{
    "fund_name": "Global X Telemedicine & Digital Health UCITS ETF",
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": [
        "Unfunded OTC swaps",
        "Concentration risk in niche sector",
        "High risk category (7)"
    ],
    "classification": "complex",
    "supporting_data": "The ETF primarily uses physical replication but explicitly mentions the use of 'unfunded' OTC swaps and equity futures for investment purposes, which introduces counterparty risk and complexity. The high risk category (7) and concentration in a niche sector (telemedicine & digital health) further contribute to its complexity. While the ETF is UCITS-compliant and primarily physically replicated, the use of derivatives beyond efficient portfolio management (EPM) and the specialized sector focus make it complex under MiFID II.",
    "confidence": 85,
    "risk_level": 7,
    "counterparty_risk": true,
    "benchmark_complexity": "moderate",
    "liquidity_risk": "moderate",
    "capital_protection": false,
    "structured_features": false,
    "comprehension_warning": false,
    "additional_notes": "The ETF's use of derivatives is not purely for hedging or EPM but explicitly for investment purposes, which increases complexity. The niche sector focus and high volatility (risk category 7) also support the complex classification."
}