{
    "ok": true,
    "_meta": {
        "isin": "IE000PEYL7P5",
        "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": "2026-06-14T10:33:12+00:00",
        "captured_unix": 1781433192
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    "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": "Franklin S&P 500 Consumer Discretionary UCITS ETF",
    "isin": "IE000PEYL7P5",
    "type": "ETF",
    "ucits": true,
    "asset_class": "Equity (US Consumer Discretionary Sector)",
    "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
    },
    "complex_factors": [],
    "non_complex_factors": [
        "UCITS fund",
        "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."
    },
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            "source": "KIID",
            "signal": "fund_name",
            "quote": "Franklin S&P 500 Consumer Discretionary UCITS ETF"
        },
        {
            "source": "KIID",
            "signal": "ucits",
            "quote": "Franklin S&P 500 Consumer Discretionary UCITS ETF"
        },
        {
            "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": "Derivatives and techniques: The Fund may use derivatives for hedging and efficient portfolio management."
        },
        {
            "source": "KIID",
            "signal": "derivatives_mentioned",
            "quote": "Derivatives and techniques: The Fund may use derivatives for hedging and efficient portfolio management."
        },
        {
            "source": "PRIIPS_KID",
            "signal": "investment_objective",
            "quote": "To provide exposure to large capitalisation stocks in the US within the consumer discretionary sector in the United States."
        },
        {
            "source": "PRIIPS_KID",
            "signal": "no_leverage_inverse_swaps",
            "quote": "No mention of leveraged, inverse, or swap-based exposure."
        },
        {
            "source": "KIID",
            "signal": "no_commodity_futures_roll",
            "quote": "The Fund invests in equities; no mention of commodity futures."
        },
        {
            "source": "PRIIPS_KID",
            "signal": "no_priips_comprehension_alert",
            "quote": "No 'You are about to purchase a product that is not simple' alert present."
        },
        {
            "source": "MARKET_DATA",
            "signal": "type",
            "quote": "category: ETFS"
        }
    ],
    "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/IE000PEYL7P5_KIID.txt",
            "found": true,
            "http_code": 200,
            "bytes": 10898,
            "error": null
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        "priips_kid": {
            "url": "https://oppl.ai/eu_kiids/en_txt/IE000PEYL7P5.txt",
            "found": true,
            "http_code": 200,
            "bytes": 13744,
            "error": null
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        "factsheet": {
            "url": "https://oppl.ai/apy/doc_store/IE000PEYL7P5_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=IE000PEYL7P5&size=3",
            "found": true,
            "http_code": 200,
            "bytes": 604,
            "error": null
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}