{
    "ok": true,
    "_meta": {
        "isin": "XS2662640627",
        "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": "2026-06-19T10:55:38+00:00",
        "captured_unix": 1781866538
    },
    "classification": "complex",
    "confidence": 0.93,
    "review_required": false,
    "decision_rule_applied": "etp_leveraged_hard_complex_rule",
    "product_policy_branch": "ETP",
    "fund_name": "GraniteShares 3x Long Microsoft Daily ETP",
    "isin": "XS2662640627",
    "type": "ETP",
    "ucits": false,
    "asset_class": "Equity Single Stock",
    "replication_method": "synthetic",
    "signals": {
        "leveraged": true,
        "inverse": false,
        "derivatives_mentioned": true,
        "derivatives_core_strategy": true,
        "derivatives_epm_only": false,
        "swaps": true,
        "funded_swap": false,
        "unfunded_swap": false,
        "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": true,
        "securities_lending": false,
        "illiquid_or_hard_to_value_underlying": false,
        "physical_allocated_commodity": false,
        "crypto_digital_asset": false
    },
    "complex_factors": [
        "Leverage"
    ],
    "non_complex_factors": [
        "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",
            "Derivatives appear core to the investment strategy",
            "Counterparty risk language identified",
            "PRIIPs comprehension alert language"
        ],
        "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": "GraniteShares 3x Long Microsoft Daily ETP (the \u201cProduct\u201d) seeks to replicate the performance of the Solactive Daily Leveraged 3x Long Microsoft Corp Index (the \u201cUnderlying Index\u201d) which provides a total return exposure to 3 times the daily performance of Microsoft"
        },
        {
            "source": "KIID",
            "signal": "swaps",
            "quote": "The Product is backed by a swap with Natixis (the \u201cSwap Provider\u201d)"
        },
        {
            "source": "KIID",
            "signal": "synthetic_replication",
            "quote": "The Product is backed by a swap with Natixis (the \u201cSwap Provider\u201d)"
        },
        {
            "source": "KIID",
            "signal": "counterparty_risk",
            "quote": "The Product is backed by a swap with Natixis (the \u201cSwap Provider\u201d)"
        },
        {
            "source": "KIID",
            "signal": "priips_comprehension_alert",
            "quote": "You are about to purchase a product that is not simple and may be difficult to understand."
        },
        {
            "source": "FACTSHEET",
            "signal": "derivatives_core_strategy",
            "quote": "GraniteShares 3x Long Microsoft Daily ETP is a collateralised, Exchange-Traded Product (ETP). The ETP tracks, excluding fees and other adjustments, the performance of the Solactive Daily Leveraged 3x Long Microsoft Corp Index that seeks to provide 3 times the daily performance of Microsoft shares."
        }
    ],
    "supporting_data": "Hard complex product feature identified: Leverage. Policy mode: balanced. Product type: ETP. UCITS signal not identified. Replication method: synthetic.",
    "missing_data": [
        "priips_kid",
        "funded_swap",
        "unfunded_swap",
        "complex_index"
    ],
    "warnings": [
        "counterparty_risk_language_identified"
    ],
    "sources": {
        "kiid": {
            "url": "https://oppl.ai/apy/doc_store/XS2662640627_KIID.txt",
            "found": true,
            "http_code": 200,
            "bytes": 10150,
            "error": null
        },
        "priips_kid": {
            "url": "https://oppl.ai/eu_kiids/en_txt/XS2662640627.txt",
            "found": false,
            "http_code": 404,
            "bytes": 1251,
            "error": "http_404"
        },
        "factsheet": {
            "url": "https://oppl.ai/apy/doc_store/XS2662640627_FS.txt",
            "found": true,
            "http_code": 200,
            "bytes": 7791,
            "error": null
        },
        "market_data": {
            "url": "https://api.londonstockexchange.com/api/gw/lse/search/autocomplete?q=XS2662640627&size=3",
            "found": true,
            "http_code": 200,
            "bytes": 804,
            "error": null
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}