{
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    "_meta": {
        "isin": "IE000Y1595P8",
        "asset_scope": "UK_COMPLEX_ASSET",
        "policy_mode": "strict",
        "policy_mode_description": "Any material derivative, swap, synthetic, complex underlying, structured payoff, roll-cost, leverage, inverse, or PRIIPs warning signal can drive complex classification.",
        "classification_engine_version": "1.0.0",
        "prompt_version": "complex_asset_extract_v1",
        "captured_at_utc": "2026-06-09T15:24:50+00:00",
        "captured_unix": 1781018690
    },
    "classification": "complex",
    "confidence": 0.93,
    "review_required": false,
    "decision_rule_applied": "etf_leveraged_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": true,
        "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": [
        "Leverage"
    ],
    "non_complex_factors": [
        "UCITS fund",
        "No inverse exposure identified"
    ],
    "consumer_understanding": {
        "risk_level": "high",
        "drivers": [
            "Daily leveraged exposure",
            "Compounding and path dependency",
            "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 uses leveraged exposure. Ordinary retail clients may not understand that leverage can magnify both gains and losses and, where exposure resets daily, compounding can cause returns over longer periods to differ significantly from the headline leverage multiple.",
        "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": "leveraged",
            "quote": "The Fund may, via FDIs, generate varying amounts of market leverage (i.e. where the Fund gains market exposure in excess of the value of its assets)."
        },
        {
            "source": "KIID",
            "signal": "derivatives_mentioned",
            "quote": "In order to achieve its investment objective, 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) ... unfunded total return swaps which seek to deliver the performance of the Index and listed options in order to implement the Approximate Buffer and Upside Cap."
        },
        {
            "source": "KIID",
            "signal": "swaps",
            "quote": "unfunded total return swaps which seek to deliver the performance of the Index"
        },
        {
            "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": "The Fund is actively managed and aims to reflect the price return of US large cap equities represented by the S&P 500 Index (the 'Index') up to an approximate cap on positive performance of the Index (the 'Upside Cap') whilst seeking to provide a level of downside protection against negative performance of the Index (the 'Approximate Buffer')"
        },
        {
            "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: Leverage. Policy mode: strict. Product type: ETF. UCITS signal identified. Replication method: synthetic.",
    "missing_data": [
        "funded_swap",
        "capital_protection",
        "priips_comprehension_alert",
        "illiquid_or_hard_to_value_underlying"
    ],
    "warnings": [
        "counterparty_risk_language_identified"
    ],
    "sources": {
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            "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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    }
}