{
    "ok": true,
    "_meta": {
        "isin": "IE00B4QNHZ41",
        "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": "2026-05-26T10:46:26+00:00",
        "captured_unix": 1779792386
    },
    "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 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": 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": [
        "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",
            "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": "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 Company will primarily enter into 'total return swap' agreements... Swaps enable the Fund to efficiently track the upward or downward performance of the Index"
        },
        {
            "source": "KIID",
            "signal": "swaps",
            "quote": "total return swap"
        },
        {
            "source": "KIID",
            "signal": "unfunded_swap",
            "quote": "The swap arrangements are 'unfunded'"
        },
        {
            "source": "FACTSHEET",
            "signal": "synthetic_replication",
            "quote": "Replication method Synthetic - unfunded swap backed by collateral"
        },
        {
            "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"
        },
        {
            "source": "KIID",
            "signal": "leveraged",
            "quote": "the Fund is exposed on each day to an inverse multiple (by a factor of 2) of that day's movement in the value of the Underlying Index"
        },
        {
            "source": "KIID",
            "signal": "inverse",
            "quote": "the Fund is exposed on each day to an inverse multiple (by a factor of 2)"
        }
    ],
    "supporting_data": "Hard complex product feature identified: Leverage. 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/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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}