{
    "ok": true,
    "_meta": {
        "isin": "IE000GGQK173",
        "asset_scope": "UK_COMPLEX_ASSET",
        "policy_mode": "ucits_default",
        "policy_mode_description": "UCITS ETFs default to non-complex unless leverage, inverse exposure, structured payoff, complex underlyings, or explicit comprehension-warning language is identified.",
        "classification_engine_version": "1.0.0",
        "prompt_version": "complex_asset_extract_v1",
        "captured_at_utc": "2026-06-13T15:04:27+00:00",
        "captured_unix": 1781363067
    },
    "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": "abrdn Future Real Estate UCITS ETF",
    "isin": "IE000GGQK173",
    "type": "ETF",
    "ucits": true,
    "asset_class": "Real Estate Equities/REITs",
    "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": true,
        "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",
            "PRIIPs comprehension alert language",
            "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": "PRIIPS_KID",
            "signal": "priips_comprehension_alert",
            "quote": "You are about to purchase a product that is not simple and may be difficult to understand."
        },
        {
            "source": "KIID",
            "signal": "derivatives_epm_only",
            "quote": "The Fund may use derivatives to reduce risk, reduce cost and/or generate additional income or growth consistent with the risk profile of the Fund (often referred to as \u201cEfficient Portfolio Management\u201d)."
        },
        {
            "source": "KIID",
            "signal": "ucits",
            "quote": "abrdn III ICAV is authorised in Ireland and regulated by the Central Bank of Ireland pursuant to the Central Bank UCITS Regulations."
        },
        {
            "source": "FACTSHEET",
            "signal": "physical_replication",
            "quote": "Management approach: Active - Physical"
        },
        {
            "source": "KIID",
            "signal": "derivatives_mentioned",
            "quote": "The Fund may use derivatives"
        },
        {
            "source": "KIID",
            "signal": "counterparty_risk",
            "quote": "The Fund could lose money if an entity (counterparty) with which it does business becomes unwilling or unable to honour its obligations"
        }
    ],
    "supporting_data": "UCITS physical ETF baseline applied. Policy mode: ucits_default. Product type: ETF. UCITS signal identified. Replication method: physical.",
    "missing_data": [],
    "warnings": [
        "counterparty_risk_language_identified",
        "priips_comprehension_alert_soft_flag"
    ],
    "sources": {
        "kiid": {
            "url": "https://oppl.ai/apy/doc_store/IE000GGQK173_KIID.txt",
            "found": true,
            "http_code": 200,
            "bytes": 13171,
            "error": null
        },
        "priips_kid": {
            "url": "https://oppl.ai/eu_kiids/en_txt/IE000GGQK173.txt",
            "found": true,
            "http_code": 200,
            "bytes": 16935,
            "error": null
        },
        "factsheet": {
            "url": "https://oppl.ai/apy/doc_store/IE000GGQK173_FS.txt",
            "found": true,
            "http_code": 200,
            "bytes": 15777,
            "error": null
        },
        "market_data": {
            "url": "https://api.londonstockexchange.com/api/gw/lse/search/autocomplete?q=IE000GGQK173&size=3",
            "found": true,
            "http_code": 200,
            "bytes": 301,
            "error": null
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    }
}