{
    "fund_name": "EMQQ Emerging Markets Internet 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 EMQQ Emerging Markets Internet UCITS ETF is classified as non-complex under MiFID II based on the following analysis: 1. Replication Method: The fund uses physical replication, investing directly in the underlying securities of the EMQQ Index, which is a straightforward, transparent approach. 2. No Leverage or Inverse Exposure: The fund does not employ any leverage or inverse strategies, as indicated by the absence of terms like 'leveraged,' 'inverse,' or 'amplified returns' in the KIID. 3. Underlying Asset Complexity: The fund invests in publicly-traded, emerging market internet companies, which are liquid and transparent. There is no mention of complex structured products, contingent bonds, or other illiquid securities. 4. Risk Profile: The fund's risk profile is rated as 5 out of 7, which is moderate and does not indicate excessive complexity. The primary risks are market risk, liquidity risk, and tracking error, which are typical for equity ETFs. 5. Costs and Charges: The fund has a simple fee structure with an ongoing charge of 0.86%, and there are no performance-related fees or complex derivative costs. 6. No Counterparty Risk: The physical replication method eliminates counterparty risk, as the fund does not use swaps or other derivative instruments. 7. UCITS Compliance: The fund is UCITS-compliant, which inherently limits the use of complex strategies and derivatives. The PRIIPs KID and factsheet do not reveal any additional complexity factors, such as a comprehension warning or extensive derivative usage. The fund's straightforward investment strategy, physical replication, and lack of leverage or complex underlying assets support the non-complex classification.",
    "confidence": 95
}