{
    "ok": true,
    "_meta": {
        "isin": "IE000BNLRWE6",
        "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": "2026-06-14T09:24:16+00:00",
        "captured_unix": 1781429056
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    "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": "Schroder Global Equity Active UCITS ETF",
    "isin": "IE000BNLRWE6",
    "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": "This fund is authorised in Ireland and regulated by the Central Bank of Ireland."
        },
        {
            "source": "KIID",
            "signal": "derivatives_epm_only",
            "quote": "The fund may use the following financial derivative instruments with the aim of reducing risk and managing the fund more efficiently: equity index futures, currency forwards, currency futures and non-deliverable forwards."
        },
        {
            "source": "KIID",
            "signal": "derivatives_mentioned",
            "quote": "The fund may use the following financial derivative instruments with the aim of reducing risk and managing the fund more efficiently: equity index futures, currency forwards, currency futures and non-deliverable forwards."
        },
        {
            "source": "KIID",
            "signal": "counterparty_risk",
            "quote": "The fund may have contractual agreements with counterparties. If a counterparty is unable to fulfil their obligations, the sum that they owe to the fund may be lost in part or in whole."
        },
        {
            "source": "FACTSHEET",
            "signal": "replication_method physical",
            "quote": "The fund invests at least two-thirds of its assets in a diversified portfolio of equity and equity related securities of companies worldwide."
        },
        {
            "source": "PRIIPS_KID",
            "signal": "type etf",
            "quote": "This is an open ended UCITS ETF."
        }
    ],
    "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"
    ],
    "sources": {
        "kiid": {
            "url": "https://oppl.ai/apy/doc_store/IE000BNLRWE6_KIID.txt",
            "found": true,
            "http_code": 200,
            "bytes": 13754,
            "error": null
        },
        "priips_kid": {
            "url": "https://oppl.ai/eu_kiids/en_txt/IE000BNLRWE6.txt",
            "found": true,
            "http_code": 200,
            "bytes": 15830,
            "error": null
        },
        "factsheet": {
            "url": "https://oppl.ai/apy/doc_store/IE000BNLRWE6_FS.txt",
            "found": true,
            "http_code": 200,
            "bytes": 14043,
            "error": null
        },
        "market_data": {
            "url": "https://api.londonstockexchange.com/api/gw/lse/search/autocomplete?q=IE000BNLRWE6&size=3",
            "found": true,
            "http_code": 200,
            "bytes": 813,
            "error": null
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    }
}