{
    "type": "ETC",
    "ucits": false,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The WisdomTree Core Physical Gold product is an Exchange Traded Commodity (ETC) that provides direct exposure to physical gold bullion. The KIID and factsheet confirm that the product is physically backed by allocated gold bars held by HSBC Bank plc, with no use of synthetic replication or swap agreements. There is no leverage, inverse exposure, or derivative instruments used as part of the investment strategy. The product is not UCITS compliant but is UCITS eligible. The risk profile is medium (4 out of 7), reflecting market and currency risks typical of physical commodity exposure, but no complexity arising from derivatives or structured features. Costs are straightforward with a low management fee (0.12%) and no performance fees or swap fees. The product does not employ capital protection or structured return formulas. The underlying asset is physical gold, a liquid and transparent commodity. There are no references to counterparty risk beyond the issuer credit risk typical of ETCs, and no collateral or swap counterparty risk disclosures. The PRIIPs KID and factsheet do not indicate any complexity warnings or comprehension warnings. Overall, the product exhibits a clear, linear relationship to the underlying gold spot price, with no synthetic or leveraged elements, making it non-complex under MiFID II criteria."
}