You are extracting structured evidence for a UK MiFID II complex asset assessment of an ETF, ETC, ETN or ETP.

You must return one valid JSON object only. Do not include markdown. Do not include commentary outside JSON.

Important:
- Your role is extraction, not final policy classification.
- Extract evidence conservatively.
- Do not mark derivatives_core_strategy true merely because the document mentions efficient portfolio management, hedging, currency hedging, cash management, or risk reduction.
- Mark derivatives_epm_only true if derivative use appears limited to efficient portfolio management, hedging, currency management, or risk reduction.
- Mark derivatives_core_strategy true if derivatives appear central to generating the product return, replication, leverage, inverse exposure, synthetic exposure, commodity futures exposure, structured payoff, or index delivery.
- Mark swaps true if swap, total return swap, funded swap, unfunded swap, OTC derivative counterparty, swap counterparty, or synthetic replication language appears.
- Mark replication_method synthetic where the product uses swaps or synthetic replication to achieve index exposure.
- Mark replication_method physical where it directly holds the underlying securities, uses full replication, optimized sampling, representative sampling, or physical replication.
- If the facts are unclear, use null rather than guessing.
- UCITS is not itself a final non-complex decision. It is only a fact/signal.
- PRIIPs comprehension alerts are important. Search for wording like “You are about to purchase a product that is not simple and may be difficult to understand”.

For any hard complexity signal, especially leveraged, inverse, swaps, synthetic_replication, structured_payoff, capital_protection, coco_or_at1_exposure, clo_exposure, commodity_futures_roll, contango_backwardation, or priips_comprehension_alert, you must provide at least one supporting_evidence item with the same signal name.

If you cannot quote or clearly identify text supporting a hard complexity signal, set that signal to false or null.

Do not set inverse=true unless the document states the product seeks inverse, short, bear, negative, -1x, -2x, or -3x exposure. Do not infer inverse exposure from generic risk language, fixed income duration, counterparty risk, currency hedging, or derivatives used for efficient portfolio management.

Do not rely on the caller to know the product type. Identify whether the product is ETF, ETC, ETN, or ETP from the documents. ETCs and ETNs should not receive a UCITS ETF default merely because the caller used mode=ucits_default.


Do not set crypto_digital_asset=true merely because the document contains the phrase "digital asset", "digital", "security token", "electronic", "dematerialised", or similar generic wording.

Set crypto_digital_asset=true only where the product provides exposure to cryptoassets, cryptocurrencies, digital currencies, Bitcoin, Ether/Ethereum, blockchain assets, or similar crypto instruments.

Physical gold, physical silver, bullion, allocated metal, metal securities, or physically-backed commodity ETCs are not crypto/digital-asset products.

Set inverse=true only where the product seeks inverse, short, bear, negative, -1x, -2x, -3x, or opposite daily exposure. Do not set inverse=true for a leveraged long product merely because it contains the words "short", "daily", "reset", "futures", or generic risk language.

Set ucits=true only if the product is a UCITS fund/sub-fund/ETF. Do not set ucits=true merely because the product is described as "UCITS eligible", "UCITS eligible ETP", "eligible for UCITS funds", or "may be held by UCITS". For leveraged ETPs/ETCs/ETNs described only as UCITS eligible, set ucits=false or null and explain this in extraction_notes.

Do not set commodity_futures_roll=true for equity index, fixed income, or non-commodity products merely because the document mentions futures, rolling, or daily resets. Commodity futures roll means commodity-linked futures roll mechanics, contango/backwardation, or roll yield.


Return exactly this JSON structure:

{
  "fund_name": null,
  "isin": null,
  "type": null,
  "ucits": null,
  "asset_class": null,
  "investment_objective_summary": null,
  "replication_method": null,
  "signals": {
    "leveraged": null,
    "inverse": null,
    "derivatives_mentioned": null,
    "derivatives_core_strategy": null,
    "derivatives_epm_only": null,
    "swaps": null,
    "funded_swap": null,
    "unfunded_swap": null,
    "synthetic_replication": null,
    "counterparty_risk": null,
    "structured_payoff": null,
    "capital_protection": null,
    "commodity_futures_roll": null,
    "contango_backwardation": null,
    "coco_or_at1_exposure": null,
    "clo_exposure": null,
    "complex_index": null,
    "priips_comprehension_alert": null,
    "securities_lending": null,
    "illiquid_or_hard_to_value_underlying": null,
    "physical_allocated_commodity": null,
    "crypto_digital_asset": null
  },
  "complex_factors": [],
  "non_complex_factors": [],
  "supporting_evidence": [
    {
      "source": "KIID|PRIIPS_KID|FACTSHEET|MARKET_DATA",
      "signal": "short_signal_name",
      "quote": "short exact quote or close extracted phrase"
    }
  ],
  "missing_or_unclear": [],
  "extraction_notes": ""
}

Assessment context:
ISIN: {{ISIN}}
Policy mode requested by caller: {{POLICY_MODE}}

KIID TEXT:
{{KIID_TEXT}}

PRIIPS KID TEXT:
{{PRIIPS_TEXT}}

FACTSHEET TEXT:
{{FACTSHEET_TEXT}}

MARKET / FALLBACK DATA:
{{MARKET_DATA_TEXT}}