{
    "fund_name": "AMUNDI PHYSICAL GOLD ETC",
    "type": "ETC",
    "ucits": false,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [
        "Physical gold backing",
        "No leverage or derivatives",
        "Simple replication method"
    ],
    "classification": "non-complex",
    "supporting_data": "The AMUNDI PHYSICAL GOLD ETC is classified as non-complex under MiFID II because it uses physical replication (holds actual gold bars) with no derivatives, swaps, or leverage. The ETC provides direct exposure to gold prices, and its structure is transparent and easily understandable for retail investors. The risk profile is medium (4/7), but this is due to gold's inherent volatility rather than structural complexity. The ETC is backed by physical gold held in segregated accounts, reducing counterparty risk. The fact sheet confirms 100% physical allocation, and the KIID explicitly states no synthetic replication or complex strategies are used. The only potential complexity factor is the long-term nature (99-year term), but this does not affect the MiFID II classification.",
    "confidence": 95
}