{
    "ok": true,
    "_meta": {
        "isin": "IE00B3DWVS88",
        "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": "2026-06-13T19:38:53+00:00",
        "captured_unix": 1781379533
    },
    "classification": "complex",
    "confidence": 0.88,
    "review_required": false,
    "decision_rule_applied": "balanced_etf_swap_complex_rule",
    "product_policy_branch": "ETF",
    "fund_name": "Invesco MSCI Emerging Markets UCITS ETF",
    "isin": "IE00B3DWVS88",
    "type": "ETF",
    "ucits": true,
    "asset_class": "Equity - Emerging Markets",
    "replication_method": "synthetic",
    "signals": {
        "leveraged": false,
        "inverse": false,
        "derivatives_mentioned": true,
        "derivatives_core_strategy": true,
        "derivatives_epm_only": false,
        "swaps": true,
        "funded_swap": true,
        "unfunded_swap": true,
        "synthetic_replication": true,
        "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": [
        "Swap usage"
    ],
    "non_complex_factors": [
        "UCITS fund",
        "No leverage identified",
        "No inverse exposure identified"
    ],
    "consumer_understanding": {
        "risk_level": "elevated",
        "drivers": [
            "Synthetic or swap-based exposure",
            "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."
    },
    "supporting_evidence": [
        {
            "source": "KIID",
            "signal": "derivatives_mentioned",
            "quote": "In order to achieve the objective the Fund will use unfunded swaps (\u201cSwaps\u201d)."
        },
        {
            "source": "KIID",
            "signal": "derivatives_core_strategy",
            "quote": "The performance of the Index is swapped from the counterparty to the Fund in exchange for the performance of equities and equity related securities held by the Fund."
        },
        {
            "source": "KIID",
            "signal": "swaps",
            "quote": "the Fund will use unfunded swaps (\u201cSwaps\u201d)."
        },
        {
            "source": "KIID",
            "signal": "unfunded_swap",
            "quote": "the Fund will use unfunded swaps (\u201cSwaps\u201d). These Swaps are an agreement ... but do not require the Fund to provide collateral"
        },
        {
            "source": "KIID",
            "signal": "synthetic_replication",
            "quote": "Synthetic ETF Risk: The fund might purchase securities that are not contained in the reference index and will enter into swap agreements to exchange the performance of those securities for the performance of the reference index."
        },
        {
            "source": "KIID",
            "signal": "counterparty_risk",
            "quote": "The insolvency of any institutions providing services such as safekeeping of assets or acting as counterparty to derivatives or other instruments, may expose the Fund to financial loss."
        },
        {
            "source": "FACTSHEET",
            "signal": "synthetic_replication",
            "quote": "Replication method: Synthetic"
        },
        {
            "source": "KIID",
            "signal": "ucits",
            "quote": "Invesco MSCI Emerging Markets UCITS ETF (the \"Fund\")"
        }
    ],
    "supporting_data": "ETF has evidenced core or synthetic swap usage. Policy mode: balanced. Product type: ETF. UCITS signal identified. Replication method: synthetic.",
    "missing_data": [
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        "structured_payoff",
        "capital_protection",
        "commodity_futures_roll",
        "contango_backwardation",
        "coco_or_at1_exposure",
        "clo_exposure",
        "complex_index",
        "priips_comprehension_alert",
        "securities_lending",
        "illiquid_or_hard_to_value_underlying",
        "physical_allocated_commodity",
        "crypto_digital_asset"
    ],
    "warnings": [
        "counterparty_risk_language_identified"
    ],
    "sources": {
        "kiid": {
            "url": "https://oppl.ai/apy/doc_store/IE00B3DWVS88_KIID.txt",
            "found": true,
            "http_code": 200,
            "bytes": 10498,
            "error": null
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        "priips_kid": {
            "url": "https://oppl.ai/eu_kiids/en_txt/IE00B3DWVS88.txt",
            "found": true,
            "http_code": 200,
            "bytes": 14952,
            "error": null
        },
        "factsheet": {
            "url": "https://oppl.ai/apy/doc_store/IE00B3DWVS88_FS.txt",
            "found": true,
            "http_code": 200,
            "bytes": 11826,
            "error": null
        },
        "market_data": {
            "url": "https://api.londonstockexchange.com/api/gw/lse/search/autocomplete?q=IE00B3DWVS88&size=3",
            "found": true,
            "http_code": 200,
            "bytes": 1221,
            "error": null
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    }
}