{
    "ucits": false,
    "type": "ETC",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": "Not a UCITS; structured as a secured debt security; underlying asset is a Canadian Trust ETP holding physical uranium; high risk indicator (6/7); no capital protection; issuer default risk; not protected under any financial services compensation scheme; currency risk; not automatically non-complex under MiFID II Article 25(4)(a)(iv) or Article 57 criteria",
    "supporting_data": "The Sprott Physical Uranium ETC is not a UCITS but a secured debt security listed on regulated markets. It holds units in a Canadian Trust ETP, which in turn holds physical uranium in warehouses. The ETC does not use derivatives, swaps, or leverage, and does not employ synthetic replication. However, it is not automatically non-complex under MiFID II because it is not a UCITS and does not meet the Article 57 criteria for non-complex instruments. The product carries a high risk indicator (6/7), offers no capital protection, and exposes investors to issuer default risk and currency risk. The structure, while transparent, involves holding a foreign trust as the underlying asset, which may not be readily understood by the average retail investor. The ETC is intended for investors with specific knowledge or experience in similar products, and the KID explicitly states that investors could lose some or all of their investment. These features, combined with the lack of automatic non-complex classification for non-UCITS ETCs under MiFID II, mean the product is complex for the purposes of the appropriateness assessment.",
    "classification": "complex"
}