{
    "type": "ETC",
    "ucits": false,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": "",
    "classification": "non-complex",
    "supporting_data": "The Royal Mint Responsibly Sourced Physical Gold ETC is a debt security linked directly to physical gold holdings, with the Company holding physical LBMA gold. The ETC tracks the spot price of physical gold without using synthetic replication, swaps, or derivatives as part of its investment strategy. There is no leverage, inverse exposure, or capital protection mechanism. The risk rating is moderate (4 out of 7), reflecting market and issuer risk but not complexity from derivatives or structured features. Costs are straightforward with a simple management fee and no performance fees or swap fees. The ETC is not UCITS compliant as it is a debt security, but it is physically backed and transparent. No references to synthetic replication, counterparty risk from derivatives, or complex underlying assets were found. The product\u2019s risk disclosures and investor suitability notes indicate that investors should have some knowledge of ETCs and financial markets, but this is due to the nature of investing in physical gold ETCs rather than complexity from the product structure. The absence of derivative usage, leverage, or complex structured features leads to a non-complex classification under MiFID II."
}