{
    "ok": true,
    "_meta": {
        "isin": "IE0003R87OG3",
        "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": "2026-06-14T09:53:43+00:00",
        "captured_unix": 1781430823
    },
    "classification": "complex",
    "confidence": 0.93,
    "review_required": false,
    "decision_rule_applied": "etf_coco_or_at1_exposure_hard_complex_rule",
    "product_policy_branch": "ETF",
    "fund_name": "Avantis Global Small Cap Value UCITS ETF USD ACC ETF",
    "isin": "IE0003R87OG3",
    "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": false,
        "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": true,
        "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": [
        "CoCo or AT1 bond exposure"
    ],
    "non_complex_factors": [
        "UCITS fund",
        "Physical replication",
        "No leverage identified",
        "No inverse exposure identified"
    ],
    "consumer_understanding": {
        "risk_level": "high",
        "drivers": [
            "CoCo or AT1 exposure",
            "Loss absorption, conversion or write-down mechanics may be difficult to understand",
            "UCITS ETF structure",
            "Physical replication or direct portfolio holdings"
        ],
        "plain_english_explanation": "The product appears to have exposure to CoCo or AT1-style instruments. These can be difficult to understand because they may include loss absorption, conversion or write-down mechanics that behave differently from ordinary bonds.",
        "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": "authorised by the Central Bank as a UCITS pursuant to the UCITS Regulations."
        },
        {
            "source": "KIID",
            "signal": "replication_method",
            "quote": "The Fund does not seek to replicate the performance of a specified index"
        },
        {
            "source": "KIID",
            "signal": "derivatives_mentioned",
            "quote": "equity warrants which will not embed derivatives (held as a result of a corporate action only) and stock options"
        }
    ],
    "supporting_data": "Hard complex product feature identified: CoCo or AT1 bond exposure. Policy mode: balanced. Product type: ETF. UCITS signal identified. Replication method: physical.",
    "missing_data": [
        "Derivatives usage purpose not explicitly stated; unclear if stock options are used for hedging or investment purposes."
    ],
    "warnings": [],
    "sources": {
        "kiid": {
            "url": "https://oppl.ai/apy/doc_store/IE0003R87OG3_KIID.txt",
            "found": true,
            "http_code": 200,
            "bytes": 8722,
            "error": null
        },
        "priips_kid": {
            "url": "https://oppl.ai/eu_kiids/en_txt/IE0003R87OG3.txt",
            "found": true,
            "http_code": 200,
            "bytes": 14378,
            "error": null
        },
        "factsheet": {
            "url": "https://oppl.ai/apy/doc_store/IE0003R87OG3_FS.txt",
            "found": true,
            "http_code": 200,
            "bytes": 62,
            "error": null
        },
        "market_data": {
            "url": "https://api.londonstockexchange.com/api/gw/lse/search/autocomplete?q=IE0003R87OG3&size=3",
            "found": true,
            "http_code": 200,
            "bytes": 584,
            "error": null
        }
    }
}