{
    "ok": true,
    "_meta": {
        "isin": "GB00BLD4ZL17",
        "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": "2026-05-26T10:57:02+00:00",
        "captured_unix": 1779793022
    },
    "classification": "complex",
    "confidence": 0.93,
    "review_required": false,
    "decision_rule_applied": "etp_capital_protection_hard_complex_rule",
    "product_policy_branch": "ETP",
    "fund_name": "Coinshares Bitcoin ETP",
    "isin": "GB00BLD4ZL17",
    "type": "ETP",
    "ucits": false,
    "asset_class": "Crypto / Digital Asset",
    "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": false,
        "structured_payoff": false,
        "capital_protection": true,
        "commodity_futures_roll": false,
        "contango_backwardation": false,
        "coco_or_at1_exposure": false,
        "clo_exposure": false,
        "complex_index": false,
        "priips_comprehension_alert": true,
        "securities_lending": true,
        "illiquid_or_hard_to_value_underlying": false,
        "physical_allocated_commodity": true,
        "crypto_digital_asset": true
    },
    "complex_factors": [
        "Capital protection or guarantee mechanism"
    ],
    "non_complex_factors": [
        "Physical replication",
        "No leverage identified",
        "No inverse exposure identified"
    ],
    "consumer_understanding": {
        "risk_level": "high",
        "drivers": [
            "Capital protection or guarantee language",
            "Protection terms may depend on conditions or issuer credit quality",
            "Crypto or digital asset exposure",
            "Valuation and market structure may be difficult for ordinary retail clients to assess",
            "PRIIPs comprehension alert language"
        ],
        "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": "KIID",
            "signal": "crypto_digital_asset",
            "quote": "The product invests in the digital asset Compass Crypto Reference Index Bitcoin"
        },
        {
            "source": "KIID",
            "signal": "priips_comprehension_alert",
            "quote": "You are about to purchase a product that is not simple and may be difficult to understand."
        },
        {
            "source": "FACTSHEET",
            "signal": "replication_method_physical",
            "quote": "Replication Method Physical"
        },
        {
            "source": "FACTSHEET",
            "signal": "type_etp",
            "quote": "Legal Structure Debt Security (ETP)"
        },
        {
            "source": "KIID",
            "signal": "no_derivatives",
            "quote": "This product doesn\u2019t include any protection from future market performance so you could lose some or all of your investment. (No mention of derivatives)"
        }
    ],
    "supporting_data": "Hard complex product feature identified: Capital protection or guarantee mechanism. Policy mode: strict. Product type: ETP. UCITS signal not identified. Replication method: physical.",
    "missing_data": [
        "priips_kid",
        "complex_index",
        "funded_swap",
        "unfunded_swap"
    ],
    "warnings": [],
    "sources": {
        "kiid": {
            "url": "https://oppl.ai/apy/doc_store/GB00BLD4ZL17_KIID.txt",
            "found": true,
            "http_code": 200,
            "bytes": 12591,
            "error": null
        },
        "priips_kid": {
            "url": "https://oppl.ai/eu_kiids/en_txt/GB00BLD4ZL17.txt",
            "found": false,
            "http_code": 404,
            "bytes": 1251,
            "error": "http_404"
        },
        "factsheet": {
            "url": "https://oppl.ai/apy/doc_store/GB00BLD4ZL17_FS.txt",
            "found": true,
            "http_code": 200,
            "bytes": 8016,
            "error": null
        },
        "market_data": {
            "url": "https://api.londonstockexchange.com/api/gw/lse/search/autocomplete?q=GB00BLD4ZL17&size=3",
            "found": true,
            "http_code": 200,
            "bytes": 640,
            "error": null
        }
    }
}