{
    "ok": true,
    "_meta": {
        "isin": "IE000HFBJ0U0",
        "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": "2026-06-10T05:55:32+00:00",
        "captured_unix": 1781070932
    },
    "classification": "complex",
    "confidence": 0.93,
    "review_required": false,
    "decision_rule_applied": "etf_structured_payoff_hard_complex_rule",
    "product_policy_branch": "ETF",
    "fund_name": "First Trust Vest Nasdaq-100\u00ae Moderate Buffer UCITS ETF - June",
    "isin": "IE000HFBJ0U0",
    "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": true,
        "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": [
        "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",
            "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 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 (\u201cFLEX Options\u201d) that reference the performance of the Index. The Fund will primarily invest in financial derivative instruments for investment purposes."
        },
        {
            "source": "KIID",
            "signal": "synthetic_replication",
            "quote": "investing substantially all of its assets in FLexible EXchange Options (\u201cFLEX Options\u201d) 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 (the \u201cIndex\u201d), up to a predetermined upside cap, while providing a buffer (before fees and expenses) against the first 15% of Index losses (the \u201cBuffer\u201d), over a specified approximately one-year time period (the \u201cTarget Outcome Period\u201d)."
        },
        {
            "source": "FACTSHEET",
            "signal": "counterparty_risk",
            "quote": "FLEX Options are customised equity or index put and call option contracts that are cleared by the Options Clearing Corporation (the \u201cOCC\u201d) and traded on Regulated Markets in the US"
        },
        {
            "source": "FACTSHEET",
            "signal": "derivatives_core_strategy",
            "quote": "The Fund invests substantially all of its assets in FLEX Options that reference the performance of the Nasdaq-100\u00ae Index."
        },
        {
            "source": "FACTSHEET",
            "signal": "structured_payoff",
            "quote": "The Fund is an actively managed Fund which seeks to provide investors with returns (before fees and expenses) that match the price return of the Nasdaq-100\u00ae Index (the \u201cIndex\u201d), up to a predetermined upside cap, while providing a buffer (before fees and expenses) against the first 15% of Index losses, over a specified one year period."
        }
    ],
    "supporting_data": "Hard complex product feature identified: Structured payoff. Policy mode: balanced. Product type: ETF. UCITS signal identified. Replication method: synthetic.",
    "missing_data": [
        "funded_swap",
        "unfunded_swap",
        "priips_comprehension_alert"
    ],
    "warnings": [
        "counterparty_risk_language_identified"
    ],
    "sources": {
        "kiid": {
            "url": "https://oppl.ai/apy/doc_store/IE000HFBJ0U0_KIID.txt",
            "found": true,
            "http_code": 200,
            "bytes": 11568,
            "error": null
        },
        "priips_kid": {
            "url": "https://oppl.ai/eu_kiids/en_txt/IE000HFBJ0U0.txt",
            "found": true,
            "http_code": 200,
            "bytes": 12802,
            "error": null
        },
        "factsheet": {
            "url": "https://oppl.ai/apy/doc_store/IE000HFBJ0U0_FS.txt",
            "found": true,
            "http_code": 200,
            "bytes": 13562,
            "error": null
        },
        "market_data": {
            "url": "https://api.londonstockexchange.com/api/gw/lse/search/autocomplete?q=IE000HFBJ0U0&size=3",
            "found": true,
            "http_code": 200,
            "bytes": 594,
            "error": null
        }
    }
}