{
    "ok": true,
    "_meta": {
        "isin": "IE0005B8WVT6",
        "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": "2026-06-27T06:04:14+00:00",
        "captured_unix": 1782540254
    },
    "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": "VanEck Sustainable Future of Food UCITS ETF",
    "isin": "IE0005B8WVT6",
    "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": 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"
        ],
        "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 also (or alternatively) invest in financial derivative instruments (FDIs) which relate to the Index or constituents of the Index. The FDIs which the Fund may use are futures, options (puts and calls), swaps (including equity swaps and swaps on the Index), currency forwards and non-deliverable forwards"
        },
        {
            "source": "KIID",
            "signal": "derivatives_epm_only",
            "quote": "The Fund, using a \u201cpassive\u201d or indexing investment approach, attempts to approximate the investment performance of the Index by investing in a portfolio of securities that generally replicates the Index. The Fund may also (or alternatively) invest in financial derivative instruments (FDIs)... The Fund may also invest in ancillary liquid assets and money market instruments... The ancillary liquid assets, money market instruments and FDI (other than permitted unlisted investments) will be list\n\n[TRUNCATED]"
        },
        {
            "source": "FACTSHEET",
            "signal": "replication_method",
            "quote": "Product Structure: Physical (Full Replication) ETF"
        },
        {
            "source": "KIID",
            "signal": "ucits",
            "quote": "KEY INVESTOR INFORMATION ... VanEck Sustainable Future of Food UCITS ETF"
        },
        {
            "source": "KIID",
            "signal": "derivatives_core_strategy",
            "quote": "The Fund\u2019s investment objective is to replicate, before fees and expenses, the MVIS Global Future of Food ESG Index... normally use a replication strategy by investing directly in the underlying equity securities"
        }
    ],
    "supporting_data": "UCITS physical ETF baseline applied. Policy mode: strict. Product type: ETF. UCITS signal identified. Replication method: physical.",
    "missing_data": [
        "funded_swap",
        "unfunded_swap",
        "counterparty_risk",
        "securities_lending",
        "illiquid_or_hard_to_value_underlying"
    ],
    "warnings": [],
    "sources": {
        "kiid": {
            "url": "https://oppl.ai/apy/doc_store/IE0005B8WVT6_KIID.txt",
            "found": true,
            "http_code": 200,
            "bytes": 11024,
            "error": null
        },
        "priips_kid": {
            "url": "https://oppl.ai/eu_kiids/en_txt/IE0005B8WVT6.txt",
            "found": true,
            "http_code": 200,
            "bytes": 14918,
            "error": null
        },
        "factsheet": {
            "url": "https://oppl.ai/apy/doc_store/IE0005B8WVT6_FS.txt",
            "found": true,
            "http_code": 200,
            "bytes": 9689,
            "error": null
        },
        "market_data": {
            "url": "https://api.londonstockexchange.com/api/gw/lse/search/autocomplete?q=IE0005B8WVT6&size=3",
            "found": true,
            "http_code": 200,
            "bytes": 554,
            "error": null
        }
    }
}