{
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The iShares Core S&P 500 UCITS ETF MXN Hedged (Acc) is a physically replicated ETF that tracks the S&P 500 Index. The KIID and factsheet confirm that the fund primarily holds the underlying equity securities of the index in similar proportions. While the fund may use financial derivative instruments (FDIs) for currency hedging and efficient portfolio management, these are not used for leverage or synthetic replication. The fund's risk profile is transparent, with a risk rating of 6 primarily due to equity market exposure rather than structural complexity. The fund does not employ leverage, inverse strategies, or complex underlying assets. The use of derivatives is limited to hedging purposes, which is a common and accepted practice for non-complex ETFs under MiFID II. The fund's physical replication method, straightforward investment objective, and lack of complex features support its classification as non-complex.",
    "confidence": 95
}