{
    "ok": true,
    "_meta": {
        "isin": "IE0008LRGGP4",
        "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": "2026-06-22T19:58:32+00:00",
        "captured_unix": 1782158312
    },
    "classification": "complex",
    "confidence": 0.82,
    "review_required": false,
    "decision_rule_applied": "strict_etf_core_derivatives_complex_rule",
    "product_policy_branch": "ETF",
    "fund_name": "Infrastructure Capital Preferred Income UCITS ETF",
    "isin": "IE0008LRGGP4",
    "type": "ETF",
    "ucits": true,
    "asset_class": "Equities",
    "replication_method": "physical",
    "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": false,
        "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": true,
        "physical_allocated_commodity": false,
        "crypto_digital_asset": false
    },
    "complex_factors": [
        "Derivatives core to strategy"
    ],
    "non_complex_factors": [
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        "Physical replication",
        "No leverage identified",
        "No inverse exposure identified"
    ],
    "consumer_understanding": {
        "risk_level": "elevated",
        "drivers": [
            "Derivatives appear core to the investment strategy",
            "Less liquid or harder-to-value underlying exposure language",
            "UCITS ETF structure",
            "Physical replication or direct portfolio holdings"
        ],
        "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": "derivatives_mentioned",
            "quote": "Options Strategy Risk: When the Fund purchases options, it risks the loss of the cash paid for the options if the options expire unexercised. When the Fund sells (writes) call options, it forgoes the opportunity to benefit from an increase in the value of the underlying asset above the exercise price, but it continues to bear the risk of a decline in the value of the underlying asset."
        },
        {
            "source": "KIID",
            "signal": "ucits",
            "quote": "Infrastructure Capital Preferred Income UCITS ETF (the Fund)"
        },
        {
            "source": "KIID",
            "signal": "type",
            "quote": "ETF Share Class"
        },
        {
            "source": "FACTSHEET",
            "signal": "asset_class",
            "quote": "Asset Class Equities"
        },
        {
            "source": "KIID",
            "signal": "physical_replication",
            "quote": "The Fund will invest in a portfolio of preferred, hybrid and income generating securities issued by corporate issuers"
        }
    ],
    "supporting_data": "ETF has core derivative exposure. Policy mode: strict. Product type: ETF. UCITS signal identified. Replication method: physical.",
    "missing_data": [
        "derivatives_epm_only",
        "counterparty_risk"
    ],
    "warnings": [
        "illiquid_or_hard_to_value_underlying_identified"
    ],
    "sources": {
        "kiid": {
            "url": "https://oppl.ai/apy/doc_store/IE0008LRGGP4_KIID.txt",
            "found": true,
            "http_code": 200,
            "bytes": 11585,
            "error": null
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        "priips_kid": {
            "url": "https://oppl.ai/eu_kiids/en_txt/IE0008LRGGP4.txt",
            "found": true,
            "http_code": 200,
            "bytes": 12936,
            "error": null
        },
        "factsheet": {
            "url": "https://oppl.ai/apy/doc_store/IE0008LRGGP4_FS.txt",
            "found": true,
            "http_code": 200,
            "bytes": 14185,
            "error": null
        },
        "market_data": {
            "url": "https://api.londonstockexchange.com/api/gw/lse/search/autocomplete?q=IE0008LRGGP4&size=3",
            "found": true,
            "http_code": 200,
            "bytes": 542,
            "error": null
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    }
}