{
    "ok": true,
    "_meta": {
        "isin": "IE00B4QNK008",
        "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": "2026-06-05T12:51:25+00:00",
        "captured_unix": 1780663885
    },
    "classification": "complex",
    "confidence": 0.93,
    "review_required": false,
    "decision_rule_applied": "etf_leveraged_hard_complex_rule",
    "product_policy_branch": "ETF",
    "fund_name": "L&G FTSE 100\u00ae Super Short Strategy (Daily 2x) UCITS ETF",
    "isin": "IE00B4QNK008",
    "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 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 FTSE 100\u00ae Total Return Declared Dividend Index (the 'Underlying Index') on an inverse basis"
        },
        {
            "source": "KIID",
            "signal": "inverse",
            "quote": "the Fund is exposed on each day to an inverse multiple (by a factor of 2) of that day\u2019s movement in the value of the Underlying 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 agreements"
        },
        {
            "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 and may need to close."
        },
        {
            "source": "KIID",
            "signal": "complex_index",
            "quote": "The daily reset has a 'compounding effect' which means that, the more volatile the performance of the Underlying Index, the more the performance of the Index will deviate from the inverse performance of the Underlying Index (multiplied by a leverage factor of 2) over a given period of time."
        },
        {
            "source": "KIID",
            "signal": "unfunded_swap",
            "quote": "The swap arrangements are 'unfunded' which means that the Fund retains all investor subscription money"
        }
    ],
    "supporting_data": "Hard complex product feature identified: Leverage. Policy mode: balanced. 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/IE00B4QNK008_KIID.txt",
            "found": true,
            "http_code": 200,
            "bytes": 10478,
            "error": null
        },
        "priips_kid": {
            "url": "https://oppl.ai/eu_kiids/en_txt/IE00B4QNK008.txt",
            "found": true,
            "http_code": 200,
            "bytes": 13410,
            "error": null
        },
        "factsheet": {
            "url": "https://oppl.ai/apy/doc_store/IE00B4QNK008_FS.txt",
            "found": true,
            "http_code": 200,
            "bytes": 26213,
            "error": null
        },
        "market_data": {
            "url": "https://api.londonstockexchange.com/api/gw/lse/search/autocomplete?q=IE00B4QNK008&size=3",
            "found": true,
            "http_code": 200,
            "bytes": 802,
            "error": null
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    }
}