{
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    "_meta": {
        "isin": "CH0348206407",
        "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": "2026-06-17T12:27:13+00:00",
        "captured_unix": 1781699233
    },
    "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 EX AGRI & LIVS CAP) GBP",
    "isin": "CH0348206407",
    "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": false,
        "capital_protection": false,
        "commodity_futures_roll": true,
        "contango_backwardation": true,
        "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": [
        "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",
            "Synthetic or swap-based exposure",
            "Counterparty exposure may be relevant to returns or risk",
            "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... multiplied by the Multiplier and adjusted by the Management Fee... You will not have any rights of ownership... with respect to the Underlying."
        },
        {
            "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 Ex-Agriculture Ex-Livestock Capped GBP Monthly Hedged Total Return Index (Bloomberg: XMXALCGT)"
        },
        {
            "source": "KIID",
            "signal": "contango_backwardation",
            "quote": "The product is linked to a commodity index which may be subject to contango or backwardation effects."
        },
        {
            "source": "KIID",
            "signal": "complex_index",
            "quote": "Underlying UBS CMCI Ex-Agriculture Ex-Livestock Capped GBP Monthly Hedged Total Return Index"
        },
        {
            "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... A total loss of your capital invested is possible."
        },
        {
            "source": "KIID",
            "signal": "derivatives_core_strategy",
            "quote": "The Redemption Amount depends on the Settlement Price of the Underlying... multiplied by the Multiplier and adjusted by the Management Fee."
        }
    ],
    "supporting_data": "Hard complex product feature identified: PRIIPs comprehension alert. Policy mode: balanced. Product type: ETC. UCITS signal not identified. Replication method: synthetic.",
    "missing_data": [
        "priips_kid"
    ],
    "warnings": [
        "counterparty_risk_language_identified"
    ],
    "sources": {
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            "url": "https://oppl.ai/apy/doc_store/CH0348206407_KIID.txt",
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            "http_code": 200,
            "bytes": 14085,
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            "http_code": 404,
            "bytes": 1251,
            "error": "http_404"
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        "factsheet": {
            "url": "https://oppl.ai/apy/doc_store/CH0348206407_FS.txt",
            "found": true,
            "http_code": 200,
            "bytes": 62,
            "error": null
        },
        "market_data": {
            "url": "https://api.londonstockexchange.com/api/gw/lse/search/autocomplete?q=CH0348206407&size=3",
            "found": true,
            "http_code": 200,
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}