{
    "ok": true,
    "_meta": {
        "isin": "IE000PYHMXV4",
        "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": "2026-06-10T21:11:40+00:00",
        "captured_unix": 1781125900
    },
    "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": "iShares MSCI USA Quality Dividend Advanced UCITS ETF GBP Hedged (Dist)",
    "isin": "IE000PYHMXV4",
    "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": true,
        "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": 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": "moderate",
        "drivers": [
            "Counterparty risk language identified",
            "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": "derivatives_mentioned",
            "quote": "These may also include the use of financial derivative instruments (FDIs) ... FDIs may be used for direct investment purposes."
        },
        {
            "source": "KIID",
            "signal": "derivatives_epm_only",
            "quote": "Your shares will be 'hedged' with the aim of reducing the effect of exchange rate fluctuations ... FDIs, including FX forward contracts, will be used for currency hedging purposes."
        },
        {
            "source": "KIID",
            "signal": "securities_lending",
            "quote": "The Fund may also engage in short-term secured lending of its investments to certain eligible third parties to generate additional income to off-set the costs of the Fund."
        },
        {
            "source": "PRIIPS_KID",
            "signal": "ucits",
            "quote": "The Fund is a sub-fund of iShares II plc ... authorised by the Central Bank of Ireland as a Undertaking for Collective Investment in Transferable Securities ('UCITS')."
        },
        {
            "source": "FACTSHEET",
            "signal": "replication_method",
            "quote": "Methodology : Replicated / Product Structure : Physical"
        },
        {
            "source": "FACTSHEET",
            "signal": "asset_class",
            "quote": "Asset Class : Equity"
        }
    ],
    "supporting_data": "UCITS physical ETF baseline applied. Policy mode: balanced. Product type: ETF. UCITS signal identified. Replication method: physical.",
    "missing_data": [
        "Complex index (no evidence that the index is complex beyond standard equity index)",
        "Counterparty risk (only generic, not material)"
    ],
    "warnings": [
        "counterparty_risk_language_identified"
    ],
    "sources": {
        "kiid": {
            "url": "https://oppl.ai/apy/doc_store/IE000PYHMXV4_KIID.txt",
            "found": true,
            "http_code": 200,
            "bytes": 11679,
            "error": null
        },
        "priips_kid": {
            "url": "https://oppl.ai/eu_kiids/en_txt/IE000PYHMXV4.txt",
            "found": true,
            "http_code": 200,
            "bytes": 15971,
            "error": null
        },
        "factsheet": {
            "url": "https://oppl.ai/apy/doc_store/IE000PYHMXV4_FS.txt",
            "found": true,
            "http_code": 200,
            "bytes": 10909,
            "error": null
        },
        "market_data": {
            "url": "https://api.londonstockexchange.com/api/gw/lse/search/autocomplete?q=IE000PYHMXV4&size=3",
            "found": true,
            "http_code": 200,
            "bytes": 281,
            "error": null
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    }
}