{
    "ok": true,
    "_meta": {
        "isin": "DE000A0H0728",
        "asset_scope": "UK_COMPLEX_ASSET",
        "policy_mode": "ucits_default",
        "policy_mode_description": "UCITS ETFs default to non-complex unless leverage, inverse exposure, structured payoff, complex underlyings, or explicit comprehension-warning language is identified.",
        "classification_engine_version": "1.0.0",
        "prompt_version": "complex_asset_extract_v1",
        "captured_at_utc": "2026-06-13T15:54:37+00:00",
        "captured_unix": 1781366077
    },
    "classification": "non-complex",
    "confidence": 0.78,
    "review_required": false,
    "decision_rule_applied": "etf_ucits_no_complex_override_rule",
    "product_policy_branch": "ETF",
    "fund_name": "iShares Diversified Commodity Swap UCITS ETF (DE)",
    "isin": "DE000A0H0728",
    "type": "ETF",
    "ucits": true,
    "asset_class": "commodity",
    "replication_method": "synthetic",
    "signals": {
        "leveraged": false,
        "inverse": false,
        "derivatives_mentioned": true,
        "derivatives_core_strategy": true,
        "derivatives_epm_only": false,
        "swaps": true,
        "funded_swap": false,
        "unfunded_swap": false,
        "synthetic_replication": true,
        "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": false,
        "securities_lending": false,
        "illiquid_or_hard_to_value_underlying": false,
        "physical_allocated_commodity": false,
        "crypto_digital_asset": false
    },
    "complex_factors": [],
    "non_complex_factors": [
        "UCITS fund",
        "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",
            "Derivatives appear core to the investment strategy",
            "Counterparty risk language identified"
        ],
        "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": "synthetic_replication",
            "quote": "The index is not mapped directly by acquiring forwards that are included in the index, but indirectly via one or several swap agreements."
        },
        {
            "source": "KIID",
            "signal": "swaps",
            "quote": "This swaps the entire performance of stocks from a basket of stocks held by the Fund with the performance of the underlying index"
        },
        {
            "source": "FACTSHEET",
            "signal": "swaps",
            "quote": "The ETF seeks to track the performance of an index which offers exposure to 20 commodities through the use of a total return swap."
        },
        {
            "source": "KIID",
            "signal": "derivatives_core_strategy",
            "quote": "The index is not mapped directly by acquiring forwards that are included in the index, but indirectly via one or several swap agreements. This swaps the entire performance of stocks from a basket of stocks held by the Fund with the performance of the underlying index"
        },
        {
            "source": "KIID",
            "signal": "commodity_futures_roll",
            "quote": "The Index reflects the total return on a fully collateralised position in futures contracts on physical commodities."
        },
        {
            "source": "KIID",
            "signal": "counterparty_risk",
            "quote": "The Fund\u2019s ability to track the benchmark\u2019s performance is reliant on the counterparties to continuously deliver the performance of the benchmark in line with the swap agreements (i.e. counterparty risk)"
        },
        {
            "source": "KIID",
            "signal": "ucits",
            "quote": "iShares Diversified Commodity Swap UCITS ETF (DE)"
        }
    ],
    "supporting_data": "UCITS ETF baseline applied. Policy mode: ucits_default. Product type: ETF. UCITS signal identified. Replication method: synthetic.",
    "missing_data": [
        "funded_swap",
        "unfunded_swap",
        "contango_backwardation",
        "complex_index",
        "securities_lending",
        "illiquid_or_hard_to_value_underlying"
    ],
    "warnings": [
        "counterparty_risk_language_identified"
    ],
    "sources": {
        "kiid": {
            "url": "https://oppl.ai/apy/doc_store/DE000A0H0728_KIID.txt",
            "found": true,
            "http_code": 200,
            "bytes": 9210,
            "error": null
        },
        "priips_kid": {
            "url": "https://oppl.ai/eu_kiids/en_txt/DE000A0H0728.txt",
            "found": true,
            "http_code": 200,
            "bytes": 14647,
            "error": null
        },
        "factsheet": {
            "url": "https://oppl.ai/apy/doc_store/DE000A0H0728_FS.txt",
            "found": true,
            "http_code": 200,
            "bytes": 11840,
            "error": null
        },
        "market_data": {
            "url": "https://api.londonstockexchange.com/api/gw/lse/search/autocomplete?q=DE000A0H0728&size=3",
            "found": true,
            "http_code": 200,
            "bytes": 368,
            "error": null
        }
    }
}