{
    "fund_name": "Global X Video Games & Esports UCITS ETF",
    "type": "ETF",
    "ucits": true,
    "replication_method": "synthetic",
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "complex_factors": [
        "Synthetic replication using unfunded OTC swaps",
        "Derivative counterparty risk exposure",
        "Potential for significant tracking error",
        "Complex index methodology (Solactive Video Games & Esports v2 Index)"
    ],
    "classification": "complex",
    "supporting_data": "The ETF uses synthetic replication via unfunded OTC swaps, which introduces counterparty risk and potential tracking error. While the index itself tracks straightforward video game and esports companies, the use of derivatives for replication purposes triggers MiFID II complexity classification. The KIID mentions 'unfunded' swaps and derivative counterparty risk, which are key complexity indicators. The PRIIPs document would typically include a comprehension alert if available, further supporting this classification. The monthly factsheet would likely confirm swap usage details. While the underlying holdings are relatively straightforward, the replication method and derivative exposure make this a complex product under MiFID II.",
    "confidence": 90,
    "risk_profile": "The fund is classified in risk category 6, which aligns with its complex classification due to derivative exposure and potential tracking error. The risk profile is higher than typical physical replication ETFs, supporting the complex determination."
}