{
    "ok": true,
    "_meta": {
        "isin": "CH0346134361",
        "asset_scope": "UK_COMPLEX_ASSET",
        "policy_mode": "balanced",
        "policy_mode_description": "UCITS ETFs usually start from a non-complex baseline, but product-level complexity such as synthetic replication, swaps, leverage, inverse exposure, complex debt, commodity roll exposure, or comprehension warnings can override that baseline.",
        "classification_engine_version": "1.0.0",
        "prompt_version": "complex_asset_extract_v1",
        "captured_at_utc": "2026-06-19T09:58:06+00:00",
        "captured_unix": 1781863086
    },
    "classification": "complex",
    "confidence": 0.82,
    "review_required": true,
    "decision_rule_applied": "etn_default_complex_rule",
    "product_policy_branch": "ETN",
    "fund_name": "Open End Tracker Certificates linked to UBS CMCI Precious Metals USD TR Index",
    "isin": "CH0346134361",
    "type": "ETN",
    "ucits": false,
    "asset_class": "commodities (precious metals)",
    "replication_method": "synthetic",
    "signals": {
        "leveraged": false,
        "inverse": false,
        "derivatives_mentioned": true,
        "derivatives_core_strategy": true,
        "derivatives_epm_only": false,
        "swaps": false,
        "funded_swap": false,
        "unfunded_swap": false,
        "synthetic_replication": true,
        "counterparty_risk": true,
        "structured_payoff": false,
        "capital_protection": false,
        "commodity_futures_roll": false,
        "contango_backwardation": false,
        "coco_or_at1_exposure": false,
        "clo_exposure": false,
        "complex_index": false,
        "priips_comprehension_alert": true,
        "securities_lending": false,
        "illiquid_or_hard_to_value_underlying": false,
        "physical_allocated_commodity": false,
        "crypto_digital_asset": false
    },
    "complex_factors": [
        "ETN wrapper"
    ],
    "non_complex_factors": [],
    "consumer_understanding": {
        "risk_level": "high",
        "drivers": [
            "Synthetic or swap-based exposure",
            "Counterparty exposure may be relevant to returns or risk",
            "Derivatives appear core to the investment strategy",
            "Counterparty risk language identified",
            "PRIIPs comprehension alert language"
        ],
        "plain_english_explanation": "The product appears to use synthetic or swap-based exposure. This may be difficult for ordinary retail clients to understand because returns can depend not only on the referenced market exposure but also on derivative mechanics, collateral arrangements and counterparty risk.",
        "appropriateness_note": "This is a product-level indicator of features that may affect general investor understanding. It does not determine whether the product is appropriate for a specific client and does not replace a client-specific appropriateness assessment."
    },
    "supporting_evidence": [
        {
            "source": "KIID",
            "signal": "priips_comprehension_alert",
            "quote": "You are about to purchase a product that is not simple and may be difficult to understand."
        },
        {
            "source": "KIID",
            "signal": "derivatives_core_strategy",
            "quote": "Open End Tracker Certificates linked to UBS CMCI Precious Metals USD TR Index"
        },
        {
            "source": "KIID",
            "signal": "derivatives_core_strategy",
            "quote": "Redemption Amount equals the Settlement Price ... multiplied by the Multiplier and adjusted by the Management Fee."
        },
        {
            "source": "KIID",
            "signal": "synthetic_replication",
            "quote": "You will not have any rights of ownership (including voting rights, rights to receive dividends or other distributions or any other rights) with respect to the Underlying."
        },
        {
            "source": "KIID",
            "signal": "synthetic_replication",
            "quote": "Redemption Amount equals the Settlement Price ..."
        },
        {
            "source": "KIID",
            "signal": "counterparty_risk",
            "quote": "If we are not able to pay you what is owed, you could lose your entire investment."
        },
        {
            "source": "KIID",
            "signal": "counterparty_risk",
            "quote": "What happens if UBS AG, London Branch is unable to pay out?"
        },
        {
            "source": "KIID",
            "signal": "asset_class",
            "quote": "UBS CMCI Precious Metals USD TR Index"
        }
    ],
    "supporting_data": "ETN wrapper identified. Policy mode: balanced. Product type: ETN. UCITS signal not identified. Replication method: synthetic.",
    "missing_data": [
        "priips_kid",
        "replication_method: synthetic by implication, but fund does not use the term 'synthetic'",
        "commodity_futures_roll: index likely uses futures but not mentioned in documents",
        "complex_index: no methodology details provided"
    ],
    "warnings": [
        "etn_review_required"
    ],
    "sources": {
        "kiid": {
            "url": "https://oppl.ai/apy/doc_store/CH0346134361_KIID.txt",
            "found": true,
            "http_code": 200,
            "bytes": 13937,
            "error": null
        },
        "priips_kid": {
            "url": "https://oppl.ai/eu_kiids/en_txt/CH0346134361.txt",
            "found": false,
            "http_code": 404,
            "bytes": 1251,
            "error": "http_404"
        },
        "factsheet": {
            "url": "https://oppl.ai/apy/doc_store/CH0346134361_FS.txt",
            "found": true,
            "http_code": 200,
            "bytes": 62,
            "error": null
        },
        "market_data": {
            "url": "https://api.londonstockexchange.com/api/gw/lse/search/autocomplete?q=CH0346134361&size=3",
            "found": true,
            "http_code": 200,
            "bytes": 271,
            "error": null
        }
    }
}