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        "isin": "IE000S3N6R34",
        "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": "2026-06-10T20:47:32+00:00",
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    "review_required": false,
    "decision_rule_applied": "balanced_etf_swap_complex_rule",
    "product_policy_branch": "ETF",
    "fund_name": "iShares MSCI EM Swap UCITS ETF USD Acc",
    "isin": "IE000S3N6R34",
    "type": "ETF",
    "ucits": true,
    "asset_class": "Equity",
    "replication_method": "synthetic",
    "signals": {
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        "inverse": false,
        "derivatives_mentioned": true,
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        "derivatives_epm_only": false,
        "swaps": true,
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        "unfunded_swap": true,
        "synthetic_replication": true,
        "counterparty_risk": true,
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        "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
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        "UCITS fund",
        "No leverage identified",
        "No inverse exposure identified"
    ],
    "consumer_understanding": {
        "risk_level": "elevated",
        "drivers": [
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            "Counterparty exposure may be relevant to returns or risk",
            "Derivatives appear core to the investment strategy",
            "Counterparty risk language identified"
        ],
        "plain_english_explanation": "The product appears to use synthetic or swap-based exposure. This may be difficult for ordinary retail clients to understand because returns can depend not only on the referenced market exposure but also on derivative mechanics, collateral arrangements and counterparty risk.",
        "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": "swaps",
            "quote": "it will enter into unfunded total return swaps in order to achieve its investment objective"
        },
        {
            "source": "FACTSHEET",
            "signal": "synthetic_replication",
            "quote": "Methodology: Swap | Product Structure: Synthetic"
        },
        {
            "source": "KIID",
            "signal": "derivatives_core_strategy",
            "quote": "The Fund intends to track the performance of the Index by gaining an indirect exposure to it via FDIs, particularly unfunded total return swaps"
        }
    ],
    "supporting_data": "ETF has evidenced swap usage. Policy mode: balanced. Product type: ETF. UCITS signal identified. Replication method: synthetic.",
    "missing_data": [],
    "warnings": [
        "counterparty_risk_language_identified"
    ],
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            "url": "https://oppl.ai/apy/doc_store/IE000S3N6R34_KIID.txt",
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            "http_code": 200,
            "bytes": 10717,
            "error": null
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            "url": "https://oppl.ai/eu_kiids/en_txt/IE000S3N6R34.txt",
            "found": true,
            "http_code": 200,
            "bytes": 15744,
            "error": null
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        "factsheet": {
            "url": "https://oppl.ai/apy/doc_store/IE000S3N6R34_FS.txt",
            "found": true,
            "http_code": 200,
            "bytes": 11342,
            "error": null
        },
        "market_data": {
            "url": "https://api.londonstockexchange.com/api/gw/lse/search/autocomplete?q=IE000S3N6R34&size=3",
            "found": true,
            "http_code": 200,
            "bytes": 280,
            "error": null
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}