{
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    "_meta": {
        "isin": "IE000KG7KXI7",
        "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": "2026-06-14T10:33:55+00:00",
        "captured_unix": 1781433235
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    "confidence": 0.82,
    "review_required": false,
    "decision_rule_applied": "etf_ucits_physical_no_complex_override_rule",
    "product_policy_branch": "ETF",
    "fund_name": "Franklin S&P 500 Financials UCITS ETF",
    "isin": "IE000KG7KXI7",
    "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": false,
        "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
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        "Physical replication",
        "No leverage identified",
        "No inverse exposure identified",
        "Derivative use appears limited to EPM, hedging, or risk management"
    ],
    "consumer_understanding": {
        "risk_level": "low",
        "drivers": [
            "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": [
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            "source": "KIID",
            "signal": "fund_name",
            "quote": "Franklin S&P 500 Financials UCITS ETF Class SINGLCLASS \u2022 ISIN IE000KG7KXI7"
        },
        {
            "source": "KIID",
            "signal": "type",
            "quote": "Franklin S&P 500 Financials UCITS ETF"
        },
        {
            "source": "KIID",
            "signal": "ucits",
            "quote": "This Fund is authorised in Ireland and is regulated by the Central Bank of Ireland."
        },
        {
            "source": "KIID",
            "signal": "replication_method",
            "quote": "The Fund is passively managed and seeks to replicate the benchmark by holding all of the index securities in a similar proportion to their weighting in the benchmark."
        },
        {
            "source": "KIID",
            "signal": "derivatives_epm_only",
            "quote": "The Fund may use derivatives for hedging and efficient portfolio management."
        },
        {
            "source": "KIID",
            "signal": "derivatives_mentioned",
            "quote": "The Fund may use derivatives for hedging and efficient portfolio management."
        },
        {
            "source": "PRIIPS_KID",
            "signal": "investment_objective_summary",
            "quote": "To provide exposure to large capitalisation stocks in the US within the financials sector in the United States."
        }
    ],
    "supporting_data": "UCITS physical ETF baseline applied. Policy mode: balanced. Product type: ETF. UCITS signal identified. Replication method: physical.",
    "missing_data": [
        "factsheet"
    ],
    "warnings": [],
    "sources": {
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            "url": "https://oppl.ai/apy/doc_store/IE000KG7KXI7_KIID.txt",
            "found": true,
            "http_code": 200,
            "bytes": 10065,
            "error": null
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            "url": "https://oppl.ai/eu_kiids/en_txt/IE000KG7KXI7.txt",
            "found": true,
            "http_code": 200,
            "bytes": 13642,
            "error": null
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        "factsheet": {
            "url": "https://oppl.ai/apy/doc_store/IE000KG7KXI7_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=IE000KG7KXI7&size=3",
            "found": true,
            "http_code": 200,
            "bytes": 606,
            "error": null
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}