{
    "ok": true,
    "_meta": {
        "isin": "CH0348206118",
        "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": "2026-06-27T06:36:57+00:00",
        "captured_unix": 1782542217
    },
    "classification": "complex",
    "confidence": 0.93,
    "review_required": false,
    "decision_rule_applied": "etc_priips_comprehension_alert_hard_complex_rule",
    "product_policy_branch": "ETC",
    "fund_name": "UBS AG UBS ETC (CMCI WTI 3M) USD",
    "isin": "CH0348206118",
    "type": "ETC",
    "ucits": false,
    "asset_class": "commodity",
    "replication_method": null,
    "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": false,
        "counterparty_risk": true,
        "structured_payoff": false,
        "capital_protection": false,
        "commodity_futures_roll": true,
        "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": [
        "PRIIPs comprehension alert"
    ],
    "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",
            "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": "derivatives_core_strategy",
            "quote": "Open End Tracker Certificates linked to UBS CMCI WTI Crude Oil USD 3M TR Index"
        },
        {
            "source": "KIID",
            "signal": "structured_payoff",
            "quote": "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": "counterparty_risk",
            "quote": "You are exposed to the risk that the Issuer might be unable to fulfil its obligations in respect of the product"
        },
        {
            "source": "KIID",
            "signal": "commodity_futures_roll",
            "quote": "Underlying UBS CMCI WTI Crude Oil USD 3M TR Index (Bloomberg: CTWCTR3M)"
        },
        {
            "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_mentioned",
            "quote": "Open End Tracker Certificates linked to UBS CMCI WTI Crude Oil USD 3M TR Index"
        }
    ],
    "supporting_data": "Hard complex product feature identified: PRIIPs comprehension alert. Policy mode: strict. Product type: ETC. UCITS signal not identified.",
    "missing_data": [
        "priips_kid",
        "replication_method",
        "swaps",
        "synthetic_replication",
        "contango_backwardation"
    ],
    "warnings": [
        "counterparty_risk_language_identified"
    ],
    "sources": {
        "kiid": {
            "url": "https://oppl.ai/apy/doc_store/CH0348206118_KIID.txt",
            "found": true,
            "http_code": 200,
            "bytes": 14002,
            "error": null
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        "priips_kid": {
            "url": "https://oppl.ai/eu_kiids/en_txt/CH0348206118.txt",
            "found": false,
            "http_code": 404,
            "bytes": 1251,
            "error": "http_404"
        },
        "factsheet": {
            "url": "https://oppl.ai/apy/doc_store/CH0348206118_FS.txt",
            "found": true,
            "http_code": 200,
            "bytes": 62,
            "error": null
        },
        "market_data": {
            "url": "https://api.londonstockexchange.com/api/gw/lse/search/autocomplete?q=CH0348206118&size=3",
            "found": true,
            "http_code": 200,
            "bytes": 256,
            "error": null
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}