{
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        "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.",
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        "prompt_version": "complex_asset_extract_v1",
        "captured_at_utc": "2026-06-14T10:23:25+00:00",
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    "confidence": 0.93,
    "review_required": false,
    "decision_rule_applied": "etf_coco_or_at1_exposure_hard_complex_rule",
    "product_policy_branch": "ETF",
    "fund_name": "Avantis Emerging Markets Equity UCITS ETF USD ACC",
    "isin": "IE000K975W13",
    "type": "ETF",
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    "asset_class": "Equity",
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    "signals": {
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        "inverse": false,
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        "derivatives_core_strategy": false,
        "derivatives_epm_only": null,
        "swaps": false,
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        "unfunded_swap": false,
        "synthetic_replication": false,
        "counterparty_risk": false,
        "structured_payoff": false,
        "capital_protection": false,
        "commodity_futures_roll": false,
        "contango_backwardation": false,
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        "clo_exposure": false,
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        "securities_lending": false,
        "illiquid_or_hard_to_value_underlying": false,
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        "crypto_digital_asset": false
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        "No inverse exposure identified"
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        "risk_level": "high",
        "drivers": [
            "CoCo or AT1 exposure",
            "Loss absorption, conversion or write-down mechanics may be difficult to understand"
        ],
        "plain_english_explanation": "The product appears to have exposure to CoCo or AT1-style instruments. These can be difficult to understand because they may include loss absorption, conversion or write-down mechanics that behave differently from ordinary bonds.",
        "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."
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            "signal": "ucits",
            "quote": "authorised by the Central Bank as a UCITS pursuant to the UCITS Regulations"
        },
        {
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            "signal": "no_derivatives_core",
            "quote": "equity warrants which will not embed derivatives and stock options of issuers in emerging market countries"
        },
        {
            "source": "KIID",
            "signal": "no_synthetic_replication",
            "quote": "investing at least 80% of its Net Asset Value in a portfolio of equities and equity related securities"
        },
        {
            "source": "KIID",
            "signal": "no_commodity_futures",
            "quote": "equity and equity-related securities in emerging markets countries"
        }
    ],
    "supporting_data": "Hard complex product feature identified: CoCo or AT1 bond exposure. Policy mode: balanced. Product type: ETF. UCITS signal identified.",
    "missing_data": [
        "replication_method",
        "Exact replication method not specified (full, optimised, or sampling)",
        "No mention of securities lending",
        "No details on whether warrants or stock options are used in practice"
    ],
    "warnings": [],
    "sources": {
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            "http_code": 200,
            "bytes": 9123,
            "error": null
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            "http_code": 200,
            "bytes": 14166,
            "error": null
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        "factsheet": {
            "url": "https://oppl.ai/apy/doc_store/IE000K975W13_FS.txt",
            "found": true,
            "http_code": 200,
            "bytes": 62,
            "error": null
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        "market_data": {
            "url": "https://api.londonstockexchange.com/api/gw/lse/search/autocomplete?q=IE000K975W13&size=3",
            "found": true,
            "http_code": 200,
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