{
    "ok": true,
    "_meta": {
        "isin": "CH1146882308",
        "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": "2026-06-25T19:06:44+00:00",
        "captured_unix": 1782414404
    },
    "classification": "complex",
    "confidence": 0.93,
    "review_required": false,
    "decision_rule_applied": "etp_inverse_hard_complex_rule",
    "product_policy_branch": "ETP",
    "fund_name": "21Shares Bytetree BOLD ETP (BOLD)",
    "isin": "CH1146882308",
    "type": "ETP",
    "ucits": false,
    "asset_class": "Digital Asset and Precious Metal",
    "replication_method": "physical",
    "signals": {
        "leveraged": false,
        "inverse": true,
        "derivatives_mentioned": true,
        "derivatives_core_strategy": false,
        "derivatives_epm_only": false,
        "swaps": false,
        "funded_swap": false,
        "unfunded_swap": false,
        "synthetic_replication": false,
        "counterparty_risk": false,
        "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": true,
        "physical_allocated_commodity": false,
        "crypto_digital_asset": true
    },
    "complex_factors": [
        "Inverse exposure"
    ],
    "non_complex_factors": [
        "Physical replication",
        "No leverage identified"
    ],
    "consumer_understanding": {
        "risk_level": "high",
        "drivers": [
            "Inverse or short exposure",
            "Returns may move opposite to the referenced market",
            "Complex or rules-based index methodology",
            "Index performance may depend on dynamic allocation or strategy rules",
            "Crypto or digital asset exposure",
            "Valuation and market structure may be difficult for ordinary retail clients to assess",
            "Less liquid or harder-to-value underlying exposure language",
            "PRIIPs comprehension alert language"
        ],
        "plain_english_explanation": "The product appears to provide inverse or short exposure. Ordinary retail clients may not understand that the product is designed to move opposite to the referenced market and that holding-period effects can make performance differ from a simple inverse of the longer-term market return.",
        "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": "inverse",
            "quote": "BOLD is designed to provide exposure to the performance of Vinter Bytetree BOLD1 Inverse Volatility Index (BOLD1)"
        },
        {
            "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": "crypto_digital_asset",
            "quote": "100% physically backed by its underlying assets, the 21shares Bitcoin Gold ETP (BOLD) combines gold's proven success and Bitcoin's emerging role"
        },
        {
            "source": "FACTSHEET",
            "signal": "physical_allocated_commodity",
            "quote": "100% physically backed by its underlying assets"
        },
        {
            "source": "FACTSHEET",
            "signal": "complex_index",
            "quote": "Vinter Bytetree BOLD1 Inverse Volatility Index"
        }
    ],
    "supporting_data": "Hard complex product feature identified: Inverse exposure. Policy mode: strict. Product type: ETP. UCITS signal not identified. Replication method: physical.",
    "missing_data": [
        "priips_kid"
    ],
    "warnings": [
        "illiquid_or_hard_to_value_underlying_identified"
    ],
    "sources": {
        "kiid": {
            "url": "https://oppl.ai/apy/doc_store/CH1146882308_KIID.txt",
            "found": true,
            "http_code": 200,
            "bytes": 11455,
            "error": null
        },
        "priips_kid": {
            "url": "https://oppl.ai/eu_kiids/en_txt/CH1146882308.txt",
            "found": false,
            "http_code": 404,
            "bytes": 1251,
            "error": "http_404"
        },
        "factsheet": {
            "url": "https://oppl.ai/apy/doc_store/CH1146882308_FS.txt",
            "found": true,
            "http_code": 200,
            "bytes": 20127,
            "error": null
        },
        "market_data": {
            "url": "https://api.londonstockexchange.com/api/gw/lse/search/autocomplete?q=CH1146882308&size=3",
            "found": true,
            "http_code": 200,
            "bytes": 494,
            "error": null
        }
    }
}