{
    "ok": true,
    "_meta": {
        "isin": "IE0006HIE7H2",
        "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": "2026-06-18T20:09:35+00:00",
        "captured_unix": 1781813375
    },
    "classification": "complex",
    "confidence": 0.88,
    "review_required": false,
    "decision_rule_applied": "balanced_etf_swap_complex_rule",
    "product_policy_branch": "ETF",
    "fund_name": "State Street SPDR Commodity UCITS ETF (Acc)",
    "isin": "IE0006HIE7H2",
    "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": true,
        "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": false,
        "securities_lending": false,
        "illiquid_or_hard_to_value_underlying": true,
        "physical_allocated_commodity": false,
        "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",
            "Complex or rules-based index methodology",
            "Index performance may depend on dynamic allocation or strategy rules",
            "Derivatives appear core to the investment strategy",
            "Less liquid or harder-to-value underlying exposure language",
            "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": "It utilises a synthetic replication strategy through the use of financial derivative instruments, specifically unfunded total return swaps (\"TRS\"), to gain exposure to the Index."
        },
        {
            "source": "KIID",
            "signal": "swaps",
            "quote": "specifically unfunded total return swaps (\"TRS\")"
        },
        {
            "source": "KIID",
            "signal": "unfunded_swap",
            "quote": "unfunded total return swaps"
        },
        {
            "source": "KIID",
            "signal": "counterparty_risk",
            "quote": "Counterparty Risk: The Fund will be subject to credit risk with respect to the counterparties with which it enters into derivatives contracts and other transactions."
        },
        {
            "source": "KIID",
            "signal": "commodity_futures_roll",
            "quote": "The Index replaces expiring contracts into new ones, and if longer-dated contracts are more expensive, this may result in a negative roll yield, which may reduce the Index's value over time even if the commodity prices are stable or rising."
        },
        {
            "source": "KIID",
            "signal": "contango_backwardation",
            "quote": "if longer-dated contracts are more expensive, this may result in a negative roll yield"
        },
        {
            "source": "KIID",
            "signal": "derivatives_core_strategy",
            "quote": "The Fund does not invest directly in physical commodities or commodity futures contracts. Instead, it utilises a synthetic replication strategy through the use of financial derivative instruments"
        },
        {
            "source": "KIID",
            "signal": "complex_index",
            "quote": "The Index is a broad measure of the commodity futures market, containing 29 commodity future contracts equally weighted across three major sectors: energy, metals, agriculture and livestock."
        },
        {
            "source": "KIID",
            "signal": "ucits",
            "quote": "a sub-fund of SSGA SPDR ETFs Europe II plc (a UCITS authorised Exchange Traded Fund)"
        },
        {
            "source": "PRIIPS_KID",
            "signal": "ucits",
            "quote": "authorised by the Central Bank of Ireland as a UCITS"
        }
    ],
    "supporting_data": "ETF has evidenced core or synthetic swap usage. Policy mode: balanced. Product type: ETF. UCITS signal identified. Replication method: synthetic.",
    "missing_data": [
        "factsheet"
    ],
    "warnings": [
        "illiquid_or_hard_to_value_underlying_identified",
        "counterparty_risk_language_identified"
    ],
    "sources": {
        "kiid": {
            "url": "https://oppl.ai/apy/doc_store/IE0006HIE7H2_KIID.txt",
            "found": true,
            "http_code": 200,
            "bytes": 12041,
            "error": null
        },
        "priips_kid": {
            "url": "https://oppl.ai/eu_kiids/en_txt/IE0006HIE7H2.txt",
            "found": true,
            "http_code": 200,
            "bytes": 12992,
            "error": null
        },
        "factsheet": {
            "url": "https://oppl.ai/apy/doc_store/IE0006HIE7H2_FS.txt",
            "found": false,
            "http_code": 404,
            "bytes": 1251,
            "error": "http_404"
        },
        "market_data": {
            "url": "https://api.londonstockexchange.com/api/gw/lse/search/autocomplete?q=IE0006HIE7H2&size=3",
            "found": true,
            "http_code": 200,
            "bytes": 588,
            "error": null
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    }
}