{
    "ok": true,
    "_meta": {
        "isin": "IE00B3CNHG25",
        "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": "2026-06-13T20:48:31+00:00",
        "captured_unix": 1781383711
    },
    "classification": "complex",
    "confidence": 0.93,
    "review_required": false,
    "decision_rule_applied": "etf_leveraged_hard_complex_rule",
    "product_policy_branch": "ETF",
    "fund_name": "L&G Gold Mining UCITS ETF",
    "isin": "IE00B3CNHG25",
    "type": "ETF",
    "ucits": true,
    "asset_class": "Equity",
    "replication_method": "physical",
    "signals": {
        "leveraged": true,
        "inverse": false,
        "derivatives_mentioned": true,
        "derivatives_core_strategy": false,
        "derivatives_epm_only": true,
        "swaps": true,
        "funded_swap": true,
        "unfunded_swap": true,
        "synthetic_replication": false,
        "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": false,
        "illiquid_or_hard_to_value_underlying": false,
        "physical_allocated_commodity": false,
        "crypto_digital_asset": false
    },
    "complex_factors": [
        "Leverage"
    ],
    "non_complex_factors": [
        "UCITS fund",
        "Physical replication",
        "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",
            "Counterparty risk language identified",
            "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 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": "derivatives_mentioned",
            "quote": "The Fund may also invest in (1) companies that are not constituents of the Index that have similar risk and performance characteristics to the companies contained in the Index and (2) financial derivative instruments (\"FDIs\")"
        },
        {
            "source": "KIID",
            "signal": "derivatives_epm_only",
            "quote": "The Fund may also invest in (1) companies that are not constituents of the Index that have similar risk and performance characteristics to the companies contained in the Index and (2) financial derivative instruments (\"FDIs\") (i.e. investments the prices of which are based on the companies contained in the Index and/or such other companies)."
        },
        {
            "source": "FACTSHEET",
            "signal": "replication_method_physical",
            "quote": "Physical - full replication"
        },
        {
            "source": "KIID",
            "signal": "counterparty_risk",
            "quote": "Third party service providers (such as counterparties entering into FDIs with the Fund or the Company's depositary) may go bankrupt and fail to pay money due to the Fund or return property belonging to the Fund."
        },
        {
            "source": "FACTSHEET",
            "signal": "derivatives_epm_only",
            "quote": "On 22 February 2021 the index changed ... and the fund switched from Synthetic - unfunded swap backed by collateral to Physical - full replication."
        }
    ],
    "supporting_data": "Hard complex product feature identified: Leverage. Policy mode: balanced. Product type: ETF. UCITS signal identified. Replication method: physical.",
    "missing_data": [],
    "warnings": [
        "counterparty_risk_language_identified"
    ],
    "sources": {
        "kiid": {
            "url": "https://oppl.ai/apy/doc_store/IE00B3CNHG25_KIID.txt",
            "found": true,
            "http_code": 200,
            "bytes": 9355,
            "error": null
        },
        "priips_kid": {
            "url": "https://oppl.ai/eu_kiids/en_txt/IE00B3CNHG25.txt",
            "found": true,
            "http_code": 200,
            "bytes": 12846,
            "error": null
        },
        "factsheet": {
            "url": "https://oppl.ai/apy/doc_store/IE00B3CNHG25_FS.txt",
            "found": true,
            "http_code": 200,
            "bytes": 27264,
            "error": null
        },
        "market_data": {
            "url": "https://api.londonstockexchange.com/api/gw/lse/search/autocomplete?q=IE00B3CNHG25&size=3",
            "found": true,
            "http_code": 200,
            "bytes": 1072,
            "error": null
        }
    }
}