{
    "ok": true,
    "_meta": {
        "isin": "IE00BL4KKW48",
        "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": "2026-06-20T14:34:36+00:00",
        "captured_unix": 1781966076
    },
    "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 Core MSCI Europe UCITS ETF",
    "isin": "IE00BL4KKW48",
    "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": 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": "type",
            "quote": "iShares Core MSCI Europe UCITS ETF A sub-fund of iShares II plc MXN Hedged (Acc) Share Class ISIN: IE00BL4KKW48 Exchange Traded Fund (ETF)"
        },
        {
            "source": "KIID",
            "signal": "ucits",
            "quote": "iShares Core MSCI Europe UCITS ETF"
        },
        {
            "source": "KIID",
            "signal": "replication_method",
            "quote": "The Share Class, via the Fund is passively managed and aims to invest so far as possible and practicable in the equity securities (e.g. shares) that make up the Index."
        },
        {
            "source": "FACTSHEET",
            "signal": "replication_method",
            "quote": "Product Structure : Physical"
        },
        {
            "source": "KIID",
            "signal": "derivatives_mentioned",
            "quote": "These may also include the use of financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets)."
        },
        {
            "source": "KIID",
            "signal": "derivatives_epm_only",
            "quote": "FDIs, including FX forward contracts, will be used for currency hedging purposes."
        },
        {
            "source": "KIID",
            "signal": "derivatives_epm_only",
            "quote": "The Fund uses optimising techniques to achieve a similar return to the Index. These may include the strategic selection of certain securities that make up the Index or other securities which provide similar performance to certain constituent securities. These may also include the use of financial derivative instruments (FDIs)"
        },
        {
            "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": "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."
        }
    ],
    "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/IE00BL4KKW48_KIID.txt",
            "found": true,
            "http_code": 200,
            "bytes": 10421,
            "error": null
        },
        "priips_kid": {
            "url": "https://oppl.ai/eu_kiids/en_txt/IE00BL4KKW48.txt",
            "found": true,
            "http_code": 200,
            "bytes": 15237,
            "error": null
        },
        "factsheet": {
            "url": "https://oppl.ai/apy/doc_store/IE00BL4KKW48_FS.txt",
            "found": true,
            "http_code": 200,
            "bytes": 10971,
            "error": null
        },
        "market_data": {
            "url": "https://api.londonstockexchange.com/api/gw/lse/search/autocomplete?q=IE00BL4KKW48&size=3",
            "found": true,
            "http_code": 200,
            "bytes": 369,
            "error": null
        }
    }
}