{
    "ok": true,
    "_meta": {
        "isin": "IE00B3VSSL01",
        "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": "2026-05-23T08:24:13+00:00",
        "captured_unix": 1779524653
    },
    "classification": "complex",
    "confidence": 0.88,
    "review_required": false,
    "decision_rule_applied": "strict_etf_swap_complex_rule",
    "product_policy_branch": "ETF",
    "fund_name": "Invesco Technology S&P US Select Sector UCITS ETF",
    "isin": "IE00B3VSSL01",
    "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": "synthetic_replication",
            "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 (namely shares)."
        },
        {
            "source": "KIID",
            "signal": "swaps",
            "quote": "To achieve the objective the Fund will use unfunded swaps (\u201cSwaps\u201d)."
        },
        {
            "source": "KIID",
            "signal": "unfunded_swap",
            "quote": "To achieve the objective the Fund will use unfunded swaps (\u201cSwaps\u201d)."
        },
        {
            "source": "KIID",
            "signal": "derivatives_core_strategy",
            "quote": "To achieve the objective the Fund will use unfunded swaps (\u201cSwaps\u201d)."
        },
        {
            "source": "KIID",
            "signal": "counterparty_risk",
            "quote": "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": "KIID",
            "signal": "ucits",
            "quote": "Invesco Technology S&P US Select Sector UCITS ETF (the \"Fund\") A sub-fund of Invesco Markets plc (the \"Umbrella Fund\")"
        },
        {
            "source": "FACTSHEET",
            "signal": "synthetic_replication",
            "quote": "Replication method Synthetic"
        },
        {
            "source": "PRIIPS_KID",
            "signal": "synthetic_replication",
            "quote": "To achieve the objective the Fund will use unfunded swaps (\u201cSwaps\u201d)."
        },
        {
            "source": "PRIIPS_KID",
            "signal": "counterparty_risk",
            "quote": "The Fund\u2019s ability to track the Index\u2019 performance is reliant on the counterparties to continuously deliver the performance of the Index in line with the swap agreements. The insolvency of any institutions acting as counterparty to derivatives or other instruments, may expose the Fund to financial loss."
        }
    ],
    "supporting_data": "ETF has evidenced swap usage. Policy mode: strict. Product type: ETF. UCITS signal identified. Replication method: synthetic.",
    "missing_data": [
        "securities_lending"
    ],
    "warnings": [
        "counterparty_risk_language_identified"
    ],
    "sources": {
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            "url": "https://oppl.ai/apy/doc_store/IE00B3VSSL01_KIID.txt",
            "found": true,
            "http_code": 200,
            "bytes": 10462,
            "error": null
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        "priips_kid": {
            "url": "https://oppl.ai/eu_kiids/en_txt/IE00B3VSSL01.txt",
            "found": true,
            "http_code": 200,
            "bytes": 14872,
            "error": null
        },
        "factsheet": {
            "url": "https://oppl.ai/apy/doc_store/IE00B3VSSL01_FS.txt",
            "found": true,
            "http_code": 200,
            "bytes": 11931,
            "error": null
        },
        "market_data": {
            "url": "https://api.londonstockexchange.com/api/gw/lse/search/autocomplete?q=IE00B3VSSL01&size=3",
            "found": true,
            "http_code": 200,
            "bytes": 1495,
            "error": null
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}