{
    "ok": true,
    "_meta": {
        "isin": "IE000AEM1K78",
        "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": "2026-06-25T20:18:18+00:00",
        "captured_unix": 1782418698
    },
    "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": "M&G Global Maxima Equity UCITS ETF",
    "isin": "IE000AEM1K78",
    "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": 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",
        "Derivative use appears limited to EPM, hedging, or risk management"
    ],
    "consumer_understanding": {
        "risk_level": "moderate",
        "drivers": [
            "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"
        ],
        "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": "ucits",
            "quote": "M&G Global Maxima Equity UCITS ETF"
        },
        {
            "source": "KIID",
            "signal": "type",
            "quote": "M&G Global Maxima Equity UCITS ETF \u2013 a sub-fund of M&G (Ireland) ETF ICAV"
        },
        {
            "source": "KIID",
            "signal": "replication_method",
            "quote": "At least 80% of the Sub-Fund is invested in the shares of companies"
        },
        {
            "source": "KIID",
            "signal": "derivatives_mentioned",
            "quote": "Derivatives usage To reduce risk and cost."
        },
        {
            "source": "KIID",
            "signal": "derivatives_epm_only",
            "quote": "Derivatives usage To reduce risk and cost."
        },
        {
            "source": "KIID",
            "signal": "derivatives_epm_only",
            "quote": "The Sub-Fund undertakes transactions in derivatives and forward transactions, both on exchange and OTC Derivatives, for the purposes of meeting the investment objectives, protecting the risk to capital, currency, duration and credit management, as well as for hedging."
        },
        {
            "source": "KIID",
            "signal": "counterparty_risk",
            "quote": "On a day-to-day basis, the Sub-Fund may trade with market participants in order to build assets which will give rise to short term counterparty risk."
        },
        {
            "source": "KIID",
            "signal": "counterparty_risk",
            "quote": "Additionally, the Sub-Fund may invest its assets in overnight deposits of credit institutions, money market Funds, treasuries or other near-cash securities."
        }
    ],
    "supporting_data": "UCITS physical ETF baseline applied. Policy mode: strict. Product type: ETF. UCITS signal identified. Replication method: physical.",
    "missing_data": [
        "factsheet"
    ],
    "warnings": [
        "counterparty_risk_language_identified"
    ],
    "sources": {
        "kiid": {
            "url": "https://oppl.ai/apy/doc_store/IE000AEM1K78_KIID.txt",
            "found": true,
            "http_code": 200,
            "bytes": 13580,
            "error": null
        },
        "priips_kid": {
            "url": "https://oppl.ai/eu_kiids/en_txt/IE000AEM1K78.txt",
            "found": true,
            "http_code": 200,
            "bytes": 14631,
            "error": null
        },
        "factsheet": {
            "url": "https://oppl.ai/apy/doc_store/IE000AEM1K78_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=IE000AEM1K78&size=3",
            "found": true,
            "http_code": 200,
            "bytes": 574,
            "error": null
        }
    }
}