{
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    "_meta": {
        "isin": "IE0002L5QB31",
        "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": "2026-06-05T10:32:19+00:00",
        "captured_unix": 1780655539
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    "classification": "complex",
    "confidence": 0.88,
    "review_required": false,
    "decision_rule_applied": "balanced_etf_swap_complex_rule",
    "product_policy_branch": "ETF",
    "fund_name": "Global X S&P 500 Covered Call UCITS ETF",
    "isin": "IE0002L5QB31",
    "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": false,
        "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
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        "No leverage identified",
        "No inverse exposure identified"
    ],
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        "risk_level": "elevated",
        "drivers": [
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            "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": "swaps",
            "quote": "The Fund will aim to achieve its investment objective via a swap, which is an agreement between the Fund and an approved counterparty"
        },
        {
            "source": "KIID",
            "signal": "synthetic_replication",
            "quote": "the Fund will swap the performance/return of a basket of global equity securities and equity related securities with the counterparty in exchange for the return of the Index minus any associated fees"
        },
        {
            "source": "KIID",
            "signal": "derivatives_core_strategy",
            "quote": "The Fund may invest in ... financial derivative instruments (\u201cFDIs\u201d), namely, options and futures for investment purposes."
        },
        {
            "source": "KIID",
            "signal": "derivatives_core_strategy",
            "quote": "The Fund follows a \u201cbuy-write\u201d (also called a covered call) investment strategy ... sells corresponding call options."
        },
        {
            "source": "KIID",
            "signal": "counterparty_risk",
            "quote": "Swaps Counterparty Risk: The Fund will enter into a swap agreement ... Investors should note that not only will they be exposed to the credit risk of the approved counterparty"
        },
        {
            "source": "KIID",
            "signal": "securities_lending",
            "quote": "The Fund may enter into securities lending transactions ... for the purposes of efficient portfolio management only."
        },
        {
            "source": "KIID",
            "signal": "derivatives_mentioned",
            "quote": "financial derivative instruments (\u201cFDIs\u201d), namely, options and futures"
        }
    ],
    "supporting_data": "ETF has evidenced swap usage. Policy mode: balanced. Product type: ETF. UCITS signal identified. Replication method: synthetic.",
    "missing_data": [
        "funded_swap",
        "unfunded_swap",
        "complex_index"
    ],
    "warnings": [
        "counterparty_risk_language_identified"
    ],
    "sources": {
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            "url": "https://oppl.ai/apy/doc_store/IE0002L5QB31_KIID.txt",
            "found": true,
            "http_code": 200,
            "bytes": 14063,
            "error": null
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            "url": "https://oppl.ai/eu_kiids/en_txt/IE0002L5QB31.txt",
            "found": true,
            "http_code": 200,
            "bytes": 14075,
            "error": null
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        "factsheet": {
            "url": "https://oppl.ai/apy/doc_store/IE0002L5QB31_FS.txt",
            "found": true,
            "http_code": 200,
            "bytes": 62,
            "error": null
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        "market_data": {
            "url": "https://api.londonstockexchange.com/api/gw/lse/search/autocomplete?q=IE0002L5QB31&size=3",
            "found": true,
            "http_code": 200,
            "bytes": 1358,
            "error": null
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}