{
    "success": true,
    "data": {
        "leverage": false,
        "derivatives": false,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "ucits": true,
        "type": "ETF",
        "complex_factors": [
            "The KIID explicitly states: 'You are about to purchase a product that is not simple and may be difficult to understand.'",
            "The KIID explicitly states: 'This product is a product for clients with advanced knowledge of and/or experience with financial products.'"
        ],
        "classification": "complex",
        "supporting_data": "The Key Investor Information Document (KIID) for this Open End Tracker Certificate explicitly states, 'You are about to purchase a product that is not simple and may be difficult to understand.' Furthermore, it notes that 'This product is a product for clients with advanced knowledge of and/or experience with financial products.' Although the product tracks a silver index and does not inherently use complex derivatives or leverage, the explicit statements within the KIID regarding its complexity and target audience with advanced knowledge are decisive factors in classifying it as complex under MiFID II. The ESMA guidelines emphasize that complexity relates to the ease with which risks can be understood by retail investors. The manufacturer's own wording in the KIID directly addresses this. The risk indicator is medium-high, suggesting inherent risks, and the explanation of potential losses also points towards a product that may not be easily understood by a basic retail investor."
    }
}