{
    "ok": true,
    "_meta": {
        "isin": "CH0348206282",
        "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": "2026-05-25T08:20:08+00:00",
        "captured_unix": 1779697208
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    "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 Zinc USD TR Index",
    "isin": "CH0348206282",
    "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": true,
        "capital_protection": true,
        "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": [
        "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",
            "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",
            "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": "derivatives_core_strategy",
            "quote": "Underlying UBS CMCI Zinc USD TR Index (Bloomberg: CTLXTR)... 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": "Your specified entitlement under this product, i.e. your right to demand from the Issuer payment of the Redemption Amount, must be exercised in accordance with a predefined exercise procedure."
        },
        {
            "source": "KIID",
            "signal": "commodity_futures_roll",
            "quote": "Underlying UBS CMCI Zinc USD TR Index"
        },
        {
            "source": "KIID",
            "signal": "counterparty_risk",
            "quote": "If we are not able to pay you what is owed, you could lose your entire investment."
        }
    ],
    "supporting_data": "Hard complex product feature identified: Structured payoff. Policy mode: strict. Product type: ETC. UCITS signal not identified.",
    "missing_data": [
        "priips_kid",
        "replication_method",
        "Replication method not explicitly stated; product is a debt security (ETN/ETC), not a fund."
    ],
    "warnings": [
        "counterparty_risk_language_identified"
    ],
    "sources": {
        "kiid": {
            "url": "https://oppl.ai/apy/doc_store/CH0348206282_KIID.txt",
            "found": true,
            "http_code": 200,
            "bytes": 14018,
            "error": null
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        "priips_kid": {
            "url": "https://oppl.ai/eu_kiids/en_txt/CH0348206282.txt",
            "found": false,
            "http_code": 404,
            "bytes": 1251,
            "error": "http_404"
        },
        "factsheet": {
            "url": "https://oppl.ai/apy/doc_store/CH0348206282_FS.txt",
            "found": true,
            "http_code": 200,
            "bytes": 215,
            "error": null
        },
        "market_data": {
            "url": "https://api.londonstockexchange.com/api/gw/lse/search/autocomplete?q=CH0348206282&size=3",
            "found": true,
            "http_code": 200,
            "bytes": 254,
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}