{
    "ok": true,
    "_meta": {
        "isin": "IE0007I99HX7",
        "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": "2026-06-14T06:54:05+00:00",
        "captured_unix": 1781420045
    },
    "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 Morningstar US Wide Moat UCITS ETF",
    "isin": "IE0007I99HX7",
    "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": 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": [
            "Swap or FDI permission language identified",
            "Derivative powers appear permission-based rather than evidenced as core exposure",
            "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": "fund_name",
            "quote": "VanEck Morningstar US Wide Moat UCITS ETF"
        },
        {
            "source": "KIID",
            "signal": "type",
            "quote": "UCTS ETF (the 'Fund') a sub-fund of VanEck UCITS ETFs plc"
        },
        {
            "source": "KIID",
            "signal": "ucits",
            "quote": "VanEck Morningstar US Wide Moat UCITS ETF"
        },
        {
            "source": "KIID",
            "signal": "investment_objective",
            "quote": "The Fund\u00b4s investment objective is to track, before fees and expenses, the price and yield performance of the Morningstar\u00ae Wide Moat Focus IndexTM"
        },
        {
            "source": "KIID",
            "signal": "replication_method",
            "quote": "the Manager will normally use a replication strategy by investing directly in the underlying equity securities of the Index"
        },
        {
            "source": "FACTSHEET",
            "signal": "replication_method",
            "quote": "Product Structure: Physical (Full Replication)"
        },
        {
            "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": "swaps",
            "quote": "swaps (including equity swaps and swaps on the Index)"
        },
        {
            "source": "KIID",
            "signal": "derivatives_epm_only",
            "quote": "The Fund may also (or alternatively) invest in financial derivative instruments... The ancillary liquid assets, money market instruments and FDI... will be listed or traded on the Markets... Where it is not practical or cost efficient for the Fund to fully replicate the Index, the Manager may utilise an optimised sampling methodology."
        }
    ],
    "supporting_data": "UCITS physical ETF baseline applied. Policy mode: balanced. Product type: ETF. UCITS signal identified. Replication method: physical.",
    "missing_data": [],
    "warnings": [
        "swap_permission_language_identified_not_core_strategy"
    ],
    "sources": {
        "kiid": {
            "url": "https://oppl.ai/apy/doc_store/IE0007I99HX7_KIID.txt",
            "found": true,
            "http_code": 200,
            "bytes": 8683,
            "error": null
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        "priips_kid": {
            "url": "https://oppl.ai/eu_kiids/en_txt/IE0007I99HX7.txt",
            "found": true,
            "http_code": 200,
            "bytes": 14188,
            "error": null
        },
        "factsheet": {
            "url": "https://oppl.ai/apy/doc_store/IE0007I99HX7_FS.txt",
            "found": true,
            "http_code": 200,
            "bytes": 8911,
            "error": null
        },
        "market_data": {
            "url": "https://api.londonstockexchange.com/api/gw/lse/search/autocomplete?q=IE0007I99HX7&size=3",
            "found": true,
            "http_code": 200,
            "bytes": 550,
            "error": null
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}