{
    "type": "ETC",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "ucits": true,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The iShares Physical Silver ETC is a physically backed product that directly holds silver bullion. The KIID and factsheet confirm it uses physical replication, with no mention of derivatives, swaps, or leverage. The risk indicator is high (6 out of 7), but this is due to the volatility of silver prices rather than structural complexity. The product is UCITS-compliant, has straightforward costs (TER of 0.20%), and provides direct exposure to silver without synthetic structures. The warning in the Spanish jurisdiction is a standard disclosure rather than an indication of complexity under MiFID II.",
    "confidence": 95,
    "risk_level": "high (due to commodity volatility, not structural complexity)"
}