{
    "success": true,
    "data": {
        "complex": false,
        "leverage": false,
        "derivates": false,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "ucits": true,
        "type": "ETF",
        "complex_factors": [
            "No use of derivatives integral to the strategy.",
            "Physical replication, tracking a transparent index.",
            "Risks are easily understood by retail investors with basic knowledge.",
            "No significant leverage or other opaque features."
        ],
        "classification": "non-complex",
        "supporting_data": "The KraneShares ICBCCS S&P China 500 UCITS ETF is passively managed and seeks to track the S&P China 500 Index.  It explicitly states that it does not intend to use financial derivative instruments (like swaps or futures) to achieve its investment objective.  The replication method is physical, meaning the ETF holds the underlying securities of the index. The fund's objectives, structure, and risks are straightforward and easily understood by retail investors with basic financial knowledge.  The risk profile is categorized as 6/7, which indicates higher potential rewards but also significant price volatility. This volatility does not automatically equate to complexity as defined by MiFID II, but is nonetheless an important risk factor to consider in the broader context of the product's classification."
    }
}