{
    "ok": true,
    "_meta": {
        "isin": "IE000GAKWFA7",
        "asset_scope": "UK_COMPLEX_ASSET",
        "policy_mode": "ucits_default",
        "policy_mode_description": "UCITS ETFs default to non-complex unless leverage, inverse exposure, structured payoff, complex underlyings, or explicit comprehension-warning language is identified.",
        "classification_engine_version": "1.0.0",
        "prompt_version": "complex_asset_extract_v1",
        "captured_at_utc": "2026-06-13T15:44:39+00:00",
        "captured_unix": 1781365479
    },
    "classification": "non-complex",
    "confidence": 0.78,
    "review_required": false,
    "decision_rule_applied": "etf_ucits_no_complex_override_rule",
    "product_policy_branch": "ETF",
    "fund_name": "First Trust Vest Nasdaq-100\u00ae Moderate Buffer UCITS ETF - December",
    "isin": "IE000GAKWFA7",
    "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": true,
        "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": [],
    "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",
            "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 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 (\"FLEX Options\") 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 Nasdaq-100 Index, up to a predetermined upside cap, while providing a buffer (before fees and expenses) against the first 15% of Index losses"
        },
        {
            "source": "KIID",
            "signal": "counterparty_risk",
            "quote": "The Fund will primarily invest in financial derivative instruments for investment purposes."
        }
    ],
    "supporting_data": "UCITS ETF baseline applied. Policy mode: ucits_default. Product type: ETF. UCITS signal identified. Replication method: synthetic.",
    "missing_data": [],
    "warnings": [
        "counterparty_risk_language_identified"
    ],
    "sources": {
        "kiid": {
            "url": "https://oppl.ai/apy/doc_store/IE000GAKWFA7_KIID.txt",
            "found": true,
            "http_code": 200,
            "bytes": 11332,
            "error": null
        },
        "priips_kid": {
            "url": "https://oppl.ai/eu_kiids/en_txt/IE000GAKWFA7.txt",
            "found": true,
            "http_code": 200,
            "bytes": 12330,
            "error": null
        },
        "factsheet": {
            "url": "https://oppl.ai/apy/doc_store/IE000GAKWFA7_FS.txt",
            "found": true,
            "http_code": 200,
            "bytes": 12627,
            "error": null
        },
        "market_data": {
            "url": "https://api.londonstockexchange.com/api/gw/lse/search/autocomplete?q=IE000GAKWFA7&size=3",
            "found": true,
            "http_code": 200,
            "bytes": 594,
            "error": null
        }
    }
}