{
    "ok": true,
    "_meta": {
        "isin": "DE000A0Q4R85",
        "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": "2026-06-04T17:44:43+00:00",
        "captured_unix": 1780595083
    },
    "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 MSCI Brazil UCITS ETF (DE)",
    "isin": "DE000A0Q4R85",
    "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": "type_etf",
            "quote": "iShares MSCI Brazil UCITS ETF (DE) is a passively managed exchange traded fund (ETF)"
        },
        {
            "source": "KIID",
            "signal": "ucits",
            "quote": "iShares MSCI Brazil UCITS ETF (DE)"
        },
        {
            "source": "KIID",
            "signal": "replication_method_physical",
            "quote": "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_physical",
            "quote": "Methodology : Replicated | Product Structure : Physical"
        },
        {
            "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": "PRIIPS_KID",
            "signal": "no_priips_comprehension_alert",
            "quote": "No wording indicating the product is not simple or may be difficult to understand."
        },
        {
            "source": "FACTSHEET",
            "signal": "asset_class_equity",
            "quote": "Asset Class : Equity"
        },
        {
            "source": "KIID",
            "signal": "no_swaps",
            "quote": "No mention of swaps, total return swaps, or synthetic replication."
        },
        {
            "source": "KIID",
            "signal": "no_leverage_or_inverse",
            "quote": "It is not the Investment Manager\u2019s intention to leverage the Fund."
        }
    ],
    "supporting_data": "UCITS physical ETF baseline applied. Policy mode: strict. Product type: ETF. UCITS signal identified. Replication method: physical.",
    "missing_data": [
        "No evidence of securities lending program",
        "No mention of funded/unfunded swap details"
    ],
    "warnings": [
        "counterparty_risk_language_identified"
    ],
    "sources": {
        "kiid": {
            "url": "https://oppl.ai/apy/doc_store/DE000A0Q4R85_KIID.txt",
            "found": true,
            "http_code": 200,
            "bytes": 9750,
            "error": null
        },
        "priips_kid": {
            "url": "https://oppl.ai/eu_kiids/en_txt/DE000A0Q4R85.txt",
            "found": true,
            "http_code": 200,
            "bytes": 15058,
            "error": null
        },
        "factsheet": {
            "url": "https://oppl.ai/apy/doc_store/DE000A0Q4R85_FS.txt",
            "found": true,
            "http_code": 200,
            "bytes": 11654,
            "error": null
        },
        "market_data": {
            "url": "https://api.londonstockexchange.com/api/gw/lse/search/autocomplete?q=DE000A0Q4R85&size=3",
            "found": true,
            "http_code": 200,
            "bytes": 61,
            "error": null
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    }
}