{
    "ok": true,
    "_meta": {
        "isin": "IE0008Z87N38",
        "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": "2026-07-15T11:20:55+00:00",
        "captured_unix": 1784114455
    },
    "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": "Xtrackers Global Corporate Bond UCITS ETF",
    "isin": "IE0008Z87N38",
    "type": "ETF",
    "ucits": true,
    "asset_class": "fixed_income",
    "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": true,
        "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": "moderate",
        "drivers": [
            "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",
            "Fixed income credit and duration risk"
        ],
        "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": "Xtrackers Global Corporate Bond UCITS ETF Share class: 4C - GBP Hedged, ISIN: IE0008Z87N38"
        },
        {
            "source": "KIID",
            "signal": "type",
            "quote": "Xtrackers Global Corporate Bond UCITS ETF"
        },
        {
            "source": "KIID",
            "signal": "ucits",
            "quote": "Xtrackers Global Corporate Bond UCITS ETF"
        },
        {
            "source": "KIID",
            "signal": "asset_class",
            "quote": "The fund may invest in bonds which are exposed to credit risk and interest rate risk."
        },
        {
            "source": "KIID",
            "signal": "replication_method",
            "quote": "attempt to replicate the index...by buying a portfolio of securities that may comprise the constituents of the index"
        },
        {
            "source": "KIID",
            "signal": "derivatives_mentioned",
            "quote": "enter into financial contracts (derivatives) which attempt to reduce the effect of exchange rate fluctuations"
        },
        {
            "source": "KIID",
            "signal": "derivatives_epm_only",
            "quote": "enter into financial contracts (derivatives) which attempt to reduce the effect of exchange rate fluctuations between the currency of the fund's assets and the currency of your shares."
        },
        {
            "source": "KIID",
            "signal": "derivatives_core_strategy",
            "quote": "The fund may employ techniques and instruments in order to manage risk, reduce costs and improve results. These techniques and instruments may include the use of derivatives."
        }
    ],
    "supporting_data": "UCITS physical ETF baseline applied. Policy mode: strict. Product type: ETF. UCITS signal identified. Replication method: physical.",
    "missing_data": [
        "factsheet"
    ],
    "warnings": [
        "illiquid_or_hard_to_value_underlying_identified"
    ],
    "sources": {
        "kiid": {
            "url": "https://oppl.ai/apy/doc_store/IE0008Z87N38_KIID.txt",
            "found": true,
            "http_code": 200,
            "bytes": 10074,
            "error": null
        },
        "priips_kid": {
            "url": "https://oppl.ai/eu_kiids/en_txt/IE0008Z87N38.txt",
            "found": true,
            "http_code": 200,
            "bytes": 16575,
            "error": null
        },
        "factsheet": {
            "url": "https://oppl.ai/apy/doc_store/IE0008Z87N38_FS.txt",
            "found": false,
            "http_code": 404,
            "bytes": 1251,
            "error": "http_404"
        },
        "market_data": {
            "url": "https://api.londonstockexchange.com/api/gw/lse/search/autocomplete?q=IE0008Z87N38&size=3",
            "found": true,
            "http_code": 200,
            "bytes": 286,
            "error": null
        }
    }
}