{
    "type": "ETC",
    "ucits": true,
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The Invesco Physical Gold ETC is a physically backed exchange-traded certificate that aims to track the performance of the spot gold price. The KIID and factsheet confirm that the ETC is fully collateralized by physical gold bullion held in J.P. Morgan Chase Banks London vaults, with no mention of synthetic replication, swaps, or derivative instruments. The replication method is explicitly stated as physical, and there are no indications of leverage, inverse exposure, or complex underlying assets. The risk indicator is rated 4 out of 7, which is considered medium risk, and the costs are straightforward with a fixed fee of 0.12% p.a. The ETC is UCITS-eligible, further supporting its classification as non-complex under MiFID II. The absence of any complexity indicators such as derivatives, swaps, or leverage, combined with the straightforward physical backing and transparent structure, leads to the conclusion that this ETC is non-complex.",
    "confidence": 95
}