{
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    "_meta": {
        "isin": "IE00B3YC1100",
        "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": "2026-05-23T07:53:15+00:00",
        "captured_unix": 1779522795
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    "classification": "complex",
    "confidence": 0.88,
    "review_required": false,
    "decision_rule_applied": "balanced_etf_swap_complex_rule",
    "product_policy_branch": "ETF",
    "fund_name": "Invesco Industrials S&P US Select Sector UCITS ETF",
    "isin": "IE00B3YC1100",
    "type": "ETF",
    "ucits": true,
    "asset_class": "Equities - Industrials Sector",
    "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": true,
        "illiquid_or_hard_to_value_underlying": false,
        "physical_allocated_commodity": false,
        "crypto_digital_asset": false
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        "No leverage identified",
        "No inverse exposure identified"
    ],
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        "drivers": [
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            "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."
    },
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            "source": "KIID",
            "signal": "swaps",
            "quote": "To achieve the objective the Fund will use unfunded swaps (\"Swaps\")."
        },
        {
            "source": "KIID",
            "signal": "unfunded_swap",
            "quote": "To achieve the objective the Fund will use unfunded swaps (\"Swaps\")."
        },
        {
            "source": "KIID",
            "signal": "synthetic_replication",
            "quote": "To achieve the objective the Fund will use unfunded swaps (\"Swaps\"). This is a synthetic replication method."
        },
        {
            "source": "KIID",
            "signal": "derivatives_core_strategy",
            "quote": "To achieve the objective the Fund will use unfunded swaps (\"Swaps\")."
        },
        {
            "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": "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": "KIID",
            "signal": "ucits",
            "quote": "Invesco Industrials S&P US Select Sector UCITS ETF"
        },
        {
            "source": "FACTSHEET",
            "signal": "replication_method",
            "quote": "Replication method Synthetic"
        }
    ],
    "supporting_data": "ETF has evidenced swap usage. Policy mode: balanced. Product type: ETF. UCITS signal identified. Replication method: synthetic.",
    "missing_data": [],
    "warnings": [
        "counterparty_risk_language_identified"
    ],
    "sources": {
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            "url": "https://oppl.ai/apy/doc_store/IE00B3YC1100_KIID.txt",
            "found": true,
            "http_code": 200,
            "bytes": 10512,
            "error": null
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        "priips_kid": {
            "url": "https://oppl.ai/eu_kiids/en_txt/IE00B3YC1100.txt",
            "found": true,
            "http_code": 200,
            "bytes": 14944,
            "error": null
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        "factsheet": {
            "url": "https://oppl.ai/apy/doc_store/IE00B3YC1100_FS.txt",
            "found": true,
            "http_code": 200,
            "bytes": 11916,
            "error": null
        },
        "market_data": {
            "url": "https://api.londonstockexchange.com/api/gw/lse/search/autocomplete?q=IE00B3YC1100&size=3",
            "found": true,
            "http_code": 200,
            "bytes": 1223,
            "error": null
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}