{
    "success": true,
    "data": {
        "leverage": false,
        "derivates": false,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "ucits": true,
        "type": "ETC",
        "complex_factors": [
            "Hedging strategy for currency fluctuations between GBP and USD.",
            "Potential for price deviation on secondary market from the underlying gold price."
        ],
        "classification": "non-complex",
        "supporting_data": "The product, iShares Physical Gold GBP Hedged ETC, is a secured debt security linked to physical gold, held by the issuer.  It tracks the LBMA gold price, and aims to reduce currency fluctuations between GBP and USD.  This ETC is structured as a debt security, not a UCITS.  While there's a hedging strategy, it's not integral to the primary investment objective of tracking gold price.  The ETF is physically replicated, meaning it holds the underlying asset, gold. The gold price is volatile, but this is a market risk, not an indicator of complexity inherent in the product's structure.  The product is classified as medium risk (4/7), but the product's structure and the transparency of the underlying index (LBMA gold price) make it understandable for retail investors.  The fact that investors are cautioned of the product's complexity specifically in Spain, likely reflects local regulatory interpretation, rather than an inherently complex structure for an average retail investor. The complexity of the risks is described in plain language."
    }
}