{
    "ok": true,
    "_meta": {
        "isin": "GB00B15KYC19",
        "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": "2026-06-26T05:33:13+00:00",
        "captured_unix": 1782451993
    },
    "classification": "complex",
    "confidence": 0.93,
    "review_required": false,
    "decision_rule_applied": "etc_priips_comprehension_alert_hard_complex_rule",
    "product_policy_branch": "ETC",
    "fund_name": "WisdomTree Petroleum",
    "isin": "GB00B15KYC19",
    "type": "ETC",
    "ucits": false,
    "asset_class": "Commodities",
    "replication_method": "synthetic",
    "signals": {
        "leveraged": false,
        "inverse": false,
        "derivatives_mentioned": true,
        "derivatives_core_strategy": true,
        "derivatives_epm_only": false,
        "swaps": true,
        "funded_swap": true,
        "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": 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",
            "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",
            "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": "swaps",
            "quote": "The ETC aims to replicate the Bloomberg Commodity Petroleum Subindex 4W Total Return Index (BCOMPE 4T) by tracking the Bloomberg Petroleum Sub Excess Return Index and providing the interest revenue adjusted to reflect fees and costs associated with the product."
        },
        {
            "source": "FACTSHEET",
            "signal": "synthetic_replication",
            "quote": "Replication Method: Synthetic - fully funded collateralised swap"
        },
        {
            "source": "FACTSHEET",
            "signal": "funded_swap",
            "quote": "Synthetic - fully funded collateralised swap"
        },
        {
            "source": "FACTSHEET",
            "signal": "commodity_futures_roll",
            "quote": "The Index is designed to reflect the movement in the price of the futures contracts (that are continuously rolled on a pre-determined rolling schedule)... This price difference is commonly referred to as 'roll yield'."
        },
        {
            "source": "FACTSHEET",
            "signal": "contango_backwardation",
            "quote": "The contracts being purchased may be more expensive than the contracts being sold which would cause an investor in commodity futures to make an additional loss. This market trend is known as 'contango'. Alternatively the contracts being purchased may be cheaper than the ones being sold which would result in an additional gain, known as 'backwardation'."
        },
        {
            "source": "FACTSHEET",
            "signal": "counterparty_risk",
            "quote": "Counterparty risk: The Issuer is reliant on there being swap counterparties available to enter into swap agreements on a continuing basis and, if no swap counterparties are willing to do so, the ETP will not be able to achieve its investment policy of tracking the performance of the Index."
        },
        {
            "source": "KIID",
            "signal": "derivatives_core_strategy",
            "quote": "The ETC aims to replicate the Bloomberg Commodity Petroleum Subindex 4W Total Return Index... by tracking the Bloomberg Petroleum Sub Excess Return Index and providing the interest revenue adjusted to reflect fees and costs associated with the product."
        },
        {
            "source": "FACTSHEET",
            "signal": "derivatives_mentioned",
            "quote": "This ETC aims to provide exposure to the Index using swaps."
        },
        {
            "source": "FACTSHEET",
            "signal": "commodity_futures_roll",
            "quote": "A futures contract is an agreement to purchase a commodity at an agreed price... Futures contracts are generally disposed just before the term of the contract expires and new contracts entered into in order to avoid taking actual delivery... (a process known as 'rolling')."
        }
    ],
    "supporting_data": "Hard complex product feature identified: PRIIPs comprehension alert. Policy mode: strict. Product type: ETC. UCITS signal not identified. Replication method: synthetic.",
    "missing_data": [
        "priips_kid"
    ],
    "warnings": [
        "counterparty_risk_language_identified"
    ],
    "sources": {
        "kiid": {
            "url": "https://oppl.ai/apy/doc_store/GB00B15KYC19_KIID.txt",
            "found": true,
            "http_code": 200,
            "bytes": 10749,
            "error": null
        },
        "priips_kid": {
            "url": "https://oppl.ai/eu_kiids/en_txt/GB00B15KYC19.txt",
            "found": false,
            "http_code": 404,
            "bytes": 1251,
            "error": "http_404"
        },
        "factsheet": {
            "url": "https://oppl.ai/apy/doc_store/GB00B15KYC19_FS.txt",
            "found": true,
            "http_code": 200,
            "bytes": 15999,
            "error": null
        },
        "market_data": {
            "url": "https://api.londonstockexchange.com/api/gw/lse/search/autocomplete?q=GB00B15KYC19&size=3",
            "found": true,
            "http_code": 200,
            "bytes": 294,
            "error": null
        }
    }
}