{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares Core S&P 500 UCITS ETF MXN Hedged (Acc) Share Class",
    "investment_objective": "To track the return of the S&P 500 Index through capital growth and income",
    "primary_asset_class": "Equity",
    "geographic_focus": "United States",
    "replication_method": "physical",
    "swaps": false,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF aims to replicate the S&P 500 Index by holding the underlying equity securities in similar proportions, indicating physical replication. The fund uses financial derivative instruments only for currency hedging purposes (FX forward contracts), not as an inherent part of the investment strategy, so derivatives are not considered a complexity factor here. There is no mention of synthetic replication, swap agreements, total return swaps, or counterparty exposure related to derivatives. The fund does not employ leverage or inverse strategies. The risk profile is medium-high (5 out of 7), driven primarily by equity market risk and currency risk, not by structural complexity. The fund is UCITS compliant, uses a straightforward index-tracking objective, invests directly in liquid, transparent securities, and has minimal derivative exposure limited to FX hedging. Costs are simple with a low ongoing charge (0.12%) and no performance fees or complex fee structures. The monthly factsheet confirms physical replication and no use of swaps or complex underlying assets. No capital protection or structured features are present. Overall, the fund\u2019s structure and strategy align with a non-complex classification under MiFID II."
}