{
    "ok": true,
    "_meta": {
        "isin": "IE000Y1595P8",
        "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": "2026-06-09T15:21:19+00:00",
        "captured_unix": 1781018479
    },
    "classification": "complex",
    "confidence": 0.93,
    "review_required": false,
    "decision_rule_applied": "etf_structured_payoff_hard_complex_rule",
    "product_policy_branch": "ETF",
    "fund_name": "iShares US Large Cap Max Buffer Dec UCITS ETF",
    "isin": "IE000Y1595P8",
    "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": 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": true,
        "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_mentioned",
            "quote": "the Fund will invest in financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets)."
        },
        {
            "source": "KIID",
            "signal": "derivatives_core_strategy",
            "quote": "In order to achieve its investment objective, the Fund will invest in financial derivative instruments (FDIs)"
        },
        {
            "source": "KIID",
            "signal": "swaps",
            "quote": "In particular in unfunded total return swaps which seek to deliver the performance of the Index and listed options"
        },
        {
            "source": "KIID",
            "signal": "unfunded_swap",
            "quote": "unfunded total return swaps"
        },
        {
            "source": "KIID",
            "signal": "synthetic_replication",
            "quote": "unfunded total return swaps which seek to deliver the performance of the Index"
        },
        {
            "source": "KIID",
            "signal": "counterparty_risk",
            "quote": "Counterparty Risk: The insolvency of any institutions providing services such as safekeeping of assets or acting as counterparty to derivatives or other instruments, may expose the Share Class to financial loss."
        },
        {
            "source": "KIID",
            "signal": "structured_payoff",
            "quote": "aims to reflect the price return of US large cap equities represented by the S&P 500 Index up to an approximate cap on positive performance of the Index (the \u201cUpside Cap\u201d) whilst seeking to provide a level of downside protection against negative performance of the Index (the \u201cApproximate Buffer\u201d)"
        },
        {
            "source": "KIID",
            "signal": "securities_lending",
            "quote": "To the extent the Fund undertakes securities lending to reduce costs, the Fund will receive 62.5% of the associated revenue generated and the remaining 37.5% will be received by BlackRock as the securities lending agent."
        }
    ],
    "supporting_data": "Hard complex product feature identified: Structured payoff. Policy mode: balanced. Product type: ETF. UCITS signal identified. Replication method: synthetic.",
    "missing_data": [],
    "warnings": [
        "counterparty_risk_language_identified"
    ],
    "sources": {
        "kiid": {
            "url": "https://oppl.ai/apy/doc_store/IE000Y1595P8_KIID.txt",
            "found": true,
            "http_code": 200,
            "bytes": 11000,
            "error": null
        },
        "priips_kid": {
            "url": "https://oppl.ai/eu_kiids/en_txt/IE000Y1595P8.txt",
            "found": true,
            "http_code": 200,
            "bytes": 15634,
            "error": null
        },
        "factsheet": {
            "url": "https://oppl.ai/apy/doc_store/IE000Y1595P8_FS.txt",
            "found": true,
            "http_code": 200,
            "bytes": 11667,
            "error": null
        },
        "market_data": {
            "url": "https://api.londonstockexchange.com/api/gw/lse/search/autocomplete?q=IE000Y1595P8&size=3",
            "found": true,
            "http_code": 200,
            "bytes": 285,
            "error": null
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}