{
    "type": "ETC",
    "ucits": false,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": "",
    "classification": "non-complex",
    "supporting_data": "The iShares Physical Gold ETC is a secured debt security linked directly to physical gold, with the Company holding physical gold bars as backing. The replication method is physical, with no mention of synthetic replication, swap agreements, or derivative instruments used to achieve the investment objective. There is no leverage, inverse exposure, or amplification of returns. The underlying asset is physical gold, a liquid and transparent commodity, with no complex structured products or contingent bonds involved. The risk profile is medium (4 out of 7), reflecting market and currency risks but no derivative or counterparty risk disclosures. Costs are straightforward with a low total expense ratio (0.12%) and no performance fees or swap fees. The product is not UCITS compliant as it is an ETC structured as a debt security, not a collective investment scheme. The PRIIPs KID includes a jurisdictional caution that the product 'may be difficult to understand,' but this relates to the nature of ETCs as debt securities rather than complexity from derivatives or leverage. The monthly factsheet confirms physical replication and no use of derivatives or swaps. Therefore, under MiFID II criteria, this ETC is classified as non-complex because it uses physical replication, has no leverage or derivatives inherent in its strategy, and invests directly in a liquid, transparent underlying asset."
}