{
    "fund_name": "KraneShares Electric Vehicles & Future Mobility ESG Screened UCITS ETF",
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF is a physical replication fund tracking the Bloomberg Electric Vehicles ESG Screened Index with no leverage, inverse exposure, or derivative usage beyond standard portfolio management. It uses direct investment in underlying securities (physical replication) and does not employ swaps or other complex instruments. The risk profile (category 7) is primarily due to sector concentration and emerging market exposure rather than structural complexity. The fund is UCITS-compliant, which imposes additional investor protection requirements.",
    "confidence": 95,
    "counter_argument": "The high risk category (7) might suggest complexity, but this is driven by sector-specific risks (e.g., emerging markets, concentration risk) rather than structural complexity. The fund's use of securities lending is disclosed but does not inherently make it complex under MiFID II, as it is a common practice in physical ETFs.",
    "risk_level": "High (category 7 due to sector volatility and emerging market exposure, not structural complexity)"
}