{
    "ok": true,
    "_meta": {
        "isin": "IE000CVOSY02",
        "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": "2026-06-22T20:34:01+00:00",
        "captured_unix": 1782160441
    },
    "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": "Franklin FTSE Developed World UCITS ETF",
    "isin": "IE000CVOSY02",
    "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 use derivatives for efficient portfolio management purposes only."
        },
        {
            "source": "PRIIPS_KID",
            "signal": "derivatives_epm_only",
            "quote": "The Fund may use derivatives for hedging and efficient portfolio management."
        },
        {
            "source": "KIID",
            "signal": "replication_method",
            "quote": "The investment manager will aim to replicate the Index by holding all of the Index securities in a similar proportion to their weighting in the Index."
        },
        {
            "source": "FACTSHEET",
            "signal": "replication_method",
            "quote": "Product Structure Physical"
        },
        {
            "source": "FACTSHEET",
            "signal": "replication_method",
            "quote": "Replication Methodology Full Replication"
        },
        {
            "source": "KIID",
            "signal": "ucits",
            "quote": "Franklin FTSE Developed World UCITS ETF"
        },
        {
            "source": "FACTSHEET",
            "signal": "ucits",
            "quote": "UCITS Yes"
        },
        {
            "source": "KIID",
            "signal": "type",
            "quote": "Franklin FTSE Developed World UCITS ETF"
        },
        {
            "source": "FACTSHEET",
            "signal": "type",
            "quote": "Franklin FTSE Developed World UCITS ETF"
        }
    ],
    "supporting_data": "UCITS physical ETF baseline applied. Policy mode: strict. Product type: ETF. UCITS signal identified. Replication method: physical.",
    "missing_data": [],
    "warnings": [],
    "sources": {
        "kiid": {
            "url": "https://oppl.ai/apy/doc_store/IE000CVOSY02_KIID.txt",
            "found": true,
            "http_code": 200,
            "bytes": 10471,
            "error": null
        },
        "priips_kid": {
            "url": "https://oppl.ai/eu_kiids/en_txt/IE000CVOSY02.txt",
            "found": true,
            "http_code": 200,
            "bytes": 13971,
            "error": null
        },
        "factsheet": {
            "url": "https://oppl.ai/apy/doc_store/IE000CVOSY02_FS.txt",
            "found": true,
            "http_code": 200,
            "bytes": 10100,
            "error": null
        },
        "market_data": {
            "url": "https://api.londonstockexchange.com/api/gw/lse/search/autocomplete?q=IE000CVOSY02&size=3",
            "found": true,
            "http_code": 200,
            "bytes": 610,
            "error": null
        }
    }
}