{
    "fund_name": "Global X Video Games & Esports UCITS ETF",
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": true,
    "swaps": false,
    "inverse": false,
    "complex_factors": [
        "Use of derivatives for hedging",
        "Potential for securities lending",
        "Concentration risk in a niche sector"
    ],
    "classification": "non-complex",
    "supporting_data": "The ETF primarily uses physical replication to track the Solactive Video Games & Esports v2 Index. While it may use derivatives for hedging purposes, there is no indication of synthetic replication or leverage. The fund's risk profile is primarily driven by equity market risk and sector concentration, which are typical for thematic ETFs. The use of derivatives appears to be for efficient portfolio management rather than as an inherent element of the strategy. The fund is UCITS-compliant and offers daily liquidity, which aligns with non-complex characteristics under MiFID II.",
    "confidence": 85
}