{
    "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 swaps",
        "Derivative counterparty risk",
        "Synthetic replication"
    ],
    "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 swap usage introduces counterparty risk and derivative exposure beyond mere risk management, which under MiFID II rules classifies the ETF as complex. The Fund is UCITS compliant and invests primarily in equities, but the use of unfunded swaps and derivatives for investment purposes (not just hedging) is a key complexity driver. There is no leverage or inverse exposure. The risk profile is high (7 in KIID, 5 in PRIIPs), reflecting volatility of the underlying equities and derivative risks. The PRIIPs KID confirms the use of unfunded OTC swaps and equity futures, and the risk indicator is medium-high (5/7), consistent with derivative exposure. Costs are straightforward with no performance fees, but securities lending is used. The synthetic replication and swap usage, combined with counterparty risk disclosures and derivative risk warnings, drive the classification as complex under MiFID II. There is no capital protection or structured features. The underlying index is a thematic equity index, not inherently complex, but the synthetic replication method and derivative usage elevate complexity. No leverage or inverse exposure is present. The PRIIPs document does not carry a comprehension warning but confirms derivative use for investment purposes. The monthly factsheet (not fully provided here) would likely confirm swap usage and derivative exposure consistent with the KIID. Overall, the synthetic replication via unfunded swaps and derivative counterparty risk are the main complexity factors."
}