{
    "fund_name": "Global X S&P 500 Covered Call UCITS ETF",
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "replication_method": "synthetic",
    "complex_factors": [
        "Swaps",
        "Derivatives",
        "Covered Call Strategy"
    ],
    "classification": "complex",
    "supporting_data": "The ETF uses a swap agreement to replicate the index performance, which introduces counterparty risk and derivative exposure. The covered call strategy involves selling call options, which adds complexity to the investment strategy. The risk profile is rated at level 6, indicating higher volatility and complexity. The use of financial derivative instruments (FDIs) for hedging and investment purposes further contributes to the complexity.",
    "confidence": 90,
    "risk_level": 6,
    "counterparty_risk": true,
    "capital_protection": false,
    "structured_features": false,
    "illiquid_assets": false,
    "benchmark_complexity": "The ETF tracks the Cboe S&P 500 BuyWrite 15% WHT Index, which involves a covered call strategy, adding complexity to the benchmark replication.",
    "additional_notes": "While the ETF does not use leverage or inverse strategies, the combination of synthetic replication via swaps, the use of derivatives, and the covered call strategy makes it complex under MiFID II. The PRIIPs document, if available, might provide further clarity on comprehension warnings, but the current KIID already indicates significant complexity factors."
}