{
    "fund_name": "Xtrackers MSCI Mexico UCITS ETF",
    "isin": "LU0476289466",
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication (direct purchase of underlying securities) as confirmed in the factsheet. There is no mention of synthetic replication, swaps, leverage, or inverse strategies. The index (MSCI Mexico TRN) tracks large and mid-cap Mexican equities with a straightforward methodology. The risk profile is classified as category 7 (higher risk), but this reflects the underlying market exposure rather than structural complexity. The fund's use of derivatives is limited to efficient portfolio management (e.g., risk reduction), not for leverage or complex strategies. The absence of counterparty risk, capital protection features, or structured products further supports the non-complex classification.",
    "confidence": 95,
    "counter_argument": "One could argue that the fund's exposure to emerging markets (Mexico) introduces complexity due to higher volatility and political risks. However, this is inherent to the underlying assets, not the fund's structure. MiFID II complexity focuses on structural features (e.g., derivatives, leverage), not market risk.",
    "overriding_reason": "The fund's physical replication, lack of derivatives for leverage or complex strategies, and transparent index methodology align with non-complex criteria under MiFID II."
}