{
    "ok": true,
    "_meta": {
        "isin": "IE0005KVDHL8",
        "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": "2026-06-19T11:51:15+00:00",
        "captured_unix": 1781869875
    },
    "classification": "complex",
    "confidence": 0.93,
    "review_required": false,
    "decision_rule_applied": "etf_clo_exposure_hard_complex_rule",
    "product_policy_branch": "ETF",
    "fund_name": "Invesco EUR AAA CLO UCITS ETF",
    "isin": "IE0005KVDHL8",
    "type": "ETF",
    "ucits": true,
    "asset_class": "credit",
    "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": false,
        "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": true,
        "securities_lending": false,
        "illiquid_or_hard_to_value_underlying": false,
        "physical_allocated_commodity": false,
        "crypto_digital_asset": false
    },
    "complex_factors": [
        "CLO exposure"
    ],
    "non_complex_factors": [
        "UCITS fund",
        "Physical replication",
        "No leverage identified",
        "No inverse exposure identified"
    ],
    "consumer_understanding": {
        "risk_level": "high",
        "drivers": [
            "CLO exposure",
            "Tranched credit exposure may be difficult to understand",
            "PRIIPs comprehension alert language",
            "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 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 will primarily invest in AAA-rated (or equivalently rated by a nationally recognised statistical rating organisation) tranches of Euro denominated floating rate debt securities issued by collateralised loan obligations (\"CLOs\")."
        },
        {
            "source": "KIID",
            "signal": "priips_comprehension_alert",
            "quote": "WARNING: You are about to purchase a product that is not simple and may be difficult to understand."
        },
        {
            "source": "KIID",
            "signal": "derivatives_mentioned",
            "quote": "To minimise exposure to fluctuations in the exchange rate between the Fund's base currency and the Share Class currency, the Share Class enters into foreign exchange transactions (typically FX forwards)."
        },
        {
            "source": "KIID",
            "signal": "derivatives_epm_only",
            "quote": "To minimise exposure to fluctuations in the exchange rate between the Fund's base currency and the Share Class currency, the Share Class enters into foreign exchange transactions (typically FX forwards)."
        },
        {
            "source": "PRIIPS_KID",
            "signal": "derivatives_mentioned",
            "quote": "The Fund may use derivative instruments for the purposes of managing risk, reducing costs, generating additional capital or income."
        },
        {
            "source": "PRIIPS_KID",
            "signal": "derivatives_epm_only",
            "quote": "The Fund may use derivative instruments for the purposes of managing risk, reducing costs, generating additional capital or income."
        },
        {
            "source": "FACTSHEET",
            "signal": "clo_exposure",
            "quote": "The fund will seek to achieve its investment objective by investing primarily in AAA-rated tranches of Euro-denominated floating rate debt securities issued by collateralised loan obligations (\"CLOs\")."
        }
    ],
    "supporting_data": "Hard complex product feature identified: CLO exposure. Policy mode: balanced. Product type: ETF. UCITS signal identified. Replication method: physical.",
    "missing_data": [],
    "warnings": [],
    "sources": {
        "kiid": {
            "url": "https://oppl.ai/apy/doc_store/IE0005KVDHL8_KIID.txt",
            "found": true,
            "http_code": 200,
            "bytes": 12705,
            "error": null
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        "priips_kid": {
            "url": "https://oppl.ai/eu_kiids/en_txt/IE0005KVDHL8.txt",
            "found": true,
            "http_code": 200,
            "bytes": 16524,
            "error": null
        },
        "factsheet": {
            "url": "https://oppl.ai/apy/doc_store/IE0005KVDHL8_FS.txt",
            "found": true,
            "http_code": 200,
            "bytes": 10187,
            "error": null
        },
        "market_data": {
            "url": "https://api.londonstockexchange.com/api/gw/lse/search/autocomplete?q=IE0005KVDHL8&size=3",
            "found": true,
            "http_code": 200,
            "bytes": 295,
            "error": null
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    }
}