{
    "ok": true,
    "_meta": {
        "isin": "DE000A0H08M3",
        "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": "2026-06-19T09:43:43+00:00",
        "captured_unix": 1781862223
    },
    "classification": "non-complex",
    "confidence": 0.82,
    "review_required": false,
    "decision_rule_applied": "etf_ucits_physical_no_complex_override_rule",
    "product_policy_branch": "ETF",
    "fund_name": "iShares STOXX Europe 600 Oil & Gas UCITS ETF (DE)",
    "isin": "DE000A0H08M3",
    "type": "ETF",
    "ucits": true,
    "asset_class": "equity",
    "replication_method": "physical",
    "signals": {
        "leveraged": false,
        "inverse": false,
        "derivatives_mentioned": true,
        "derivatives_core_strategy": false,
        "derivatives_epm_only": true,
        "swaps": false,
        "funded_swap": false,
        "unfunded_swap": false,
        "synthetic_replication": false,
        "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": false,
        "securities_lending": false,
        "illiquid_or_hard_to_value_underlying": false,
        "physical_allocated_commodity": false,
        "crypto_digital_asset": false
    },
    "complex_factors": [],
    "non_complex_factors": [
        "UCITS fund",
        "Physical replication",
        "No leverage identified",
        "No inverse exposure identified",
        "Derivative use appears limited to EPM, hedging, or risk management"
    ],
    "consumer_understanding": {
        "risk_level": "moderate",
        "drivers": [
            "Counterparty risk language identified",
            "Derivative use appears limited to efficient portfolio management, hedging or risk management",
            "UCITS ETF structure",
            "Physical replication or direct portfolio holdings"
        ],
        "plain_english_explanation": "The product is identified as a UCITS ETF using physical replication or direct portfolio holdings. No leverage, inverse exposure, synthetic replication or structured payoff was identified. Derivative language appears limited to efficient portfolio management, hedging or risk-management style use rather than being the core investment exposure. Some ordinary market, credit, duration, liquidity or counterparty-risk language may still be present, but this does not by itself make the product complex.",
        "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": "derivatives_mentioned",
            "quote": "It is not the Investment Manager\u2019s intention to leverage the Fund. However, the Fund may generate minimal amounts of leverage from time to time, for example, if using financial derivative instruments (FDIs) for efficient portfolio management purposes."
        },
        {
            "source": "KIID",
            "signal": "derivatives_epm_only",
            "quote": "It is not the Investment Manager\u2019s intention to leverage the Fund. However, the Fund may generate minimal amounts of leverage from time to time, for example, if using financial derivative instruments (FDIs) for efficient portfolio management purposes."
        },
        {
            "source": "KIID",
            "signal": "replication_method",
            "quote": "The Fund mostly invests in equities in order to achieve the investment objective. The proportion of assets in the Fund which matches the weighting of the Index (duplication percentage) is at least 95% of the Fund's assets."
        },
        {
            "source": "FACTSHEET",
            "signal": "replication_method",
            "quote": "Methodology : Replicated"
        },
        {
            "source": "FACTSHEET",
            "signal": "counterparty_risk",
            "quote": "Counterparty Risk: The insolvency of any institutions providing services such as safekeeping of assets or acting as counterparty to derivatives or other instruments, may expose the Fund to financial loss."
        },
        {
            "source": "KIID",
            "signal": "counterparty_risk",
            "quote": "Counterparty Risk: The insolvency of any institutions providing services such as safekeeping of assets or acting as counterparty to derivatives or other instruments, may expose the Fund to financial loss."
        },
        {
            "source": "KIID",
            "signal": "fund_name",
            "quote": "iShares STOXX Europe 600 Oil & Gas UCITS ETF (DE)"
        },
        {
            "source": "KIID",
            "signal": "type",
            "quote": "Exchange Traded Fund (ETF)"
        },
        {
            "source": "PRIIPS_KID",
            "signal": "ucits",
            "quote": "The Fund is a sub-fund of iShares (DE) I Investmentaktiengesellschaft mit Teilgesellschaftsverm\u00f6gen, an umbrella company incorporated in Germany authorised by the Federal Financial Supervisory Authority as a Undertaking for Collective Investment in Transferable Securities (\"UCITS\")."
        },
        {
            "source": "KIID",
            "signal": "asset_class",
            "quote": "The Index measures the performance of the European Oil & Gas sector as defined by the Industry Classification Benchmark (ICB) and is a subset of the STOXX\u00ae Europe 600 index, which comprises 600 of the largest stocks across 18 European countries."
        }
    ],
    "supporting_data": "UCITS physical ETF baseline applied. Policy mode: balanced. Product type: ETF. UCITS signal identified. Replication method: physical.",
    "missing_data": [],
    "warnings": [
        "counterparty_risk_language_identified"
    ],
    "sources": {
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            "url": "https://oppl.ai/apy/doc_store/DE000A0H08M3_KIID.txt",
            "found": true,
            "http_code": 200,
            "bytes": 9023,
            "error": null
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        "priips_kid": {
            "url": "https://oppl.ai/eu_kiids/en_txt/DE000A0H08M3.txt",
            "found": true,
            "http_code": 200,
            "bytes": 14810,
            "error": null
        },
        "factsheet": {
            "url": "https://oppl.ai/apy/doc_store/DE000A0H08M3_FS.txt",
            "found": true,
            "http_code": 200,
            "bytes": 11723,
            "error": null
        },
        "market_data": {
            "url": "https://api.londonstockexchange.com/api/gw/lse/search/autocomplete?q=DE000A0H08M3&size=3",
            "found": true,
            "http_code": 200,
            "bytes": 569,
            "error": null
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    }
}