{
    "fund_name": "Global X Autonomous & Electric Vehicles UCITS ETF",
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": [
        "Unfunded OTC swaps",
        "Financial Derivative Instruments (FDIs)"
    ],
    "classification": "complex",
    "supporting_data": "The KIID indicates the fund may use 'unfunded' OTC swaps and exchange-traded equity futures for investment purposes, which introduces counterparty risk and complexity. While the primary replication method is physical, the use of derivatives for purposes beyond efficient portfolio management (EPM) triggers complexity under MiFID II. The risk profile (category 7) and the mention of derivatives risk further support this classification.",
    "confidence": 85,
    "counter_argument": "The fund is UCITS-compliant and primarily uses physical replication, which typically suggests non-complex status. However, the explicit mention of 'unfunded' OTC swaps and FDIs for investment purposes (not just hedging) overrides this, as such instruments introduce material counterparty and operational risks that retail investors may not fully comprehend.",
    "risk_level": 7,
    "benchmark_complexity": "The Solactive Autonomous & Electric Vehicles v2 Index is sector-specific and may include illiquid or volatile components, but this alone does not drive complexity. The derivative usage is the primary factor."
}