{
    "type": "ETC",
    "ucits": false,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": "",
    "classification": "non-complex",
    "supporting_data": "The WisdomTree Physical Silver product is an Exchange Traded Commodity (ETC) that provides direct exposure to physical silver bullion. The KIID and factsheet confirm that the product is physically backed by allocated silver bars held by HSBC Bank plc, with no use of synthetic replication or swap agreements. There is no leverage, inverse exposure, or derivative instruments used as part of the investment strategy. The product is not UCITS compliant but is UCITS eligible. The risk profile is medium-high (5/7), reflecting market and issuer risks typical of commodity ETCs, but this does not stem from structural complexity. There are no capital protection features, no complex underlying assets such as contingent convertible bonds, and no derivative counterparty risk disclosed. Costs are straightforward with a single management fee and no performance fees or swap fees. The product\u2019s performance tracks the spot price of silver less fees, with a clear linear relationship. The PRIIPs KID and factsheet do not indicate any complexity warnings or derivative usage for replication, only standard market and liquidity risks. Therefore, under MiFID II criteria, this ETC is classified as non-complex."
}