{
    "ok": true,
    "_meta": {
        "isin": "XS2353177293",
        "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": "2026-06-19T12:25:35+00:00",
        "captured_unix": 1781871935
    },
    "classification": "complex",
    "confidence": 0.86,
    "review_required": false,
    "decision_rule_applied": "strict_etc_default_complex_rule",
    "product_policy_branch": "ETC",
    "fund_name": "SparkChange Physical Carbon EUA ETC",
    "isin": "XS2353177293",
    "type": "ETC",
    "ucits": false,
    "asset_class": "Commodity (carbon emissions allowances - physical EUAs)",
    "replication_method": "physical",
    "signals": {
        "leveraged": false,
        "inverse": false,
        "derivatives_mentioned": false,
        "derivatives_core_strategy": false,
        "derivatives_epm_only": false,
        "swaps": false,
        "funded_swap": false,
        "unfunded_swap": false,
        "synthetic_replication": false,
        "counterparty_risk": true,
        "structured_payoff": false,
        "capital_protection": false,
        "commodity_futures_roll": false,
        "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": true,
        "crypto_digital_asset": false
    },
    "complex_factors": [
        "ETC wrapper under strict policy"
    ],
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        "Physical replication",
        "No leverage identified",
        "No inverse exposure identified"
    ],
    "consumer_understanding": {
        "risk_level": "elevated",
        "drivers": [
            "Less liquid or harder-to-value underlying exposure language",
            "Counterparty risk language identified"
        ],
        "plain_english_explanation": "The available evidence identifies features that may affect ordinary retail investor understanding. The assessment describes product-level mechanics only and does not judge the knowledge or experience of a specific client.",
        "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": "PRIIPS_KID",
            "signal": "physical_allocated_commodity",
            "quote": "The ETC provide investment exposure to physical EUAs. The Company holds a note issued by the Backing Issuer (SparkChange Jersey Issuer Limited) and the Backing Issuer holds the physical EUAs in a European Union registry account."
        },
        {
            "source": "PRIIPS_KID",
            "signal": "counterparty_risk",
            "quote": "In case of a default by the Company, any claims made against the Company will be satisfied in order of the priority of payments set out in the conditions of the ETC and you may face a financial loss of some, or all the amount invested."
        },
        {
            "source": "PRIIPS_KID",
            "signal": "illiquid_or_hard_to_value_underlying",
            "quote": "the value of EUAs are driven by various factors including environmental and energy policies, emissions levels, seasonality, energy prices, equity prices, net demand from financial investors, the operation of the market stability mechanism"
        }
    ],
    "supporting_data": "Strict mode treats ETCs as complex by default. Policy mode: strict. Product type: ETC. UCITS signal not identified. Replication method: physical.",
    "missing_data": [
        "priips_kid",
        "PRIIPS KID text section was empty; relied on KIID-titled text which appears to be a PRIIPs KID",
        "Factsheet text not available (empty)",
        "No explicit statement on securities lending"
    ],
    "warnings": [
        "illiquid_or_hard_to_value_underlying_identified",
        "counterparty_risk_language_identified",
        "physical_allocated_commodity_signal_without_strong_support_ignored"
    ],
    "sources": {
        "kiid": {
            "url": "https://oppl.ai/apy/doc_store/XS2353177293_KIID.txt",
            "found": true,
            "http_code": 200,
            "bytes": 10169,
            "error": null
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            "url": "https://oppl.ai/eu_kiids/en_txt/XS2353177293.txt",
            "found": false,
            "http_code": 404,
            "bytes": 1251,
            "error": "http_404"
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        "factsheet": {
            "url": "https://oppl.ai/apy/doc_store/XS2353177293_FS.txt",
            "found": true,
            "http_code": 200,
            "bytes": 95,
            "error": null
        },
        "market_data": {
            "url": "https://api.londonstockexchange.com/api/gw/lse/search/autocomplete?q=XS2353177293&size=3",
            "found": true,
            "http_code": 200,
            "bytes": 751,
            "error": null
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}