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"recorded_at": "2026-07-18T09:14:00Z" } ] } }, { "evidence_id": "EVD-KMLM-IR-002", "source_id": "SRC-KMLM-SAI-20260625", "location": { "section": "Investment through Subsidiaries", "topic": "KMLM subsidiary mandate and ownership" }, "evidence_summary": "The SAI corroborates the wholly owned subsidiary structure and its commodity and financial derivatives mandate.", "supports": [ "ECS-IR-R03" ], "status": "corroborating_source", "admission": { "state": "admitted", "protocol_version": "EAP-001-v0.1.0", "history": [ { "state": "candidate", "recorded_at": "2026-07-18T09:15:00Z" }, { "state": "identity_verified", "recorded_at": "2026-07-18T09:16:00Z" }, { "state": "preserved", "recorded_at": "2026-07-18T09:17:00Z" }, { "state": "extracted", "recorded_at": "2026-07-18T09:18:00Z" }, { "state": "admitted", "recorded_at": "2026-07-18T09:19:00Z" } ] } }, { "evidence_id": "EVD-KMLM-DF-001", "source_id": "SRC-KMLM-PROSPECTUS-20260625", "location": { "section": "KMLM Principal Investment Strategies", "topic": "long and short signals" }, "evidence_summary": "The index description states that trading signals determine long or short positions in eligible futures markets.", "supports": [ "ECS-DF-R01" ], "status": "direct_source", "admission": { "state": "admitted", "protocol_version": "EAP-001-v0.1.0", "history": [ { "state": "candidate", "recorded_at": "2026-07-18T09:20:00Z" }, { "state": "identity_verified", "recorded_at": "2026-07-18T09:21:00Z" }, { "state": "preserved", "recorded_at": "2026-07-18T09:22:00Z" }, { "state": "extracted", "recorded_at": "2026-07-18T09:23:00Z" }, { "state": "admitted", "recorded_at": "2026-07-18T09:24:00Z" } ] } }, { "evidence_id": "EVD-KMLM-SH-001", "source_id": "SRC-KMLM-PROSPECTUS-20260625", "location": { "section": "KMLM Principal Investment Strategies and KFA MLM Index description", "review_scope": "signal construction disclosures" }, "evidence_summary": "The reviewed disclosure states daily signal evaluation and monthly rebalancing but 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managed-futures hedge funds using factor analysis.", "supports": [ "ECS-RM-R01" ], "status": "direct_source", "admission": { "state": "admitted", "protocol_version": "EAP-001-v0.1.0", "history": [ { "state": "candidate", "recorded_at": "2026-07-18T11:00:00Z" }, { "state": "identity_verified", "recorded_at": "2026-07-18T11:01:00Z" }, { "state": "preserved", "recorded_at": "2026-07-18T11:02:00Z" }, { "state": "extracted", "recorded_at": "2026-07-18T11:03:00Z" }, { "state": "admitted", "recorded_at": "2026-07-18T11:04:00Z" } ] } }, { "evidence_id": "EVD-DBMF-AM-001", "source_id": "SRC-DBMF-PROSPECTUS-20250429", "location": { "section": "Principal Investment Strategies", "topic": "AM" }, "evidence_summary": "The prospectus explicitly identifies DBMF as an actively managed ETF.", "supports": [ "ECS-AM-R01" ], "status": "direct_source", "admission": { "state": "admitted", "protocol_version": "EAP-001-v0.1.0", "history": [ { "state": "candidate", "recorded_at": "2026-07-18T11:05:00Z" }, { "state": "identity_verified", "recorded_at": "2026-07-18T11:06:00Z" }, { "state": "preserved", "recorded_at": "2026-07-18T11:07:00Z" }, { "state": "extracted", "recorded_at": "2026-07-18T11:08:00Z" }, { "state": "admitted", "recorded_at": "2026-07-18T11:09:00Z" } ] } }, { "evidence_id": "EVD-DBMF-MB-001", "source_id": "SRC-DBMF-PROSPECTUS-20250429", "location": { "section": "Principal Investment Strategies", "topic": "MB" }, "evidence_summary": "The disclosed derivative universe spans equities, fixed income, currencies, and commodities.", "supports": [ "ECS-MB-R02" ], "status": "direct_source", "admission": { "state": "admitted", "protocol_version": "EAP-001-v0.1.0", "history": [ { "state": "candidate", "recorded_at": "2026-07-18T11:10:00Z" }, { "state": "identity_verified", "recorded_at": "2026-07-18T11:11:00Z" }, { "state": "preserved", "recorded_at": "2026-07-18T11:12:00Z" }, { "state": "extracted", "recorded_at": "2026-07-18T11:13:00Z" }, { "state": "admitted", "recorded_at": "2026-07-18T11:14:00Z" } ] } }, { "evidence_id": "EVD-DBMF-IR-001", "source_id": "SRC-DBMF-PROSPECTUS-20250429", "location": { "section": "Principal Investment Strategies", "topic": "IR" }, "evidence_summary": "The fund uses long and short derivatives, primarily futures and forward contracts, and routes commodity exposure through a wholly owned subsidiary.", "supports": [ "ECS-IR-R04" ], "status": "direct_source", "admission": { "state": "admitted", "protocol_version": "EAP-001-v0.1.0", "history": [ { "state": "candidate", "recorded_at": "2026-07-18T11:15:00Z" }, { "state": "identity_verified", "recorded_at": "2026-07-18T11:16:00Z" }, { "state": "preserved", "recorded_at": "2026-07-18T11:17:00Z" }, { "state": "extracted", "recorded_at": "2026-07-18T11:18:00Z" }, { "state": "admitted", "recorded_at": "2026-07-18T11:19:00Z" } ] } }, { "evidence_id": "EVD-DBMF-IR-002", "source_id": "SRC-DBMF-SAI-20250429", "location": { "section": "Principal Investment Strategies", "topic": "IR" }, "evidence_summary": "The SAI corroborates the controlled subsidiary and aggregate derivatives structure.", "supports": [ "ECS-IR-R04" ], "status": "corroborating_source", "admission": { "state": "admitted", "protocol_version": "EAP-001-v0.1.0", "history": [ { "state": "candidate", "recorded_at": "2026-07-18T11:20:00Z" }, { "state": "identity_verified", "recorded_at": "2026-07-18T11:21:00Z" }, { "state": "preserved", "recorded_at": "2026-07-18T11:22:00Z" }, { "state": "extracted", "recorded_at": "2026-07-18T11:23:00Z" }, { "state": "admitted", "recorded_at": "2026-07-18T11:24:00Z" } ] } }, { "evidence_id": "EVD-DBMF-BR-001", "source_id": "SRC-DBMF-PROSPECTUS-20250429", "location": { "section": "Principal Investment Strategies", "topic": "BR" }, "evidence_summary": "The reviewed prospectus describes representative-basket replication but does not state that DBMF tracks the SG CTA Index or any named index.", "supports": [ "ECS-BR-R00" ], "status": "insufficient", "admission": { "state": "admitted", "protocol_version": "EAP-001-v0.1.0", "history": [ { "state": "candidate", "recorded_at": "2026-07-18T11:25:00Z" }, { "state": "identity_verified", "recorded_at": "2026-07-18T11:26:00Z" }, { "state": "preserved", "recorded_at": "2026-07-18T11:27:00Z" }, { "state": "extracted", "recorded_at": "2026-07-18T11:28:00Z" }, { "state": "admitted", "recorded_at": "2026-07-18T11:29:00Z" } ] } }, { "evidence_id": "EVD-DBMF-DF-001", "source_id": "SRC-DBMF-PROSPECTUS-20250429", "location": { "section": "Principal Investment Strategies", "topic": "DF" }, "evidence_summary": "The prospectus explicitly permits both long and short derivative positions.", "supports": [ "ECS-DF-R01" ], "status": "direct_source", "admission": { "state": "admitted", "protocol_version": "EAP-001-v0.1.0", "history": [ { "state": "candidate", "recorded_at": "2026-07-18T11:30:00Z" }, { "state": "identity_verified", "recorded_at": "2026-07-18T11:31:00Z" }, { "state": "preserved", "recorded_at": "2026-07-18T11:32:00Z" }, { "state": "extracted", "recorded_at": "2026-07-18T11:33:00Z" }, { "state": "admitted", "recorded_at": "2026-07-18T11:34:00Z" } ] } }, { "evidence_id": "EVD-CTA-SF-001", "source_id": "SRC-CTA-497K-20251101", "location": { "section": "Principal Investment Strategies", "topic": "trend-following methodology" }, "evidence_summary": "The summary prospectus states the fund attempts to capture the economic benefit derived from rising trends based on the price changes of the futures contracts, positioning long on positive price trends and taking short positions on negative price trends using momentum signals.", "supports": [ "ECS-SF-R01" ], "status": "direct_source", "admission": { "state": "admitted", "protocol_version": "EAP-001-v0.1.0", "history": [ { "state": "candidate", "recorded_at": "2026-07-26T12:00:00Z" }, { "state": "identity_verified", "recorded_at": "2026-07-26T12:01:00Z" }, { "state": "preserved", "recorded_at": "2026-07-26T12:02:00Z" }, { "state": "extracted", "recorded_at": "2026-07-26T12:03:00Z" }, { "state": "admitted", "recorded_at": "2026-07-26T12:04:00Z" } ] } }, { "evidence_id": "EVD-CTA-MB-001", "source_id": "SRC-CTA-497K-20251101", "location": { "section": "Principal Investment Strategies", "topic": "eligible futures contracts" }, "evidence_summary": "The disclosed portfolio spans equity, U.S. Treasury, commodity, and foreign exchange futures contracts, satisfying the governed multi-asset threshold.", "supports": [ "ECS-MB-R02" ], "status": "direct_source", "admission": { "state": "admitted", "protocol_version": "EAP-001-v0.1.0", "history": [ { "state": "candidate", "recorded_at": "2026-07-26T12:06:00Z" }, { "state": "identity_verified", "recorded_at": "2026-07-26T12:07:00Z" }, { "state": "preserved", "recorded_at": "2026-07-26T12:08:00Z" }, { "state": "extracted", "recorded_at": "2026-07-26T12:09:00Z" }, { "state": "admitted", "recorded_at": "2026-07-26T12:10:00Z" } ] } }, { "evidence_id": "EVD-CTA-IR-001", "source_id": "SRC-CTA-497K-20251101", "location": { "section": "Principal Investment Strategies", "topic": "direct futures implementation" }, "evidence_summary": "The fund invests directly in a portfolio of equity, U.S. Treasury, commodity, and foreign exchange futures contracts.", "supports": [ "ECS-IR-R03" ], "status": "direct_source", "admission": { "state": "admitted", "protocol_version": "EAP-001-v0.1.0", "history": [ { "state": "candidate", "recorded_at": "2026-07-26T12:12:00Z" }, { "state": "identity_verified", "recorded_at": "2026-07-26T12:13:00Z" }, { "state": "preserved", "recorded_at": "2026-07-26T12:14:00Z" }, { "state": "extracted", "recorded_at": "2026-07-26T12:15:00Z" }, { "state": "admitted", "recorded_at": "2026-07-26T12:16:00Z" } ] } }, { "evidence_id": "EVD-CTA-IR-002", "source_id": "SRC-CTA-497K-20251101", "location": { "section": "Principal Investment Strategies", "topic": "controlled commodity subsidiary" }, "evidence_summary": "The same summary prospectus discloses that the fund gains commodity exposure by investing up to 25% of its assets in a wholly-owned subsidiary organized under the laws of the Cayman Islands.", "supports": [ "ECS-IR-R03" ], "status": "corroborating_source", "admission": { "state": "admitted", "protocol_version": "EAP-001-v0.1.0", "history": [ { "state": "candidate", "recorded_at": "2026-07-26T12:18:00Z" }, { "state": "identity_verified", "recorded_at": "2026-07-26T12:19:00Z" }, { "state": "preserved", "recorded_at": "2026-07-26T12:20:00Z" }, { "state": "extracted", "recorded_at": "2026-07-26T12:21:00Z" }, { "state": "admitted", "recorded_at": "2026-07-26T12:22:00Z" } ] } }, { "evidence_id": "EVD-CTA-DF-001", "source_id": "SRC-CTA-497K-20251101", "location": { "section": "Principal Investment Strategies", "topic": "long and short positioning" }, "evidence_summary": "The strategy positions each futures contract long when it experiences a positive price trend and permits short positions when it experiences a negative price trend.", "supports": [ "ECS-DF-R01" ], "status": "direct_source", "admission": { "state": "admitted", "protocol_version": "EAP-001-v0.1.0", "history": [ { "state": "candidate", "recorded_at": "2026-07-26T12:24:00Z" }, { "state": "identity_verified", "recorded_at": "2026-07-26T12:25:00Z" }, { "state": "preserved", "recorded_at": "2026-07-26T12:26:00Z" }, { "state": "extracted", "recorded_at": "2026-07-26T12:27:00Z" }, { "state": "admitted", "recorded_at": "2026-07-26T12:28:00Z" } ] } }, { "evidence_id": "EVD-CTA-SH-001", "source_id": "SRC-CTA-497K-20251101", "location": { "section": "Principal Investment Strategies", "topic": "signal look-back horizon" }, "evidence_summary": "The disclosure references momentum signals over various look-back periods and monthly positioning but does not state a specific signal look-back horizon; those frequencies are not treated as the horizon.", "supports": [ "ECS-SH-R00" ], "status": "insufficient", "admission": { "state": "admitted", "protocol_version": "EAP-001-v0.1.0", "history": [ { "state": "candidate", "recorded_at": "2026-07-26T12:30:00Z" }, { "state": "identity_verified", "recorded_at": "2026-07-26T12:31:00Z" }, { "state": "preserved", "recorded_at": "2026-07-26T12:32:00Z" }, { "state": "extracted", "recorded_at": "2026-07-26T12:33:00Z" }, { "state": "admitted", "recorded_at": "2026-07-26T12:34:00Z", "note": "Admitted as bounded evidence of non-disclosure, not as evidence of a horizon value." } ] } } ], "decisions": [ { "decision_id": "DEC-KMLM-SF-001", "fund_id": "ETFCTA-FUND-US-KMLM", "dimension": "strategy_family", "result": "explicit_trend_following", "rule_id": "ECS-SF-R01", "rule_version": "0.1.0", "evidence_ids": [ "EVD-KMLM-SF-001" ], "reasoning_summary": "The verified prospectus explicitly identifies a trend-following methodology; ECS-SF-R01 maps that disclosure to the controlled result.", "decision_status": "confirmed", "confidence": "high", "sufficiency_result": "pass", "limitations": [ "Classification is structural and makes no performance claim.", "Solo-operator review; no independent second reviewer." ], "decided_at": "2026-07-18", "review_due": "2027-07-18", "workflow": { "actions": [ { "role": "extractor", "actor_id": "ACT-ETFCTA-OPERATOR-001", "acted_at": "2026-07-18T10:00:00Z", "conflict_status": "none_declared" }, { "role": "classifier", "actor_id": "ACT-ETFCTA-OPERATOR-001", "acted_at": "2026-07-18T10:01:00Z", "conflict_status": "none_declared" }, { "role": "reviewer", "actor_id": "ACT-ETFCTA-OPERATOR-001", "acted_at": "2026-07-18T10:02:00Z", "conflict_status": "none_declared" }, { "role": "publisher", "actor_id": "ACT-ETFCTA-OPERATOR-001", "acted_at": "2026-07-18T10:03:00Z", "conflict_status": "none_declared" } ], "solo_operator": true, "second_review_required": false, "second_review_completed": false } }, { "decision_id": "DEC-KMLM-MB-001", "fund_id": "ETFCTA-FUND-US-KMLM", "dimension": "market_breadth", "result": "multi_asset", "rule_id": "ECS-MB-R02", "rule_version": "0.1.0", "evidence_ids": [ "EVD-KMLM-MB-001" ], "reasoning_summary": "The verified prospectus names three governed asset families, satisfying ECS-MB-R02.", "decision_status": "confirmed", "confidence": "high", "sufficiency_result": "pass", "limitations": [ "Market breadth is based on the disclosed eligible universe, not a point-in-time holdings inference.", "Solo-operator review; no independent second reviewer." ], "decided_at": "2026-07-18", "review_due": "2027-07-18", "workflow": { "actions": [ { "role": "extractor", "actor_id": "ACT-ETFCTA-OPERATOR-001", "acted_at": "2026-07-18T10:04:00Z", "conflict_status": "none_declared" }, { "role": "classifier", "actor_id": "ACT-ETFCTA-OPERATOR-001", "acted_at": "2026-07-18T10:05:00Z", "conflict_status": "none_declared" }, { "role": "reviewer", "actor_id": "ACT-ETFCTA-OPERATOR-001", "acted_at": "2026-07-18T10:06:00Z", "conflict_status": "none_declared" }, { "role": "publisher", "actor_id": "ACT-ETFCTA-OPERATOR-001", "acted_at": "2026-07-18T10:07:00Z", "conflict_status": "none_declared" } ], "solo_operator": true, "second_review_required": false, "second_review_completed": false } }, { "decision_id": "DEC-KMLM-IR-001", "fund_id": "ETFCTA-FUND-US-KMLM", "dimension": "implementation_route", "result": "direct_futures_with_commodity_subsidiary", "rule_id": "ECS-IR-R03", "rule_version": "0.1.0", "evidence_ids": [ "EVD-KMLM-IR-001", "EVD-KMLM-IR-002" ], "reasoning_summary": "The prospectus and SAI jointly establish futures implementation by the fund and a wholly owned commodity subsidiary.", "decision_status": "confirmed", "confidence": "high", "sufficiency_result": "pass", "limitations": [ "This