{
    "ok": true,
    "_meta": {
        "isin": "IE00B435BG20",
        "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": "2026-06-13T19:26:41+00:00",
        "captured_unix": 1781378801
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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 Consumer Staples S&P US Select Sector UCITS ETF",
    "isin": "IE00B435BG20",
    "type": "ETF",
    "ucits": true,
    "asset_class": "Equity (Consumer Staples 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": false,
        "illiquid_or_hard_to_value_underlying": false,
        "physical_allocated_commodity": false,
        "crypto_digital_asset": false
    },
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        "Swap usage"
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    "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": "unfunded_swap",
            "quote": "To achieve the objective the Fund will use unfunded swaps (\u201cSwaps\u201d)."
        },
        {
            "source": "KIID",
            "signal": "swaps",
            "quote": "These Swaps are an agreement between the Fund and an approved counterparty to exchange one stream of cash flows against another stream"
        },
        {
            "source": "KIID",
            "signal": "derivatives_core_strategy",
            "quote": "To achieve the objective the Fund will use unfunded swaps (\u201cSwaps\u201d)."
        },
        {
            "source": "KIID",
            "signal": "synthetic_replication",
            "quote": "The Fund will purchase securities that are not contained in the Index. 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": "counterparty_risk",
            "quote": "the Fund\u2019s ability to track the benchmark\u2019s performance is reliant on the counterparties to continuously deliver the performance of the benchmark in line with the swap agreements and would also be affected by any spread between the pricing of the swaps and the pricing of the benchmark. 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": "PRIIPS_KID",
            "signal": "unfunded_swap",
            "quote": "To achieve the objective the Fund will use unfunded swaps (\u201cSwaps\u201d)."
        },
        {
            "source": "FACTSHEET",
            "signal": "synthetic_replication",
            "quote": "Replication method  Synthetic"
        },
        {
            "source": "FACTSHEET",
            "signal": "ucits",
            "quote": "UCITS compliant  Yes"
        }
    ],
    "supporting_data": "ETF has evidenced core or synthetic 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/IE00B435BG20_KIID.txt",
            "found": true,
            "http_code": 200,
            "bytes": 10286,
            "error": null
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        "priips_kid": {
            "url": "https://oppl.ai/eu_kiids/en_txt/IE00B435BG20.txt",
            "found": true,
            "http_code": 200,
            "bytes": 14931,
            "error": null
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        "factsheet": {
            "url": "https://oppl.ai/apy/doc_store/IE00B435BG20_FS.txt",
            "found": true,
            "http_code": 200,
            "bytes": 11936,
            "error": null
        },
        "market_data": {
            "url": "https://api.londonstockexchange.com/api/gw/lse/search/autocomplete?q=IE00B435BG20&size=3",
            "found": true,
            "http_code": 200,
            "bytes": 1498,
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}