{
    "ok": true,
    "_meta": {
        "isin": "IE000ST40PX8",
        "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": "2026-06-13T21:20:33+00:00",
        "captured_unix": 1781385633
    },
    "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": "L&G Cyber Security Innovation UCITS ETF",
    "isin": "IE000ST40PX8",
    "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": 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": "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": "type",
            "quote": "L&G Cyber Security Innovation UCITS ETF"
        },
        {
            "source": "KIID",
            "signal": "ucits",
            "quote": "L&G Cyber Security Innovation UCITS ETF"
        },
        {
            "source": "KIID",
            "signal": "replication_method",
            "quote": "The Fund will primarily invest directly in the securities represented in the Index in similar proportions to their weightings in the Index."
        },
        {
            "source": "FACTSHEET",
            "signal": "replication_method",
            "quote": "Replication method Physical - full replication"
        },
        {
            "source": "KIID",
            "signal": "derivatives_mentioned",
            "quote": "financial derivative instruments (\"FDIs\") (i.e. investments the prices of which are based on the companies contained in the Index and/or such other companies)."
        },
        {
            "source": "KIID",
            "signal": "derivatives_epm_only",
            "quote": "The Fund may also invest in ... FDIs ... The Fund will primarily invest directly in the securities ..."
        },
        {
            "source": "KIID",
            "signal": "counterparty_risk",
            "quote": "Third party service providers (such as counterparties entering into FDIs with the Fund or the Company\u2019s depositary) may go bankrupt and fail to pay money due to the Fund or return property belonging to the Fund."
        },
        {
            "source": "KIID",
            "signal": "asset_class",
            "quote": "equity securities of global companies that are actively engaged in the cyber security industry"
        }
    ],
    "supporting_data": "UCITS physical ETF baseline applied. Policy mode: balanced. Product type: ETF. UCITS signal identified. Replication method: physical.",
    "missing_data": [
        "PRIIPs comprehension alert not found in documents",
        "Derivatives EPM only inferred from context; no explicit statement"
    ],
    "warnings": [
        "counterparty_risk_language_identified"
    ],
    "sources": {
        "kiid": {
            "url": "https://oppl.ai/apy/doc_store/IE000ST40PX8_KIID.txt",
            "found": true,
            "http_code": 200,
            "bytes": 10323,
            "error": null
        },
        "priips_kid": {
            "url": "https://oppl.ai/eu_kiids/en_txt/IE000ST40PX8.txt",
            "found": true,
            "http_code": 200,
            "bytes": 13946,
            "error": null
        },
        "factsheet": {
            "url": "https://oppl.ai/apy/doc_store/IE000ST40PX8_FS.txt",
            "found": true,
            "http_code": 200,
            "bytes": 21715,
            "error": null
        },
        "market_data": {
            "url": "https://api.londonstockexchange.com/api/gw/lse/search/autocomplete?q=IE000ST40PX8&size=3",
            "found": true,
            "http_code": 200,
            "bytes": 650,
            "error": null
        }
    }
}