{
    "ok": true,
    "_meta": {
        "isin": "IE00B3XXRP09",
        "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": "2026-06-05T15:33:57+00:00",
        "captured_unix": 1780673637
    },
    "classification": "non-complex",
    "confidence": 0.8,
    "review_required": false,
    "decision_rule_applied": "balanced_ucits_physical_plain_etf_priips_alert_soft_flag_rule",
    "product_policy_branch": "ETF",
    "fund_name": "nd the nature and the risks of investing in this fund. You are advised to read it so you can make an informed decision about whether to invest. Vanguard S&P 500 UCITS ETF (USD) Distributing",
    "isin": "IE00B3XXRP09",
    "type": "ETF",
    "ucits": true,
    "asset_class": "equity",
    "replication_method": "physical",
    "signals": {
        "leveraged": false,
        "inverse": false,
        "derivatives_mentioned": true,
        "derivatives_core_strategy": null,
        "derivatives_epm_only": null,
        "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": true,
        "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",
        "PRIIPs comprehension alert treated as investor-understanding flag under balanced mode"
    ],
    "consumer_understanding": {
        "risk_level": "moderate",
        "drivers": [
            "Counterparty risk language identified",
            "PRIIPs comprehension alert 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": "PRIIPS_KID",
            "signal": "priips_comprehension_alert",
            "quote": "You are about to purchase a Fund that is not simple and may be difficult to understand. What is this product?"
        },
        {
            "source": "KIID",
            "signal": "ucits",
            "quote": "Vanguard S&P 500 UCITS ETF (the \"Fund\") (USD) Distributing A sub-fund of Vanguard Funds PLCISIN: IE00B3XXRP09 Manager: Vanguard Group (Ireland) Limited (\u201cVGIL\u201d) Objectives and investment policy"
        },
        {
            "source": "KIID",
            "signal": "replication_method_physical",
            "quote": "The Fund may engage in short term secured lending of its investments to approach, through physical acquisition of securities, and seeks to track the certain eligible third parties"
        },
        {
            "source": "KIID",
            "signal": "derivatives_mentioned",
            "quote": "The Fund may use derivatives in order to reduce risk or cost and/or set out in the Prospectus, investors who are not Authorised Participants generate extra income or growth. A derivative is a financial contract whose may only buy or sell ETF Shares through a company that is a member of value is based on the value of a financial asset (such as a share, bond, or a relevant stock exchange at any time when that stock exchange is open currency) or a market index"
        },
        {
            "source": "KIID",
            "signal": "counterparty_risk",
            "quote": "Counterparty risk. The insolvency of any institutions providing services such as safekeeping of assets or acting as counterparty to derivatives or"
        }
    ],
    "supporting_data": "Balanced mode treats the PRIIPs comprehension alert as an investor-understanding flag for a plain physical UCITS ETF, not as a hard complex override. Policy mode: balanced. Product type: ETF. UCITS signal identified. Replication method: physical.",
    "missing_data": [],
    "warnings": [
        "counterparty_risk_language_identified",
        "priips_comprehension_alert_soft_flag"
    ],
    "sources": {
        "kiid": {
            "url": "https://oppl.ai/apy/doc_store/IE00B3XXRP09_KIID.txt",
            "found": true,
            "http_code": 200,
            "bytes": 11051,
            "error": null
        },
        "priips_kid": {
            "url": "https://oppl.ai/eu_kiids/en_txt/IE00B3XXRP09.txt",
            "found": true,
            "http_code": 200,
            "bytes": 13752,
            "error": null
        },
        "factsheet": {
            "url": "https://oppl.ai/apy/doc_store/IE00B3XXRP09_FS.txt",
            "found": true,
            "http_code": 200,
            "bytes": 14878,
            "error": null
        },
        "market_data": {
            "url": "https://api.londonstockexchange.com/api/gw/lse/search/autocomplete?q=IE00B3XXRP09&size=3",
            "found": true,
            "http_code": 200,
            "bytes": 702,
            "error": null
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    }
}