{
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    "_meta": {
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        "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": "2026-06-19T09:48:01+00:00",
        "captured_unix": 1781862481
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    "confidence": 0.93,
    "review_required": false,
    "decision_rule_applied": "etf_structured_payoff_hard_complex_rule",
    "product_policy_branch": "ETF",
    "fund_name": "Calamos Autocallable Income UCITS ETF",
    "isin": "IE000DHZXD61",
    "type": "ETF",
    "ucits": true,
    "asset_class": "Multi-Asset",
    "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": true,
        "capital_protection": true,
        "commodity_futures_roll": false,
        "contango_backwardation": false,
        "coco_or_at1_exposure": false,
        "clo_exposure": false,
        "complex_index": true,
        "priips_comprehension_alert": false,
        "securities_lending": false,
        "illiquid_or_hard_to_value_underlying": true,
        "physical_allocated_commodity": false,
        "crypto_digital_asset": false
    },
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        "Structured payoff"
    ],
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        "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",
            "Capital protection or guarantee language",
            "Protection terms may depend on conditions or issuer credit quality",
            "Complex or rules-based index methodology",
            "Index performance may depend on dynamic allocation or strategy rules",
            "Derivatives appear core to the investment strategy",
            "Less liquid or harder-to-value underlying exposure language",
            "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": "enter into Total Return Swaps"
        },
        {
            "source": "KIID",
            "signal": "unfunded_swap",
            "quote": "unfunded Total Return Swaps"
        },
        {
            "source": "KIID",
            "signal": "synthetic_replication",
            "quote": "enter into Total Return Swaps which will seek to deliver a return that reflects the performance of the Benchmark Index"
        },
        {
            "source": "KIID",
            "signal": "structured_payoff",
            "quote": "Autocallable is an instrument that combines features of a bond with a derivative"
        },
        {
            "source": "KIID",
            "signal": "capital_protection",
            "quote": "Each Autocallable incorporates a principal protection feature"
        },
        {
            "source": "KIID",
            "signal": "complex_index",
            "quote": "MerQube US Large-Cap Vol Advantage Autocallable Index"
        },
        {
            "source": "KIID",
            "signal": "counterparty_risk",
            "quote": "Total Return Swap counterparties"
        },
        {
            "source": "KIID",
            "signal": "illiquid_or_hard_to_value_underlying",
            "quote": "Autocallables are instruments linked to the performance of its reference underlying asset"
        },
        {
            "source": "KIID",
            "signal": "derivatives_core_strategy",
            "quote": "enter into Total Return Swaps which will seek to deliver a return that reflects the performance of the Benchmark Index"
        }
    ],
    "supporting_data": "Hard complex product feature identified: Structured payoff. Policy mode: balanced. Product type: ETF. UCITS signal identified. Replication method: synthetic.",
    "missing_data": [
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        "priips_comprehension_alert",
        "commodity_futures_roll",
        "contango_backwardation",
        "coco_or_at1_exposure",
        "clo_exposure",
        "securities_lending",
        "physical_allocated_commodity",
        "crypto_digital_asset"
    ],
    "warnings": [
        "illiquid_or_hard_to_value_underlying_identified",
        "counterparty_risk_language_identified"
    ],
    "sources": {
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            "url": "https://oppl.ai/apy/doc_store/IE000DHZXD61_KIID.txt",
            "found": true,
            "http_code": 200,
            "bytes": 12217,
            "error": null
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        "priips_kid": {
            "url": "https://oppl.ai/eu_kiids/en_txt/IE000DHZXD61.txt",
            "found": false,
            "http_code": 404,
            "bytes": 1251,
            "error": "http_404"
        },
        "factsheet": {
            "url": "https://oppl.ai/apy/doc_store/IE000DHZXD61_FS.txt",
            "found": true,
            "http_code": 200,
            "bytes": 215,
            "error": null
        },
        "market_data": {
            "url": "https://api.londonstockexchange.com/api/gw/lse/search/autocomplete?q=IE000DHZXD61&size=3",
            "found": true,
            "http_code": 200,
            "bytes": 558,
            "error": null
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}