{
    "fund_name": "Global X FinTech UCITS ETF",
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "complex_factors": [
        "Use of unfunded OTC swaps for investment purposes",
        "Potential exposure to complex fintech companies",
        "Risk category 7 (high risk)",
        "Derivatives risk including counterparty risk"
    ],
    "classification": "complex",
    "confidence": 85,
    "supporting_data": "The fund uses unfunded OTC swaps and exchange-traded equity futures for investment purposes, which introduces counterparty risk and potential complexity. While the primary replication method appears to be physical, the use of derivatives for investment purposes (not just efficient portfolio management) suggests additional complexity. The high risk category (7) and exposure to potentially complex fintech companies further support this classification. The PRIIPs KID would need to be reviewed for any comprehension warnings that might further confirm complexity, but based on the KIID alone, the fund meets several MiFID II complexity criteria.",
    "counter_argument": "One could argue that the derivatives usage is limited and the fund primarily uses physical replication, which might suggest non-complex status. However, the explicit mention of using swaps for investment purposes (not just hedging) and the high risk category outweigh this argument.",
    "risk_profile_alignment": "The risk category 7 aligns with the complexity classification, as it indicates higher volatility and potentially less predictable risks that may be harder for retail investors to understand."
}