{
    "ok": true,
    "_meta": {
        "isin": "IE000OW54ZX1",
        "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": "2026-06-14T10:31:19+00:00",
        "captured_unix": 1781433079
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    "classification": "complex",
    "confidence": 0.93,
    "review_required": false,
    "decision_rule_applied": "etf_coco_or_at1_exposure_hard_complex_rule",
    "product_policy_branch": "ETF",
    "fund_name": "Avantis America Equity UCITS ETF USD ACC ETF",
    "isin": "IE000OW54ZX1",
    "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": false,
        "structured_payoff": false,
        "capital_protection": false,
        "commodity_futures_roll": false,
        "contango_backwardation": false,
        "coco_or_at1_exposure": true,
        "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": [
        "CoCo or AT1 bond exposure"
    ],
    "non_complex_factors": [
        "UCITS fund",
        "Physical replication",
        "No leverage identified",
        "No inverse exposure identified"
    ],
    "consumer_understanding": {
        "risk_level": "high",
        "drivers": [
            "CoCo or AT1 exposure",
            "Loss absorption, conversion or write-down mechanics may be difficult to understand",
            "UCITS ETF structure",
            "Physical replication or direct portfolio holdings"
        ],
        "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."
    },
    "supporting_evidence": [
        {
            "source": "KIID",
            "signal": "ucits",
            "quote": "authorised by the Central Bank as a UCITS pursuant to the UCITS Regulations"
        },
        {
            "source": "KIID",
            "signal": "derivatives_mentioned",
            "quote": "stock options"
        },
        {
            "source": "KIID",
            "signal": "replication_method_physical",
            "quote": "investing in a portfolio of equities and equity-related securities"
        }
    ],
    "supporting_data": "Hard complex product feature identified: CoCo or AT1 bond exposure. Policy mode: balanced. Product type: ETF. UCITS signal identified. Replication method: physical.",
    "missing_data": [
        "factsheet",
        "derivatives_epm_only: unclear from document whether stock options are used only for efficient portfolio management; set to null"
    ],
    "warnings": [],
    "sources": {
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            "url": "https://oppl.ai/apy/doc_store/IE000OW54ZX1_KIID.txt",
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            "http_code": 200,
            "bytes": 9383,
            "error": null
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            "url": "https://oppl.ai/eu_kiids/en_txt/IE000OW54ZX1.txt",
            "found": true,
            "http_code": 200,
            "bytes": 14366,
            "error": null
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        "factsheet": {
            "url": "https://oppl.ai/apy/doc_store/IE000OW54ZX1_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=IE000OW54ZX1&size=3",
            "found": true,
            "http_code": 200,
            "bytes": 568,
            "error": null
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}