{
    "ok": true,
    "_meta": {
        "isin": "IE000CBYU7J5",
        "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": "2026-06-13T21:02:28+00:00",
        "captured_unix": 1781384548
    },
    "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": "L&G Emerging Markets ESG Exclusions Paris Aligned UCITS ETF",
    "isin": "IE000CBYU7J5",
    "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": 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": "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": "The Fund may also invest in (1) companies that are not constituents of the Index that have similar risk and performance characteristics to the companies contained in the Index and (2) financial derivative instruments ('FDIs') (i.e. investments the prices of which are based on the companies contained in the Index and/or such other companies)."
        },
        {
            "source": "FACTSHEET",
            "signal": "replication_method_physical",
            "quote": "Replication method: Physical - full replication"
        },
        {
            "source": "KIID",
            "signal": "ucits",
            "quote": "L&G Emerging Markets ESG Exclusions Paris Aligned UCITS ETF"
        },
        {
            "source": "KIID",
            "signal": "no_leverage",
            "quote": "There is no capital guarantee or protection on the value of the Fund. Investors can lose all the capital invested in the Fund."
        },
        {
            "source": "KIID",
            "signal": "no_inverse",
            "quote": "No mention of inverse, short, bear, or negative exposure in any document."
        },
        {
            "source": "KIID",
            "signal": "no_swaps",
            "quote": "No mention of swaps, total return swaps, synthetic replication, or counterparty risk for derivatives."
        },
        {
            "source": "KIID",
            "signal": "no_commodity_futures_roll",
            "quote": "The product invests in equity securities, not commodity futures; no contango/backwardation language."
        }
    ],
    "supporting_data": "UCITS physical ETF baseline applied. Policy mode: balanced. Product type: ETF. UCITS signal identified. Replication method: physical.",
    "missing_data": [
        "derivatives_epm_only inferred from limited mention of FDIs; no explicit statement that derivatives are used only for EPM.",
        "securities_lending not addressed in documents.",
        "counterparty_risk not explicitly linked to swaps or derivatives."
    ],
    "warnings": [],
    "sources": {
        "kiid": {
            "url": "https://oppl.ai/apy/doc_store/IE000CBYU7J5_KIID.txt",
            "found": true,
            "http_code": 200,
            "bytes": 10111,
            "error": null
        },
        "priips_kid": {
            "url": "https://oppl.ai/eu_kiids/en_txt/IE000CBYU7J5.txt",
            "found": true,
            "http_code": 200,
            "bytes": 14454,
            "error": null
        },
        "factsheet": {
            "url": "https://oppl.ai/apy/doc_store/IE000CBYU7J5_FS.txt",
            "found": true,
            "http_code": 200,
            "bytes": 22284,
            "error": null
        },
        "market_data": {
            "url": "https://api.londonstockexchange.com/api/gw/lse/search/autocomplete?q=IE000CBYU7J5&size=3",
            "found": true,
            "http_code": 200,
            "bytes": 921,
            "error": null
        }
    }
}