{
    "ucits": false,
    "type": "ETC",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": "None identified in KID",
    "classification": "non-complex",
    "supporting_data": "The Royal Mint Responsibly Sourced Physical Gold ETC Securities is a secured debt security linked to physical gold, with no use of derivatives, swaps, or leverage. The ETC holds physical gold with the Royal Mint, and its value is directly linked to the spot price of gold, minus costs. There is no embedded derivative, no complex payout structure, and no indication of securities lending, leverage, or other features that would introduce counterparty risk, collateral risk, or structural complexity. The product is listed and traded on major exchanges, providing frequent opportunities to dispose of the instrument at publicly available prices. The risks disclosed are standard for a physical gold product: market price volatility, currency risk (as the ETC is denominated in USD), and issuer credit risk. There is no evidence of complex indices, contingent convertible bonds, or other features that would make the product difficult for a retail investor with basic knowledge to understand. The structure is transparent, and the risks are straightforward and well-disclosed in the KID. Therefore, the ETC meets the criteria for a non-complex instrument under MiFID II Article 57 and related ESMA guidance."
}