{
    "ok": true,
    "_meta": {
        "isin": "IE00B4QNK008",
        "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": "2026-06-05T10:44:37+00:00",
        "captured_unix": 1780656277
    },
    "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": "Daily 2x ... 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": "inverse",
            "quote": "the Index is a leveraged inverse Index"
        },
        {
            "source": "KIID",
            "signal": "derivatives_core_strategy",
            "quote": "total return swap agreements ... Fund receives the financial performance of the Index from the swap counterparties"
        },
        {
            "source": "KIID",
            "signal": "swaps",
            "quote": "total return swap agreements with one or more swap counterparties"
        },
        {
            "source": "KIID",
            "signal": "synthetic_replication",
            "quote": "Swaps enable the Fund to efficiently track the upward or downward performance of the Index without having to purchase the shares"
        },
        {
            "source": "KIID",
            "signal": "unfunded_swap",
            "quote": "swap arrangements are 'unfunded' which means that the Fund retains all investor subscription money"
        },
        {
            "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": "complex_index",
            "quote": "FTSE 100\u00ae Daily Super Short Strategy Index (the 'Index') ... 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 on an inverse basis plus an implied amount reflecting the interest accruing on the cash proceeds earned ... less an implied amount reflecting the cost of borrowing"
        }
    ],
    "supporting_data": "Hard complex product feature identified: Leverage. Policy mode: strict. Product type: ETF. UCITS signal identified. Replication method: synthetic.",
    "missing_data": [
        "priips_comprehension_alert"
    ],
    "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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    }
}