{
    "fund_name": "KraneShares ICBCCS S&P China 500 UCITS ETF",
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The KraneShares ICBCCS S&P China 500 UCITS ETF is classified as non-complex under MiFID II based on the following analysis:1. **Replication Method**: The fund uses physical replication, explicitly stating it does not intend to use financial derivative instruments. The KIID confirms the fund seeks to hold all securities of the S&P China 500 Index with approximate weightings, indicating a straightforward physical replication strategy.2. **Derivative Usage**: The KIID and PRIIPs KID explicitly state the fund does not intend to use financial derivative instruments, including swaps or total return swaps. The only mention of derivatives is in the context of potential investments in other UCITS funds (up to 10% of net assets), which are not inherently complex.3. **Leverage and Inverse Exposure**: The fund does not employ any leverage or inverse strategies. The investment objective is to track the performance of the S&P China 500 Index without amplification or inverse exposure.4. **Underlying Asset Complexity**: The underlying assets are equities of the largest and most liquid Chinese companies, which are relatively straightforward and liquid. The index itself is a broad, market-cap-weighted equity index, not a complex or structured product.5. **Risk Profile**: The fund is categorized in risk category 6, which is relatively high due to the nature of Chinese equities and emerging market risks. However, the risk is not due to the fund's structure but rather the underlying assets. The risks are clearly disclosed and align with the expected risks of investing in Chinese equities.6. **Costs and Charges**: The fund has a straightforward fee structure with an ongoing charge of 0.55% and no performance fees or complex fee arrangements.7. **UCITS Compliance**: The fund is UCITS-compliant, which inherently imposes certain transparency and liquidity requirements that reduce complexity.8. **Counterparty Risk**: There is no mention of significant counterparty risk beyond the standard risks associated with investing in equities. The fund does not engage in securities lending or other activities that would introduce counterparty risk beyond typical market exposure.The absence of derivatives, leverage, inverse strategies, and complex underlying assets, combined with the fund's physical replication method and UCITS compliance, supports the classification as non-complex. The high-risk category is due to the underlying assets, not the fund's structure.",
    "confidence": 95
}