{
    "ok": true,
    "_meta": {
        "isin": "IE000YYVSM16",
        "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": "2026-06-11T12:14:28+00:00",
        "captured_unix": 1781180068
    },
    "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": "VanEck Electrification and Power Infrastructure UCITS ETF",
    "isin": "IE000YYVSM16",
    "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": false,
        "swaps": true,
        "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": false,
        "priips_comprehension_alert": false,
        "securities_lending": true,
        "illiquid_or_hard_to_value_underlying": true,
        "physical_allocated_commodity": false,
        "crypto_digital_asset": false
    },
    "complex_factors": [],
    "non_complex_factors": [
        "UCITS fund",
        "Physical replication",
        "No leverage identified",
        "No inverse exposure identified"
    ],
    "consumer_understanding": {
        "risk_level": "moderate",
        "drivers": [
            "Swap or FDI permission language identified",
            "Derivative powers appear permission-based rather than evidenced as core exposure",
            "Less liquid or harder-to-value underlying exposure language",
            "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. 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 also (or alternatively) invest in financial derivative instruments (FDIs) which relate to the Index or constituents of the Index. The FDIs which the Fund may use are futures, options (puts and calls), swaps (including equity swaps and swaps on the Index), currency forwards and non-deliverable forwards"
        },
        {
            "source": "KIID",
            "signal": "swaps",
            "quote": "swaps (including equity swaps and swaps on the Index)"
        },
        {
            "source": "KIID",
            "signal": "securities_lending",
            "quote": "The Fund does not take part in securities lending."
        },
        {
            "source": "KIID",
            "signal": "ucits",
            "quote": "VanEck Electrification and Power Infrastructure UCITS ETF (the \"Fund\") a sub-fund of VanEck UCITS ETFs plc"
        },
        {
            "source": "KIID",
            "signal": "replication_method_physical",
            "quote": "the Manufacturer will normally use a replication strategy by investing directly in the underlying (physical) securities of the Index being the equity stocks, American depository receipts (ADRs), and global depository receipts (GDRs)"
        }
    ],
    "supporting_data": "UCITS physical ETF baseline applied. Policy mode: balanced. Product type: ETF. UCITS signal identified. Replication method: physical.",
    "missing_data": [
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        "funded_swap",
        "unfunded_swap"
    ],
    "warnings": [
        "illiquid_or_hard_to_value_underlying_identified",
        "swap_permission_language_identified_not_core_strategy"
    ],
    "sources": {
        "kiid": {
            "url": "https://oppl.ai/apy/doc_store/IE000YYVSM16_KIID.txt",
            "found": true,
            "http_code": 200,
            "bytes": 11951,
            "error": null
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        "priips_kid": {
            "url": "https://oppl.ai/eu_kiids/en_txt/IE000YYVSM16.txt",
            "found": false,
            "http_code": 404,
            "bytes": 1251,
            "error": "http_404"
        },
        "factsheet": {
            "url": "https://oppl.ai/apy/doc_store/IE000YYVSM16_FS.txt",
            "found": true,
            "http_code": 200,
            "bytes": 61775,
            "error": null
        },
        "market_data": {
            "url": "https://api.londonstockexchange.com/api/gw/lse/search/autocomplete?q=IE000YYVSM16&size=3",
            "found": true,
            "http_code": 200,
            "bytes": 540,
            "error": null
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}