{
    "fund_name": "KraneShares ICBCCS SSE Star Market 50 Index UCITS ETF",
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [
        "Complex Index (SSE STAR Market 50)",
        "China-specific regulatory risks",
        "Emerging market concentration"
    ],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication to track the SSE Science and Technology Innovation Board 50 Index, with no leverage, inverse exposure, or swap usage. While the underlying index focuses on Chinese science and technology companies (which may involve higher volatility and regulatory risks), the fund's straightforward replication method and UCITS compliance suggest it is not complex under MiFID II. The primary complexity factors are the emerging market focus and potential regulatory risks, but these do not trigger a 'complex' classification. The fund's risk profile (category 7) reflects market volatility rather than structural complexity.",
    "confidence": 90
}