{
    "ok": true,
    "_meta": {
        "isin": "IE000QVOGR82",
        "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": "2026-06-18T10:19:07+00:00",
        "captured_unix": 1781777947
    },
    "classification": "complex",
    "confidence": 0.93,
    "review_required": false,
    "decision_rule_applied": "etf_capital_protection_hard_complex_rule",
    "product_policy_branch": "ETF",
    "fund_name": "UBS (Irl) Fund Solutions plc - UBS USD Overnight Rate SF UCITS ETF",
    "isin": "IE000QVOGR82",
    "type": "ETF",
    "ucits": true,
    "asset_class": "fixed income / money market",
    "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": false,
        "synthetic_replication": true,
        "counterparty_risk": true,
        "structured_payoff": false,
        "capital_protection": true,
        "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": true,
        "physical_allocated_commodity": false,
        "crypto_digital_asset": false
    },
    "complex_factors": [
        "Capital protection or guarantee mechanism"
    ],
    "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",
            "Capital protection or guarantee language",
            "Protection terms may depend on conditions or issuer credit quality",
            "Derivatives appear core to the investment strategy",
            "Less liquid or harder-to-value underlying exposure language",
            "Counterparty risk language identified",
            "Fixed income credit and duration risk"
        ],
        "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 invests in financial derivative instruments ('FDIs') with UBS AG, London Branch ('UBS') as counterparty. Under the terms of the FDIs, the performance of the Index is swapped from UBS to the Fund, and in return the performance of the securities is swapped from the Fund to UBS \u2013 consequently, the Fund's performance reflects the performance of the Index and is not impacted by the performance of the securities."
        },
        {
            "source": "KIID",
            "signal": "swaps",
            "quote": "Under the terms of the FDIs, the performance of the Index is swapped from UBS to the Fund, and in return the performance of the securities is swapped from the Fund to UBS"
        },
        {
            "source": "FACTSHEET",
            "signal": "synthetic_replication",
            "quote": "The fund synthetically replicates the index performance by investing in a swap."
        },
        {
            "source": "FACTSHEET",
            "signal": "swaps",
            "quote": "Replication methodology  Synthetic (Fully Funded + Total Return Swap)"
        },
        {
            "source": "FACTSHEET",
            "signal": "counterparty_risk",
            "quote": "The swap counterparty transfers collateral to the ETF in the form of G10 government bonds, supranational bonds and cash."
        },
        {
            "source": "KIID",
            "signal": "derivatives_mentioned",
            "quote": "The Fund invests in financial derivative instruments ('FDIs') with UBS AG, London Branch ('UBS') as counterparty."
        },
        {
            "source": "KIID",
            "signal": "capital_protection",
            "quote": "Capital risk: the Fund is not capital protected and consequently you may lose some or all of the amount invested in the Fund."
        }
    ],
    "supporting_data": "Hard complex product feature identified: Capital protection or guarantee mechanism. Policy mode: balanced. Product type: ETF. UCITS signal identified. Replication method: synthetic.",
    "missing_data": [
        "unfunded_swap",
        "priips_comprehension_alert",
        "securities_lending",
        "illiquid_or_hard_to_value_underlying",
        "physical_allocated_commodity",
        "crypto_digital_asset",
        "commodity_futures_roll",
        "contango_backwardation",
        "coco_or_at1_exposure",
        "clo_exposure",
        "complex_index",
        "structured_payoff"
    ],
    "warnings": [
        "illiquid_or_hard_to_value_underlying_identified",
        "counterparty_risk_language_identified"
    ],
    "sources": {
        "kiid": {
            "url": "https://oppl.ai/apy/doc_store/IE000QVOGR82_KIID.txt",
            "found": true,
            "http_code": 200,
            "bytes": 7451,
            "error": null
        },
        "priips_kid": {
            "url": "https://oppl.ai/eu_kiids/en_txt/IE000QVOGR82.txt",
            "found": true,
            "http_code": 200,
            "bytes": 10617,
            "error": null
        },
        "factsheet": {
            "url": "https://oppl.ai/apy/doc_store/IE000QVOGR82_FS.txt",
            "found": true,
            "http_code": 200,
            "bytes": 21022,
            "error": null
        },
        "market_data": {
            "url": "https://api.londonstockexchange.com/api/gw/lse/search/autocomplete?q=IE000QVOGR82&size=3",
            "found": true,
            "http_code": 200,
            "bytes": 292,
            "error": null
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    }
}