{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "leverage": false,
        "derivates": true,
        "swaps": true,
        "inverse": false,
        "replication_method": "synthethic",
        "complex_factors": "Use of Total Return Swaps, investment objective achieved through derivatives, counterparty risk, and collateral risk inherent in the synthetic replication strategy. The underlying index tracks global companies involved in the silver mining industry with potential currency exchange rate risk. The document confirms the use of derivatives, specifically 'total return u201cunfundedu201d OTC swaps'. The Fund may invest in depositary receipts relating either to components securities of the Index or to equity securities of the type referred to above; and financial derivative instruments (u201cFDIsu201d), namely, total return u201cunfundedu201d OTC swaps and exchange-traded equity futures for investment purposes.",
        "classification": "complex",
        "supporting_data": "The Global X Silver Miners UCITS ETF uses total return swaps to replicate the Solactive Global Silver Miners Total Return v2 Index. This synthetic replication strategy introduces counterparty risk and collateral risk, as the ETF does not directly hold the underlying assets of the index. The ETF's structure and risks are not easily understood by retail investors with basic financial knowledge, requiring understanding of swaps and associated risks. The use of derivatives is central to achieving the investment objective. This is not a physical replication strategy which is non-complex. The fund also uses exchange traded futures and securities lending."
    }
}