{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "replication_method": "physical",
        "derivatives": false,
        "swaps": false,
        "inverse": false,
        "leverage": false,
        "complex_factors": [
            "Concentration Risk",
            "Emerging Market including China",
            "Index Tracking Risk",
            "Liquidity Risk"
        ],
        "classification": "non-complex",
        "supporting_data": "The KraneShares ICBCCS SSE Star Market 50 Index UCITS ETF is classified as non-complex. It operates under the UCITS framework, which provides a baseline presumption of non-complexity due to regulatory safeguards. The ETF uses physical replication to track the SSE Science and Technology Innovation Board 50 Index, meaning it holds the underlying securities. The Key Investor Information Document (KIID) states that the Fund does not intend to use financial derivative instruments. While it notes concentration risk, emerging market exposure, index tracking risk, and liquidity risk, these are considered inherent market risks rather than structural complexities that would render the product difficult for a retail investor to understand. The structure and investment policy are straightforward and transparent. The use of depositary receipts is also common and generally understood within the ETF market. There is no indication of embedded derivatives, leverage, or other features that would typically lead to a complex classification."
    }
}