{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETC",
        "leverage": false,
        "derivates": true,
        "swaps": true,
        "inverse": false,
        "replication_method": "synthethic",
        "complex_factors": "Currency Hedging with Total Return Index and Future Contracts that include roll costs and Contango effects.",
        "classification": "complex",
        "supporting_data": "This WisdomTree Silver ETC is classified as complex due to its structure and the use of derivatives. The ETC aims to provide exposure to Silver futures contracts, necessitating the use of futures contracts. This use of derivatives is explicitly called out as a trigger for a complex classification. The replication method is synthetic, because it tracks the Bloomberg Silver Sub Euro Hedged Daily Total Return Index which requires the use of future contracts. Currency hedging is employed, adding another layer of complexity as it relies on the fluctuation of the futures contracts. Furthermore, the 'rolling' of futures contracts is mentioned as a factor that may cause the ETC's performance to diverge from the underlying index, which includes roll costs and potentially contango or backwardation effects, adding to the complexity. ESMA guidelines typically classify any derivative use as complex."
    }
}