{
    "ok": true,
    "_meta": {
        "isin": "DE000A0Q4R02",
        "asset_scope": "UK_COMPLEX_ASSET",
        "policy_mode": "balanced",
        "policy_mode_description": "UCITS ETFs usually start from a non-complex baseline, but product-level complexity such as synthetic replication, swaps, leverage, inverse exposure, complex debt, commodity roll exposure, or comprehension warnings can override that baseline.",
        "classification_engine_version": "1.0.0",
        "prompt_version": "complex_asset_extract_v1",
        "captured_at_utc": "2026-08-06T10:21:15+00:00",
        "captured_unix": 1786011675
    },
    "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 STOXX Europe 600 Utilities UCITS ETF (DE)",
    "isin": "DE000A0Q4R02",
    "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": false,
        "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"
    ],
    "consumer_understanding": {
        "risk_level": "moderate",
        "drivers": [
            "Less liquid or harder-to-value underlying exposure language",
            "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 STOXX Europe 600 Utilities UCITS"
        },
        {
            "source": "KIID",
            "signal": "isin",
            "quote": "DE000A0Q4R02"
        },
        {
            "source": "KIID",
            "signal": "type",
            "quote": "Exchange Traded Fund (ETF)"
        },
        {
            "source": "PRIIPS_KID",
            "signal": "ucits",
            "quote": "authorised by the Federal Financial Supervisory Authority as a Undertaking for Collective Investment in Transferable Securities (\"UCITS\"). The Fund is a UCITS exchange-traded fund, a UCITS ETF."
        },
        {
            "source": "KIID",
            "signal": "investment_objective_summary",
            "quote": "aims to track the performance of the STOXX\u00ae Europe 600 Utilities (Price Index) as closely as possible. In this regard, it aims to replicate the benchmark (Index)."
        },
        {
            "source": "FACTSHEET",
            "signal": "replication_method",
            "quote": "Product Structure : Physical"
        },
        {
            "source": "KIID",
            "signal": "derivatives_mentioned",
            "quote": "It is not the Investment Manager\u2019s intention to leverage the Fund. However, the Fund may generate minimal amounts of leverage from time to time, for example, if using financial derivative instruments (FDIs) for efficient portfolio management purposes."
        },
        {
            "source": "KIID",
            "signal": "derivatives_epm_only",
            "quote": "It is not the Investment Manager\u2019s intention to leverage the Fund. However, the Fund may generate minimal amounts of leverage from time to time, for example, if using financial derivative instruments (FDIs) for efficient portfolio management purposes."
        },
        {
            "source": "FACTSHEET",
            "signal": "asset_class",
            "quote": "Asset Class : Equity"
        },
        {
            "source": "FACTSHEET",
            "signal": "replication_method",
            "quote": "Methodology : Replicated"
        },
        {
            "source": "KIID",
            "signal": "derivatives_core_strategy",
            "quote": "It is not the Investment Manager\u2019s intention to leverage the Fund."
        },
        {
            "source": "PRIIPS_KID",
            "signal": "priips_comprehension_alert",
            "quote": "No comprehension alert found in the document."
        }
    ],
    "supporting_data": "UCITS physical ETF baseline applied. Policy mode: balanced. 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/DE000A0Q4R02_KIID.txt",
            "found": true,
            "http_code": 200,
            "bytes": 8464,
            "error": null
        },
        "priips_kid": {
            "url": "https://oppl.ai/eu_kiids/en_txt/DE000A0Q4R02.txt",
            "found": true,
            "http_code": 200,
            "bytes": 15336,
            "error": null
        },
        "factsheet": {
            "url": "https://oppl.ai/apy/doc_store/DE000A0Q4R02_FS.txt",
            "found": true,
            "http_code": 200,
            "bytes": 11258,
            "error": null
        },
        "market_data": {
            "url": "https://api.londonstockexchange.com/api/gw/lse/search/autocomplete?q=DE000A0Q4R02&size=3",
            "found": true,
            "http_code": 200,
            "bytes": 369,
            "error": null
        }
    }
}