{
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    "_meta": {
        "isin": "XS2662641195",
        "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": "2026-06-19T10:31:39+00:00",
        "captured_unix": 1781865099
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    "confidence": 0.93,
    "review_required": false,
    "decision_rule_applied": "etp_leveraged_hard_complex_rule",
    "product_policy_branch": "ETP",
    "fund_name": "GraniteShares 3x Short Apple Daily ETP",
    "isin": "XS2662641195",
    "type": "ETP",
    "ucits": false,
    "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": 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": true,
        "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": [],
    "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",
            "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."
    },
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        {
            "source": "KIID",
            "signal": "leveraged",
            "quote": "seeks to replicate the performance of the Solactive Daily Leveraged 3x Short Apple Inc Index which provides a total return exposure to -3 times the daily performance of Apple"
        },
        {
            "source": "KIID",
            "signal": "inverse",
            "quote": "3x Short Apple Daily ETP ... -3 times the daily performance of Apple"
        },
        {
            "source": "KIID",
            "signal": "swaps",
            "quote": "The Product is backed by a swap with Natixis (the 'Swap Provider')."
        },
        {
            "source": "KIID",
            "signal": "synthetic_replication",
            "quote": "The Product is backed by a swap with Natixis"
        },
        {
            "source": "KIID",
            "signal": "counterparty_risk",
            "quote": "If the Swap Provider is unable to pay GraniteShares Financial plc, its ability to pay out will be limited to the amounts realised from such collateral"
        },
        {
            "source": "FACTSHEET",
            "signal": "counterparty_risk",
            "quote": "In the event a swap counterparty defaults, the proceeds from the realisation of the collateral may be less than what the investor expects"
        },
        {
            "source": "KIID",
            "signal": "structured_payoff",
            "quote": "The Product is backed by a swap with Natixis ... seeks to replicate the performance of the Solactive Daily Leveraged 3x Short Apple Inc Index"
        },
        {
            "source": "KIID",
            "signal": "complex_index",
            "quote": "Solactive Daily Leveraged 3x Short Apple Inc Index"
        },
        {
            "source": "KIID",
            "signal": "priips_comprehension_alert",
            "quote": "You are about to purchase a product that is not simple and may be difficult to understand."
        }
    ],
    "supporting_data": "Hard complex product feature identified: Leverage. Policy mode: balanced. Product type: ETP. UCITS signal not identified. Replication method: synthetic.",
    "missing_data": [
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        "unfunded_swap",
        "contango_backwardation",
        "securities_lending"
    ],
    "warnings": [
        "counterparty_risk_language_identified"
    ],
    "sources": {
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            "url": "https://oppl.ai/apy/doc_store/XS2662641195_KIID.txt",
            "found": true,
            "http_code": 200,
            "bytes": 10325,
            "error": null
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            "url": "https://oppl.ai/eu_kiids/en_txt/XS2662641195.txt",
            "found": false,
            "http_code": 404,
            "bytes": 1251,
            "error": "http_404"
        },
        "factsheet": {
            "url": "https://oppl.ai/apy/doc_store/XS2662641195_FS.txt",
            "found": true,
            "http_code": 200,
            "bytes": 7765,
            "error": null
        },
        "market_data": {
            "url": "https://api.londonstockexchange.com/api/gw/lse/search/autocomplete?q=XS2662641195&size=3",
            "found": true,
            "http_code": 200,
            "bytes": 810,
            "error": null
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}