{
    "ok": true,
    "_meta": {
        "isin": "IE0002PPCMH6",
        "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": "2026-06-10T05:54:58+00:00",
        "captured_unix": 1781070898
    },
    "classification": "complex",
    "confidence": 0.93,
    "review_required": false,
    "decision_rule_applied": "etf_structured_payoff_hard_complex_rule",
    "product_policy_branch": "ETF",
    "fund_name": "First Trust Vest US Equity Max Buffer UCITS ETF - March",
    "isin": "IE0002PPCMH6",
    "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": false,
        "funded_swap": false,
        "unfunded_swap": false,
        "synthetic_replication": true,
        "counterparty_risk": false,
        "structured_payoff": true,
        "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": false,
        "physical_allocated_commodity": false,
        "crypto_digital_asset": false
    },
    "complex_factors": [
        "Structured payoff"
    ],
    "non_complex_factors": [
        "UCITS fund",
        "No leverage identified",
        "No inverse exposure identified"
    ],
    "consumer_understanding": {
        "risk_level": "high",
        "drivers": [
            "Synthetic or swap-based exposure",
            "Counterparty exposure may be relevant to returns or risk",
            "Structured payoff mechanics",
            "Returns may depend on conditional payoff features",
            "Derivatives appear core to the investment strategy"
        ],
        "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."
    },
    "supporting_evidence": [
        {
            "source": "KIID",
            "signal": "derivatives_core_strategy",
            "quote": "The Fund intends to pursue an actively managed investment strategy and will seek to achieve its investment objective by investing substantially all of its assets in FLexible EXchange Options (\"FLEX Options\") that reference the performance of the Index. The Fund will primarily invest in financial derivative instruments for investment purposes."
        },
        {
            "source": "KIID",
            "signal": "synthetic_replication",
            "quote": "investing substantially all of its assets in FLexible EXchange Options that reference the performance of the Index"
        },
        {
            "source": "KIID",
            "signal": "structured_payoff",
            "quote": "The Fund seeks to provide investors with returns ... that match the price returns of the S&P 500 Index, up to a predetermined upside cap, while seeking to provide the maximum available buffer ... against Index losses"
        },
        {
            "source": "PRIIPS_KID",
            "signal": "structured_payoff",
            "quote": "the potential returns an investor can receive from the Fund are subject to the pre-determined Upside Cap that represents the maximum percentage return an investor can achieve from an investment in the Fund for an entire Target Outcome Period"
        }
    ],
    "supporting_data": "Hard complex product feature identified: Structured payoff. Policy mode: balanced. Product type: ETF. UCITS signal identified. Replication method: synthetic.",
    "missing_data": [
        "factsheet",
        "counterparty_risk: Not explicitly mentioned; FLEX Options may involve counterparty risk but not discussed in documents.",
        "illiquid_or_hard_to_value_underlying: FLEX Options may have liquidity considerations but not addressed in provided texts."
    ],
    "warnings": [],
    "sources": {
        "kiid": {
            "url": "https://oppl.ai/apy/doc_store/IE0002PPCMH6_KIID.txt",
            "found": true,
            "http_code": 200,
            "bytes": 10642,
            "error": null
        },
        "priips_kid": {
            "url": "https://oppl.ai/eu_kiids/en_txt/IE0002PPCMH6.txt",
            "found": true,
            "http_code": 200,
            "bytes": 13340,
            "error": null
        },
        "factsheet": {
            "url": "https://oppl.ai/apy/doc_store/IE0002PPCMH6_FS.txt",
            "found": false,
            "http_code": 404,
            "bytes": 1251,
            "error": "http_404"
        },
        "market_data": {
            "url": "https://api.londonstockexchange.com/api/gw/lse/search/autocomplete?q=IE0002PPCMH6&size=3",
            "found": true,
            "http_code": 200,
            "bytes": 590,
            "error": null
        }
    }
}