{
    "ok": true,
    "_meta": {
        "isin": "IE0000M28B94",
        "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": "2026-07-15T10:39:33+00:00",
        "captured_unix": 1784111973
    },
    "classification": "complex",
    "confidence": 0.93,
    "review_required": false,
    "decision_rule_applied": "etf_clo_exposure_hard_complex_rule",
    "product_policy_branch": "ETF",
    "fund_name": "iShares \u20ac AAA CLO Active UCITS ETF",
    "isin": "IE0000M28B94",
    "type": "ETF",
    "ucits": true,
    "asset_class": "Fixed Income",
    "replication_method": null,
    "signals": {
        "leveraged": false,
        "inverse": false,
        "derivatives_mentioned": true,
        "derivatives_core_strategy": true,
        "derivatives_epm_only": false,
        "swaps": true,
        "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": true,
        "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": [
        "CLO exposure"
    ],
    "non_complex_factors": [
        "UCITS fund",
        "No leverage identified",
        "No inverse exposure identified"
    ],
    "consumer_understanding": {
        "risk_level": "high",
        "drivers": [
            "Swap or FDI permission language identified",
            "Derivative powers appear permission-based rather than evidenced as core exposure",
            "CLO exposure",
            "Tranched credit exposure may be difficult to understand",
            "Derivatives appear core to the investment strategy",
            "Less liquid or harder-to-value underlying exposure language",
            "Counterparty risk language identified",
            "Fixed income credit and duration risk"
        ],
        "plain_english_explanation": "The product appears to have CLO exposure. Tranched credit structures can be difficult for ordinary retail clients to understand because risk and return depend on the structure of the debt waterfall and the performance of the underlying loan pool.",
        "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": "clo_exposure",
            "quote": "The Fund is actively managed and aims to provide a total return, comprising income and capital, by investing in a portfolio predominantly of Euro-denominated AAA-rated collateralized loan obligations (CLOs)."
        },
        {
            "source": "KIID",
            "signal": "swaps",
            "quote": "The investment manager (IM) may use financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets) such as futures, forward contracts and swap contracts (including total return swaps) for direct investment purposes or for efficient portfolio management purposes."
        },
        {
            "source": "KIID",
            "signal": "derivatives_core_strategy",
            "quote": "The investment manager (IM) may use financial derivative instruments (FDIs) ... for direct investment purposes or for efficient portfolio management purposes."
        },
        {
            "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": "illiquid_or_hard_to_value_underlying",
            "quote": "Collateralised Loan Obligations are subject to ... 'Liquidity Risk', have high levels of borrowing and may not fully reflect the value of underlying assets."
        }
    ],
    "supporting_data": "Hard complex product feature identified: CLO exposure. Policy mode: balanced. Product type: ETF. UCITS signal identified.",
    "missing_data": [
        "replication_method",
        "funded_swap vs unfunded_swap not specified",
        "no explicit priips_comprehension_alert found"
    ],
    "warnings": [
        "illiquid_or_hard_to_value_underlying_identified",
        "counterparty_risk_language_identified"
    ],
    "sources": {
        "kiid": {
            "url": "https://oppl.ai/apy/doc_store/IE0000M28B94_KIID.txt",
            "found": true,
            "http_code": 200,
            "bytes": 10946,
            "error": null
        },
        "priips_kid": {
            "url": "https://oppl.ai/eu_kiids/en_txt/IE0000M28B94.txt",
            "found": true,
            "http_code": 200,
            "bytes": 16433,
            "error": null
        },
        "factsheet": {
            "url": "https://oppl.ai/apy/doc_store/IE0000M28B94_FS.txt",
            "found": true,
            "http_code": 200,
            "bytes": 11982,
            "error": null
        },
        "market_data": {
            "url": "https://api.londonstockexchange.com/api/gw/lse/search/autocomplete?q=IE0000M28B94&size=3",
            "found": true,
            "http_code": 200,
            "bytes": 61,
            "error": null
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    }
}