{
    "ok": true,
    "_meta": {
        "isin": "IE000QYDXKV5",
        "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": "2026-06-14T10:02:57+00:00",
        "captured_unix": 1781431377
    },
    "classification": "complex",
    "confidence": 0.93,
    "review_required": false,
    "decision_rule_applied": "etf_capital_protection_hard_complex_rule",
    "product_policy_branch": "ETF",
    "fund_name": "VanEck Morningstar Developed Markets ex-US Dividend Leaders UCITS ETF",
    "isin": "IE000QYDXKV5",
    "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": true,
        "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": [
        "Capital protection or guarantee mechanism"
    ],
    "non_complex_factors": [
        "UCITS fund",
        "Physical replication",
        "No leverage identified",
        "No inverse exposure identified"
    ],
    "consumer_understanding": {
        "risk_level": "elevated",
        "drivers": [
            "Capital protection or guarantee language",
            "Protection terms may depend on conditions or issuer credit quality",
            "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 available evidence identifies features that may affect ordinary retail investor understanding. The assessment describes product-level mechanics only and does not judge the knowledge or experience of a specific client.",
        "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": "replication_method",
            "quote": "the Manufacturer will normally use a replication strategy by investing directly in the underlying (physical) securities of the Index"
        },
        {
            "source": "KIID",
            "signal": "derivatives_epm_only",
            "quote": "The Product may also (or alternatively) invest in financial derivative instruments (FDIs) which relate to the Index or constituents of the Index."
        },
        {
            "source": "KIID",
            "signal": "ucits",
            "quote": "VanEck Morningstar Developed Markets ex-US Dividend Leaders UCITS ETF"
        },
        {
            "source": "KIID",
            "signal": "securities_lending",
            "quote": "The Product does not take part in securities lending."
        },
        {
            "source": "KIID",
            "signal": "capital_protection",
            "quote": "There is no capital protection against Market Risk."
        },
        {
            "source": "PRIIPS_KID",
            "signal": "derivatives_epm_only",
            "quote": "The Product may also (or alternatively) invest in financial derivative instruments (FDIs) which relate to the Index or constituents of the Index."
        },
        {
            "source": "PRIIPS_KID",
            "signal": "type",
            "quote": "The Product is a passively managed UCITS ETF"
        },
        {
            "source": "KIID",
            "signal": "derivatives_core_strategy",
            "quote": "normally use a replication strategy by investing directly in the underlying (physical) securities"
        },
        {
            "source": "PRIIPS_KID",
            "signal": "investment_objective",
            "quote": "The Product's investment objective is to replicate the price and the performance, before fees and expenses, of the Morningstar\u00ae Developed Markets ex-US Large Cap Dividend Leaders Screened Select Index"
        }
    ],
    "supporting_data": "Hard complex product feature identified: Capital protection or guarantee mechanism. Policy mode: balanced. Product type: ETF. UCITS signal identified. Replication method: physical.",
    "missing_data": [
        "factsheet"
    ],
    "warnings": [],
    "sources": {
        "kiid": {
            "url": "https://oppl.ai/apy/doc_store/IE000QYDXKV5_KIID.txt",
            "found": true,
            "http_code": 200,
            "bytes": 10191,
            "error": null
        },
        "priips_kid": {
            "url": "https://oppl.ai/eu_kiids/en_txt/IE000QYDXKV5.txt",
            "found": true,
            "http_code": 200,
            "bytes": 14755,
            "error": null
        },
        "factsheet": {
            "url": "https://oppl.ai/apy/doc_store/IE000QYDXKV5_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=IE000QYDXKV5&size=3",
            "found": true,
            "http_code": 200,
            "bytes": 554,
            "error": null
        }
    }
}