{
    "success": true,
    "data": {
        "type": "ETC",
        "ucits": false,
        "leverage": false,
        "derivatives": false,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "complex_factors": [
            "Secured debt obligations with commodity exposure",
            "Asset Backed Notes structure",
            "Potential loss of principal",
            "Limited protection against market performance",
            "Issuer creditworthiness risk",
            "Potential for no payment or less than 10% of issue price in certain circumstances"
        ],
        "classification": "complex",
        "supporting_data": "The product is an ETC structured as secured debt obligations with commodity exposure (Asset Backed Notes). While it aims to track gold, its structure as a debt instrument introduces issuer creditworthiness risk and a potential for loss of principal, which are complexities not typically associated with standard UCITS ETFs tracking physical commodities. The potential for receiving less than the invested amount, or even nothing in certain adverse scenarios, significantly impacts the ease of understanding for a retail investor. The PRIIPs KID explicitly states: 'You are about to purchase a product that is not simple and may be difficult to understand.' This statement, coupled with the inherent risks of a debt instrument and the potential for partial or no repayment, strongly indicates a complex classification under MiFID II requirements focused on investor understanding and protection."
    }
}