{
    "ok": true,
    "_meta": {
        "isin": "IE000191HKF0",
        "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": "2026-06-25T19:06:29+00:00",
        "captured_unix": 1782414389
    },
    "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": "State Street SPDR Bloomberg 3-7 Year U.S. Treasury Bond UCITS ETF (Acc)",
    "isin": "IE000191HKF0",
    "type": "ETF",
    "ucits": true,
    "asset_class": "fixed_income",
    "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": false,
        "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": true,
        "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": "low",
        "drivers": [
            "Derivative use appears limited to efficient portfolio management, hedging or risk management",
            "UCITS ETF structure",
            "Physical replication or direct portfolio holdings",
            "Fixed income credit and duration risk"
        ],
        "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": "The Fund may use financial derivative instruments (that is, financial contracts whose prices are dependent on one or more underlying assets) in order to manage the portfolio efficiently."
        },
        {
            "source": "KIID",
            "signal": "derivatives_epm_only",
            "quote": "The Fund may use financial derivative instruments (that is, financial contracts whose prices are dependent on one or more underlying assets) in order to manage the portfolio efficiently. Save in exceptional circumstances, the Fund will generally only issue and redeem shares to certain institutional investors."
        },
        {
            "source": "KIID",
            "signal": "securities_lending",
            "quote": "The Fund's maximum exposure to securities lending as a percentage of its Net Asset Value will not exceed 70%."
        },
        {
            "source": "KIID",
            "signal": "replication_method",
            "quote": "As it may be difficult to purchase all securities in the Index efficiently, in seeking to track the performance of the Index, the Fund will use a stratified sampling strategy to build a representative portfolio."
        },
        {
            "source": "PRIIPS_KID",
            "signal": "ucits",
            "quote": "The Company is an open-ended public limited company incorporated for an unlimited period. ... authorised by the Central Bank of Ireland as a UCITS."
        },
        {
            "source": "KIID",
            "signal": "asset_class",
            "quote": "The Fund invests primarily in securities included in the Index. These securities will only include bonds that have a maturity of between three and up to (but not including) seven years remaining and must be fixed rate and rated investment grade (high quality) as defined by the Index methodology."
        },
        {
            "source": "KIID",
            "signal": "non_complex_factors",
            "quote": "The Fund is an index tracking fund (also known as a passively managed fund)."
        }
    ],
    "supporting_data": "UCITS physical ETF baseline applied. Policy mode: strict. Product type: ETF. UCITS signal identified. Replication method: physical.",
    "missing_data": [
        "factsheet"
    ],
    "warnings": [],
    "sources": {
        "kiid": {
            "url": "https://oppl.ai/apy/doc_store/IE000191HKF0_KIID.txt",
            "found": true,
            "http_code": 200,
            "bytes": 11180,
            "error": null
        },
        "priips_kid": {
            "url": "https://oppl.ai/eu_kiids/en_txt/IE000191HKF0.txt",
            "found": true,
            "http_code": 200,
            "bytes": 14166,
            "error": null
        },
        "factsheet": {
            "url": "https://oppl.ai/apy/doc_store/IE000191HKF0_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=IE000191HKF0&size=3",
            "found": true,
            "http_code": 200,
            "bytes": 328,
            "error": null
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    }
}