{
    "ok": true,
    "_meta": {
        "isin": "IE000DHZXD61",
        "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": "2026-05-24T12:43:56+00:00",
        "captured_unix": 1779626636
    },
    "classification": "complex",
    "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": "Equity-linked Structured Product",
    "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": 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",
            "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",
            "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."
    },
    "supporting_evidence": [
        {
            "source": "KIID",
            "signal": "derivatives_core_strategy",
            "quote": "the investment policy of the Fund is to enter into Total Return Swaps which will seek to deliver a return that reflects the performance of the Benchmark Index"
        },
        {
            "source": "KIID",
            "signal": "swaps",
            "quote": "enter into Total Return Swaps"
        },
        {
            "source": "KIID",
            "signal": "unfunded_swap",
            "quote": "The Fund will enter into unfunded Total Return Swaps with one or more Total Return Swap counterparties"
        },
        {
            "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": "counterparty_risk",
            "quote": "one or more Total Return Swap counterparties (the \"TRS Counterparty\")"
        },
        {
            "source": "KIID",
            "signal": "structured_payoff",
            "quote": "each an \"Autocallable\") (which have the MerQube US Large-Cap Vol Advantage Index (the \"Underlying Reference Index\") as the reference underlying asset). An 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 so that, if the Underlying Reference Index has not reached or exceeded the Autocallable Barrier on a monthly observation date before the scheduled maturity date, any negative performance below the Autocallable Barrier as at the maturity date will not have any negative impact on the return of principal under the Autocallable, provided the Underlying Reference Index is not below a certain predetermined level at maturity (the \"Maturity B\n\n[TRUNCATED]"
        },
        {
            "source": "KIID",
            "signal": "complex_index",
            "quote": "the Benchmark Index is designed to reflect the performance of a portfolio of synthetic autocallable notes ... with a laddered structure ... barriers ... Coupon Barrier, Autocallable Barrier, Maturity Barrier"
        },
        {
            "source": "KIID",
            "signal": "derivatives_mentioned",
            "quote": "E-Mini S&P 500 futures contracts"
        }
    ],
    "supporting_data": "Hard complex product feature identified: Structured payoff. Policy mode: strict. Product type: ETF. UCITS signal identified. Replication method: synthetic.",
    "missing_data": [
        "priips_kid",
        "securities_lending",
        "illiquid_or_hard_to_value_underlying",
        "priips_comprehension_alert"
    ],
    "warnings": [
        "counterparty_risk_language_identified"
    ],
    "sources": {
        "kiid": {
            "url": "https://oppl.ai/apy/doc_store/IE000DHZXD61_KIID.txt",
            "found": true,
            "http_code": 200,
            "bytes": 12217,
            "error": null
        },
        "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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    }
}