despite the absence of leverage or capital protection. The niche sector concentration and derivative usage further support this classification."
}