{
    "ok": true,
    "_meta": {
        "isin": "IE00B449XP68",
        "asset_scope": "UK_COMPLEX_ASSET",
        "policy_mode": "ucits_default",
        "policy_mode_description": "UCITS ETFs default to non-complex unless leverage, inverse exposure, structured payoff, complex underlyings, or explicit comprehension-warning language is identified.",
        "classification_engine_version": "1.0.0",
        "prompt_version": "complex_asset_extract_v1",
        "captured_at_utc": "2026-06-13T15:50:13+00:00",
        "captured_unix": 1781365813
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    "classification": "non-complex",
    "confidence": 0.78,
    "review_required": false,
    "decision_rule_applied": "etf_ucits_no_complex_override_rule",
    "product_policy_branch": "ETF",
    "fund_name": "Invesco Consumer Discretionary S&P US Select Sector UCITS ETF",
    "isin": "IE00B449XP68",
    "type": "ETF",
    "ucits": true,
    "asset_class": "equity",
    "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": [],
    "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_core_strategy",
            "quote": "To achieve the objective the Fund will use unfunded swaps (\"Swaps\"). These Swaps are an agreement between the Fund and an approved counterparty to exchange one stream of cash flows against another stream but do not require the Fund to provide collateral, on the basis that the Fund has already invested in a basket of equities and equity related securities (namely shares)."
        },
        {
            "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": "FACTSHEET",
            "signal": "synthetic_replication",
            "quote": "Replication method Synthetic"
        },
        {
            "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": "derivatives_mentioned",
            "quote": "Use of Derivatives for Index Tracking Risk: The Fund's ability to track the benchmark's performance is reliant on the counterparties to continuously deliver the performance of the benchmark in line with the swap agreements"
        }
    ],
    "supporting_data": "UCITS ETF baseline applied. Policy mode: ucits_default. Product type: ETF. UCITS signal identified. Replication method: synthetic.",
    "missing_data": [],
    "warnings": [
        "counterparty_risk_language_identified"
    ],
    "sources": {
        "kiid": {
            "url": "https://oppl.ai/apy/doc_store/IE00B449XP68_KIID.txt",
            "found": true,
            "http_code": 200,
            "bytes": 10334,
            "error": null
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        "priips_kid": {
            "url": "https://oppl.ai/eu_kiids/en_txt/IE00B449XP68.txt",
            "found": true,
            "http_code": 200,
            "bytes": 14987,
            "error": null
        },
        "factsheet": {
            "url": "https://oppl.ai/apy/doc_store/IE00B449XP68_FS.txt",
            "found": true,
            "http_code": 200,
            "bytes": 11985,
            "error": null
        },
        "market_data": {
            "url": "https://api.londonstockexchange.com/api/gw/lse/search/autocomplete?q=IE00B449XP68&size=3",
            "found": true,
            "http_code": 200,
            "bytes": 1225,
            "error": null
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}