{
    "ok": true,
    "_meta": {
        "isin": "IE00BMX0DF60",
        "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": "2026-06-20T13:51:22+00:00",
        "captured_unix": 1781963482
    },
    "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 US Medical Devices UCITS ETF",
    "isin": "IE00BMX0DF60",
    "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": null,
        "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": "replication_method",
            "quote": "The Fund intends to replicate the Index by holding the equity securities, which make up the Index, in similar proportions to it."
        },
        {
            "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": "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) to help achieve the Fund\u2019s investment objective. FDIs may be used for direct investment purposes."
        },
        {
            "source": "PRIIPS_KID",
            "signal": "ucits",
            "quote": "The Fund is a sub-fund of iShares V plc, an umbrella company incorporated in Ireland, authorised by the Central Bank of Ireland as a Undertaking for Collective Investment in Transferable Securities (\u201cUCITS\u201d)."
        },
        {
            "source": "FACTSHEET",
            "signal": "replication_method",
            "quote": "Product Structure : Physical"
        },
        {
            "source": "FACTSHEET",
            "signal": "type",
            "quote": "iShares US Medical Devices UCITS ETF"
        },
        {
            "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": "asset_class",
            "quote": "aims to invest in equity securities"
        },
        {
            "source": "PRIIPS_KID",
            "signal": "derivatives_mentioned",
            "quote": "The investment manager may use financial derivative instruments (FDIs) ... to help achieve the Fund\u2019s investment objective."
        }
    ],
    "supporting_data": "UCITS physical ETF baseline applied. Policy mode: strict. Product type: ETF. UCITS signal identified. Replication method: physical.",
    "missing_data": [
        "Specific role of derivatives (EPM vs core) is not clearly defined; the phrase 'direct investment purposes' is ambiguous but overall physical replication suggests non-core use."
    ],
    "warnings": [
        "counterparty_risk_language_identified"
    ],
    "sources": {
        "kiid": {
            "url": "https://oppl.ai/apy/doc_store/IE00BMX0DF60_KIID.txt",
            "found": true,
            "http_code": 200,
            "bytes": 10521,
            "error": null
        },
        "priips_kid": {
            "url": "https://oppl.ai/eu_kiids/en_txt/IE00BMX0DF60.txt",
            "found": true,
            "http_code": 200,
            "bytes": 15548,
            "error": null
        },
        "factsheet": {
            "url": "https://oppl.ai/apy/doc_store/IE00BMX0DF60_FS.txt",
            "found": true,
            "http_code": 200,
            "bytes": 11839,
            "error": null
        },
        "market_data": {
            "url": "https://api.londonstockexchange.com/api/gw/lse/search/autocomplete?q=IE00BMX0DF60&size=3",
            "found": true,
            "http_code": 200,
            "bytes": 61,
            "error": null
        }
    }
}