{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The iShares MSCI Mexico Capped UCITS ETF is classified as non-complex under MiFID II based on the following analysis: 1. Physical replication method: The KIID and PRIIPs documents explicitly state the fund uses 'physical replication' by holding the equity securities that make up the MSCI Mexico Capped Index. 2. No leverage or inverse exposure: There are no references to leverage, inverse strategies, or amplified returns in any of the documents. 3. Minimal derivative usage: While the KIID mentions the possibility of using financial derivative instruments (FDIs) for direct investment purposes, the PRIIPs document clarifies the product structure is 'Physical'. The fact sheet confirms this with no swap or derivative exposure in the portfolio. 4. Simple structure: The fund tracks a straightforward equity index with no capital protection features, structured products, or complex underlying assets. 5. Transparent risk profile: The risk indicators and disclosures are clear and consistent with a standard equity ETF. 6. UCITS compliance: The fund is UCITS-compliant, which inherently limits complexity. The only potential complexity factor mentioned is securities lending (which is standard practice for many ETFs), but this doesn't trigger complexity classification under MiFID II. The absence of any complexity indicators in all three documents supports this non-complex classification.",
    "confidence": 95
}