{
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    "_meta": {
        "isin": "XS3286254407",
        "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": "2026-06-19T10:54:50+00:00",
        "captured_unix": 1781866490
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    "classification": "complex",
    "confidence": 0.93,
    "review_required": false,
    "decision_rule_applied": "etp_leveraged_hard_complex_rule",
    "product_policy_branch": "ETP",
    "fund_name": "Leverage Shares -3x Short Intel (INTC) ETP Securities",
    "isin": "XS3286254407",
    "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": false,
        "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": true,
        "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."
    },
    "supporting_evidence": [
        {
            "source": "KIID",
            "signal": "leveraged",
            "quote": "The objective of the ETP Securities is to provide -3 times the value of the daily performance of the Intel Corporation equity security"
        },
        {
            "source": "KIID",
            "signal": "inverse",
            "quote": "to provide -3 times the value of the daily performance of the Intel Corporation equity security \u2026 if the Reference Asset rises by 1% over a day, then the ETP is expected to fall by 1%"
        },
        {
            "source": "KIID",
            "signal": "synthetic_replication",
            "quote": "The underlying assets in respect of this product are held in the margin account (the \u201cMargin Account\u201d) and are as follows: the mark to mark value of any securities loans, any cash balances and any ancillary assets"
        },
        {
            "source": "KIID",
            "signal": "counterparty_risk",
            "quote": "If we fail to make a payment when due, the trustee (Apex Corporate Trustees (UK) Limited) can enforce the security over the Collateral Assets. \u2026 The proceeds of such sale may not be enough to cover all amounts owed to you under the ETP Securities"
        },
        {
            "source": "KIID",
            "signal": "structured_payoff",
            "quote": "Holding the ETP Securities for more than one day is likely to result in a return which is different to -3 times the return of the Reference Asset over that holding period. This difference, called the \u201cCompounding Effect\u201d, is caused by the product\u2019s daily leverage rebalancing"
        },
        {
            "source": "KIID",
            "signal": "complex_index",
            "quote": "The ETP securities seek to track the Euronext -3X Short Intel Index (the \"Index\") which provides exposure to -3 times the daily performance of the Intel Corporation equity security"
        },
        {
            "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": "KIID",
            "signal": "securities_lending",
            "quote": "the mark to mark value of any securities loans"
        }
    ],
    "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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        "factsheet",
        "funded_swap",
        "unfunded_swap",
        "explicit swap usage"
    ],
    "warnings": [
        "counterparty_risk_language_identified"
    ],
    "sources": {
        "kiid": {
            "url": "https://oppl.ai/apy/doc_store/XS3286254407_KIID.txt",
            "found": true,
            "http_code": 200,
            "bytes": 11877,
            "error": null
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        "priips_kid": {
            "url": "https://oppl.ai/eu_kiids/en_txt/XS3286254407.txt",
            "found": false,
            "http_code": 404,
            "bytes": 1251,
            "error": "http_404"
        },
        "factsheet": {
            "url": "https://oppl.ai/apy/doc_store/XS3286254407_FS.txt",
            "found": false,
            "http_code": 404,
            "bytes": 1251,
            "error": "http_404"
        },
        "market_data": {
            "url": "https://api.londonstockexchange.com/api/gw/lse/search/autocomplete?q=XS3286254407&size=3",
            "found": true,
            "http_code": 200,
            "bytes": 586,
            "error": null
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}