{ "ok": true, "_meta": { "isin": "IE000CYTPBT0", "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": "2026-06-14T12:37:39+00:00", "captured_unix": 1781440659 }, "classification": "complex", "confidence": 0.88, "review_required": false, "decision_rule_applied": "balanced_etf_swap_complex_rule", "product_policy_branch": "ETF", "fund_name": "Invesco Bloomberg Commodity Carbon Tilted UCITS ETF", "isin": "IE000CYTPBT0", "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": true, "unfunded_swap": true, "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": true, "priips_comprehension_alert": false, "securities_lending": false, "illiquid_or_hard_to_value_underlying": false, "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", "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": "To achieve the objective the Fund will use unfunded swaps (\u201c Swaps \u201d). These Swaps are an agreement between the Fund and an approved counterparty to exchange one stream of cash flows, against another stream." }, { "source": "KIID", "signal": "swaps", "quote": "To achieve the objective the Fund will use unfunded swaps (\u201c Swaps \u201d)." }, { "source": "KIID", "signal": "unfunded_swap", "quote": "To achieve the objective the Fund will use unfunded swaps (\u201c Swaps \u201d)." }, { "source": "KIID", "signal": "derivatives_core_strategy", "quote": "To achieve the objective the Fund will use unfunded swaps (\u201c Swaps \u201d). These Swaps are an agreement between the Fund and an approved counterparty to exchange one stream of cash flows, against another stream." }, { "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 and would also be affected by any spread between the pricing of the swaps and the pricing of the benchmark. The insolvency of any institutions providing services such as safekeeping of assets or acting as counterparty to derivatives or other instruments, may expose the Fund to financial loss." }, { "source": "KIID", "signal": "commodity_futures_roll", "quote": "The Index is a variant of the Bloomberg Commodity Index (the \u201c Parent Index \u201d) that comprises the same futures on the same component commodities as the Parent Index and seeks to incorporate a measure of the environmental costs associated with the production of the underlying commodities referenced by each futures contract. The Parent Index is designed to be a liquid and diversified benchmark for commodities, composed of commodity futures contracts." }, { "source": "KIID", "signal": "complex_index", "quote": "The Index is a variant of the Bloomberg Commodity Index (the \u201c Parent Index \u201d) that comprises the same futures on the same component commodities as the Parent Index and seeks to incorporate a measure of the environmental costs associated with the production of the underlying commodities referenced by each futures contract. ... The Index then takes into account the Greenhouse Gas emissions (\u201c GHG Emissions\u201d ) associated with the production of the underlying commodity (referenced by the co\n\n[TRUNCATED]" }, { "source": "FACTSHEET", "signal": "synthetic_replication", "quote": "Replication method: Synthetic" }, { "source": "FACTSHEET", "signal": "swaps", "quote": "Swap fee 0.19% p.a." }, { "source": "FACTSHEET", "signal": "commodity_futures_roll", "quote": "The Reference Index is a variant of the Bloomberg Commodity Index (the \u201cParent Index\u201d) that comprises the same futures on the same component commodities as the Parent Index" } ], "supporting_data": "ETF has evidenced core or synthetic swap usage. Policy mode: balanced. Product type: ETF. UCITS signal identified. Replication method: synthetic.", "missing_data": [ "contango_backwardation", "priips_comprehension_alert", "securities_lending", "illiquid_or_hard_to_value_underlying", "physical_allocated_commodity", "crypto_digital_asset", "structured_payoff", "capital_protection", "coco_or_at1_exposure", "clo_exposure" ], "warnings": [ "counterparty_risk_language_identified" ], "sources": { "kiid": { "url": "https://oppl.ai/apy/doc_store/IE000CYTPBT0_KIID.txt", "found": true, "http_code": 200, "bytes": 12054, "error": null }, "priips_kid": { "url": "https://oppl.ai/eu_kiids/en_txt/IE000CYTPBT0.txt", "found": true, "http_code": 200, "bytes": 16441, "error": null }, "factsheet": { "url": "https://oppl.ai/apy/doc_store/IE000CYTPBT0_FS.txt", "found": true, "http_code": 200, "bytes": 12470, "error": null }, "market_data": { "url": "https://api.londonstockexchange.com/api/gw/lse/search/autocomplete?q=IE000CYTPBT0&size=3", "found": true, "http_code": 200, "bytes": 524, "error": null } } }