{
    "ok": true,
    "_meta": {
        "isin": "IE0004L7EQG2",
        "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": "2026-06-29T18:19:25+00:00",
        "captured_unix": 1782757165
    },
    "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": "HSBC Euro Liquidity Fund",
    "isin": "IE0004L7EQG2",
    "type": "ETF",
    "ucits": true,
    "asset_class": "Money Market",
    "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": false,
        "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": "fund_name",
            "quote": "HSBC Euro Liquidity Fund"
        },
        {
            "source": "KIID",
            "signal": "isin",
            "quote": "ISIN:IE0004L7EQG2"
        },
        {
            "source": "KIID",
            "signal": "type",
            "quote": "Class:UCITS ETF (Acc)"
        },
        {
            "source": "KIID",
            "signal": "ucits",
            "quote": "a sub-fund of HSBC Global Liquidity Funds Plc, (the \"UCITS\")"
        },
        {
            "source": "KIID",
            "signal": "asset_class",
            "quote": "The Fund is classified as a Low Volatility NAV Money Market Fund under the Money Market Fund Regulations."
        },
        {
            "source": "KIID",
            "signal": "investment_objective_summary",
            "quote": "The Fund aims to provide security of capital, daily liquidity and an investment return which is comparable to normal Euro denominated money market interest rates."
        },
        {
            "source": "KIID",
            "signal": "replication_method",
            "quote": "The Fund invests in a diversified portfolio of short-term securities, instruments, and obligations."
        },
        {
            "source": "KIID",
            "signal": "derivatives_mentioned",
            "quote": "The Fund may also invest in financial derivative instruments and may use them for hedging purposes."
        },
        {
            "source": "KIID",
            "signal": "derivatives_epm_only",
            "quote": "The Fund may also invest in financial derivative instruments and may use them for hedging purposes."
        },
        {
            "source": "KIID",
            "signal": "counterparty_risk",
            "quote": "Counterparty Risk The possibility that the counterparty to a transaction may be unwilling or unable to meet its obligations."
        }
    ],
    "supporting_data": "UCITS physical ETF baseline applied. Policy mode: strict. Product type: ETF. UCITS signal identified. Replication method: physical.",
    "missing_data": [
        "No statement on securities lending found.",
        "No PRIIPs comprehension alert present.",
        "No mention of structured payoff or capital protection."
    ],
    "warnings": [
        "counterparty_risk_language_identified"
    ],
    "sources": {
        "kiid": {
            "url": "https://oppl.ai/apy/doc_store/IE0004L7EQG2_KIID.txt",
            "found": true,
            "http_code": 200,
            "bytes": 10696,
            "error": null
        },
        "priips_kid": {
            "url": "https://oppl.ai/eu_kiids/en_txt/IE0004L7EQG2.txt",
            "found": true,
            "http_code": 200,
            "bytes": 15195,
            "error": null
        },
        "factsheet": {
            "url": "https://oppl.ai/apy/doc_store/IE0004L7EQG2_FS.txt",
            "found": true,
            "http_code": 200,
            "bytes": 13430,
            "error": null
        },
        "market_data": {
            "url": "https://api.londonstockexchange.com/api/gw/lse/search/autocomplete?q=IE0004L7EQG2&size=3",
            "found": true,
            "http_code": 200,
            "bytes": 61,
            "error": null
        }
    }
}