{
    "ok": true,
    "_meta": {
        "isin": "IE0002PPCMH6",
        "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": "2026-06-22T19:20:29+00:00",
        "captured_unix": 1782156029
    },
    "classification": "complex",
    "confidence": 0.86,
    "review_required": false,
    "decision_rule_applied": "strict_etf_synthetic_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": 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": false,
        "illiquid_or_hard_to_value_underlying": false,
        "physical_allocated_commodity": false,
        "crypto_digital_asset": false
    },
    "complex_factors": [
        "Synthetic replication"
    ],
    "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"
        ],
        "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_mentioned",
            "quote": "The Fund will primarily invest in financial derivative instruments for investment purposes."
        },
        {
            "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 (\u201cFLEX Options\u201d) 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": "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 (\u201cFLEX Options\u201d) that reference the performance of the Index."
        },
        {
            "source": "KIID",
            "signal": "structured_payoff",
            "quote": "The Fund seeks to provide investors with returns (before fees, expenses and taxes) that match the price returns of the S&P 500 Index (the \u201cIndex\u201d), up to a predetermined upside cap, while seeking to provide the maximum available buffer (before fees and expenses), against Index losses (the \u201cBuffer\u201d), over a specified approximately one-year time period (the \u201cTarget Outcome Period\u201d)."
        }
    ],
    "supporting_data": "ETF has evidenced synthetic replication. Policy mode: strict. Product type: ETF. UCITS signal identified. Replication method: synthetic.",
    "missing_data": [
        "factsheet"
    ],
    "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
        }
    }
}