{
    "fund_name": "SPDR Bloomberg 1-3 Month T-Bill UCITS ETF (MXN Hedged)",
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": true,
    "swaps": false,
    "inverse": false,
    "complex_factors": [
        "Currency hedging via derivatives",
        "Stratified sampling replication"
    ],
    "classification": "non-complex",
    "supporting_data": "The ETF primarily invests in US Treasury Bills with maturities between 1-3 months, using a stratified sampling replication method. While it uses financial derivatives for currency hedging (MXN hedging), this is a common practice in ETFs to manage FX risk and does not introduce significant complexity. The fund does not use swaps for synthetic replication or leverage, and its risk profile (category 1) is low. The underlying assets (T-bills) are highly liquid and transparent. The use of derivatives here is for efficient portfolio management rather than as an inherent element of the strategy, and the overall structure is straightforward for retail investors to understand.",
    "confidence": 90,
    "counter_argument": "Some might argue that any use of derivatives could trigger complexity under MiFID II. However, the derivatives here are used for currency hedging, which is a standard practice in ETFs and does not materially alter the fund's risk profile or make it harder for retail investors to understand. The fund's low-risk profile and transparent underlying assets further support the non-complex classification.",
    "overriding_reason": "The derivatives usage is for hedging purposes and does not introduce significant complexity or additional risk beyond what is typical for a low-risk, liquid ETF. The fund's overall structure and risk profile align with non-complex classifications under MiFID II."
}