{
    "ok": true,
    "_meta": {
        "isin": "IE0001J5A2T9",
        "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": "2026-07-01T13:02:46+00:00",
        "captured_unix": 1782910966
    },
    "classification": "complex",
    "confidence": 0.93,
    "review_required": false,
    "decision_rule_applied": "etf_capital_protection_hard_complex_rule",
    "product_policy_branch": "ETF",
    "fund_name": "VanEck Circular Economy UCITS ETF",
    "isin": "IE0001J5A2T9",
    "type": "ETF",
    "ucits": true,
    "asset_class": "Equity (thematic/ESG - circular economy)",
    "replication_method": "physical",
    "signals": {
        "leveraged": false,
        "inverse": false,
        "derivatives_mentioned": true,
        "derivatives_core_strategy": false,
        "derivatives_epm_only": true,
        "swaps": true,
        "funded_swap": false,
        "unfunded_swap": false,
        "synthetic_replication": false,
        "counterparty_risk": false,
        "structured_payoff": false,
        "capital_protection": true,
        "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": true,
        "physical_allocated_commodity": false,
        "crypto_digital_asset": false
    },
    "complex_factors": [
        "Capital protection or guarantee mechanism"
    ],
    "non_complex_factors": [
        "UCITS fund",
        "Physical replication",
        "No leverage identified",
        "No inverse exposure identified"
    ],
    "consumer_understanding": {
        "risk_level": "elevated",
        "drivers": [
            "Swap or FDI permission language identified",
            "Derivative powers appear permission-based rather than evidenced as core exposure",
            "Capital protection or guarantee language",
            "Protection terms may depend on conditions or issuer credit quality",
            "Less liquid or harder-to-value underlying exposure language",
            "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 available evidence identifies features that may affect ordinary retail investor understanding. The assessment describes product-level mechanics only and does not judge the knowledge or experience of a specific client.",
        "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": "FACTSHEET",
            "signal": "replication_method",
            "quote": "Product Structure: Physical (Full Replication)"
        },
        {
            "source": "KIID",
            "signal": "swaps",
            "quote": "swaps (including equity swaps and swaps on the Index)"
        },
        {
            "source": "PRIIPS_KID",
            "signal": "derivatives_mentioned",
            "quote": "The Product may also (or alternatively) invest in financial derivative instruments (FDIs) which relate to the Index or constituents of the Index."
        },
        {
            "source": "KIID",
            "signal": "capital_protection",
            "quote": "There is no capital protection against Market Risk."
        }
    ],
    "supporting_data": "Hard complex product feature identified: Capital protection or guarantee mechanism. Policy mode: strict. Product type: ETF. UCITS signal identified. Replication method: physical.",
    "missing_data": [
        "Extent and frequency of actual derivative usage (e.g., whether swaps are used regularly or only rarely) is not quantified.",
        "No explicit statement on securities lending practices.",
        "No explicit counterparty risk disclosure quoted in the provided documents."
    ],
    "warnings": [
        "illiquid_or_hard_to_value_underlying_identified"
    ],
    "sources": {
        "kiid": {
            "url": "https://oppl.ai/apy/doc_store/IE0001J5A2T9_KIID.txt",
            "found": true,
            "http_code": 200,
            "bytes": 11174,
            "error": null
        },
        "priips_kid": {
            "url": "https://oppl.ai/eu_kiids/en_txt/IE0001J5A2T9.txt",
            "found": true,
            "http_code": 200,
            "bytes": 15032,
            "error": null
        },
        "factsheet": {
            "url": "https://oppl.ai/apy/doc_store/IE0001J5A2T9_FS.txt",
            "found": true,
            "http_code": 200,
            "bytes": 9395,
            "error": null
        },
        "market_data": {
            "url": "https://api.londonstockexchange.com/api/gw/lse/search/autocomplete?q=IE0001J5A2T9&size=3",
            "found": true,
            "http_code": 200,
            "bytes": 542,
            "error": null
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    }
}