{
    "ok": true,
    "_meta": {
        "isin": "IE000HSER094",
        "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": "2026-06-14T10:06:22+00:00",
        "captured_unix": 1781431582
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    "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 US Dividend Tilt UCITS ETF",
    "isin": "IE000HSER094",
    "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": "FACTSHEET",
            "signal": "ucits",
            "quote": "UCITS Yes"
        },
        {
            "source": "FACTSHEET",
            "signal": "replication_method",
            "quote": "Product Structure Physical, Replication Methodology Full Replication"
        },
        {
            "source": "KIID",
            "signal": "derivatives_epm_only",
            "quote": "The Fund may use derivatives for hedging and efficient portfolio management."
        },
        {
            "source": "KIID",
            "signal": "derivatives_mentioned",
            "quote": "The Fund may use derivatives for hedging and efficient portfolio management."
        },
        {
            "source": "KIID",
            "signal": "counterparty_risk",
            "quote": "Counterparty risk: the risk of failure of financial institutions or agents (when serving as a counterparty to financial contracts) to perform their obligations, whether due to insolvency, bankruptcy or other causes."
        },
        {
            "source": "KIID",
            "signal": "investment_objective",
            "quote": "investment objective is to provide exposure to large and mid-capitalisation stocks in the US and to maximise income."
        }
    ],
    "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",
        "Illiquid or hard-to-value underlying not mentioned"
    ],
    "warnings": [
        "counterparty_risk_language_identified"
    ],
    "sources": {
        "kiid": {
            "url": "https://oppl.ai/apy/doc_store/IE000HSER094_KIID.txt",
            "found": true,
            "http_code": 200,
            "bytes": 12523,
            "error": null
        },
        "priips_kid": {
            "url": "https://oppl.ai/eu_kiids/en_txt/IE000HSER094.txt",
            "found": true,
            "http_code": 200,
            "bytes": 13664,
            "error": null
        },
        "factsheet": {
            "url": "https://oppl.ai/apy/doc_store/IE000HSER094_FS.txt",
            "found": true,
            "http_code": 200,
            "bytes": 17121,
            "error": null
        },
        "market_data": {
            "url": "https://api.londonstockexchange.com/api/gw/lse/search/autocomplete?q=IE000HSER094&size=3",
            "found": true,
            "http_code": 200,
            "bytes": 610,
            "error": null
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    }
}