{
    "ok": true,
    "_meta": {
        "isin": "IE000HYFO765",
        "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": "2026-06-27T14:53:34+00:00",
        "captured_unix": 1782572014
    },
    "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": "Goldman Sachs Alpha Enhanced US Equity Active UCITS ETF",
    "isin": "IE000HYFO765",
    "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_mentioned",
            "quote": "The Sub-Fund may use derivatives for efficient portfolio management purposes, to help manage risks."
        },
        {
            "source": "KIID",
            "signal": "derivatives_epm_only",
            "quote": "The Sub-Fund may use derivatives for efficient portfolio management purposes, to help manage risks."
        },
        {
            "source": "KIID",
            "signal": "ucits",
            "quote": "This Fund is authorised in Ireland and regulated by the Central Bank of Ireland."
        },
        {
            "source": "FACTSHEET",
            "signal": "type",
            "quote": "Goldman Sachs Alpha Enhanced US Equity Active UCITS ETF"
        },
        {
            "source": "MARKET_DATA",
            "signal": "type",
            "quote": "category: ETFS"
        },
        {
            "source": "FACTSHEET",
            "signal": "replication_method",
            "quote": "Top 10 Holdings include NVIDIA, Apple, Alphabet, Microsoft, Amazon.com, indicating direct equity holdings."
        },
        {
            "source": "KIID",
            "signal": "investment_objective_summary",
            "quote": "The Sub-Fund seeks long-term capital appreciation by actively investing primarily in equity securities of US companies."
        },
        {
            "source": "PRIIPS_KID",
            "signal": "priips_comprehension_alert",
            "quote": "No comprehension alert found."
        }
    ],
    "supporting_data": "UCITS physical ETF baseline applied. Policy mode: strict. Product type: ETF. UCITS signal identified. Replication method: physical.",
    "missing_data": [],
    "warnings": [
        "counterparty_risk_language_identified"
    ],
    "sources": {
        "kiid": {
            "url": "https://oppl.ai/apy/doc_store/IE000HYFO765_KIID.txt",
            "found": true,
            "http_code": 200,
            "bytes": 11006,
            "error": null
        },
        "priips_kid": {
            "url": "https://oppl.ai/eu_kiids/en_txt/IE000HYFO765.txt",
            "found": true,
            "http_code": 200,
            "bytes": 17508,
            "error": null
        },
        "factsheet": {
            "url": "https://oppl.ai/apy/doc_store/IE000HYFO765_FS.txt",
            "found": true,
            "http_code": 200,
            "bytes": 19391,
            "error": null
        },
        "market_data": {
            "url": "https://api.londonstockexchange.com/api/gw/lse/search/autocomplete?q=IE000HYFO765&size=3",
            "found": true,
            "http_code": 200,
            "bytes": 586,
            "error": null
        }
    }
}