{
    "fund_name": "Xtrackers Physical Gold GBP Hedged ETC",
    "type": "ETC",
    "ucits": false,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [
        "Currency hedging mechanism",
        "Long-term maturity (2061)",
        "No principal protection"
    ],
    "classification": "non-complex",
    "supporting_data": "The ETC uses physical replication of gold with a currency hedging mechanism. While the hedging introduces some complexity, it is a standard feature for commodity ETCs and does not involve derivatives or swaps. The long-term maturity and lack of principal protection are noted but do not trigger complexity under MiFID II. The risk profile (medium risk) and transparency of the underlying gold exposure support the non-complex classification.",
    "confidence": 90
}