{
    "ok": true,
    "_meta": {
        "isin": "IE000Z5YU8X3",
        "asset_scope": "UK_COMPLEX_ASSET",
        "policy_mode": "ucits_default",
        "policy_mode_description": "UCITS ETFs default to non-complex unless leverage, inverse exposure, structured payoff, complex underlyings, or explicit comprehension-warning language is identified.",
        "classification_engine_version": "1.0.0",
        "prompt_version": "complex_asset_extract_v1",
        "captured_at_utc": "2026-06-13T15:40:56+00:00",
        "captured_unix": 1781365256
    },
    "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 Moderate Buffer Dec UCITS ETF USD (Acc)",
    "isin": "IE000Z5YU8X3",
    "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": 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": 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",
            "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": "swaps",
            "quote": "In particular in unfunded total return swaps which seek to deliver the performance of the Index"
        },
        {
            "source": "KIID",
            "signal": "unfunded_swap",
            "quote": "In particular in unfunded total return swaps which seek to deliver the performance of the Index"
        },
        {
            "source": "KIID",
            "signal": "synthetic_replication",
            "quote": "In order to achieve its investment objective, the Fund will invest in financial derivative instruments (FDIs)... in particular in unfunded total return swaps which seek to deliver the performance of the Index"
        },
        {
            "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... whilst seeking to provide a level of downside protection against negative performance... Approximate Buffer aims to protect approximately 10%"
        },
        {
            "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": "securities_lending",
            "quote": "the Fund undertakes securities lending to reduce costs, the Fund will receive 62.5% of the associated revenue generated"
        },
        {
            "source": "KIID",
            "signal": "derivatives_core_strategy",
            "quote": "In order to achieve its investment objective, the Fund will invest in financial derivative instruments (FDIs)... The Fund may, via FDIs, generate varying amounts of market leverage"
        }
    ],
    "supporting_data": "Hard complex product feature identified: Leverage. Policy mode: ucits_default. Product type: ETF. UCITS signal identified. Replication method: synthetic.",
    "missing_data": [
        "Whether the fund holds physical equities alongside swaps is unclear; replication method inferred as synthetic due to primary reliance on swaps."
    ],
    "warnings": [
        "counterparty_risk_language_identified"
    ],
    "sources": {
        "kiid": {
            "url": "https://oppl.ai/apy/doc_store/IE000Z5YU8X3_KIID.txt",
            "found": true,
            "http_code": 200,
            "bytes": 11758,
            "error": null
        },
        "priips_kid": {
            "url": "https://oppl.ai/eu_kiids/en_txt/IE000Z5YU8X3.txt",
            "found": true,
            "http_code": 200,
            "bytes": 15801,
            "error": null
        },
        "factsheet": {
            "url": "https://oppl.ai/apy/doc_store/IE000Z5YU8X3_FS.txt",
            "found": true,
            "http_code": 200,
            "bytes": 11697,
            "error": null
        },
        "market_data": {
            "url": "https://api.londonstockexchange.com/api/gw/lse/search/autocomplete?q=IE000Z5YU8X3&size=3",
            "found": true,
            "http_code": 200,
            "bytes": 285,
            "error": null
        }
    }
}