{
    "ok": true,
    "_meta": {
        "isin": "IE00B23D8S39",
        "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": "2026-06-13T19:21:07+00:00",
        "captured_unix": 1781378467
    },
    "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": "Invesco FTSE RAFI US 1000 UCITS ETF",
    "isin": "IE00B23D8S39",
    "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": 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": [],
    "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": "low",
        "drivers": [
            "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": "fund_name",
            "quote": "Invesco FTSE RAFI US 1000 UCITS ETF"
        },
        {
            "source": "KIID",
            "signal": "type",
            "quote": "The Fund is a passively managed Exchange-Traded ETF"
        },
        {
            "source": "KIID",
            "signal": "replication_method",
            "quote": "To achieve the investment objective the Fund will, as far as possible and practicable, hold all the shares in the Index in their respective weighting."
        },
        {
            "source": "KIID",
            "signal": "ucits",
            "quote": "This Fund is authorised in Ireland and regulated by the Central Bank of Ireland."
        },
        {
            "source": "PRIIPS_KID",
            "signal": "derivatives_mentioned",
            "quote": "The Fund may use derivative instruments for the purposes of managing risk, reducing costs or generating additional capital or income."
        },
        {
            "source": "PRIIPS_KID",
            "signal": "derivatives_epm_only",
            "quote": "The Fund may use derivative instruments for the purposes of managing risk, reducing costs or generating additional capital or income."
        },
        {
            "source": "KIID",
            "signal": "securities_lending",
            "quote": "The Fund may engage in securities lending, whereby 90% of the revenues arising from securities lending will be returned to the Fund and 10% of the revenues will be retained by the securities lending agent."
        },
        {
            "source": "FACTSHEET",
            "signal": "asset_class",
            "quote": "The Reference Index is designed to break with the traditional price-based market cap weighted index design and instead derives its constituent weights from fundamental measures of company size."
        },
        {
            "source": "FACTSHEET",
            "signal": "ucits",
            "quote": "UCITS compliant Yes"
        },
        {
            "source": "FACTSHEET",
            "signal": "replication_method",
            "quote": "Replication method Physical"
        },
        {
            "source": "MARKET_DATA",
            "signal": "type",
            "quote": "INVESCO MARKETS III PLC IVZ RAFI US FUNDMTL VAL 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/IE00B23D8S39_KIID.txt",
            "found": true,
            "http_code": 200,
            "bytes": 9254,
            "error": null
        },
        "priips_kid": {
            "url": "https://oppl.ai/eu_kiids/en_txt/IE00B23D8S39.txt",
            "found": true,
            "http_code": 200,
            "bytes": 14431,
            "error": null
        },
        "factsheet": {
            "url": "https://oppl.ai/apy/doc_store/IE00B23D8S39_FS.txt",
            "found": true,
            "http_code": 200,
            "bytes": 10312,
            "error": null
        },
        "market_data": {
            "url": "https://api.londonstockexchange.com/api/gw/lse/search/autocomplete?q=IE00B23D8S39&size=3",
            "found": true,
            "http_code": 200,
            "bytes": 1214,
            "error": null
        }
    }
}