{
    "ok": true,
    "_meta": {
        "isin": "IE000GML9HQ4",
        "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": "2026-06-14T10:46:11+00:00",
        "captured_unix": 1781433971
    },
    "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 Custom Active UCITS ETF",
    "isin": "IE000GML9HQ4",
    "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": "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": "Counterparty risk: 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": "PRIIPS_KID",
            "signal": "ucits",
            "quote": "This is an open ended UCITS ETF."
        },
        {
            "source": "FACTSHEET",
            "signal": "replication_method_physical",
            "quote": "The fund aims to provide capital growth and income in excess of the Solactive ISS ESG Screened Paris Aligned Global Markets (Net TR) Index after fees have been deducted over a three-to-five-year period by investing in equity and equity related securities of companies worldwide."
        }
    ],
    "supporting_data": "UCITS physical ETF baseline applied. Policy mode: balanced. Product type: ETF. UCITS signal identified. Replication method: physical.",
    "missing_data": [
        "securities_lending: not mentioned in any document",
        "funded_swap, unfunded_swap: not mentioned"
    ],
    "warnings": [
        "counterparty_risk_language_identified"
    ],
    "sources": {
        "kiid": {
            "url": "https://oppl.ai/apy/doc_store/IE000GML9HQ4_KIID.txt",
            "found": true,
            "http_code": 200,
            "bytes": 14624,
            "error": null
        },
        "priips_kid": {
            "url": "https://oppl.ai/eu_kiids/en_txt/IE000GML9HQ4.txt",
            "found": true,
            "http_code": 200,
            "bytes": 16732,
            "error": null
        },
        "factsheet": {
            "url": "https://oppl.ai/apy/doc_store/IE000GML9HQ4_FS.txt",
            "found": true,
            "http_code": 200,
            "bytes": 12379,
            "error": null
        },
        "market_data": {
            "url": "https://api.londonstockexchange.com/api/gw/lse/search/autocomplete?q=IE000GML9HQ4&size=3",
            "found": true,
            "http_code": 200,
            "bytes": 312,
            "error": null
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    }
}