{
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": null,
    "classification": "non-complex",
    "supporting_data": "The Xtrackers MSCI Mexico UCITS ETF is a physically replicated ETF that tracks the MSCI Mexico TRN Index. The KIID and factsheet indicate that the fund uses direct replication (physical) methodology, meaning it holds the underlying securities of the index. While the KIID mentions that the fund may use derivatives for efficient portfolio management, this is a common practice for risk management and does not inherently make the ETF complex under MiFID II. The fund does not employ leverage, inverse strategies, or synthetic replication. The risk profile is classified as category 7 due to the volatility of the Mexican market, but this is a reflection of the underlying asset class rather than structural complexity. The fund is UCITS-compliant, which imposes additional investor protection measures. The factsheet confirms that the fund uses physical replication and does not rely on swaps or other complex instruments. The absence of capital protection mechanisms, structured features, or illiquid assets further supports the non-complex classification.",
    "confidence": 95
}