{
    "fund_name": "The Royal Mint Responsibly Sourced Physical Gold ETC Securities",
    "type": "ETC",
    "ucits": false,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [
        "Physical gold backing",
        "Debt securities structure",
        "No derivatives or swaps"
    ],
    "classification": "non-complex",
    "supporting_data": "The ETC is structured as debt securities linked to physical gold held by the Royal Mint. It uses physical replication (not synthetic) and does not employ derivatives, swaps, or leverage. The risk profile is medium (4/7) and aligns with gold price fluctuations. The ETC is intended for retail investors with knowledge of similar products. The absence of derivatives, leverage, or complex structures makes it non-complex under MiFID II.",
    "confidence": 95
}