{
    "ok": true,
    "_meta": {
        "isin": "IE00BDZVHD04",
        "asset_scope": "UK_COMPLEX_ASSET",
        "policy_mode": "strict",
        "policy_mode_description": "Any material derivative, swap, synthetic, complex underlying, structured payoff, roll-cost, leverage, inverse, or PRIIPs warning signal can drive complex classification.",
        "classification_engine_version": "1.0.0",
        "prompt_version": "complex_asset_extract_v1",
        "captured_at_utc": "2026-06-20T14:34:19+00:00",
        "captured_unix": 1781966059
    },
    "classification": "non-complex",
    "confidence": 0.82,
    "review_required": false,
    "decision_rule_applied": "etf_ucits_physical_no_complex_override_rule",
    "product_policy_branch": "ETF",
    "fund_name": "iShares Developed Markets Property Yield UCITS ETF",
    "isin": "IE00BDZVHD04",
    "type": "ETF",
    "ucits": true,
    "asset_class": "Real Estate (Equity)",
    "replication_method": "physical",
    "signals": {
        "leveraged": false,
        "inverse": false,
        "derivatives_mentioned": true,
        "derivatives_core_strategy": false,
        "derivatives_epm_only": true,
        "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": false,
        "securities_lending": true,
        "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",
        "Derivative use appears limited to EPM, hedging, or risk management"
    ],
    "consumer_understanding": {
        "risk_level": "moderate",
        "drivers": [
            "Counterparty risk language identified",
            "Derivative use appears limited to efficient portfolio management, hedging or risk management",
            "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. Derivative language appears limited to efficient portfolio management, hedging or risk-management style use rather than being the core investment exposure. 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": "KIID",
            "signal": "derivatives_mentioned",
            "quote": "The investment manager may use financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets) for efficient portfolio management purposes"
        },
        {
            "source": "KIID",
            "signal": "derivatives_epm_only",
            "quote": "the use of financial derivative instruments (FDIs) ... may be used for direct investment purposes. ... The investment manager may use financial derivative instruments ... for efficient portfolio management purposes"
        },
        {
            "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 other instruments, may expose the Share Class to financial loss."
        },
        {
            "source": "KIID",
            "signal": "securities_lending",
            "quote": "The Fund may also engage in short-term secured lending of its investments to certain eligible third parties to generate additional income to off-set the costs of the Fund."
        },
        {
            "source": "PRIIPS_KID",
            "signal": "derivatives_mentioned",
            "quote": "FDIs may be used for direct investment purposes."
        },
        {
            "source": "PRIIPS_KID",
            "signal": "derivatives_epm_only",
            "quote": "The investment manager may use financial derivative instruments (FDIs) ... for efficient portfolio management purposes (i.e. to reduce risk within the Fund's portfolio, reduce investment costs and generate additional income)."
        },
        {
            "source": "PRIIPS_KID",
            "signal": "counterparty_risk",
            "quote": "In the event of the Depositary's insolvency, or someone acting on its behalf, the Fund may suffer a financial loss."
        },
        {
            "source": "FACTSHEET",
            "signal": "replication_method",
            "quote": "Methodology : Optimised"
        },
        {
            "source": "FACTSHEET",
            "signal": "ucits",
            "quote": "UCITS ETF"
        }
    ],
    "supporting_data": "UCITS physical ETF baseline applied. Policy mode: strict. Product type: ETF. UCITS signal identified. Replication method: physical.",
    "missing_data": [
        "No PRIIPs comprehension alert found",
        "No mention of swap or synthetic replication",
        "No commodity or crypto exposure"
    ],
    "warnings": [
        "counterparty_risk_language_identified"
    ],
    "sources": {
        "kiid": {
            "url": "https://oppl.ai/apy/doc_store/IE00BDZVHD04_KIID.txt",
            "found": true,
            "http_code": 200,
            "bytes": 11654,
            "error": null
        },
        "priips_kid": {
            "url": "https://oppl.ai/eu_kiids/en_txt/IE00BDZVHD04.txt",
            "found": true,
            "http_code": 200,
            "bytes": 15927,
            "error": null
        },
        "factsheet": {
            "url": "https://oppl.ai/apy/doc_store/IE00BDZVHD04_FS.txt",
            "found": true,
            "http_code": 200,
            "bytes": 12398,
            "error": null
        },
        "market_data": {
            "url": "https://api.londonstockexchange.com/api/gw/lse/search/autocomplete?q=IE00BDZVHD04&size=3",
            "found": true,
            "http_code": 200,
            "bytes": 286,
            "error": null
        }
    }
}