{
    "ok": true,
    "_meta": {
        "isin": "IE000CR424L6",
        "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": "2026-06-10T18:28:11+00:00",
        "captured_unix": 1781116091
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    "confidence": 0.93,
    "review_required": false,
    "decision_rule_applied": "etf_clo_exposure_hard_complex_rule",
    "product_policy_branch": "ETF",
    "fund_name": "iShares MSCI Europe SRI UCITS ETF EUR Hedged (Dist)",
    "isin": "IE000CR424L6",
    "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": true,
        "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": true,
        "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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        "CLO exposure"
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        "Physical replication",
        "No leverage identified",
        "No inverse exposure identified"
    ],
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        "risk_level": "high",
        "drivers": [
            "Synthetic or swap-based exposure",
            "Counterparty exposure may be relevant to returns or risk",
            "CLO exposure",
            "Tranched credit exposure may be difficult to understand",
            "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 appears to use synthetic or swap-based exposure. This may be difficult for ordinary retail clients to understand because returns can depend not only on the referenced market exposure but also on derivative mechanics, collateral arrangements and counterparty risk.",
        "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_mentioned",
            "quote": "The investment manager may use Financial Derivative Instruments (\u201cFDIs\u201d) to help achieve the fund\u2019s investment objective and/ for direct investment purposes."
        },
        {
            "source": "KIID",
            "signal": "derivatives_epm_only",
            "quote": "Your shares will be 'hedged' with the aim of reducing the effect of exchange rate fluctuations between their denominated currency and the Fund\u2019s underlying portfolio currencies. FDIs, including FX forward contracts, will be used for currency hedging purposes."
        },
        {
            "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 to off-set the Fund\u2019s costs."
        },
        {
            "source": "FACTSHEET",
            "signal": "replication_method_physical",
            "quote": "Methodology: Replicated; Product Structure: Physical"
        }
    ],
    "supporting_data": "Hard complex product feature identified: CLO exposure. Policy mode: balanced. Product type: ETF. UCITS signal identified. Replication method: physical.",
    "missing_data": [],
    "warnings": [
        "counterparty_risk_language_identified"
    ],
    "sources": {
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            "url": "https://oppl.ai/apy/doc_store/IE000CR424L6_KIID.txt",
            "found": true,
            "http_code": 200,
            "bytes": 11155,
            "error": null
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            "url": "https://oppl.ai/eu_kiids/en_txt/IE000CR424L6.txt",
            "found": true,
            "http_code": 200,
            "bytes": 15785,
            "error": null
        },
        "factsheet": {
            "url": "https://oppl.ai/apy/doc_store/IE000CR424L6_FS.txt",
            "found": true,
            "http_code": 200,
            "bytes": 10815,
            "error": null
        },
        "market_data": {
            "url": "https://api.londonstockexchange.com/api/gw/lse/search/autocomplete?q=IE000CR424L6&size=3",
            "found": true,
            "http_code": 200,
            "bytes": 61,
            "error": null
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}