{
    "ok": true,
    "_meta": {
        "isin": "IE00B4QNHZ41",
        "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": "2026-05-26T09:45:06+00:00",
        "captured_unix": 1779788706
    },
    "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\u00ae Daily 2x Short UCITS ETF",
    "isin": "IE00B4QNHZ41",
    "type": "ETF",
    "ucits": true,
    "asset_class": "Equity",
    "replication_method": "synthetic",
    "signals": {
        "leveraged": true,
        "inverse": true,
        "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"
    ],
    "consumer_understanding": {
        "risk_level": "high",
        "drivers": [
            "Daily leveraged exposure",
            "Compounding and path dependency",
            "Inverse or short exposure",
            "Returns may move opposite to the referenced market",
            "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 on an inverse basis"
        },
        {
            "source": "KIID",
            "signal": "inverse",
            "quote": "twice the daily percentage change in the level of the DAX\u00ae Index on an inverse basis"
        },
        {
            "source": "KIID",
            "signal": "synthetic_replication",
            "quote": "In order to track the Index, the Company will primarily enter into 'total return swap' agreements with one or more 'swap counterparties' \u2026 Swaps enable the Fund to efficiently track the upward or downward performance of the Index without having to purchase the shares"
        },
        {
            "source": "KIID",
            "signal": "swaps",
            "quote": "total return swap"
        },
        {
            "source": "KIID",
            "signal": "unfunded_swap",
            "quote": "The swap arrangements are 'unfunded' which means that the Fund retains all investor subscription money \u2026 and invests it in a diversified portfolio of low risk assets."
        },
        {
            "source": "KIID",
            "signal": "counterparty_risk",
            "quote": "If a swap counterparty is no longer willing or able to continue entering into swaps with the Fund, the Fund may not be able to continue tracking the Index and may need to close."
        },
        {
            "source": "KIID",
            "signal": "complex_index",
            "quote": "The Index is a leveraged inverse Index. 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 on an inverse basis"
        },
        {
            "source": "KIID",
            "signal": "derivatives_core_strategy",
            "quote": "the Fund will primarily enter into 'total return swap' agreements \u2026 to efficiently track the Index"
        },
        {
            "source": "FACTSHEET",
            "signal": "leveraged",
            "quote": "short and leveraged ETF"
        },
        {
            "source": "FACTSHEET",
            "signal": "inverse",
            "quote": "L&G DAX Daily 2x Short UCITS ETF"
        }
    ],
    "supporting_data": "Hard complex product feature identified: Leverage. Policy mode: balanced. Product type: ETF. UCITS signal identified. Replication method: synthetic.",
    "missing_data": [
        "No PRIIPs comprehension alert ('You are about to purchase a product that is not simple') was found in the documents."
    ],
    "warnings": [
        "counterparty_risk_language_identified"
    ],
    "sources": {
        "kiid": {
            "url": "https://oppl.ai/apy/doc_store/IE00B4QNHZ41_KIID.txt",
            "found": true,
            "http_code": 200,
            "bytes": 10901,
            "error": null
        },
        "priips_kid": {
            "url": "https://oppl.ai/eu_kiids/en_txt/IE00B4QNHZ41.txt",
            "found": true,
            "http_code": 200,
            "bytes": 13435,
            "error": null
        },
        "factsheet": {
            "url": "https://oppl.ai/apy/doc_store/IE00B4QNHZ41_FS.txt",
            "found": true,
            "http_code": 200,
            "bytes": 26846,
            "error": null
        },
        "market_data": {
            "url": "https://api.londonstockexchange.com/api/gw/lse/search/autocomplete?q=IE00B4QNHZ41&size=3",
            "found": true,
            "http_code": 200,
            "bytes": 1114,
            "error": null
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    }
}