{
    "success": true,
    "data": {
        "leverage": false,
        "derivatives": true,
        "swaps": true,
        "inverse": false,
        "replication_method": "physical",
        "ucits": false,
        "type": "ETC",
        "complex_factors": [
            "Swaps",
            "Currency Hedging"
        ],
        "classification": "complex",
        "supporting_data": "The iShares Physical Gold EUR Hedged ETC is classified as complex primarily due to its use of derivatives for currency hedging.  While the ETC holds physical gold, the hedging strategy to mitigate EUR/USD exchange rate fluctuations involves derivative instruments.  The KID explicitly states a comprehension alert for Spanish investors, indicating a recognition of the product's complexity. Although the underlying asset (gold) is relatively straightforward, the embedded derivatives introduce counterparty and collateral risks, making it difficult for retail investors with basic financial knowledge to fully understand the product's structure and associated risks. The document also mentions potential deviations between market price and daily value which further adds to the opacity and complexity."
    }
}