{
    "ok": true,
    "_meta": {
        "isin": "IE00BFNM3B99",
        "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": "2026-06-20T07:24:17+00:00",
        "captured_unix": 1781940257
    },
    "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 MSCI EMU Screened UCITS ETF",
    "isin": "IE00BFNM3B99",
    "type": "ETF",
    "ucits": true,
    "asset_class": "Equity",
    "replication_method": "physical",
    "signals": {
        "leveraged": false,
        "inverse": false,
        "derivatives_mentioned": true,
        "derivatives_core_strategy": false,
        "derivatives_epm_only": false,
        "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"
    ],
    "consumer_understanding": {
        "risk_level": "moderate",
        "drivers": [
            "Counterparty risk language identified",
            "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": "KIID",
            "signal": "fund_name",
            "quote": "iShares MSCI EMU Screened UCITS ETF"
        },
        {
            "source": "KIID",
            "signal": "isin",
            "quote": "IE00BFNM3B99"
        },
        {
            "source": "KIID",
            "signal": "type",
            "quote": "Exchange Traded Fund (ETF)"
        },
        {
            "source": "KIID",
            "signal": "ucits",
            "quote": "The Share Class is a share class of a Fund which is a sub-fund of iShares IV plc, an umbrella company incorporated in Ireland, authorised by the Central Bank of Ireland as a Undertaking for Collective Investment in Transferable Securities (\"UCITS\")"
        },
        {
            "source": "KIID",
            "signal": "asset_class",
            "quote": "aims to invest in equity securities"
        },
        {
            "source": "KIID",
            "signal": "replication_method",
            "quote": "The Fund uses optimising techniques to achieve a similar return to its Index which may include the strategic selection of certain securities that make up the Index or other securities which provide similar performance to certain constituent securities including financial derivative instruments (\"FDIs\")"
        },
        {
            "source": "FACTSHEET",
            "signal": "replication_method",
            "quote": "Product Structure : Physical"
        },
        {
            "source": "KIID",
            "signal": "derivatives_mentioned",
            "quote": "financial derivative instruments (\"FDIs\") which may be used for direct investment purposes"
        },
        {
            "source": "KIID",
            "signal": "derivatives_core_strategy",
            "quote": "The use of FDIs is expected to be limited for this Share Class."
        }
    ],
    "supporting_data": "UCITS physical ETF baseline applied. Policy mode: strict. Product type: ETF. UCITS signal identified. Replication method: physical.",
    "missing_data": [],
    "warnings": [
        "counterparty_risk_language_identified"
    ],
    "sources": {
        "kiid": {
            "url": "https://oppl.ai/apy/doc_store/IE00BFNM3B99_KIID.txt",
            "found": true,
            "http_code": 200,
            "bytes": 11785,
            "error": null
        },
        "priips_kid": {
            "url": "https://oppl.ai/eu_kiids/en_txt/IE00BFNM3B99.txt",
            "found": true,
            "http_code": 200,
            "bytes": 15436,
            "error": null
        },
        "factsheet": {
            "url": "https://oppl.ai/apy/doc_store/IE00BFNM3B99_FS.txt",
            "found": true,
            "http_code": 200,
            "bytes": 11538,
            "error": null
        },
        "market_data": {
            "url": "https://api.londonstockexchange.com/api/gw/lse/search/autocomplete?q=IE00BFNM3B99&size=3",
            "found": true,
            "http_code": 200,
            "bytes": 265,
            "error": null
        }
    }
}