{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "leverage": false,
        "derivates": true,
        "swaps": true,
        "inverse": false,
        "replication_method": "synthethic",
        "complex_factors": "Synthetic replication using total return swaps, and an index focused on European Defence Tech companies with potential for opaque elements and roll costs. The fund may invest in FDIs namely total return swaps.",
        "classification": "complex",
        "supporting_data": "The Global X Europe Focused Defence Tech UCITS ETF employs a synthetic replication method through the use of total return swaps to replicate the Mirae Asset Europe Defence Tech Index. This is a major factor in classifying the ETF as complex. Additionally, the index itself focuses on 'Defence Tech' companies, which may include complex or opaque business activities.The fund is passively managed and may use financial derivative instruments. Securities lending is a potential source of additional risk and opacity if not well managed. The fact that the replication method relies on derivatives (total return swaps) is a key element that drives the 'complex' classification. The index's focus on specific sectors, particularly those subject to regulatory scrutiny, and the use of swaps introduces counterparty risk, which contributes to the complexity. The KID's statement about the risks involved is not the primary factor in determining complexity.  The lack of capital protection is a standard feature of equity ETFs, it does not make the asset complex. The fact that the fund aims to track an index does not of itself make the fund non-complex because the index replication method employed and the underlying investment strategy are the primary drivers of complexity. The use of total return swaps is an explicit trigger for complexity."
    }
}