{
    "ok": true,
    "_meta": {
        "isin": "IE0007HKA9K1",
        "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": "2026-06-27T11:29:59+00:00",
        "captured_unix": 1782559799
    },
    "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": "L&G Global Brands UCITS ETF",
    "isin": "IE0007HKA9K1",
    "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": null,
        "swaps": false,
        "funded_swap": false,
        "unfunded_swap": false,
        "synthetic_replication": false,
        "counterparty_risk": true,
        "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"
    ],
    "consumer_understanding": {
        "risk_level": "moderate",
        "drivers": [
            "Counterparty risk language identified",
            "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. 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": "FACTSHEET",
            "signal": "replication_method",
            "quote": "Replication method: Physical - full replication"
        },
        {
            "source": "KIID",
            "signal": "derivatives_mentioned",
            "quote": "The Fund may also invest in (1) companies that are not constituents of the Index that have similar risk and performance characteristics to the companies contained in the Index and (2) financial derivative instruments (\"FDIs\")"
        },
        {
            "source": "PRIIPS_KID",
            "signal": "counterparty_risk",
            "quote": "The value of the Fund may be affected by risks not in the SRI, including failure of a counterparty, custodian, issuer or index provider and derivatives use."
        }
    ],
    "supporting_data": "UCITS physical ETF baseline applied. Policy mode: strict. Product type: ETF. UCITS signal identified. Replication method: physical.",
    "missing_data": [
        "derivatives_epm_only: The documents mention possible derivative use but do not specify that such use is limited to efficient portfolio management, so this signal is left unclear."
    ],
    "warnings": [
        "counterparty_risk_language_identified"
    ],
    "sources": {
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            "url": "https://oppl.ai/apy/doc_store/IE0007HKA9K1_KIID.txt",
            "found": true,
            "http_code": 200,
            "bytes": 9594,
            "error": null
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        "priips_kid": {
            "url": "https://oppl.ai/eu_kiids/en_txt/IE0007HKA9K1.txt",
            "found": true,
            "http_code": 200,
            "bytes": 13856,
            "error": null
        },
        "factsheet": {
            "url": "https://oppl.ai/apy/doc_store/IE0007HKA9K1_FS.txt",
            "found": true,
            "http_code": 200,
            "bytes": 21873,
            "error": null
        },
        "market_data": {
            "url": "https://api.londonstockexchange.com/api/gw/lse/search/autocomplete?q=IE0007HKA9K1&size=3",
            "found": true,
            "http_code": 200,
            "bytes": 642,
            "error": null
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    }
}