{
    "ok": true,
    "_meta": {
        "isin": "IE000GNOSM10",
        "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": "2026-06-18T20:22:59+00:00",
        "captured_unix": 1781814179
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    "classification": "complex",
    "confidence": 0.88,
    "review_required": false,
    "decision_rule_applied": "balanced_etf_swap_complex_rule",
    "product_policy_branch": "ETF",
    "fund_name": "Goldman Sachs MSCI World Private Equity Return Tracker UCITS ETF",
    "isin": "IE000GNOSM10",
    "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": true,
        "funded_swap": false,
        "unfunded_swap": true,
        "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": 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": [
        "Swap usage"
    ],
    "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",
            "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": "swaps",
            "quote": "The Sub-Fund will seek to achieve the return of the Index ... through a combination of physically holding securities which are constituents of the Index; and/or entering into one or more \u2018unfunded\u2019 total return swap agreement(s) with one or more approved counterparties in order to gain exposure to constituents of the Index."
        },
        {
            "source": "KIID",
            "signal": "unfunded_swap",
            "quote": "entering into one or more \u2018unfunded\u2019 total return swap agreement(s)"
        },
        {
            "source": "KIID",
            "signal": "synthetic_replication",
            "quote": "entering into one or more \u2018unfunded\u2019 total return swap agreement(s) with one or more approved counterparties in order to gain exposure to constituents of the Index."
        },
        {
            "source": "KIID",
            "signal": "derivatives_core_strategy",
            "quote": "The Index is composed of long and short positions in publicly listed equity securities ... The Sub-Fund will seek to achieve the return of the Index ... through a combination of physically holding securities ... and/or entering into one or more \u2018unfunded\u2019 total return swap agreement(s)"
        },
        {
            "source": "KIID",
            "signal": "complex_index",
            "quote": "The Index is composed of long and short positions in publicly listed equity securities and uses constituents of the MSCI World IMI Index (the \u201cParent Index\u201d) as its universe of eligible securities. The Index seeks to approximate the returns of private equity investments by replicating region, sector and style exposures through publicly listed equities."
        },
        {
            "source": "KIID",
            "signal": "counterparty_risk",
            "quote": "Counterparty risk - a party that the Portfolio transacts with may fail to meet its obligations which could cause losses."
        },
        {
            "source": "KIID",
            "signal": "derivatives_mentioned",
            "quote": "Derivatives risk - derivative instruments are highly sensitive to changes in the value of the underlying asset that they are based on."
        },
        {
            "source": "KIID",
            "signal": "leveraged",
            "quote": "Leverage risk - the Portfolio may operate with a significant amount of leverage. Leverage occurs when the economic exposure created by the use of derivatives is greater than the amount invested."
        }
    ],
    "supporting_data": "ETF has evidenced core or synthetic swap usage. Policy mode: balanced. Product type: ETF. UCITS signal identified. Replication method: synthetic.",
    "missing_data": [
        "factsheet",
        "No evidence of securities lending program.",
        "No PRIIPs comprehension alert found.",
        "No explicit statement about physical allocated commodity, crypto, CoCo, CLO, structured payoff, or capital protection."
    ],
    "warnings": [
        "counterparty_risk_language_identified"
    ],
    "sources": {
        "kiid": {
            "url": "https://oppl.ai/apy/doc_store/IE000GNOSM10_KIID.txt",
            "found": true,
            "http_code": 200,
            "bytes": 13570,
            "error": null
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        "priips_kid": {
            "url": "https://oppl.ai/eu_kiids/en_txt/IE000GNOSM10.txt",
            "found": true,
            "http_code": 200,
            "bytes": 17589,
            "error": null
        },
        "factsheet": {
            "url": "https://oppl.ai/apy/doc_store/IE000GNOSM10_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=IE000GNOSM10&size=3",
            "found": true,
            "http_code": 200,
            "bytes": 542,
            "error": null
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    }
}