{
    "ok": true,
    "_meta": {
        "isin": "IE000SB4G4I4",
        "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": "2026-06-14T10:30:35+00:00",
        "captured_unix": 1781433035
    },
    "classification": "complex",
    "confidence": 0.88,
    "review_required": false,
    "decision_rule_applied": "balanced_etf_swap_complex_rule",
    "product_policy_branch": "ETF",
    "fund_name": "UBS (Irl) ETF plc - UBS Nasdaq-100 UCITS ETF, class USD acc",
    "isin": "IE000SB4G4I4",
    "type": "ETF",
    "ucits": true,
    "asset_class": "Equity",
    "replication_method": "physical",
    "signals": {
        "leveraged": false,
        "inverse": false,
        "derivatives_mentioned": true,
        "derivatives_core_strategy": false,
        "derivatives_epm_only": true,
        "swaps": true,
        "funded_swap": false,
        "unfunded_swap": false,
        "synthetic_replication": true,
        "counterparty_risk": false,
        "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": true,
        "illiquid_or_hard_to_value_underlying": true,
        "physical_allocated_commodity": false,
        "crypto_digital_asset": false
    },
    "complex_factors": [
        "Swap usage"
    ],
    "non_complex_factors": [
        "UCITS fund",
        "Physical replication",
        "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",
            "Less liquid or harder-to-value underlying exposure language",
            "Derivative use appears limited to efficient portfolio management, hedging or risk management",
            "UCITS ETF structure",
            "Physical replication or direct portfolio holdings"
        ],
        "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": "ucits",
            "quote": "UBS (Irl) ETF plc - UBS Nasdaq-100 UCITS ETF (the \"Fund\"), a sub-fund of UBS (Irl) ETF plc (the \"Company\")"
        },
        {
            "source": "FACTSHEET",
            "signal": "replication_method",
            "quote": "Replication methodology  Physical (Full replicated)"
        },
        {
            "source": "KIID",
            "signal": "derivatives_mentioned",
            "quote": "The Fund may, for the purpose of reducing risk, reducing costs or generating additional capital or income, use derivative instruments."
        },
        {
            "source": "KIID",
            "signal": "derivatives_epm_only",
            "quote": "The Fund may, for the purpose of reducing risk, reducing costs or generating additional capital or income, use derivative instruments."
        },
        {
            "source": "KIID",
            "signal": "securities_lending",
            "quote": "The Fund may enter into securities lending transactions."
        },
        {
            "source": "KIID",
            "signal": "inverse",
            "quote": "No mention of inverse, short, bear, negative, -1x, -2x, or -3x exposure."
        },
        {
            "source": "KIID",
            "signal": "leveraged",
            "quote": "No mention of leveraged, multiplier, 2x, 3x, or similar."
        },
        {
            "source": "FACTSHEET",
            "signal": "asset_class",
            "quote": "UBS Nasdaq-100 UCITS ETF USD acc - Fund invests in equities (Nasdaq-100 Notional Index)"
        },
        {
            "source": "FACTSHEET",
            "signal": "type",
            "quote": "UBS Exchange Traded Funds > UBS (Irl) ETF plc - UBS Nasdaq-100 UCITS ETF"
        },
        {
            "source": "PRIIPS_KID",
            "signal": "ucits",
            "quote": "The fund is a UCITS ETF."
        },
        {
            "source": "PRIIPS_KID",
            "signal": "priips_comprehension_alert",
            "quote": "No PRIIPs comprehension alert found in the document."
        }
    ],
    "supporting_data": "ETF has evidenced core or synthetic swap usage. Policy mode: balanced. Product type: ETF. UCITS signal identified. Replication method: physical.",
    "missing_data": [],
    "warnings": [
        "illiquid_or_hard_to_value_underlying_identified"
    ],
    "sources": {
        "kiid": {
            "url": "https://oppl.ai/apy/doc_store/IE000SB4G4I4_KIID.txt",
            "found": true,
            "http_code": 200,
            "bytes": 7656,
            "error": null
        },
        "priips_kid": {
            "url": "https://oppl.ai/eu_kiids/en_txt/IE000SB4G4I4.txt",
            "found": true,
            "http_code": 200,
            "bytes": 11739,
            "error": null
        },
        "factsheet": {
            "url": "https://oppl.ai/apy/doc_store/IE000SB4G4I4_FS.txt",
            "found": true,
            "http_code": 200,
            "bytes": 22792,
            "error": null
        },
        "market_data": {
            "url": "https://api.londonstockexchange.com/api/gw/lse/search/autocomplete?q=IE000SB4G4I4&size=3",
            "found": true,
            "http_code": 200,
            "bytes": 268,
            "error": null
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    }
}