{
    "ok": true,
    "_meta": {
        "isin": "IE00B3CNHJ55",
        "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": "2026-06-13T21:38:03+00:00",
        "captured_unix": 1781386683
    },
    "classification": "complex",
    "confidence": 0.88,
    "review_required": false,
    "decision_rule_applied": "balanced_etf_swap_complex_rule",
    "product_policy_branch": "ETF",
    "fund_name": "L&G Russell 2000 US Small Cap Quality UCITS ETF",
    "isin": "IE00B3CNHJ55",
    "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": 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": true,
        "priips_comprehension_alert": false,
        "securities_lending": false,
        "illiquid_or_hard_to_value_underlying": false,
        "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",
            "Complex or rules-based index methodology",
            "Index performance may depend on dynamic allocation or strategy rules",
            "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 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": "complex_index",
            "quote": "The Index then applies a quality tilt by adjusting the market cap weight of those constituents with better quality characteristics upwards and adjusting the market cap weights of those with poorer quality characteristics downwards such the target active quality factor exposure, set at 0.4, is achieved."
        },
        {
            "source": "KIID",
            "signal": "derivatives_epm_only",
            "quote": "Third party service providers (such as counterparties entering into FDIs with the Fund or the Company\u2019s depositary) may go bankrupt and fail to pay money due to the Fund or return property belonging to the Fund."
        },
        {
            "source": "PRIIPS_KID",
            "signal": "derivatives_mentioned",
            "quote": "The value of the Fund may be affected by risks not in the SRI, including failure of a counterparty, custodian, issuer or index provider and derivative use."
        },
        {
            "source": "KIID",
            "signal": "counterparty_risk",
            "quote": "Third party service providers (such as counterparties entering into FDIs with the Fund or the Company\u2019s depositary) may go bankrupt and fail to pay money due to the Fund or return property belonging to the Fund."
        }
    ],
    "supporting_data": "ETF has evidenced core or synthetic swap usage. Policy mode: balanced. Product type: ETF. UCITS signal identified. Replication method: physical.",
    "missing_data": [
        "securities_lending",
        "illiquid_or_hard_to_value_underlying"
    ],
    "warnings": [
        "counterparty_risk_language_identified"
    ],
    "sources": {
        "kiid": {
            "url": "https://oppl.ai/apy/doc_store/IE00B3CNHJ55_KIID.txt",
            "found": true,
            "http_code": 200,
            "bytes": 9054,
            "error": null
        },
        "priips_kid": {
            "url": "https://oppl.ai/eu_kiids/en_txt/IE00B3CNHJ55.txt",
            "found": true,
            "http_code": 200,
            "bytes": 12978,
            "error": null
        },
        "factsheet": {
            "url": "https://oppl.ai/apy/doc_store/IE00B3CNHJ55_FS.txt",
            "found": true,
            "http_code": 200,
            "bytes": 23700,
            "error": null
        },
        "market_data": {
            "url": "https://api.londonstockexchange.com/api/gw/lse/search/autocomplete?q=IE00B3CNHJ55&size=3",
            "found": true,
            "http_code": 200,
            "bytes": 634,
            "error": null
        }
    }
}