{
    "ok": true,
    "_meta": {
        "isin": "IE000V04SL39",
        "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": "2026-06-12T11:31:17+00:00",
        "captured_unix": 1781263877
    },
    "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": "Xtrackers MSCI USA High Dividend Yield ESG UCITS ETF",
    "isin": "IE000V04SL39",
    "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": 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": "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": "derivatives_mentioned",
            "quote": "The fund may employ techniques and instruments in order to manage risk, reduce costs and improve results. These techniques and instruments may include the use of financial contracts (derivatives)."
        },
        {
            "source": "KIID",
            "signal": "derivatives_epm_only",
            "quote": "The fund may employ techniques and instruments in order to manage risk, reduce costs and improve results. These techniques and instruments may include the use of financial contracts (derivatives)."
        },
        {
            "source": "KIID",
            "signal": "complex_index",
            "quote": "Securities from the Eligible Universe are selected and weighted following an optimisation-based approach (including optimising for high dividend yields) which are subject to (a) climate ... and other ESG objectives and (b) diversification objectives"
        },
        {
            "source": "FACTSHEET",
            "signal": "complex_index",
            "quote": "Optimised to maximise exposure to the Dividend Yield factor"
        },
        {
            "source": "FACTSHEET",
            "signal": "replication_method",
            "quote": "Direct Replication (physically)"
        },
        {
            "source": "KIID",
            "signal": "replication_method",
            "quote": "the fund will attempt to replicate the index, before fees and expenses, by buying all or a substantial number of the securities in the index"
        },
        {
            "source": "PRIIPS_KID",
            "signal": "ucits",
            "quote": "The fund is an Irish based UCITS"
        },
        {
            "source": "PRIIPS_KID",
            "signal": "type",
            "quote": "The fund is a UCITS ETF"
        }
    ],
    "supporting_data": "UCITS physical ETF baseline applied. Policy mode: balanced. Product type: ETF. UCITS signal identified. Replication method: physical.",
    "missing_data": [],
    "warnings": [],
    "sources": {
        "kiid": {
            "url": "https://oppl.ai/apy/doc_store/IE000V04SL39_KIID.txt",
            "found": true,
            "http_code": 200,
            "bytes": 10580,
            "error": null
        },
        "priips_kid": {
            "url": "https://oppl.ai/eu_kiids/en_txt/IE000V04SL39.txt",
            "found": true,
            "http_code": 200,
            "bytes": 15628,
            "error": null
        },
        "factsheet": {
            "url": "https://oppl.ai/apy/doc_store/IE000V04SL39_FS.txt",
            "found": true,
            "http_code": 200,
            "bytes": 11698,
            "error": null
        },
        "market_data": {
            "url": "https://api.londonstockexchange.com/api/gw/lse/search/autocomplete?q=IE000V04SL39&size=3",
            "found": true,
            "http_code": 200,
            "bytes": 300,
            "error": null
        }
    }
}