{
    "ok": true,
    "_meta": {
        "isin": "IE000I8KRLL9",
        "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": "2026-06-10T16:36:06+00:00",
        "captured_unix": 1781109366
    },
    "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": "iShares MSCI Global Semiconductors UCITS ETF",
    "isin": "IE000I8KRLL9",
    "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": null,
        "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": true,
        "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"
    ],
    "consumer_understanding": {
        "risk_level": "moderate",
        "drivers": [
            "Counterparty risk language identified",
            "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. 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": "ucits",
            "quote": "authorised by the Central Bank of Ireland as a Undertaking for Collective Investment in Transferable Securities (\"UCITS\")"
        },
        {
            "source": "KIID",
            "signal": "replication_method",
            "quote": "The Fund intends to replicate the Index by holding all of the securities comprising the Index in a similar proportion to their weightings in the Index."
        },
        {
            "source": "KIID",
            "signal": "derivatives_mentioned",
            "quote": "The Fund may obtain indirect exposure (through but not limited to financial derivative instruments (\"FDIs\")... FDIs may be used for direct investment purposes. The use of FDIs is expected to be limited."
        },
        {
            "source": "KIID",
            "signal": "counterparty_risk",
            "quote": "Counterparty Risk: The insolvency of any institutions providing services such as safekeeping of assets or acting as counterparty to derivatives or other instruments, may expose the Share Class to financial loss."
        },
        {
            "source": "KIID",
            "signal": "securities_lending",
            "quote": "The Fund may also engage in short-term secured lending of its investments to certain eligible third parties to generate additional income to off-set the costs of the Fund."
        },
        {
            "source": "FACTSHEET",
            "signal": "replication_method",
            "quote": "Methodology: Replicated; Product Structure: Physical"
        }
    ],
    "supporting_data": "UCITS physical ETF baseline applied. Policy mode: balanced. Product type: ETF. UCITS signal identified. Replication method: physical.",
    "missing_data": [
        "derivatives_epm_only is unclear because FDIs are mentioned for direct investment purposes, but the extent to which they are limited to efficient portfolio management is not explicitly stated."
    ],
    "warnings": [
        "counterparty_risk_language_identified"
    ],
    "sources": {
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            "url": "https://oppl.ai/apy/doc_store/IE000I8KRLL9_KIID.txt",
            "found": true,
            "http_code": 200,
            "bytes": 12536,
            "error": null
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        "priips_kid": {
            "url": "https://oppl.ai/eu_kiids/en_txt/IE000I8KRLL9.txt",
            "found": true,
            "http_code": 200,
            "bytes": 15540,
            "error": null
        },
        "factsheet": {
            "url": "https://oppl.ai/apy/doc_store/IE000I8KRLL9_FS.txt",
            "found": true,
            "http_code": 200,
            "bytes": 12292,
            "error": null
        },
        "market_data": {
            "url": "https://api.londonstockexchange.com/api/gw/lse/search/autocomplete?q=IE000I8KRLL9&size=3",
            "found": true,
            "http_code": 200,
            "bytes": 286,
            "error": null
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}