{
    "fund_name": "iShares Physical Gold GBP Hedged ETC",
    "type": "ETC",
    "ucits": false,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [
        "Physical gold backing",
        "Currency hedging",
        "No leverage or derivatives"
    ],
    "classification": "non-complex",
    "supporting_data": "The ETC is classified as non-complex under MiFID II because it uses physical replication of gold (holding actual physical gold) and does not employ derivatives, swaps, or leverage. The currency hedging is straightforward and does not introduce additional complexity. The fund's risk profile is medium (4/7), which is typical for commodity investments and does not indicate complexity. The ETC is structured as a debt security linked to physical gold, but this does not make it complex as the underlying asset is transparent and easily understood. The fact that it is not UCITS-compliant does not automatically make it complex, as the complexity assessment focuses on the investment strategy and risks rather than regulatory compliance. The ETC's structure is designed to provide exposure to gold with minimal additional complexity, making it suitable for retail investors.",
    "confidence": 95
}