{
    "ok": true,
    "_meta": {
        "isin": "IE000PJL7R74",
        "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": "2026-06-13T20:44:15+00:00",
        "captured_unix": 1781383455
    },
    "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": "Invesco MSCI Emerging Markets ESG Climate Paris Aligned UCITS ETF",
    "isin": "IE000PJL7R74",
    "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": 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": [],
    "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": "elevated",
        "drivers": [
            "Complex or rules-based index methodology",
            "Index performance may depend on dynamic allocation or strategy rules",
            "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": [
        {
            "source": "KIID",
            "signal": "type",
            "quote": "The Fund is a passively-managed Exchange-Traded Fund (\"ETF\")"
        },
        {
            "source": "KIID",
            "signal": "ucits",
            "quote": "Invesco MSCI Emerging Markets ESG Climate Paris Aligned UCITS ETF"
        },
        {
            "source": "KIID",
            "signal": "replication_method",
            "quote": "the Fund will, as far as possible and practicable, hold all the securities in the Index in their respective weightings"
        },
        {
            "source": "FACTSHEET",
            "signal": "replication_method",
            "quote": "Replication method: Physical"
        },
        {
            "source": "KIID",
            "signal": "derivatives_mentioned",
            "quote": "The Fund may use derivative instruments for the purposes of managing risk, reducing costs or generating additional capital or income."
        },
        {
            "source": "KIID",
            "signal": "derivatives_epm_only",
            "quote": "for the purposes of managing risk, reducing costs or generating additional capital or income"
        },
        {
            "source": "KIID",
            "signal": "complex_index",
            "quote": "The remaining constituents are then subject to an optimisation which has the aim of aligning the Index to the objectives of the Paris Agreement by reducing the weighting of companies exposed to climate transition risks, maximising the weighting of companies with the highest exposure to climate transition opportunities and minimising the ex-ante tracking error relative to the Parent Index."
        },
        {
            "source": "KIID",
            "signal": "securities_lending",
            "quote": "The Fund may engage in securities lending, whereby 90% of the revenues arising from securities lending will be returned to the Fund and 10% of the revenues will be retained by the securities lending agent."
        },
        {
            "source": "KIID",
            "signal": "securities_lending",
            "quote": "Securities Lending Risk: The Fund may be exposed to the risk of the borrower defaulting on its obligation to return the securities at the end of the loan period and of being unable to sell the collateral provided to it if the borrower defaults."
        },
        {
            "source": "KIID",
            "signal": "asset_class",
            "quote": "The Index tracks the performance of large and mid-capitalisation companies across 26 emerging markets countries"
        }
    ],
    "supporting_data": "UCITS physical ETF baseline applied. Policy mode: balanced. Product type: ETF. UCITS signal identified. Replication method: physical.",
    "missing_data": [],
    "warnings": [],
    "sources": {
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            "http_code": 200,
            "bytes": 12126,
            "error": null
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        "priips_kid": {
            "url": "https://oppl.ai/eu_kiids/en_txt/IE000PJL7R74.txt",
            "found": true,
            "http_code": 200,
            "bytes": 16183,
            "error": null
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        "factsheet": {
            "url": "https://oppl.ai/apy/doc_store/IE000PJL7R74_FS.txt",
            "found": true,
            "http_code": 200,
            "bytes": 23592,
            "error": null
        },
        "market_data": {
            "url": "https://api.londonstockexchange.com/api/gw/lse/search/autocomplete?q=IE000PJL7R74&size=3",
            "found": true,
            "http_code": 200,
            "bytes": 516,
            "error": null
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}