{
    "fund_name": "Global X Cybersecurity 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",
        "Potential use of equity futures",
        "Counterparty risk from derivative instruments",
        "Risk category 7 (highest risk level)"
    ],
    "classification": "complex",
    "confidence": 85,
    "supporting_data": "The KIID explicitly states the fund may use 'unfunded OTC swaps' and 'exchange-traded equity futures' for investment purposes, which are clear indicators of synthetic replication. While the primary investment is in equity securities, the derivative usage for replication purposes crosses the MiFID II threshold for complexity. The risk category 7 designation further supports this classification, as it indicates a high level of risk that may not be easily understood by retail investors. The PRIIPs KID would need to be reviewed for any additional complexity warnings, but the current evidence from the KIID is sufficient to classify this as a complex product under MiFID II.",
    "counter_argument": "One could argue that the derivatives are used for efficient portfolio management rather than speculative purposes, which might suggest non-complex status. However, the explicit mention of 'unfunded OTC swaps' and the high risk category override this argument, as these features typically require specialist knowledge to understand and manage.",
    "risk_profile_alignment": "The high risk category (7) aligns with the potential complexity introduced by derivative usage and counterparty risk, reinforcing the complex classification."
}