{
    "fund_name": "Global X European Infrastructure Development UCITS ETF",
    "type": "ETF",
    "ucits": true,
    "replication_method": "synthetic",
    "leverage": false,
    "inverse": false,
    "derivatives": true,
    "swaps": true,
    "complex_factors": [
        "Synthetic replication using unfunded OTC swaps",
        "Potential exposure to counterparty risk from derivatives"
    ],
    "classification": "complex",
    "confidence": 85,
    "supporting_data": "The ETF uses unfunded OTC swaps for replication, which introduces counterparty risk and requires understanding of derivative instruments. While the fund is UCITS-compliant and tracks a straightforward infrastructure index, the synthetic replication method with derivatives crosses the MiFID II complexity threshold. The PRIIPs KID would need to be checked for any comprehension warnings that might further support this classification. The monthly factsheet could provide additional details on swap usage and benchmark complexity that might either reinforce or challenge this assessment."
}