{
    "ok": true,
    "_meta": {
        "isin": "IE00BLLZQS08",
        "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": "2026-06-20T13:09:24+00:00",
        "captured_unix": 1781960964
    },
    "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 Moderate Portfolio UCITS ETF",
    "isin": "IE00BLLZQS08",
    "type": "ETF",
    "ucits": true,
    "asset_class": "Multi Asset",
    "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": true,
        "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": [
            "Less liquid or harder-to-value underlying exposure language",
            "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": "Exchange Traded Fund (ETF)"
        },
        {
            "source": "KIID",
            "signal": "ucits",
            "quote": "The Fund is a UCITS exchange-traded fund, a UCITS ETF"
        },
        {
            "source": "FACTSHEET",
            "signal": "asset_class",
            "quote": "Asset Class : Multi Asset"
        },
        {
            "source": "KIID",
            "signal": "derivatives_mentioned",
            "quote": "The IM may use financial derivative instruments (i.e. investments the prices of which are based on one or more underlying assets) to reduce risk within the Fund\u2019s portfolio, reduce investment costs and generate additional income."
        },
        {
            "source": "KIID",
            "signal": "derivatives_epm_only",
            "quote": "The IM may use financial derivative instruments (i.e. investments the prices of which are based on one or more underlying assets) to reduce risk within the Fund\u2019s portfolio, reduce investment costs and generate additional income."
        },
        {
            "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": "KIID",
            "signal": "replication_method",
            "quote": "The Fund will predominantly invest in other funds and investment products, including UCITS mutual funds, UCITS exchange traded funds (UCITS ETFs) and UCITS eligible exchange traded commodities."
        }
    ],
    "supporting_data": "UCITS physical ETF baseline applied. Policy mode: strict. Product type: ETF. UCITS signal identified. Replication method: physical.",
    "missing_data": [],
    "warnings": [
        "illiquid_or_hard_to_value_underlying_identified",
        "counterparty_risk_language_identified"
    ],
    "sources": {
        "kiid": {
            "url": "https://oppl.ai/apy/doc_store/IE00BLLZQS08_KIID.txt",
            "found": true,
            "http_code": 200,
            "bytes": 11927,
            "error": null
        },
        "priips_kid": {
            "url": "https://oppl.ai/eu_kiids/en_txt/IE00BLLZQS08.txt",
            "found": true,
            "http_code": 200,
            "bytes": 15693,
            "error": null
        },
        "factsheet": {
            "url": "https://oppl.ai/apy/doc_store/IE00BLLZQS08_FS.txt",
            "found": true,
            "http_code": 200,
            "bytes": 12167,
            "error": null
        },
        "market_data": {
            "url": "https://api.londonstockexchange.com/api/gw/lse/search/autocomplete?q=IE00BLLZQS08&size=3",
            "found": true,
            "http_code": 200,
            "bytes": 61,
            "error": null
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    }
}