{ "ok": true, "_meta": { "isin": "GB00B15KYK92", "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": "2026-06-18T09:10:35+00:00", "captured_unix": 1781773835 }, "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 Livestock", "isin": "GB00B15KYK92", "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": 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": "FACTSHEET", "signal": "synthetic_replication", "quote": "Synthetic - fully funded collateralised swap" }, { "source": "FACTSHEET", "signal": "swaps", "quote": "The ETC is backed by swaps." }, { "source": "FACTSHEET", "signal": "funded_swap", "quote": "Synthetic - fully funded collateralised swap" }, { "source": "FACTSHEET", "signal": "commodity_futures_roll", "quote": "price changes in the futures contracts referenced in the Benchmark will not necessarily result in correlated changes in the level of the Benchmark or of the Product. This may be due to a number of factors including the effect of 'rolling' of futures contracts." }, { "source": "FACTSHEET", "signal": "contango_backwardation", "quote": "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": "KIID", "signal": "derivatives_core_strategy", "quote": "WisdomTree Livestock is a fully collateralised, UCITS eligible Exchange Traded Commodity (ETC) designed to provide investors with a total return exposure to a basket of Livestock futures contracts." }, { "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": "FACTSHEET", "signal": "complex_index", "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) of the livestock commodities used in the Bloomberg Commodity IndexSM: Lean Hogs and Live Cattle." } ], "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": { "kiid": { "url": "https://oppl.ai/apy/doc_store/GB00B15KYK92_KIID.txt", "found": true, "http_code": 200, "bytes": 10191, "error": null }, "priips_kid": { "url": "https://oppl.ai/eu_kiids/en_txt/GB00B15KYK92.txt", "found": false, "http_code": 404, "bytes": 1251, "error": "http_404" }, "factsheet": { "url": "https://oppl.ai/apy/doc_store/GB00B15KYK92_FS.txt", "found": true, "http_code": 200, "bytes": 15913, "error": null }, "market_data": { "url": "https://api.londonstockexchange.com/api/gw/lse/search/autocomplete?q=GB00B15KYK92&size=3", "found": true, "http_code": 200, "bytes": 294, "error": null } } }