{
    "ok": true,
    "_meta": {
        "isin": "IE0009KLWT21",
        "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": "2026-06-30T10:37:25+00:00",
        "captured_unix": 1782815845
    },
    "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 MSCI World UCITS ETF",
    "isin": "IE0009KLWT21",
    "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": 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": true,
        "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": [
            "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": "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_mentioned",
            "quote": "The fund may use derivatives to i) try to manage its investments more efficiently and ii) try to reduce movements in currency exchange rates"
        },
        {
            "source": "KIID",
            "signal": "securities_lending",
            "quote": "The fund may also engage in secured lending of its investments to certain eligible third parties to generate additional income"
        },
        {
            "source": "FACTSHEET",
            "signal": "replication_method",
            "quote": "Portfolio Methodology Direct Replication (physically)"
        },
        {
            "source": "PRIIPS_KID",
            "signal": "ucits",
            "quote": "The fund is an Irish based UCITS (Undertakings for Collective Investment in Transferable Securities)"
        }
    ],
    "supporting_data": "UCITS physical ETF baseline applied. Policy mode: strict. Product type: ETF. UCITS signal identified. Replication method: physical.",
    "missing_data": [],
    "warnings": [],
    "sources": {
        "kiid": {
            "url": "https://oppl.ai/apy/doc_store/IE0009KLWT21_KIID.txt",
            "found": true,
            "http_code": 200,
            "bytes": 10829,
            "error": null
        },
        "priips_kid": {
            "url": "https://oppl.ai/eu_kiids/en_txt/IE0009KLWT21.txt",
            "found": true,
            "http_code": 200,
            "bytes": 16830,
            "error": null
        },
        "factsheet": {
            "url": "https://oppl.ai/apy/doc_store/IE0009KLWT21_FS.txt",
            "found": true,
            "http_code": 200,
            "bytes": 11210,
            "error": null
        },
        "market_data": {
            "url": "https://api.londonstockexchange.com/api/gw/lse/search/autocomplete?q=IE0009KLWT21&size=3",
            "found": true,
            "http_code": 200,
            "bytes": 61,
            "error": null
        }
    }
}