{
    "ok": true,
    "_meta": {
        "isin": "IE00B4JY5R22",
        "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": "2026-06-13T21:31:10+00:00",
        "captured_unix": 1781386270
    },
    "classification": "complex",
    "confidence": 0.88,
    "review_required": false,
    "decision_rule_applied": "balanced_etf_swap_complex_rule",
    "product_policy_branch": "ETF",
    "fund_name": "UBS (Irl) Fund Solutions plc - S&P 500 SF UCITS ETF",
    "isin": "IE00B4JY5R22",
    "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": false,
        "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": true,
        "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",
            "Less liquid or harder-to-value underlying exposure language",
            "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": "The Fund invests in financial derivative instruments ('FDIs') with UBS AG, London Branch ('UBS') as counterparty. Under the terms of the FDIs, the performance of the Index is swapped from UBS to the Fund, and in return the performance of the securities is swapped from the Fund to UBS \u2013 consequently, the Fund's performance reflects the performance of the Index and is not impacted by the performance of the securities."
        },
        {
            "source": "KIID",
            "signal": "swaps",
            "quote": "the performance of the Index is swapped from UBS to the Fund, and in return the performance of the securities is swapped from the Fund to UBS"
        },
        {
            "source": "FACTSHEET",
            "signal": "synthetic_replication",
            "quote": "The fund replicates synthetically the index performance by investing in a swap."
        },
        {
            "source": "FACTSHEET",
            "signal": "funded_swap",
            "quote": "Replication methodology Synthetic (Fully Funded + Total Return Swap)"
        },
        {
            "source": "KIID",
            "signal": "counterparty_risk",
            "quote": "Counterparty risk: The Fund's main investments are the FDIs with UBS as counterparty. The failure of UBS to perform under the terms of the FDIs could significantly affect the Fund."
        },
        {
            "source": "KIID",
            "signal": "ucits",
            "quote": "UBS (Irl) Fund Solutions plc - S&P 500 SF UCITS ETF (the \"Fund\")"
        },
        {
            "source": "PRIIPS_KID",
            "signal": "ucits",
            "quote": "The fund is a UCITS ETF."
        }
    ],
    "supporting_data": "ETF has evidenced core or synthetic swap usage. Policy mode: balanced. Product type: ETF. UCITS signal identified. Replication method: synthetic.",
    "missing_data": [],
    "warnings": [
        "illiquid_or_hard_to_value_underlying_identified",
        "counterparty_risk_language_identified"
    ],
    "sources": {
        "kiid": {
            "url": "https://oppl.ai/apy/doc_store/IE00B4JY5R22_KIID.txt",
            "found": true,
            "http_code": 200,
            "bytes": 8030,
            "error": null
        },
        "priips_kid": {
            "url": "https://oppl.ai/eu_kiids/en_txt/IE00B4JY5R22.txt",
            "found": true,
            "http_code": 200,
            "bytes": 10966,
            "error": null
        },
        "factsheet": {
            "url": "https://oppl.ai/apy/doc_store/IE00B4JY5R22_FS.txt",
            "found": true,
            "http_code": 200,
            "bytes": 22236,
            "error": null
        },
        "market_data": {
            "url": "https://api.londonstockexchange.com/api/gw/lse/search/autocomplete?q=IE00B4JY5R22&size=3",
            "found": true,
            "http_code": 200,
            "bytes": 578,
            "error": null
        }
    }
}