{
    "ok": true,
    "_meta": {
        "isin": "IE000WJCYGB4",
        "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": "2026-06-17T12:35:34+00:00",
        "captured_unix": 1781699734
    },
    "classification": "complex",
    "confidence": 0.88,
    "review_required": false,
    "decision_rule_applied": "balanced_etf_swap_complex_rule",
    "product_policy_branch": "ETF",
    "fund_name": "UBS (Irl) Fund Solutions plc \u2013 CMCI Future Commodity SF UCITS ETF",
    "isin": "IE000WJCYGB4",
    "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": true,
        "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": 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",
            "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": "derivatives_core_strategy",
            "quote": "The Fund invests in financial derivative instruments ('FDIs') with UBS AG, London Branch ('UBS') as counterparty."
        },
        {
            "source": "KIID",
            "signal": "swaps",
            "quote": "Under the terms of the FDIs, the performance of the Index is swapped from UBS to the Fund, and in return the performance of the securities is swapped from the Fund to UBS \u2013 consequently, the Fund's performance reflects the performance of the Index and is not impacted by the performance of the securities."
        },
        {
            "source": "FACTSHEET",
            "signal": "funded_swap",
            "quote": "Replication methodology Synthetic (Fully Funded + Total Return Swap)"
        },
        {
            "source": "FACTSHEET",
            "signal": "synthetic_replication",
            "quote": "The fund synthetically replicates the index performance by investing in a swap."
        },
        {
            "source": "KIID",
            "signal": "counterparty_risk",
            "quote": "Counterparty risk: The Fund's main investments are the FDIs with UBS as counterparty. The failure of UBS to perform under the terms of the FDIs could significantly affect the Fund."
        },
        {
            "source": "FACTSHEET",
            "signal": "commodity_futures_roll",
            "quote": "The UBS CMCI Future Commodity Index offers investors a commodity index that recognises the various maturities of commodity futures contracts that are available in commodity markets."
        }
    ],
    "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": [
        "illiquid_or_hard_to_value_underlying_identified",
        "counterparty_risk_language_identified"
    ],
    "sources": {
        "kiid": {
            "url": "https://oppl.ai/apy/doc_store/IE000WJCYGB4_KIID.txt",
            "found": true,
            "http_code": 200,
            "bytes": 8469,
            "error": null
        },
        "priips_kid": {
            "url": "https://oppl.ai/eu_kiids/en_txt/IE000WJCYGB4.txt",
            "found": true,
            "http_code": 200,
            "bytes": 11612,
            "error": null
        },
        "factsheet": {
            "url": "https://oppl.ai/apy/doc_store/IE000WJCYGB4_FS.txt",
            "found": true,
            "http_code": 200,
            "bytes": 23369,
            "error": null
        },
        "market_data": {
            "url": "https://api.londonstockexchange.com/api/gw/lse/search/autocomplete?q=IE000WJCYGB4&size=3",
            "found": true,
            "http_code": 200,
            "bytes": 291,
            "error": null
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}