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        "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": "2026-06-10T20:09:30+00:00",
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    "confidence": 0.82,
    "review_required": false,
    "decision_rule_applied": "etf_ucits_physical_no_complex_override_rule",
    "product_policy_branch": "ETF",
    "fund_name": "iShares $ TIPS UCITS ETF",
    "isin": "IE000B3NURO6",
    "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": false,
        "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": true,
        "illiquid_or_hard_to_value_underlying": false,
        "physical_allocated_commodity": false,
        "crypto_digital_asset": false
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    "non_complex_factors": [
        "UCITS fund",
        "Physical replication",
        "No leverage identified",
        "No inverse exposure identified"
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    "consumer_understanding": {
        "risk_level": "moderate",
        "drivers": [
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            "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. 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."
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            "signal": "fund_name",
            "quote": "iShares $ TIPS UCITS ETF"
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            "signal": "type",
            "quote": "Exchange Traded Fund (ETF)"
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        {
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            "signal": "ucits",
            "quote": "The Fund is a UCITS exchange-traded fund, a UCITS ETF."
        },
        {
            "source": "KIID",
            "signal": "asset_class",
            "quote": "fixed income (FI) securities (such as bonds)"
        },
        {
            "source": "KIID",
            "signal": "replication_method",
            "quote": "The Fund uses optimising techniques to achieve a similar return to its Index."
        },
        {
            "source": "FACTSHEET",
            "signal": "replication_method",
            "quote": "Methodology : Sampled"
        },
        {
            "source": "FACTSHEET",
            "signal": "replication_method",
            "quote": "Product Structure : Physical"
        },
        {
            "source": "KIID",
            "signal": "derivatives_mentioned",
            "quote": "These may also include the use of financial derivative instruments (FDIs)"
        },
        {
            "source": "KIID",
            "signal": "counterparty_risk",
            "quote": "Counterparty Risk: The insolvency of any institutions providing services such as safekeeping of assets or acting as counterparty to derivatives or other instruments, may expose the Share Class to financial loss."
        },
        {
            "source": "KIID",
            "signal": "securities_lending",
            "quote": "The Fund may also engage in short-term secured lending of its investments to certain eligible third parties to generate additional income"
        },
        {
            "source": "KIID",
            "signal": "derivatives_epm_only",
            "quote": "FDIs, including FX forward contracts, will be used for currency hedging purposes."
        },
        {
            "source": "KIID",
            "signal": "derivatives_core_strategy",
            "quote": "The Fund uses optimising techniques to achieve a similar return to its Index. These may include the strategic selection of certain securities that make up the Index or other FI securities which provide similar performance to certain constituent securities."
        }
    ],
    "supporting_data": "UCITS physical ETF baseline applied. Policy mode: balanced. Product type: ETF. UCITS signal identified. Replication method: physical.",
    "missing_data": [],
    "warnings": [
        "counterparty_risk_language_identified"
    ],
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            "http_code": 200,
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            "http_code": 200,
            "bytes": 15494,
            "error": null
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            "url": "https://oppl.ai/apy/doc_store/IE000B3NURO6_FS.txt",
            "found": true,
            "http_code": 200,
            "bytes": 11564,
            "error": null
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        "market_data": {
            "url": "https://api.londonstockexchange.com/api/gw/lse/search/autocomplete?q=IE000B3NURO6&size=3",
            "found": true,
            "http_code": 200,
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