{
    "ok": true,
    "_meta": {
        "isin": "CH1199067674",
        "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": "2026-06-19T05:51:23+00:00",
        "captured_unix": 1781848283
    },
    "classification": "complex",
    "confidence": 0.93,
    "review_required": false,
    "decision_rule_applied": "etp_priips_comprehension_alert_hard_complex_rule",
    "product_policy_branch": "ETP",
    "fund_name": "21shares Bitcoin Core ETP (CBTC)",
    "isin": "CH1199067674",
    "type": "ETP",
    "ucits": false,
    "asset_class": "crypto_digital_asset",
    "replication_method": "physical",
    "signals": {
        "leveraged": false,
        "inverse": false,
        "derivatives_mentioned": true,
        "derivatives_core_strategy": false,
        "derivatives_epm_only": false,
        "swaps": false,
        "funded_swap": false,
        "unfunded_swap": false,
        "synthetic_replication": false,
        "counterparty_risk": false,
        "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": true,
        "physical_allocated_commodity": false,
        "crypto_digital_asset": true
    },
    "complex_factors": [
        "PRIIPs comprehension alert"
    ],
    "non_complex_factors": [
        "Physical replication",
        "No leverage identified",
        "No inverse exposure identified"
    ],
    "consumer_understanding": {
        "risk_level": "high",
        "drivers": [
            "Crypto or digital asset exposure",
            "Valuation and market structure may be difficult for ordinary retail clients to assess",
            "Less liquid or harder-to-value underlying exposure language",
            "PRIIPs comprehension alert language"
        ],
        "plain_english_explanation": "The available evidence identifies features that may affect ordinary retail investor understanding. The assessment describes product-level mechanics only and does not judge the knowledge or experience of a specific client.",
        "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": "crypto_digital_asset",
            "quote": "This product is a non-interest bearing bond under Swiss law that is fully secured by holdings of Bitcoin (BTC)"
        },
        {
            "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": "FACTSHEET",
            "signal": "crypto_digital_asset",
            "quote": "100% physically backed by Bitcoin (BTC), the largest cryptoasset by market cap"
        },
        {
            "source": "FACTSHEET",
            "signal": "crypto_digital_asset",
            "quote": "Underlying: Bitcoin"
        }
    ],
    "supporting_data": "Hard complex product feature identified: PRIIPs comprehension alert. Policy mode: balanced. Product type: ETP. UCITS signal not identified. Replication method: physical.",
    "missing_data": [
        "priips_kid"
    ],
    "warnings": [
        "illiquid_or_hard_to_value_underlying_identified"
    ],
    "sources": {
        "kiid": {
            "url": "https://oppl.ai/apy/doc_store/CH1199067674_KIID.txt",
            "found": true,
            "http_code": 200,
            "bytes": 11531,
            "error": null
        },
        "priips_kid": {
            "url": "https://oppl.ai/eu_kiids/en_txt/CH1199067674.txt",
            "found": false,
            "http_code": 404,
            "bytes": 1251,
            "error": "http_404"
        },
        "factsheet": {
            "url": "https://oppl.ai/apy/doc_store/CH1199067674_FS.txt",
            "found": true,
            "http_code": 200,
            "bytes": 18270,
            "error": null
        },
        "market_data": {
            "url": "https://api.londonstockexchange.com/api/gw/lse/search/autocomplete?q=CH1199067674&size=3",
            "found": true,
            "http_code": 200,
            "bytes": 494,
            "error": null
        }
    }
}