{
    "ok": true,
    "_meta": {
        "isin": "IE00B4QNHH68",
        "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": "2026-06-05T11:14:35+00:00",
        "captured_unix": 1780658075
    },
    "classification": "complex",
    "confidence": 0.93,
    "review_required": false,
    "decision_rule_applied": "etf_leveraged_hard_complex_rule",
    "product_policy_branch": "ETF",
    "fund_name": "L&G DAX Daily 2x Long UCITS ETF",
    "isin": "IE00B4QNHH68",
    "type": "ETF",
    "ucits": true,
    "asset_class": "equity",
    "replication_method": "synthetic",
    "signals": {
        "leveraged": true,
        "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": 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": [
        "Leverage"
    ],
    "non_complex_factors": [
        "UCITS fund",
        "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",
            "Complex or rules-based index methodology",
            "Index performance may depend on dynamic allocation or strategy rules",
            "Derivatives appear core to the investment strategy",
            "Counterparty risk language identified"
        ],
        "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": "leveraged",
            "quote": "The daily percentage change in the level of the Index is intended to reflect twice the daily percentage change in the level of the DAX\u00ae Index"
        },
        {
            "source": "KIID",
            "signal": "derivatives_core_strategy",
            "quote": "In order to track the Index, the Company will primarily enter into 'total return swap' agreements with one or more 'swap counterparties'"
        },
        {
            "source": "KIID",
            "signal": "swaps",
            "quote": "total return swap"
        },
        {
            "source": "KIID",
            "signal": "unfunded_swap",
            "quote": "The swap arrangements are 'unfunded'"
        },
        {
            "source": "KIID",
            "signal": "synthetic_replication",
            "quote": "In order to track the Index, the Company will primarily enter into total return swap agreements"
        },
        {
            "source": "KIID",
            "signal": "counterparty_risk",
            "quote": "If a swap counterparty is no longer willing or able to continue entering into swaps with the Fund"
        },
        {
            "source": "KIID",
            "signal": "complex_index",
            "quote": "The Index is a leveraged Index"
        },
        {
            "source": "FACTSHEET",
            "signal": "leveraged",
            "quote": "Potential for magnified losses"
        },
        {
            "source": "FACTSHEET",
            "signal": "synthetic_replication",
            "quote": "Synthetic - unfunded swap backed by collateral"
        }
    ],
    "supporting_data": "Hard complex product feature identified: Leverage. Policy mode: strict. Product type: ETF. UCITS signal identified. Replication method: synthetic.",
    "missing_data": [
        "structured_payoff",
        "priips_comprehension_alert"
    ],
    "warnings": [
        "counterparty_risk_language_identified"
    ],
    "sources": {
        "kiid": {
            "url": "https://oppl.ai/apy/doc_store/IE00B4QNHH68_KIID.txt",
            "found": true,
            "http_code": 200,
            "bytes": 10666,
            "error": null
        },
        "priips_kid": {
            "url": "https://oppl.ai/eu_kiids/en_txt/IE00B4QNHH68.txt",
            "found": true,
            "http_code": 200,
            "bytes": 13232,
            "error": null
        },
        "factsheet": {
            "url": "https://oppl.ai/apy/doc_store/IE00B4QNHH68_FS.txt",
            "found": true,
            "http_code": 200,
            "bytes": 26521,
            "error": null
        },
        "market_data": {
            "url": "https://api.londonstockexchange.com/api/gw/lse/search/autocomplete?q=IE00B4QNHH68&size=3",
            "found": true,
            "http_code": 200,
            "bytes": 1111,
            "error": null
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    }
}