{
    "type": "ETC",
    "ucits": false,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": "Physical backing by physical uranium holdings; no derivatives or leverage; high risk due to commodity exposure and issuer credit risk",
    "classification": "non-complex",
    "supporting_data": "The Sprott Physical Uranium ETC is an ETC (exchange traded commodity) that is physically backed by the underlying asset, the Sprott Physical Uranium Trust, which holds physical uranium stock in warehouses. The KIID explicitly states the ETC holds physical assets rather than synthetic replication or derivatives. There is no mention of swap agreements, total return swaps, or derivative instruments used to achieve the investment objective. The ETC does not employ leverage, inverse exposure, or amplified returns. The risk rating is high (6 out of 7), reflecting commodity price volatility and issuer credit risk, but this does not imply complexity under MiFID II. Costs are straightforward with no performance fees or derivative-related fees. The product is not UCITS compliant, as it is a debt security issued by the company, but this does not affect complexity classification. The ETC\u2019s structure is transparent and linear, providing direct exposure to physical uranium prices without embedded derivative or structured product features. No capital protection or contingent features are present. The high risk level is due to market and issuer risk, not structural complexity. Therefore, under MiFID II criteria, this ETC is classified as non-complex."
}