{
    "ok": true,
    "_meta": {
        "isin": "IE0001W4ZVM2",
        "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": "2026-06-29T18:50:12+00:00",
        "captured_unix": 1782759012
    },
    "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": "FIDELITY US EQUITY RESEARCH ENHANCED UCITS ETF",
    "isin": "IE0001W4ZVM2",
    "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": 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": false,
        "illiquid_or_hard_to_value_underlying": true,
        "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": [
            "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 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": "ucits",
            "quote": "a sub-fund of FIDELITY UCITS ICAV"
        },
        {
            "source": "KIID",
            "signal": "derivatives_mentioned",
            "quote": "The fund may use derivatives for efficient portfolio management and currency hedging purposes."
        },
        {
            "source": "KIID",
            "signal": "derivatives_epm_only",
            "quote": "The fund may use derivatives for efficient portfolio management and currency hedging purposes."
        },
        {
            "source": "KIID",
            "signal": "replication_method",
            "quote": "The fund invests primarily in equities of companies domiciled, or exercising the predominant part of their economic activity, in the United States."
        },
        {
            "source": "FACTSHEET",
            "signal": "asset_class",
            "quote": "Fund Asset Class: Equity"
        },
        {
            "source": "KIID",
            "signal": "type",
            "quote": "FIDELITY US EQUITY RESEARCH ENHANCED UCITS ETF"
        }
    ],
    "supporting_data": "UCITS physical ETF baseline applied. Policy mode: strict. Product type: ETF. UCITS signal identified. Replication method: physical.",
    "missing_data": [],
    "warnings": [
        "illiquid_or_hard_to_value_underlying_identified"
    ],
    "sources": {
        "kiid": {
            "url": "https://oppl.ai/apy/doc_store/IE0001W4ZVM2_KIID.txt",
            "found": true,
            "http_code": 200,
            "bytes": 8663,
            "error": null
        },
        "priips_kid": {
            "url": "https://oppl.ai/eu_kiids/en_txt/IE0001W4ZVM2.txt",
            "found": true,
            "http_code": 200,
            "bytes": 13926,
            "error": null
        },
        "factsheet": {
            "url": "https://oppl.ai/apy/doc_store/IE0001W4ZVM2_FS.txt",
            "found": true,
            "http_code": 200,
            "bytes": 18734,
            "error": null
        },
        "market_data": {
            "url": "https://api.londonstockexchange.com/api/gw/lse/search/autocomplete?q=IE0001W4ZVM2&size=3",
            "found": true,
            "http_code": 200,
            "bytes": 61,
            "error": null
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    }
}