{
    "ok": true,
    "_meta": {
        "isin": "IE000L00POB4",
        "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": "2026-06-17T12:12:46+00:00",
        "captured_unix": 1781698366
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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": "Invesco USD Overnight Return Swap UCITS ETF",
    "isin": "IE000L00POB4",
    "type": "ETF",
    "ucits": true,
    "asset_class": "cash",
    "replication_method": "synthetic",
    "signals": {
        "leveraged": false,
        "inverse": false,
        "derivatives_mentioned": true,
        "derivatives_core_strategy": true,
        "derivatives_epm_only": false,
        "swaps": true,
        "funded_swap": true,
        "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": 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": [
        "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",
            "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 Fund intends to use unfunded swaps (\u201c Swaps \u201d). These Swaps are an agreement between the Fund and an approved counterparty to exchange one stream of cash flows against another stream but do not require the Fund to provide collateral, on the basis that the Fund has alread y invested in a basket of equities (namely shares) and equity related securities."
        },
        {
            "source": "KIID",
            "signal": "unfunded_swap",
            "quote": "The Fund intends to use unfunded swaps (\u201c Swaps \u201d)."
        },
        {
            "source": "KIID",
            "signal": "synthetic_replication",
            "quote": "Synthetic ETF Risk: The Fund intends to purchase securities that are not contained in the Index and will enter into Swap agreements to exchange the performance of those securities for the performance of the Index."
        },
        {
            "source": "KIID",
            "signal": "counterparty_risk",
            "quote": "The insolvency of any institutions providing services such as safekeeping of assets or acting as counterparty to derivatives or other instruments, may expose the Fund to financial loss."
        },
        {
            "source": "FACTSHEET",
            "signal": "synthetic_replication",
            "quote": "Replication method  Synthetic"
        },
        {
            "source": "KIID",
            "signal": "derivatives_core_strategy",
            "quote": "The Fund intends to use unfunded swaps (\u201c Swaps \u201d). These Swaps are an agreement between the Fund and an approved counterparty to exchange one stream of cash flows against another stream but do not require the Fund to provide collateral... The performance of the Index is swapped from the counterparty to the Fund in exchange for the performance of equities and equity related securities held by the Fund."
        },
        {
            "source": "KIID",
            "signal": "counterparty_risk",
            "quote": "The Fund\u2019s ability to track the benchmark\u2019s performance is reliant on the counterparties to continuously deliver the performance of the benchmark in line with the swap agreements and would also be affected by any spread between the pricing of the swaps and the pricing of the benchmark."
        }
    ],
    "supporting_data": "ETF has evidenced core or synthetic swap usage. Policy mode: balanced. Product type: ETF. UCITS signal identified. Replication method: synthetic.",
    "missing_data": [
        "securities_lending: not mentioned",
        "illiquid_or_hard_to_value_underlying: not indicated"
    ],
    "warnings": [
        "counterparty_risk_language_identified"
    ],
    "sources": {
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            "url": "https://oppl.ai/apy/doc_store/IE000L00POB4_KIID.txt",
            "found": true,
            "http_code": 200,
            "bytes": 10885,
            "error": null
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        "priips_kid": {
            "url": "https://oppl.ai/eu_kiids/en_txt/IE000L00POB4.txt",
            "found": true,
            "http_code": 200,
            "bytes": 15069,
            "error": null
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        "factsheet": {
            "url": "https://oppl.ai/apy/doc_store/IE000L00POB4_FS.txt",
            "found": true,
            "http_code": 200,
            "bytes": 11799,
            "error": null
        },
        "market_data": {
            "url": "https://api.londonstockexchange.com/api/gw/lse/search/autocomplete?q=IE000L00POB4&size=3",
            "found": true,
            "http_code": 200,
            "bytes": 522,
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}