{
    "ok": true,
    "_meta": {
        "isin": "IE00077IIPQ8",
        "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": "2026-06-26T05:31:50+00:00",
        "captured_unix": 1782451910
    },
    "classification": "complex",
    "confidence": 0.93,
    "review_required": false,
    "decision_rule_applied": "etf_leveraged_hard_complex_rule",
    "product_policy_branch": "ETF",
    "fund_name": "WisdomTree Global Efficient Core UCITS ETF - USD Acc",
    "isin": "IE00077IIPQ8",
    "type": "ETF",
    "ucits": true,
    "asset_class": "Multi-Asset (Equity and Government Bond Futures)",
    "replication_method": "physical",
    "signals": {
        "leveraged": true,
        "inverse": false,
        "derivatives_mentioned": true,
        "derivatives_core_strategy": false,
        "derivatives_epm_only": true,
        "swaps": false,
        "funded_swap": false,
        "unfunded_swap": false,
        "synthetic_replication": true,
        "counterparty_risk": true,
        "structured_payoff": false,
        "capital_protection": false,
        "commodity_futures_roll": false,
        "contango_backwardation": false,
        "coco_or_at1_exposure": true,
        "clo_exposure": false,
        "complex_index": true,
        "priips_comprehension_alert": false,
        "securities_lending": true,
        "illiquid_or_hard_to_value_underlying": true,
        "physical_allocated_commodity": false,
        "crypto_digital_asset": false
    },
    "complex_factors": [
        "Leverage"
    ],
    "non_complex_factors": [
        "UCITS fund",
        "Physical replication",
        "No inverse exposure identified"
    ],
    "consumer_understanding": {
        "risk_level": "high",
        "drivers": [
            "Daily leveraged exposure",
            "Compounding and path dependency",
            "Synthetic or swap-based exposure",
            "Counterparty exposure may be relevant to returns or risk",
            "CoCo or AT1 exposure",
            "Loss absorption, conversion or write-down mechanics may be difficult to understand",
            "Complex or rules-based index methodology",
            "Index performance may depend on dynamic allocation or strategy rules",
            "Less liquid or harder-to-value underlying exposure language",
            "Counterparty risk language identified",
            "Derivative use appears limited to efficient portfolio management, hedging or risk management",
            "UCITS ETF structure",
            "Physical replication or direct portfolio holdings",
            "Fixed income credit and duration risk"
        ],
        "plain_english_explanation": "The product uses leveraged exposure. Ordinary retail clients may not understand that leverage can magnify both gains and losses and, where exposure resets daily, compounding can cause returns over longer periods to differ significantly from the headline leverage multiple.",
        "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": "leveraged",
            "quote": "The Index has target weights of 90%, 60%, and 10% notional exposure on equity components, bond components, and cash components, respectively."
        },
        {
            "source": "FACTSHEET",
            "signal": "leveraged",
            "quote": "effectively delivering a leveraged position to the traditional 60/40 portfolio."
        },
        {
            "source": "FACTSHEET",
            "signal": "leveraged",
            "quote": "This ETF contains elements of leverage that could lead to significantly magnified losses in comparison to investments that do not incorporate leverage."
        },
        {
            "source": "KIID",
            "signal": "derivatives_mentioned",
            "quote": "global government bond futures contracts"
        },
        {
            "source": "KIID",
            "signal": "derivatives_epm_only",
            "quote": "The Fund may enter into repurchase/reverse repurchase agreements and stock lending arrangements solely for the purposes of efficient portfolio management"
        },
        {
            "source": "KIID",
            "signal": "complex_index",
            "quote": "The Index is designed to track the performance of a portfolio of large-capitalisation global developed equity securities and global government bond futures contracts."
        },
        {
            "source": "FACTSHEET",
            "signal": "complex_index",
            "quote": "The index is designed to track the performance of a 90% exposure to large-cap global equities, and 60% to global government bond futures contracts, effectively delivering a leveraged position to the traditional 60/40 portfolio."
        },
        {
            "source": "KIID",
            "signal": "securities_lending",
            "quote": "The Fund may enter into repurchase/reverse repurchase agreements and stock lending arrangements solely for the purposes of efficient portfolio management"
        }
    ],
    "supporting_data": "Hard complex product feature identified: Leverage. Policy mode: strict. Product type: ETF. UCITS signal identified. Replication method: physical.",
    "missing_data": [],
    "warnings": [
        "illiquid_or_hard_to_value_underlying_identified",
        "counterparty_risk_language_identified"
    ],
    "sources": {
        "kiid": {
            "url": "https://oppl.ai/apy/doc_store/IE00077IIPQ8_KIID.txt",
            "found": true,
            "http_code": 200,
            "bytes": 10386,
            "error": null
        },
        "priips_kid": {
            "url": "https://oppl.ai/eu_kiids/en_txt/IE00077IIPQ8.txt",
            "found": true,
            "http_code": 200,
            "bytes": 16321,
            "error": null
        },
        "factsheet": {
            "url": "https://oppl.ai/apy/doc_store/IE00077IIPQ8_FS.txt",
            "found": true,
            "http_code": 200,
            "bytes": 17292,
            "error": null
        },
        "market_data": {
            "url": "https://api.londonstockexchange.com/api/gw/lse/search/autocomplete?q=IE00077IIPQ8&size=3",
            "found": true,
            "http_code": 200,
            "bytes": 542,
            "error": null
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    }
}