{
    "ucits": true,
    "type": "ETF",
    "leverage": false,
    "derivatives": true,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": "Derivatives used for currency hedging, not for index replication; no embedded swaps, leverage, or inverse features; no complex indices or structured products; physical replication of a transparent equity index.",
    "supporting_data": "The ETF is a UCITS-compliant, physically replicated fund tracking the MSCI Europe Index. It uses derivatives (FX forwards) solely for currency hedging to reduce the effect of exchange rate fluctuations between the share class currency (MXN) and the fund's base currency (EUR). The use of derivatives is limited to hedging and does not form an integral part of the index replication strategy. The fund may engage in securities lending, but this is a secondary activity, well-managed within UCITS rules, and does not dominate the risk profile. The underlying index is transparent and straightforward, consisting of large- and mid-cap European equities. There is no significant leverage, no embedded swaps or structured products, and no complex indices. The risks are primarily market risk and currency risk, both of which are standard for equity ETFs and clearly disclosed. The structure, risks, and objectives are straightforward and can be understood by a retail investor with basic knowledge.",
    "classification": "non-complex"
}