{
    "ok": true,
    "_meta": {
        "isin": "IE000MQ5XEW1",
        "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": "2026-06-17T11:45:03+00:00",
        "captured_unix": 1781696703
    },
    "classification": "complex",
    "confidence": 0.88,
    "review_required": false,
    "decision_rule_applied": "balanced_etf_swap_complex_rule",
    "product_policy_branch": "ETF",
    "fund_name": "L&G Multi-Strategy Enhanced Commodities ex-Agriculture & Livestock UCITS ETF",
    "isin": "IE000MQ5XEW1",
    "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": 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": 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": "the Company will primarily enter into 'total return swap' agreements with one or more 'swap counterparties'"
        },
        {
            "source": "KIID",
            "signal": "swaps",
            "quote": "total return swap"
        },
        {
            "source": "KIID",
            "signal": "unfunded_swap",
            "quote": "The swap arrangements are 'unfunded'"
        },
        {
            "source": "KIID",
            "signal": "derivatives_core_strategy",
            "quote": "Swaps enable the Share Class to efficiently track upward or downward in order to provide the Share Class with exposure to the Index without having to purchase the commodity futures contracts"
        },
        {
            "source": "KIID",
            "signal": "commodity_futures_roll",
            "quote": "the 'roll' return associated with periodically selling the futures contracts that are nearing their expiry dates with later-dated equivalents"
        },
        {
            "source": "KIID",
            "signal": "contango_backwardation",
            "quote": "Barclays Backwardation Tilt Multi-Strategy Ex-Agriculture & Livestock Capped Total Return Index"
        },
        {
            "source": "KIID",
            "signal": "complex_index",
            "quote": "The exposure to futures contracts of individual commodities within the Index is based on certain characteristics historically exhibited by such commodities and they are weighted according to their relative 'liquidity', 'economic significance' and expected roll return"
        },
        {
            "source": "KIID",
            "signal": "counterparty_risk",
            "quote": "If a swap counterparty is no longer willing or able to continue entering into swaps with the Fund, the Fund may not be able to continue tracking the Index and may need to close."
        }
    ],
    "supporting_data": "ETF has evidenced core or synthetic swap usage. Policy mode: balanced. Product type: ETF. UCITS signal identified. Replication method: synthetic.",
    "missing_data": [],
    "warnings": [
        "counterparty_risk_language_identified"
    ],
    "sources": {
        "kiid": {
            "url": "https://oppl.ai/apy/doc_store/IE000MQ5XEW1_KIID.txt",
            "found": true,
            "http_code": 200,
            "bytes": 10441,
            "error": null
        },
        "priips_kid": {
            "url": "https://oppl.ai/eu_kiids/en_txt/IE000MQ5XEW1.txt",
            "found": true,
            "http_code": 200,
            "bytes": 13777,
            "error": null
        },
        "factsheet": {
            "url": "https://oppl.ai/apy/doc_store/IE000MQ5XEW1_FS.txt",
            "found": true,
            "http_code": 200,
            "bytes": 24646,
            "error": null
        },
        "market_data": {
            "url": "https://api.londonstockexchange.com/api/gw/lse/search/autocomplete?q=IE000MQ5XEW1&size=3",
            "found": true,
            "http_code": 200,
            "bytes": 356,
            "error": null
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    }
}