{
    "type": "ETC",
    "ucits": false,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The iShares Physical Silver ETC is a debt security linked directly to physical silver, with the Company holding physical silver as backing. The replication method is physical, with no mention of synthetic replication, swap agreements, or derivative instruments used to achieve the investment objective. There is no leverage or inverse exposure. The underlying asset is physical silver, a commodity, with no complex structured products or derivatives involved. The risk profile is high (6 out of 7) due to the volatility of silver prices and market risks, not due to structural complexity. Costs are straightforward with a simple TER of 0.20%, no performance fees, and no swap or derivative fees. The PRIIPs KID and KIID both include a caution that the product may be difficult to understand, but this relates to the nature of commodity ETCs and the debt security structure rather than derivative complexity. The monthly factsheet confirms physical replication and direct investment into silver, with no use of derivatives or swaps. Therefore, under MiFID II criteria, this ETC is classified as non-complex because it uses physical replication, has no leverage, no derivatives or swaps, and invests directly in a liquid, transparent underlying asset."
}