{
    "fund_name": "WisdomTree Physical Gold - EUR Daily Hedged",
    "type": "ETC",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [
        "Currency hedging mechanism",
        "Commodity exposure via ETC structure",
        "Potential counterparty risk from issuer"
    ],
    "classification": "non-complex",
    "supporting_data": "The ETC is classified as non-complex because it uses physical gold as the underlying asset with daily currency hedging. While the ETC structure involves some complexity (as it's a debt security backed by physical gold), the investment strategy is straightforward: tracking the MS Long Gold Euro Hedged Index. The physical replication method and lack of leverage or derivatives beyond simple hedging make this suitable for retail investors. The main complexity factors are the ETC structure itself and the currency hedging mechanism, but these are standard for commodity ETFs/ETCs and do not reach the threshold for MiFID II complexity classification. The risk profile is medium (4/7) and clearly disclosed, with no capital protection features or structured products involved.",
    "confidence": 90
}