{
    "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 product is an Exchange Traded Commodity (ETC) that provides exposure to physical gold. It is physically backed by allocated, segregated gold bars held by HSBC Bank plc as custodian, conforming to LBMA Good Delivery standards. The replication method is explicitly 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 amplified returns language. The product is structured as a debt security but does not use derivatives inherently in its strategy; any derivative use would be for risk management, which is not indicated here. The risk profile is medium (4 out of 7), consistent with direct commodity exposure and issuer credit risk, but no complex derivative or capital protection features are present. Costs are straightforward with a single management fee and no performance fees or swap fees. The product is not UCITS compliant but is UCITS eligible. There are no complex underlying assets such as contingent convertible bonds or CLOs. The PRIIPs KID and monthly factsheet confirm no swap usage or derivative complexity. The product\u2019s risk disclosures do not include significant counterparty risk beyond issuer risk, nor do they warn about complexity or suitability issues beyond standard commodity investment risks. Therefore, under MiFID II criteria, this ETC is classified as non-complex."
}