{
    "ok": true,
    "_meta": {
        "isin": "IE0001OGLP52",
        "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": "2026-06-17T13:36:30+00:00",
        "captured_unix": 1781703390
    },
    "classification": "complex",
    "confidence": 0.88,
    "review_required": false,
    "decision_rule_applied": "balanced_etf_swap_complex_rule",
    "product_policy_branch": "ETF",
    "fund_name": "iShares S&P 500 Swap UCITS ETF Hedged GBP Dist",
    "isin": "IE0001OGLP52",
    "type": "ETF",
    "ucits": true,
    "asset_class": "Equity",
    "replication_method": "synthetic",
    "signals": {
        "leveraged": false,
        "inverse": false,
        "derivatives_mentioned": true,
        "derivatives_core_strategy": true,
        "derivatives_epm_only": false,
        "swaps": true,
        "funded_swap": false,
        "unfunded_swap": true,
        "synthetic_replication": true,
        "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": true,
        "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": "elevated",
        "drivers": [
            "Synthetic or swap-based exposure",
            "Counterparty exposure may be relevant to returns or risk",
            "Derivatives appear core to the investment strategy",
            "Counterparty risk language identified"
        ],
        "plain_english_explanation": "The product appears to use synthetic or swap-based exposure. This may be difficult for ordinary retail clients to understand because returns can depend not only on the referenced market exposure but also on derivative mechanics, collateral arrangements and counterparty risk.",
        "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."
    },
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            "source": "KIID",
            "signal": "derivatives_core_strategy",
            "quote": "The Fund is passively managed and invests in financial derivative instruments (FDIs). In particular, it will enter into unfunded total return swaps in order to achieve its investment objective."
        },
        {
            "source": "KIID",
            "signal": "swaps",
            "quote": "it will enter into unfunded total return swaps in order to achieve its investment objective."
        },
        {
            "source": "KIID",
            "signal": "unfunded_swap",
            "quote": "unfunded total return swaps"
        },
        {
            "source": "KIID",
            "signal": "synthetic_replication",
            "quote": "The Fund intends to track the performance of the Index by gaining an indirect exposure to it via FDIs, particularly unfunded total return swaps."
        },
        {
            "source": "KIID",
            "signal": "counterparty_risk",
            "quote": "Counterparty Risk: The insolvency of any institutions providing services such as safekeeping of assets or acting as counterparty to derivatives or other instruments, may expose the Share Class to financial loss."
        },
        {
            "source": "FACTSHEET",
            "signal": "synthetic_replication",
            "quote": "Product Structure : Synthetic"
        },
        {
            "source": "FACTSHEET",
            "signal": "derivatives_core_strategy",
            "quote": "Indirect exposure to an index which offers exposure to large, established U.S. companies. ... total return swaps."
        },
        {
            "source": "PRIIPS_KID",
            "signal": "ucits",
            "quote": "authorised by the Central Bank of Ireland as a Undertaking for Collective Investment in Transferable Securities (\"UCITS\"). The Fund is a UCITS exchange-traded fund, a UCITS ETF."
        },
        {
            "source": "KIID",
            "signal": "securities_lending",
            "quote": "To the extent the Fund undertakes securities lending to reduce costs, the Fund will receive 62.5% of the associated revenue generated and the remaining 37.5% will be received by BlackRock as the securities lending agent."
        }
    ],
    "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/IE0001OGLP52_KIID.txt",
            "found": true,
            "http_code": 200,
            "bytes": 11361,
            "error": null
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        "priips_kid": {
            "url": "https://oppl.ai/eu_kiids/en_txt/IE0001OGLP52.txt",
            "found": true,
            "http_code": 200,
            "bytes": 15944,
            "error": null
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        "factsheet": {
            "url": "https://oppl.ai/apy/doc_store/IE0001OGLP52_FS.txt",
            "found": true,
            "http_code": 200,
            "bytes": 11919,
            "error": null
        },
        "market_data": {
            "url": "https://api.londonstockexchange.com/api/gw/lse/search/autocomplete?q=IE0001OGLP52&size=3",
            "found": true,
            "http_code": 200,
            "bytes": 280,
            "error": null
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}