{
    "ok": true,
    "_meta": {
        "isin": "IE000KEV0H41",
        "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": "2026-06-18T21:26:01+00:00",
        "captured_unix": 1781817961
    },
    "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": "M&G UK Index-Linked Gilts Active UCITS ETF GBP Accumulation shares",
    "isin": "IE000KEV0H41",
    "type": "ETF",
    "ucits": true,
    "asset_class": "Government bonds (index-linked gilts)",
    "replication_method": "physical",
    "signals": {
        "leveraged": false,
        "inverse": false,
        "derivatives_mentioned": true,
        "derivatives_core_strategy": false,
        "derivatives_epm_only": false,
        "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"
    ],
    "consumer_understanding": {
        "risk_level": "moderate",
        "drivers": [
            "Counterparty risk language identified",
            "UCITS ETF structure",
            "Physical replication or direct portfolio holdings",
            "Fixed income credit and duration risk"
        ],
        "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": "M&G UK Index-Linked Gilts Active UCITS ETF GBP Accumulation shares (IE000KEV0H41) a sub-fund of M&G (Ireland) ETF ICAV"
        },
        {
            "source": "KIID",
            "signal": "derivatives_mentioned",
            "quote": "The Sub-Fund invests at least 90% of its Net Asset Value directly or through derivatives in bonds issued or guaranteed by the UK government"
        },
        {
            "source": "KIID",
            "signal": "replication_method",
            "quote": "The Sub-Fund invests at least 90% of its Net Asset Value directly ... in bonds"
        },
        {
            "source": "KIID",
            "signal": "derivatives_epm_only",
            "quote": "Derivatives usage For investment purposes and to reduce risk and cost."
        },
        {
            "source": "PRIIPS_KID",
            "signal": "risk_indicator",
            "quote": "We have classified this product as 4 out of 7, which is a medium risk class."
        }
    ],
    "supporting_data": "UCITS physical ETF baseline applied. Policy mode: balanced. Product type: ETF. UCITS signal identified. Replication method: physical.",
    "missing_data": [
        "factsheet",
        "Derivatives_core_strategy: unclear from documents whether derivatives are core to investment strategy; risk section states derivatives used 'for the purposes of meeting the investment objective', but investment policy indicates direct investment is primary. Set to null.",
        "Derivatives_epm_only: set to false because risk section includes 'meeting the investment objective' beyond EPM, and KIID investment policy says 'for investment purposes and to reduce risk and cost'."
    ],
    "warnings": [
        "counterparty_risk_language_identified"
    ],
    "sources": {
        "kiid": {
            "url": "https://oppl.ai/apy/doc_store/IE000KEV0H41_KIID.txt",
            "found": true,
            "http_code": 200,
            "bytes": 12959,
            "error": null
        },
        "priips_kid": {
            "url": "https://oppl.ai/eu_kiids/en_txt/IE000KEV0H41.txt",
            "found": true,
            "http_code": 200,
            "bytes": 14822,
            "error": null
        },
        "factsheet": {
            "url": "https://oppl.ai/apy/doc_store/IE000KEV0H41_FS.txt",
            "found": false,
            "http_code": 404,
            "bytes": 1251,
            "error": "http_404"
        },
        "market_data": {
            "url": "https://api.londonstockexchange.com/api/gw/lse/search/autocomplete?q=IE000KEV0H41&size=3",
            "found": true,
            "http_code": 200,
            "bytes": 323,
            "error": null
        }
    }
}