{
    "ok": true,
    "_meta": {
        "isin": "CH0346134361",
        "asset_scope": "UK_COMPLEX_ASSET",
        "policy_mode": "strict",
        "policy_mode_description": "Any material derivative, swap, synthetic, complex underlying, structured payoff, roll-cost, leverage, inverse, or PRIIPs warning signal can drive complex classification.",
        "classification_engine_version": "1.0.0",
        "prompt_version": "complex_asset_extract_v1",
        "captured_at_utc": "2026-05-25T07:59:34+00:00",
        "captured_unix": 1779695974
    },
    "classification": "complex",
    "confidence": 0.93,
    "review_required": false,
    "decision_rule_applied": "etc_structured_payoff_hard_complex_rule",
    "product_policy_branch": "ETC",
    "fund_name": "Open End Tracker Certificates linked to UBS CMCI Precious Metals USD TR Index",
    "isin": "CH0346134361",
    "type": "ETC",
    "ucits": false,
    "asset_class": "commodity",
    "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": true,
        "capital_protection": true,
        "commodity_futures_roll": true,
        "contango_backwardation": false,
        "coco_or_at1_exposure": false,
        "clo_exposure": false,
        "complex_index": true,
        "priips_comprehension_alert": true,
        "securities_lending": false,
        "illiquid_or_hard_to_value_underlying": false,
        "physical_allocated_commodity": false,
        "crypto_digital_asset": false
    },
    "complex_factors": [
        "Structured payoff"
    ],
    "non_complex_factors": [
        "No leverage identified",
        "No inverse exposure identified"
    ],
    "consumer_understanding": {
        "risk_level": "high",
        "drivers": [
            "Futures roll mechanics",
            "Performance may differ from the spot commodity price",
            "Returns may be affected by contango, backwardation or roll yield",
            "Synthetic or swap-based exposure",
            "Counterparty exposure may be relevant to returns or risk",
            "Structured payoff mechanics",
            "Returns may depend on conditional payoff features",
            "Capital protection or guarantee language",
            "Protection terms may depend on conditions or issuer credit quality",
            "Complex or rules-based index methodology",
            "Index performance may depend on dynamic allocation or strategy rules",
            "Derivatives appear core to the investment strategy",
            "Counterparty risk language identified",
            "PRIIPs comprehension alert language"
        ],
        "plain_english_explanation": "The product appears to obtain exposure through rolling commodity futures rather than simply holding the physical commodity. This creates an additional return driver: the cost or benefit of replacing expiring futures contracts. Ordinary retail clients may reasonably expect a commodity product to track the spot commodity price, whereas a futures-roll strategy can perform differently because of contango, backwardation and roll yield. This supports treating the product as complex where the roll mechanism is material to returns.",
        "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": "synthetic_replication",
            "quote": "The product is an uncertificated security issued under English law. ... The Redemption Amount equals the Settlement Price, where applicable converted into the Redemption Currency, multiplied by the Multiplier and adjusted by the Management Fee."
        },
        {
            "source": "KIID",
            "signal": "structured_payoff",
            "quote": "Objective of the product is to provide you with a specified entitlement according to predefined conditions."
        },
        {
            "source": "KIID",
            "signal": "commodity_futures_roll",
            "quote": "Underlying UBS CMCI Precious Metals USD TR Index (Bloomberg: CMPMTR)"
        },
        {
            "source": "KIID",
            "signal": "complex_index",
            "quote": "Underlying UBS CMCI Precious Metals USD TR Index (Bloomberg: CMPMTR)"
        },
        {
            "source": "KIID",
            "signal": "counterparty_risk",
            "quote": "You are exposed to the risk that the Issuer might be unable to fulfil its obligations in respect of the product \u2013 e.g. in the event of insolvency ..."
        },
        {
            "source": "KIID",
            "signal": "derivatives_core_strategy",
            "quote": "The product is an uncertificated security ... The Redemption Amount equals the Settlement Price ... multiplied by the Multiplier and adjusted by the Management Fee."
        },
        {
            "source": "KIID",
            "signal": "derivatives_mentioned",
            "quote": "The product is an uncertificated security ... The Redemption Amount equals the Settlement Price ... multiplied by the Multiplier and adjusted by the Management Fee."
        }
    ],
    "supporting_data": "Hard complex product feature identified: Structured payoff. Policy mode: strict. Product type: ETC. UCITS signal not identified. Replication method: synthetic.",
    "missing_data": [
        "priips_kid",
        "funded_swap",
        "unfunded_swap",
        "contango_backwardation",
        "illiquid_or_hard_to_value_underlying"
    ],
    "warnings": [
        "counterparty_risk_language_identified"
    ],
    "sources": {
        "kiid": {
            "url": "https://oppl.ai/apy/doc_store/CH0346134361_KIID.txt",
            "found": true,
            "http_code": 200,
            "bytes": 13937,
            "error": null
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        "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
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}