{
    "ok": true,
    "_meta": {
        "isin": "IE000611IJM3",
        "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": "2026-07-13T10:03:51+00:00",
        "captured_unix": 1783937031
    },
    "classification": "complex",
    "confidence": 0.88,
    "review_required": false,
    "decision_rule_applied": "strict_etf_swap_complex_rule",
    "product_policy_branch": "ETF",
    "fund_name": "WisdomTree Strategic Metals UCITS ETF - EUR Hedged Acc",
    "isin": "IE000611IJM3",
    "type": "ETF",
    "ucits": true,
    "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": 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": true,
        "illiquid_or_hard_to_value_underlying": false,
        "physical_allocated_commodity": true,
        "crypto_digital_asset": false
    },
    "complex_factors": [
        "Swap usage"
    ],
    "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": "swaps",
            "quote": "The Fund will gain indirect exposure to the Index constituents through the use of swaps."
        },
        {
            "source": "KIID",
            "signal": "derivatives_core_strategy",
            "quote": "By using swaps, the Fund can efficiently track the upward or downward performance of the Index."
        },
        {
            "source": "KIID",
            "signal": "synthetic_replication",
            "quote": "The Fund will gain indirect exposure to the Index constituents through the use of swaps."
        },
        {
            "source": "KIID",
            "signal": "counterparty_risk",
            "quote": "Counterparty risk: The Fund is subject to the risk that third parties with which the Fund may transact and who may provide services such as the safekeeping of assets may go bankrupt or fail to pay money due to the Fund or return property belonging to the Fund."
        },
        {
            "source": "KIID",
            "signal": "commodity_futures_roll",
            "quote": "The performance of a commodity and the corresponding commodity contract is dependent upon various factors, including supply and demand, liquidity, weather conditions and natural disasters, direct investment costs, location, changes in tax rates and roll return risk."
        },
        {
            "source": "KIID",
            "signal": "securities_lending",
            "quote": "The Fund may enter into repurchase/reverse repurchase agreements and stock lending arrangements solely for the purposes of efficient portfolio management."
        },
        {
            "source": "FACTSHEET",
            "signal": "commodity_futures_roll",
            "quote": "The performance of commodity futures based indices may differ significantly from commodity spot prices."
        },
        {
            "source": "FACTSHEET",
            "signal": "replication_method",
            "quote": "Replication Method: US TBills With Swap Overlay"
        },
        {
            "source": "PRIIPS_KID",
            "signal": "swaps",
            "quote": "The Fund will gain indirect exposure to the index components through the use of swaps."
        }
    ],
    "supporting_data": "ETF has evidenced core or synthetic swap usage. Policy mode: strict. Product type: ETF. UCITS signal identified. Replication method: synthetic.",
    "missing_data": [
        "funded_swap",
        "unfunded_swap",
        "contango_backwardation",
        "complex_index",
        "illiquid_or_hard_to_value_underlying"
    ],
    "warnings": [
        "counterparty_risk_language_identified"
    ],
    "sources": {
        "kiid": {
            "url": "https://oppl.ai/apy/doc_store/IE000611IJM3_KIID.txt",
            "found": true,
            "http_code": 200,
            "bytes": 12247,
            "error": null
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        "priips_kid": {
            "url": "https://oppl.ai/eu_kiids/en_txt/IE000611IJM3.txt",
            "found": true,
            "http_code": 200,
            "bytes": 15016,
            "error": null
        },
        "factsheet": {
            "url": "https://oppl.ai/apy/doc_store/IE000611IJM3_FS.txt",
            "found": true,
            "http_code": 200,
            "bytes": 18611,
            "error": null
        },
        "market_data": {
            "url": "https://api.londonstockexchange.com/api/gw/lse/search/autocomplete?q=IE000611IJM3&size=3",
            "found": true,
            "http_code": 200,
            "bytes": 61,
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}