{
    "type": "ETC",
    "ucits": false,
    "replication_method": "physical",
    "swaps": false,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": "",
    "classification": "non-complex",
    "supporting_data": "The Royal Mint Responsibly Sourced Physical Gold GBP Hedged ETC is a physically backed ETC, holding physical LBMA gold with the Royal Mint. The product tracks the spot price of physical gold and includes a GBP foreign exchange hedge to reduce currency risk. There is no mention of synthetic replication, swap agreements, total return swaps, or derivative instruments used to achieve the investment objective. The ETC is structured as secured debt securities, not units in a collective investment scheme, and is not UCITS compliant. The risk indicator is medium (4 out of 7), reflecting market and issuer risk but no elevated complexity risks such as leverage or derivative counterparty exposure. Costs are straightforward with a single management fee and no performance fees or swap fees. The product does not use leverage or inverse exposure, nor does it invest in complex underlying assets like contingent convertible bonds or CLOs. The foreign exchange hedge is likely implemented via standard FX instruments but is not described as an inherent part of the investment strategy, so derivative use is considered risk management rather than complexity-driving. No capital protection or structured features are present. Overall, the ETC exhibits a clear, linear relationship to the underlying physical gold price, with minimal derivative exposure and no complex features, leading to a non-complex classification under MiFID II."
}