{
    "type": "ETC",
    "ucits": false,
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": "Currency hedging, collateralised debt security structure",
    "classification": "non-complex",
    "supporting_data": "The WisdomTree Physical Gold - GBP Daily Hedged is a UCITS eligible Exchange Traded Commodity (ETC), not an ETF, physically backed by allocated physical gold bars held by a custodian. It tracks a transparent index (MS Long Gold British Pound Hedged Index) with a daily currency hedge. The product does not embed derivatives as part of its investment strategy; the currency hedge is implemented daily but is not described as integral to the investment objective in a way that would introduce complexity under MiFID II. There is no leverage beyond UCITS limits, no embedded derivatives or structured products, and the product is designed for retail investors with basic knowledge. The risk profile is medium (4/7), reflecting market and currency risk, not structural complexity. Securities lending is not mentioned, and the product is physically backed, transparent, and straightforward to understand. According to MiFID II rules and ESMA guidance, UCITS ETCs physically backed and with limited derivative use for currency hedging are generally non-complex. The product does not fall under complex categories such as synthetic replication, embedded derivatives, or structured UCITS. Therefore, it is classified as non-complex under MiFID II appropriateness rules."
}