{
    "type": "ETC",
    "ucits": false,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": "",
    "classification": "non-complex",
    "supporting_data": "The AMUNDI PHYSICAL GOLD ETC is a debt security linked to physical gold, backed 100% by physical allocated gold held by HSBC Bank plc as custodian. The replication method is physical, with no mention of synthetic replication, swap agreements, or derivative instruments used to achieve exposure. There is no leverage, inverse or amplified exposure. The risk indicator is medium (4/7), reflecting market and issuer credit risk but not complexity from derivatives or leverage. The product does not have capital protection or structured features. Costs are straightforward with a low ongoing management fee (0.12%) and no performance fees or swap fees. The product is not UCITS compliant as it is an ETC (debt security). The PRIIPs KID and factsheet confirm no use of derivatives or swaps, and the underlying asset is physical gold, a liquid and transparent commodity. The product is classified as non-complex under MiFID II because it uses physical replication, has no leverage or derivatives inherent to the strategy, and the underlying asset is straightforward. The complexity warning in the KID relates to the product being a debt security with issuer credit risk, not to structural or derivative complexity."
}