{
    "ok": true,
    "_meta": {
        "isin": "IE000KF370H3",
        "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": "2026-06-18T09:45:22+00:00",
        "captured_unix": 1781775922
    },
    "classification": "complex",
    "confidence": 0.93,
    "review_required": false,
    "decision_rule_applied": "etf_leveraged_hard_complex_rule",
    "product_policy_branch": "ETF",
    "fund_name": "WisdomTree US Efficient Core UCITS ETF - USD Acc",
    "isin": "IE000KF370H3",
    "type": "ETF",
    "ucits": true,
    "asset_class": "Multi-Asset (Equities and Treasury Futures)",
    "replication_method": "physical",
    "signals": {
        "leveraged": true,
        "inverse": false,
        "derivatives_mentioned": true,
        "derivatives_core_strategy": true,
        "derivatives_epm_only": false,
        "swaps": false,
        "funded_swap": false,
        "unfunded_swap": false,
        "synthetic_replication": true,
        "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": true,
        "priips_comprehension_alert": false,
        "securities_lending": true,
        "illiquid_or_hard_to_value_underlying": false,
        "physical_allocated_commodity": false,
        "crypto_digital_asset": false
    },
    "complex_factors": [
        "Leverage"
    ],
    "non_complex_factors": [
        "UCITS fund",
        "Physical replication",
        "No inverse exposure identified"
    ],
    "consumer_understanding": {
        "risk_level": "high",
        "drivers": [
            "Daily leveraged exposure",
            "Compounding and path dependency",
            "Synthetic or swap-based exposure",
            "Counterparty exposure may be relevant to returns or risk",
            "Complex or rules-based index methodology",
            "Index performance may depend on dynamic allocation or strategy rules",
            "Derivatives appear core to the investment strategy",
            "Counterparty risk language identified",
            "UCITS ETF structure",
            "Physical replication or direct portfolio holdings"
        ],
        "plain_english_explanation": "The product uses leveraged exposure. Ordinary retail clients may not understand that leverage can magnify both gains and losses and, where exposure resets daily, compounding can cause returns over longer periods to differ significantly from the headline leverage multiple.",
        "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": "PRIIPS_KID",
            "signal": "leveraged",
            "quote": "effectively delivering a leveraged position to the traditional 60/40 portfolio"
        },
        {
            "source": "FACTSHEET",
            "signal": "leveraged",
            "quote": "This ETF contains elements of leverage which could lead to significantly magnified losses in comparison to investments that do not incorporate leverage"
        },
        {
            "source": "KIID",
            "signal": "derivatives_mentioned",
            "quote": "The Index provides synthetic exposure to a basket of US Treasury futures contracts with maturities ranging from 2 to 30 years"
        },
        {
            "source": "KIID",
            "signal": "derivatives_core_strategy",
            "quote": "The Index provides synthetic exposure to a basket of US Treasury futures contracts ... The Index has target weights of 90%, 60%, and 10% notional exposure on equity components, bond components, and cash components, respectively. ... effectively delivering a leveraged position to the traditional 60/40 portfolio"
        },
        {
            "source": "KIID",
            "signal": "counterparty_risk",
            "quote": "Counterparty risk: The Fund is subject to the risk that third parties with which the Fund may transact and who may provide services such as the safekeeping of assets may go bankrupt or fail to pay money due to the Fund or return property belonging to the Fund"
        },
        {
            "source": "KIID",
            "signal": "securities_lending",
            "quote": "The Fund may enter into repurchase/reverse repurchase agreements and stock lending arrangements solely for the purposes of efficient portfolio management"
        },
        {
            "source": "PRIIPS_KID",
            "signal": "complex_index",
            "quote": "the index is designed to track the performance of a 90% exposure to large-cap US equities and 60% to US Treasury Bond Futures, effectively delivering a leveraged position to the traditional 60/40 portfolio"
        }
    ],
    "supporting_data": "Hard complex product feature identified: Leverage. Policy mode: balanced. 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/IE000KF370H3_KIID.txt",
            "found": true,
            "http_code": 200,
            "bytes": 10927,
            "error": null
        },
        "priips_kid": {
            "url": "https://oppl.ai/eu_kiids/en_txt/IE000KF370H3.txt",
            "found": true,
            "http_code": 200,
            "bytes": 13284,
            "error": null
        },
        "factsheet": {
            "url": "https://oppl.ai/apy/doc_store/IE000KF370H3_FS.txt",
            "found": true,
            "http_code": 200,
            "bytes": 17729,
            "error": null
        },
        "market_data": {
            "url": "https://api.londonstockexchange.com/api/gw/lse/search/autocomplete?q=IE000KF370H3&size=3",
            "found": true,
            "http_code": 200,
            "bytes": 538,
            "error": null
        }
    }
}