result describes the disclosed route and not every permitted derivative.", "Solo-operator review; no independent second reviewer." ], "decided_at": "2026-07-18", "review_due": "2027-07-18", "workflow": { "actions": [ { "role": "extractor", "actor_id": "ACT-ETFCTA-OPERATOR-001", "acted_at": "2026-07-18T10:08:00Z", "conflict_status": "none_declared" }, { "role": "classifier", "actor_id": "ACT-ETFCTA-OPERATOR-001", "acted_at": "2026-07-18T10:09:00Z", "conflict_status": "none_declared" }, { "role": "reviewer", "actor_id": "ACT-ETFCTA-OPERATOR-001", "acted_at": "2026-07-18T10:10:00Z", "conflict_status": "none_declared" }, { "role": "publisher", "actor_id": "ACT-ETFCTA-OPERATOR-001", "acted_at": "2026-07-18T10:11:00Z", "conflict_status": "none_declared" } ], "solo_operator": true, "second_review_required": false, "second_review_completed": false } }, { "decision_id": "DEC-KMLM-DF-001", "fund_id": "ETFCTA-FUND-US-KMLM", "dimension": "directional_flexibility", "result": "long_short", "rule_id": "ECS-DF-R01", "rule_version": "0.1.0", "evidence_ids": [ "EVD-KMLM-DF-001" ], "reasoning_summary": "The index description explicitly permits signals to establish long or short futures positions, satisfying ECS-DF-R01.", "decision_status": "confirmed", "confidence": "high", "sufficiency_result": "pass", "limitations": [ "Directional flexibility does not describe current positioning.", "Solo-operator review; no independent second reviewer." ], "decided_at": "2026-07-18", "review_due": "2027-07-18", "workflow": { "actions": [ { "role": "extractor", "actor_id": "ACT-ETFCTA-OPERATOR-001", "acted_at": "2026-07-18T10:12:00Z", "conflict_status": "none_declared" }, { "role": "classifier", "actor_id": "ACT-ETFCTA-OPERATOR-001", "acted_at": "2026-07-18T10:13:00Z", "conflict_status": "none_declared" }, { "role": "reviewer", "actor_id": "ACT-ETFCTA-OPERATOR-001", "acted_at": "2026-07-18T10:14:00Z", "conflict_status": "none_declared" }, { "role": "publisher", "actor_id": "ACT-ETFCTA-OPERATOR-001", "acted_at": "2026-07-18T10:15:00Z", "conflict_status": "none_declared" } ], "solo_operator": true, "second_review_required": false, "second_review_completed": false } }, { "decision_id": "DEC-KMLM-SH-001", "fund_id": "ETFCTA-FUND-US-KMLM", "dimension": "signal_horizon", "result": "not_determinable_from_reviewed_sources", "rule_id": "ECS-SH-R00", "rule_version": "0.1.0", "evidence_ids": [ "EVD-KMLM-SH-001" ], "reasoning_summary": "Daily evaluation and monthly rebalancing are disclosed, but the signal lookback horizon is not; ECS-SH-R00 preserves that distinction as an explicit unknown.", "decision_status": "confirmed", "confidence": "high", "sufficiency_result": "pass", "limitations": [ "The result is a bounded non-disclosure finding, not a claim that no horizon exists.", "No standalone official index methodology document was located during this admission.", "Solo-operator review; no independent second reviewer." ], "decided_at": "2026-07-18", "review_due": "2027-07-18", "workflow": { "actions": [ { "role": "extractor", "actor_id": "ACT-ETFCTA-OPERATOR-001", "acted_at": "2026-07-18T10:16:00Z", "conflict_status": "none_declared" }, { "role": "classifier", "actor_id": "ACT-ETFCTA-OPERATOR-001", "acted_at": "2026-07-18T10:17:00Z", "conflict_status": "none_declared" }, { "role": "reviewer", "actor_id": "ACT-ETFCTA-OPERATOR-001", "acted_at": "2026-07-18T10:18:00Z", "conflict_status": "none_declared" }, { "role": "publisher", "actor_id": "ACT-ETFCTA-OPERATOR-001", "acted_at": "2026-07-18T10:19:00Z", "conflict_status": "none_declared" } ], "solo_operator": true, "second_review_required": false, "second_review_completed": false } }, { "decision_id": "DEC-DBMF-RM-001", "fund_id": "ETFCTA-FUND-US-DBMF", "dimension": "replication_method", "result": "managed_futures_replication", "rule_id": "ECS-RM-R01", "rule_version": "0.1.0", "evidence_ids": [ "EVD-DBMF-RM-001" ], "reasoning_summary": "The primary document supports replication of a representative managed-futures basket; it does not support an index-tracking claim.", "decision_status": "confirmed", "confidence": "high", "sufficiency_result": "pass", "limitations": [ "No claim that DBMF tracks the SG CTA Index.", "Structural classification only; no performance or relative-quality claim.", "Solo-operator review; no independent second reviewer." ], "decided_at": "2026-07-18", "review_due": "2027-07-18", "workflow": { "actions": [ { "role": "extractor", "actor_id": "ACT-ETFCTA-OPERATOR-001", "acted_at": "2026-07-18T13:00:00Z", "conflict_status": "none_declared" }, { "role": "classifier", "actor_id": "ACT-ETFCTA-OPERATOR-001", "acted_at": "2026-07-18T13:01:00Z", "conflict_status": "none_declared" }, { "role": "reviewer", "actor_id": "ACT-ETFCTA-OPERATOR-001", "acted_at": "2026-07-18T13:02:00Z", "conflict_status": "none_declared" }, { "role": "publisher", "actor_id": "ACT-ETFCTA-OPERATOR-001", "acted_at": "2026-07-18T13:03:00Z", "conflict_status": "none_declared" } ], "solo_operator": true, "second_review_required": false, "second_review_completed": false } }, { "decision_id": "DEC-DBMF-AM-001", "fund_id": "ETFCTA-FUND-US-DBMF", "dimension": "management_mode", "result": "active_management", "rule_id": "ECS-AM-R01", "rule_version": "0.1.0", "evidence_ids": [ "EVD-DBMF-AM-001" ], "reasoning_summary": "The prospectus directly identifies the fund as actively managed.", "decision_status": "confirmed", "confidence": "high", "sufficiency_result": "pass", "limitations": [ "Structural classification only; no performance or relative-quality claim.", "Solo-operator review; no independent second reviewer." ], "decided_at": "2026-07-18", "review_due": "2027-07-18", "workflow": { "actions": [ { "role": "extractor", "actor_id": "ACT-ETFCTA-OPERATOR-001", "acted_at": "2026-07-18T13:04:00Z", "conflict_status": "none_declared" }, { "role": "classifier", "actor_id": "ACT-ETFCTA-OPERATOR-001", "acted_at": "2026-07-18T13:05:00Z", "conflict_status": "none_declared" }, { "role": "reviewer", "actor_id": "ACT-ETFCTA-OPERATOR-001", "acted_at": "2026-07-18T13:06:00Z", "conflict_status": "none_declared" }, { "role": "publisher", "actor_id": "ACT-ETFCTA-OPERATOR-001", "acted_at": "2026-07-18T13:07:00Z", "conflict_status": "none_declared" } ], "solo_operator": true, "second_review_required": false, "second_review_completed": false } }, { "decision_id": "DEC-DBMF-MB-001", "fund_id": "ETFCTA-FUND-US-DBMF", "dimension": "market_breadth", "result": "multi_asset", "rule_id": "ECS-MB-R02", "rule_version": "0.1.0", "evidence_ids": [ "EVD-DBMF-MB-001" ], "reasoning_summary": "Four governed asset families satisfy the multi-asset rule.", "decision_status": "confirmed", "confidence": "high", "sufficiency_result": "pass", "limitations": [ "Structural classification only; no performance or relative-quality claim.", "Solo-operator review; no independent second reviewer." ], "decided_at": "2026-07-18", "review_due": "2027-07-18", "workflow": { "actions": [ { "role": "extractor", "actor_id": "ACT-ETFCTA-OPERATOR-001", "acted_at": "2026-07-18T13:08:00Z", "conflict_status": "none_declared" }, { "role": "classifier", "actor_id": "ACT-ETFCTA-OPERATOR-001", "acted_at": "2026-07-18T13:09:00Z", "conflict_status": "none_declared" }, { "role": "reviewer", "actor_id": "ACT-ETFCTA-OPERATOR-001", "acted_at": "2026-07-18T13:10:00Z", "conflict_status": "none_declared" }, { "role": "publisher", "actor_id": "ACT-ETFCTA-OPERATOR-001", "acted_at": "2026-07-18T13:11:00Z", "conflict_status": "none_declared" } ], "solo_operator": true, "second_review_required": false, "second_review_completed": false } }, { "decision_id": "DEC-DBMF-IR-001", "fund_id": "ETFCTA-FUND-US-DBMF", "dimension": "implementation_route", "result": "mixed_derivatives_with_commodity_subsidiary", "rule_id": "ECS-IR-R04", "rule_version": "0.1.0", "evidence_ids": [ "EVD-DBMF-IR-001", "EVD-DBMF-IR-002" ], "reasoning_summary": "Prospectus and SAI support futures and forwards with commodity exposure through a controlled subsidiary.", "decision_status": "confirmed", "confidence": "high", "sufficiency_result": "pass", "limitations": [ "Swaps are not represented as the governing route.", "Structural classification only; no performance or relative-quality claim.", "Solo-operator review; no independent second reviewer." ], "decided_at": "2026-07-18", "review_due": "2027-07-18", "workflow": { "actions": [ { "role": "extractor", "actor_id": "ACT-ETFCTA-OPERATOR-001", "acted_at": "2026-07-18T13:12:00Z", "conflict_status": "none_declared" }, { "role": "classifier", "actor_id": "ACT-ETFCTA-OPERATOR-001", "acted_at": "2026-07-18T13:13:00Z", "conflict_status": "none_declared" }, { "role": "reviewer", "actor_id": "ACT-ETFCTA-OPERATOR-001", "acted_at": "2026-07-18T13:14:00Z", "conflict_status": "none_declared" }, { "role": "publisher", "actor_id": "ACT-ETFCTA-OPERATOR-001", "acted_at": "2026-07-18T13:15:00Z", "conflict_status": "none_declared" } ], "solo_operator": true, "second_review_required": false, "second_review_completed": false } }, { "decision_id": "DEC-DBMF-BR-001", "fund_id": "ETFCTA-FUND-US-DBMF", "dimension": "benchmark_relationship", "result": "not_determinable_as_index_tracking", "rule_id": "ECS-BR-R00", "rule_version": "0.1.0", "evidence_ids": [ "EVD-DBMF-BR-001" ], "reasoning_summary": "The admission confirms that index-tracking status is not determinable from the reviewed primary disclosure.", "decision_status": "confirmed", "confidence": "high", "sufficiency_result": "pass", "limitations": [ "Confirmed describes the evidence conclusion, not a known benchmark relationship.", "Structural classification only; no performance or relative-quality claim.", "Solo-operator review; no independent second reviewer." ], "decided_at": "2026-07-18", "review_due": "2027-07-18", "workflow": { "actions": [ { "role": "extractor", "actor_id": "ACT-ETFCTA-OPERATOR-001", "acted_at": "2026-07-18T13:16:00Z", "conflict_status": "none_declared" }, { "role": "classifier", "actor_id": "ACT-ETFCTA-OPERATOR-001", "acted_at": "2026-07-18T13:17:00Z", "conflict_status": "none_declared" }, { "role": "reviewer", "actor_id": "ACT-ETFCTA-OPERATOR-001", "acted_at": "2026-07-18T13:18:00Z", "conflict_status": "none_declared" }, { "role": "publisher", "actor_id": "ACT-ETFCTA-OPERATOR-001", "acted_at": "2026-07-18T13:19:00Z", "conflict_status": "none_declared" } ], "solo_operator": true, "second_review_required": false, "second_review_completed": false } }, { "decision_id": "DEC-DBMF-DF-001", "fund_id": "ETFCTA-FUND-US-DBMF", "dimension": "directional_flexibility", "result": "long_short", "rule_id": "ECS-DF-R01", "rule_version": "0.1.0", "evidence_ids": [ "EVD-DBMF-DF-001" ], "reasoning_summary": "The primary disclosure explicitly supports long and short derivative positions.", "decision_status": "confirmed", "confidence": "high", "sufficiency_result": "pass", "limitations": [ "Structural classification only; no performance or relative-quality claim.", "Solo-operator review; no independent second reviewer." ], "decided_at": "2026-07-18", "review_due": "2027-07-18", "workflow": { "actions": [ { "role": "extractor", "actor_id": "ACT-ETFCTA-OPERATOR-001", "acted_at": "2026-07-18T13:20:00Z", "conflict_status": "none_declared" }, { "role": "classifier", "actor_id": "ACT-ETFCTA-OPERATOR-001", "acted_at": "2026-07-18T13:21:00Z", "conflict_status": "none_declared" }, { "role": "reviewer", "actor_id": "ACT-ETFCTA-OPERATOR-001", "acted_at": "2026-07-18T13:22:00Z", "conflict_status": "none_declared" }, { "role": "publisher", "actor_id": "ACT-ETFCTA-OPERATOR-001", "acted_at": "2026-07-18T13:23:00Z", "conflict_status": "none_declared" } ], "solo_operator": true, "second_review_required": false, "second_review_completed": false } }, { "decision_id": "DEC-CTA-SF-001", "fund_id": "ETFCTA-FUND-US-CTA", "dimension": "strategy_family", "result": "explicit_trend_following", "rule_id": "ECS-SF-R01", "rule_version": "0.1.0", "evidence_ids": [ "EVD-CTA-SF-001" ], "reasoning_summary": "The verified summary prospectus explicitly identifies a trend-following methodology; ECS-SF-R01 maps that disclosure to the controlled result.", "decision_status": "confirmed", "confidence": "high", "sufficiency_result": "pass", "limitations": [ "Structural classification only; no performance or relative-quality claim.", "Solo-operator review; no independent second reviewer.", "Derived from the fund summary prospectus (Form 497K)." ], "decided_at": "2026-07-26", "review_due": "2027-07-26", "workflow": { "actions": [ { "role": "extractor", "actor_id": "ACT-ETFCTA-OPERATOR-001", "acted_at": "2026-07-26T13:00:00Z", "conflict_status": "none_declared" }, { "role": "classifier", "actor_id": "ACT-ETFCTA-OPERATOR-001", "acted_at": "2026-07-26T13:01:00Z", "conflict_status": "none_declared" }, { "role": "reviewer", "actor_id": "ACT-ETFCTA-OPERATOR-001", "acted_at": "2026-07-26T13:02:00Z", "conflict_status": "none_declared" }, { "role": "publisher", "actor_id": "ACT-ETFCTA-OPERATOR-001", "acted_at": "2026-07-26T13:03:00Z", "conflict_status": "none_declared" } ], "solo_operator": true, "second_review_required": false, "second_review_completed": false } }, { "decision_id": "DEC-CTA-MB-001", "fund_id": "ETFCTA-FUND-US-CTA", "dimension": "market_breadth", "result": "multi_asset", "rule_id": "ECS-MB-R02", "rule_version": "0.1.0", "evidence_ids": [ "EVD-CTA-MB-001" ], "reasoning_summary": "The verified summary prospectus names four governed asset families, satisfying ECS-MB-R02.", "decision_status": "confirmed", "confidence": "high", "sufficiency_result": "pass", "limitations": [ "Structural classification only; no performance or relative-quality claim.", "Solo-operator review; no independent second reviewer.", "Derived from the fund summary prospectus (Form 497K)." ], "decided_at": "2026-07-26", "review_due": "2027-07-26", "workflow": { "actions": [ { "role": "extractor", "actor_id": "ACT-ETFCTA-OPERATOR-001", "acted_at": "2026-07-26T13:06:00Z", "conflict_status": "none_declared" }, { "role": "classifier", "actor_id": "ACT-ETFCTA-OPERATOR-001", "acted_at": "2026-07-26T13:07:00Z", "conflict_status": "none_declared" }, { "role": "reviewer", "actor_id": "ACT-ETFCTA-OPERATOR-001", "acted_at": "2026-07-26T13:08:00Z", "conflict_status": "none_declared" }, { "role": "publisher", "actor_id": "ACT-ETFCTA-OPERATOR-001", "acted_at": "2026-07-26T13:09:00Z", "conflict_status": "none_declared" } ], "solo_operator": true, "second_review_required": false, "second_review_completed": false } }, { "decision_id": "DEC-CTA-IR-001", "fund_id": "ETFCTA-FUND-US-CTA", "dimension": "implementation_route", "result": "direct_futures_with_commodity_subsidiary", "rule_id": "ECS-IR-R03", "rule_version": "0.1.0", "evidence_ids": [ "EVD-CTA-IR-001", "EVD-CTA-IR-002" ], "reasoning_summary": "The summary prospectus establishes direct futures implementation by the fund and a wholly owned Cayman commodity subsidiary; two distinct passages of the same primary document jointly satisfy ECS-IR-R03.", "decision_status": "confirmed", "confidence": "high", "sufficiency_result": "pass", "limitations": [ "Both supporting records derive from the same summary prospectus; independent Statement of Additional Information corroboration is a recorded future-review item.", "Structural classification only; no performance or relative-quality claim.", "Solo-operator review; no independent second reviewer.", "Derived from the fund summary prospectus (Form 497K)." ], "decided_at": "2026-07-26", "review_due": "2027-07-26", "workflow": { "actions": [ { "role": "extractor", "actor_id": "ACT-ETFCTA-OPERATOR-001", "acted_at": "2026-07-26T13:12:00Z", "conflict_status": "none_declared" }, { "role": "classifier", "actor_id": "ACT-ETFCTA-OPERATOR-001", "acted_at": "2026-07-26T13:13:00Z", "conflict_status": "none_declared" }, { "role": "reviewer", "actor_id": "ACT-ETFCTA-OPERATOR-001", "acted_at": "2026-07-26T13:14:00Z", "conflict_status": "none_declared" }, { "role": "publisher", "actor_id": "ACT-ETFCTA-OPERATOR-001", "acted_at": "2026-07-26T13:15:00Z", "conflict_status": "none_declared" } ], "solo_operator": true, "second_review_required": false, "second_review_completed": false } }, { "decision_id": "DEC-CTA-DF-001", "fund_id": "ETFCTA-FUND-US-CTA", "dimension": "directional_flexibility", "result": "long_short", "rule_id": "ECS-DF-R01", "rule_version": "0.1.0", "evidence_ids": [ "EVD-CTA-DF-001" ], "reasoning_summary": "The primary disclosure explicitly permits both long and short futures positions, satisfying ECS-DF-R01.", "decision_status": "confirmed", "confidence": "high", "sufficiency_result": "pass", "limitations": [ "Structural classification only; no performance or relative-quality claim.", "Solo-operator review; no independent second reviewer.", "Derived from the fund summary prospectus (Form 497K)." ], "decided_at": "2026-07-26", "review_due": "2027-07-26", "workflow": { "actions": [ { "role": "extractor", "actor_id": "ACT-ETFCTA-OPERATOR-001", "acted_at": "2026-07-26T13:18:00Z", "conflict_status": "none_declared" }, { "role": "classifier", "actor_id": "ACT-ETFCTA-OPERATOR-001", "acted_at": "2026-07-26T13:19:00Z", "conflict_status": "none_declared" }, { "role": "reviewer", "actor_id": "ACT-ETFCTA-OPERATOR-001", "acted_at": "2026-07-26T13:20:00Z", "conflict_status": "none_declared" }, { "role": "publisher", "actor_id": "ACT-ETFCTA-OPERATOR-001", "acted_at": "2026-07-26T13:21:00Z", "conflict_status": "none_declared" } ], "solo_operator": true, "second_review_required": false, "second_review_completed": false } }, { "decision_id": "DEC-CTA-SH-001", "fund_id": "ETFCTA-FUND-US-CTA", "dimension": "signal_horizon", "result": "not_determinable_from_reviewed_sources", "rule_id": "ECS-SH-R00", "rule_version": "0.1.0", "evidence_ids": [ "EVD-CTA-SH-001" ], "reasoning_summary": "The disclosure references various look-back periods and monthly positioning but does not disclose a specific signal look-back horizon; ECS-SH-R00 preserves that distinction as an explicit unknown.", "decision_status": "confirmed", "confidence": "high", "sufficiency_result": "pass", "limitations": [ "The result is a bounded non-disclosure finding, not a claim that no horizon exists.", "Structural classification only; no performance or relative-quality claim.", "Solo-operator review; no independent second reviewer.", "Derived from the fund summary prospectus (Form 497K)." ], "decided_at": "2026-07-26", "review_due": "2027-07-26", "workflow": { "actions": [ { "role": "extractor", "actor_id": "ACT-ETFCTA-OPERATOR-001", "acted_at": "2026-07-26T13:24:00Z", "conflict_status": "none_declared" }, { "role": "classifier", "actor_id": "ACT-ETFCTA-OPERATOR-001", "acted_at": "2026-07-26T13:25:00Z", "conflict_status": "none_declared" }, { "role": "reviewer", "actor_id": "ACT-ETFCTA-OPERATOR-001", "acted_at": "2026-07-26T13:26:00Z", "conflict_status": "none_declared" }, { "role": "publisher", "actor_id": "ACT-ETFCTA-OPERATOR-001", "acted_at": "2026-07-26T13:27:00Z", "conflict_status": "none_declared" } ], "solo_operator": true, "second_review_required": false, "second_review_completed": false } } ], "changes": [ { "event_id": "CHG-KMLM-ADMISSION-001", "fund_id": "ETFCTA-FUND-US-KMLM", "effective_date": "2026-07-18", "recorded_at": "2026-07-18T14:55:35Z", "dimension": "strategy_family", "previous_value": null, "new_value": "explicit_trend_following", "previous_decision_id": null, "new_decision_id": "DEC-KMLM-SF-001", "change_type": "initial_admission", "trigger": "canonical_fund_admission", "source_ids": [ "SRC-KMLM-PROSPECTUS-20260625" ], "standard_version": "ECS-001-v0.1.0", "recording_mode": "retrospective_initialization", "batch_id": "ETFCTA-MEMORY-INIT-20260718", "sequence": 1, "memory_record_created_in_site_release": "1.1.0", "decision_origin_data_release": "0.3.0" }, { "event_id": "CHG-KMLM-ADMISSION-002", "fund_id": "ETFCTA-FUND-US-KMLM", "effective_date": "2026-07-18", "recorded_at": "2026-07-18T14:55:35Z", "dimension": "market_breadth", "previous_value": null, "new_value": "multi_asset", "previous_decision_id": null, "new_decision_id": "DEC-KMLM-MB-001", "change_type": "initial_admission", "trigger": "canonical_fund_admission", "source_ids": [ "SRC-KMLM-PROSPECTUS-20260625" ], "standard_version": "ECS-001-v0.1.0", "recording_mode": "retrospective_initialization", "batch_id": "ETFCTA-MEMORY-INIT-20260718", "sequence": 2, "memory_record_created_in_site_release": "1.1.0", "decision_origin_data_release": "0.3.0" }, { "event_id": "CHG-KMLM-ADMISSION-003", "fund_id": "ETFCTA-FUND-US-KMLM", "effective_date": "2026-07-18", "recorded_at": "2026-07-18T14:55:35Z", "dimension": "implementation_route", "previous_value": null, "new_value": "direct_futures_with_commodity_subsidiary", "previous_decision_id": null, "new_decision_id": "DEC-KMLM-IR-001", "change_type": "initial_admission", "trigger": "canonical_fund_admission", "source_ids": [ "SRC-KMLM-PROSPECTUS-20260625", "SRC-KMLM-SAI-20260625" ], "standard_version": "ECS-001-v0.1.0", "recording_mode": "retrospective_initialization", "batch_id": "ETFCTA-MEMORY-INIT-20260718", "sequence": 3, "memory_record_created_in_site_release": "1.1.0", "decision_origin_data_release": "0.3.0" }, { "event_id": "CHG-KMLM-ADMISSION-004", "fund_id": "ETFCTA-FUND-US-KMLM", "effective_date": "2026-07-18", "recorded_at": "2026-07-18T14:55:35Z", "dimension": "directional_flexibility", "previous_value": null, "new_value": "long_short", "previous_decision_id": null, "new_decision_id": "DEC-KMLM-DF-001", "change_type": "initial_admission", "trigger": "canonical_fund_admission", "source_ids": [ "SRC-KMLM-PROSPECTUS-20260625" ], "standard_version": "ECS-001-v0.1.0", "recording_mode": "retrospective_initialization", "batch_id": "ETFCTA-MEMORY-INIT-20260718", "sequence": 4, "memory_record_created_in_site_release": "1.1.0", "decision_origin_data_release": "0.3.0" }, { "event_id": "CHG-KMLM-ADMISSION-005", "fund_id": "ETFCTA-FUND-US-KMLM", "effective_date": "2026-07-18", "recorded_at": "2026-07-18T14:55:35Z", "dimension": "signal_horizon", "previous_value": null, "new_value": "not_determinable_from_reviewed_sources", "previous_decision_id": null, "new_decision_id": "DEC-KMLM-SH-001", "change_type": "initial_admission", "trigger": "canonical_fund_admission", "source_ids": [ "SRC-KMLM-PROSPECTUS-20260625" ], "standard_version": "ECS-001-v0.1.0", "recording_mode": "retrospective_initialization", "batch_id": "ETFCTA-MEMORY-INIT-20260718", "sequence": 5, "memory_record_created_in_site_release": "1.1.0", "decision_origin_data_release": "0.3.0" }, { "event_id": "CHG-DBMF-ADMISSION-006", "fund_id": "ETFCTA-FUND-US-DBMF", "effective_date": "2026-07-18", "recorded_at": "2026-07-18T14:55:35Z", "dimension": "replication_method", "previous_value": null, "new_value": "managed_futures_replication", "previous_decision_id": null, "new_decision_id": "DEC-DBMF-RM-001", "change_type": "initial_admission", "trigger": "canonical_fund_admission", "source_ids": [ "SRC-DBMF-PROSPECTUS-20250429" ], "standard_version": "ECS-001-v0.1.0", "recording_mode": "retrospective_initialization", "batch_id": "ETFCTA-MEMORY-INIT-20260718", "sequence": 6, "memory_record_created_in_site_release": "1.1.0", "decision_origin_data_release": "0.4.0" }, { "event_id": "CHG-DBMF-ADMISSION-007", "fund_id": "ETFCTA-FUND-US-DBMF", "effective_date": "2026-07-18", "recorded_at": "2026-07-18T14:55:35Z", "dimension": "management_mode", "previous_value": null, "new_value": "active_management", "previous_decision_id": null, "new_decision_id": "DEC-DBMF-AM-001", "change_type": "initial_admission", "trigger": "canonical_fund_admission", "source_ids": [ "SRC-DBMF-PROSPECTUS-20250429" ], "standard_version": "ECS-001-v0.1.0", "recording_mode": "retrospective_initialization", "batch_id": "ETFCTA-MEMORY-INIT-20260718", "sequence": 7, "memory_record_created_in_site_release": "1.1.0", "decision_origin_data_release": "0.4.0" }, { "event_id": "CHG-DBMF-ADMISSION-008", "fund_id": "ETFCTA-FUND-US-DBMF", "effective_date": "2026-07-18", "recorded_at": "2026-07-18T14:55:35Z", "dimension": "market_breadth", "previous_value": null, "new_value": "multi_asset", "previous_decision_id": null, "new_decision_id": "DEC-DBMF-MB-001", "change_type": "initial_admission", "trigger": "canonical_fund_admission", "source_ids": [ "SRC-DBMF-PROSPECTUS-20250429" ], "standard_version": "ECS-001-v0.1.0", "recording_mode": "retrospective_initialization", "batch_id": "ETFCTA-MEMORY-INIT-20260718", "sequence": 8, "memory_record_created_in_site_release": "1.1.0", "decision_origin_data_release": "0.4.0" }, { "event_id": "CHG-DBMF-ADMISSION-009", "fund_id": "ETFCTA-FUND-US-DBMF", "effective_date": "2026-07-18", "recorded_at": "2026-07-18T14:55:35Z", "dimension": "implementation_route", "previous_value": null, "new_value": "mixed_derivatives_with_commodity_subsidiary", "previous_decision_id": null, "new_decision_id": "DEC-DBMF-IR-001", "change_type": "initial_admission", "trigger": "canonical_fund_admission", "source_ids": [ "SRC-DBMF-PROSPECTUS-20250429", "SRC-DBMF-SAI-20250429" ], "standard_version": "ECS-001-v0.1.0", "recording_mode": "retrospective_initialization", "batch_id": "ETFCTA-MEMORY-INIT-20260718", "sequence": 9, "memory_record_created_in_site_release": "1.1.0", "decision_origin_data_release": "0.4.0" }, { "event_id": "CHG-DBMF-ADMISSION-010", "fund_id": "ETFCTA-FUND-US-DBMF", "effective_date": "2026-07-18", "recorded_at": "2026-07-18T14:55:35Z", "dimension": "benchmark_relationship", "previous_value": null, "new_value": "not_determinable_as_index_tracking", "previous_decision_id": null, "new_decision_id": "DEC-DBMF-BR-001", "change_type": "initial_admission", "trigger": "canonical_fund_admission", "source_ids": [ "SRC-DBMF-PROSPECTUS-20250429" ], "standard_version": "ECS-001-v0.1.0", "recording_mode": "retrospective_initialization", "batch_id": "ETFCTA-MEMORY-INIT-20260718", "sequence": 10, "memory_record_created_in_site_release": "1.1.0", "decision_origin_data_release": "0.4.0" }, { "event_id": "CHG-DBMF-ADMISSION-011", "fund_id": "ETFCTA-FUND-US-DBMF", "effective_date": "2026-07-18", "recorded_at": "2026-07-18T14:55:35Z", "dimension": "directional_flexibility", 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