Encapsulated metal complexes show distinctive behaviors resulting from the confinement of the metal.[1] The cavity plays the role of second coordination sphere, which impacts reactivity and selectivity. [2][3][4][5][6][7] Alterations in regioselectivity were observed with encapsulated metal catalysts in hydratation or hydroformylation reactions. [8][9][10][11] An unusual coordination mode of the complex imposed by the confinement, or a controlled approach of the substrate imposed by sterics have been raised to explain the changes. Hence, regioselectivity is influenced by confinement of the reactive center but the reaction mechanism itself was not invoked. We present here a system in which not only the regioselectivity can be switched by only changing the size of a cavity but also the actual mechanism of the reaction. We also demonstrate another benefit of encapsulation in the discovery of new mechanisms.In the framework of our studies on cyclodextrin (CD)-based metal catalysts, [12] we developed N-heterocyclic carbene (NHC)-capped CD complexes, called (ICyD)M, where the metal is literally wrapped by the CD scaffold.[13] The position of an appended metal inside this cavity forces external ligands to be influenced by its shape to interact with the metal center. Thus, these particular structures were found to induce shapedependent enantio-and regioselectivities in gold-catalyzed cycloisomerisation reactions. [14] Structural analyses of (-ICyD)M and (-ICyD)M complexes, derived from and -CD, respectively, revealed significant differences in shape, in particular in the close surroundings of the metal. For instance, -and -ICyD-based complexes both present a groove leading to the metal, but for (-ICyD)M, a pit situated next to the metallic center is observed whereas the metal is tightly wrapped in (-ICyD)M (Figure 1). [14] This suggests that a lateral approach to the metal may be conceivable for (-ICyD)M complexes but precluded for