{
    "ok": true,
    "_meta": {
        "isin": "IE00063GNWK1",
        "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": "2026-06-25T21:00:25+00:00",
        "captured_unix": 1782421225
    },
    "classification": "complex",
    "confidence": 0.88,
    "review_required": false,
    "decision_rule_applied": "strict_etf_swap_complex_rule",
    "product_policy_branch": "ETF",
    "fund_name": "UBS (Irl) ETF plc - MSCI USA Selection UCITS ETF",
    "isin": "IE00063GNWK1",
    "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": true,
        "funded_swap": false,
        "unfunded_swap": false,
        "synthetic_replication": true,
        "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": true,
        "physical_allocated_commodity": false,
        "crypto_digital_asset": false
    },
    "complex_factors": [
        "Swap usage"
    ],
    "non_complex_factors": [
        "UCITS fund",
        "Physical replication",
        "No leverage identified",
        "No inverse exposure identified"
    ],
    "consumer_understanding": {
        "risk_level": "elevated",
        "drivers": [
            "Synthetic or swap-based exposure",
            "Counterparty exposure may be relevant to returns or risk",
            "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 appears to use synthetic or swap-based exposure. This may be difficult for ordinary retail clients to understand because returns can depend not only on the referenced market exposure but also on derivative mechanics, collateral arrangements and counterparty risk.",
        "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": "fund_name",
            "quote": "UBS (Irl) ETF plc - MSCI USA Selection UCITS ETF (the \"Fund\"), a sub-fund of UBS (Irl) ETF plc (the \"Company\"), class (USD) A-acc"
        },
        {
            "source": "KIID",
            "signal": "ucits",
            "quote": "authorised by the Central Bank as an Undertaking for Collective Investment in Transferable Securities under the UCITS Regulations. The fund is a UCITS ETF."
        },
        {
            "source": "FACTSHEET",
            "signal": "replication_method",
            "quote": "Replication methodology Physical (Full replicated)"
        },
        {
            "source": "KIID",
            "signal": "derivatives_mentioned",
            "quote": "The Fund may, for the purpose of reducing risk, reducing costs or generating additional capital or income, use derivative instruments."
        },
        {
            "source": "KIID",
            "signal": "derivatives_epm_only",
            "quote": "The Fund may, for the purpose of reducing risk, reducing costs or generating additional capital or income, use derivative instruments."
        },
        {
            "source": "KIID",
            "signal": "securities_lending",
            "quote": "The Fund will not enter into any securities lending."
        },
        {
            "source": "KIID",
            "signal": "investment_objective_summary",
            "quote": "The Fund is passively managed and seeks to track performance of the MSCI USA Selection Index (Net Total Return) (the 'Index')."
        },
        {
            "source": "FACTSHEET",
            "signal": "asset_class",
            "quote": "Sector exposure (%) ... Information Technology ... etc."
        },
        {
            "source": "FACTSHEET",
            "signal": "type",
            "quote": "UBS MSCI USA Selection UCITS ETF USD acc"
        }
    ],
    "supporting_data": "ETF has evidenced core or synthetic swap usage. Policy mode: strict. Product type: ETF. UCITS signal identified. Replication method: physical.",
    "missing_data": [
        "priips_comprehension_alert",
        "complex_index"
    ],
    "warnings": [
        "illiquid_or_hard_to_value_underlying_identified"
    ],
    "sources": {
        "kiid": {
            "url": "https://oppl.ai/apy/doc_store/IE00063GNWK1_KIID.txt",
            "found": true,
            "http_code": 200,
            "bytes": 138,
            "error": null
        },
        "priips_kid": {
            "url": "https://oppl.ai/eu_kiids/en_txt/IE00063GNWK1.txt",
            "found": true,
            "http_code": 200,
            "bytes": 12004,
            "error": null
        },
        "factsheet": {
            "url": "https://oppl.ai/apy/doc_store/IE00063GNWK1_FS.txt",
            "found": true,
            "http_code": 200,
            "bytes": 45682,
            "error": null
        },
        "market_data": {
            "url": "https://api.londonstockexchange.com/api/gw/lse/search/autocomplete?q=IE00063GNWK1&size=3",
            "found": true,
            "http_code": 200,
            "bytes": 61,
            "error": null
        }
    }
}