{
    "fund_name": "Global X Genomics & Biotechnology UCITS ETF",
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "complex_factors": [
        "Unfunded OTC swaps",
        "Equity futures",
        "Complex index (Genomics & Biotechnology focus)",
        "Counterparty risk from derivatives"
    ],
    "classification": "complex",
    "supporting_data": "The ETF is classified as complex primarily due to its use of unfunded OTC swaps and equity futures for replication purposes, which introduces counterparty risk and requires understanding of derivative instruments. While the primary replication method appears to be physical (direct investment in index components), the KIID explicitly mentions the use of financial derivative instruments (FDIs) including total return unfunded OTC swaps and exchange-traded equity futures. The index itself is focused on a specialized sector (genomics and biotechnology), which may involve higher volatility and sector-specific risks that could be less transparent to retail investors. The risk profile is rated 7/7, indicating high volatility. While the derivatives are used for replication rather than leverage or inverse strategies, the presence of unfunded swaps and the potential for counterparty risk are significant complexity factors under MiFID II. The PRIIPs KID would need to be reviewed for any comprehension warnings, but based on the KIID alone, the derivative usage and counterparty risk justify the complex classification.",
    "confidence": 85
}