{
    "ok": true,
    "_meta": {
        "isin": "IE00B3Q19T94",
        "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": "2026-06-05T10:40:41+00:00",
        "captured_unix": 1780656041
    },
    "classification": "complex",
    "confidence": 0.88,
    "review_required": false,
    "decision_rule_applied": "strict_etf_swap_complex_rule",
    "product_policy_branch": "ETF",
    "fund_name": "Invesco EURO STOXX Optimised Banks UCITS ETF",
    "isin": "IE00B3Q19T94",
    "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": true,
        "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": 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",
        "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",
            "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_core_strategy",
            "quote": "To achieve the objective the Fund will use unfunded swaps (\u201cSwaps\u201d). These Swaps are an agreement between the Fund and an approved counterparty to exchange one stream of cash flows against another stream but do not require the Fund to provide collateral, on the basis that the Fund has already invested in a basket of equities and equity related securities"
        },
        {
            "source": "KIID",
            "signal": "swaps",
            "quote": "To achieve the objective the Fund will use unfunded swaps (\u201cSwaps\u201d)."
        },
        {
            "source": "KIID",
            "signal": "unfunded_swap",
            "quote": "unfunded swaps (\u201cSwaps\u201d)"
        },
        {
            "source": "KIID",
            "signal": "synthetic_replication",
            "quote": "Synthetic ETF Risk: The fund might purchase securities that are not contained in the reference index and will enter into swap agreements to exchange the performance of those securities for the performance of the reference index."
        },
        {
            "source": "FACTSHEET",
            "signal": "synthetic_replication",
            "quote": "Replication method Synthetic"
        },
        {
            "source": "KIID",
            "signal": "counterparty_risk",
            "quote": "The Fund\u2019s ability to track the benchmark\u2019s performance is reliant on the counterparties to continuously deliver the performance of the benchmark in line with the swap agreements and would also be affected by any spread between the pricing of the swaps and the pricing of the benchmark. The insolvency of any institutions providing services such as safekeeping of assets or acting as counterparty to derivatives or other instruments, may expose the Fund to financial loss."
        },
        {
            "source": "FACTSHEET",
            "signal": "swap_fee",
            "quote": "Swap fee 10.00% p.a."
        }
    ],
    "supporting_data": "ETF has evidenced swap usage. Policy mode: strict. 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/IE00B3Q19T94_KIID.txt",
            "found": true,
            "http_code": 200,
            "bytes": 10908,
            "error": null
        },
        "priips_kid": {
            "url": "https://oppl.ai/eu_kiids/en_txt/IE00B3Q19T94.txt",
            "found": true,
            "http_code": 200,
            "bytes": 15561,
            "error": null
        },
        "factsheet": {
            "url": "https://oppl.ai/apy/doc_store/IE00B3Q19T94_FS.txt",
            "found": true,
            "http_code": 200,
            "bytes": 11290,
            "error": null
        },
        "market_data": {
            "url": "https://api.londonstockexchange.com/api/gw/lse/search/autocomplete?q=IE00B3Q19T94&size=3",
            "found": true,
            "http_code": 200,
            "bytes": 290,
            "error": null
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    }
}