{
    "type": "ETC",
    "ucits": false,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The WisdomTree Physical Gold ETC is classified as non-complex under MiFID II for the following reasons: 1. It uses physical replication (backed by allocated physical gold held by HSBC Bank plc), 2. There is no leverage, inverse exposure, or use of derivatives/swaps for investment purposes, 3. The product's objective is straightforward (tracking gold spot price less fees), 4. The risk profile is medium (4/7) and clearly disclosed, 5. The underlying asset (physical gold) is simple and transparent, 6. No capital protection or structured features are present, 7. The product is UCITS-eligible (though not UCITS-compliant) and designed for retail investors with basic knowledge. The fact that it is physically backed and does not rely on synthetic replication or complex derivatives makes it suitable for retail investors without requiring specialist knowledge.",
    "confidence": 95
}