{
    "ok": true,
    "_meta": {
        "isin": "IE0006B9CPY7",
        "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": "2026-06-14T12:47:26+00:00",
        "captured_unix": 1781441246
    },
    "classification": "complex",
    "confidence": 0.93,
    "review_required": false,
    "decision_rule_applied": "etf_coco_or_at1_exposure_hard_complex_rule",
    "product_policy_branch": "ETF",
    "fund_name": "Goldman Sachs USD High Yield Bond Active UCITS ETF",
    "isin": "IE0006B9CPY7",
    "type": "ETF",
    "ucits": true,
    "asset_class": "fixed_income",
    "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": true,
        "counterparty_risk": true,
        "structured_payoff": false,
        "capital_protection": false,
        "commodity_futures_roll": false,
        "contango_backwardation": false,
        "coco_or_at1_exposure": true,
        "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
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        "CoCo or AT1 bond exposure"
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        "UCITS fund",
        "Physical replication",
        "No leverage identified",
        "No inverse exposure identified"
    ],
    "consumer_understanding": {
        "risk_level": "high",
        "drivers": [
            "Synthetic or swap-based exposure",
            "Counterparty exposure may be relevant to returns or risk",
            "CoCo or AT1 exposure",
            "Loss absorption, conversion or write-down mechanics may be difficult to understand",
            "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",
            "Fixed income credit and duration risk"
        ],
        "plain_english_explanation": "The product appears to use synthetic or swap-based exposure. This may be difficult for ordinary retail clients to understand because returns can depend not only on the referenced market exposure but also on derivative mechanics, collateral arrangements and counterparty risk.",
        "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": "coco_or_at1_exposure",
            "quote": "Additionally, it may hold subordinated corporate bonds, which can include up to 10% of its net assets in contingent capital securities or \u2018CoCos\u2019."
        },
        {
            "source": "KIID",
            "signal": "derivatives_epm_only",
            "quote": "The Sub-Fund may use derivatives for efficient portfolio management purposes, to help manage risks and for investment purposes in order to seek to increase return."
        },
        {
            "source": "KIID",
            "signal": "counterparty_risk",
            "quote": "Counterparty risk - a party that the Sub-Fund transacts with may fail to meet its obligations which could cause losses."
        },
        {
            "source": "FACTSHEET",
            "signal": "physical_replication",
            "quote": "Replication Method \u2013 The way in which the fund seeks to track the performance of the Fund Index before expenses, either by holding the securities that the index is composed of (physical replication), or by using derivative exposure (synthetic replication)."
        },
        {
            "source": "FACTSHEET",
            "signal": "coco_or_at1_exposure",
            "quote": "Contingent Convertible (\u201cCoco\u201d) Bond Risk : investment in this particular type of bond may result in material losses to the Sub-Fund based on certain trigger events."
        }
    ],
    "supporting_data": "Hard complex product feature identified: CoCo or AT1 bond exposure. Policy mode: balanced. Product type: ETF. UCITS signal identified. Replication method: physical.",
    "missing_data": [],
    "warnings": [
        "counterparty_risk_language_identified"
    ],
    "sources": {
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            "url": "https://oppl.ai/apy/doc_store/IE0006B9CPY7_KIID.txt",
            "found": true,
            "http_code": 200,
            "bytes": 12503,
            "error": null
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            "url": "https://oppl.ai/eu_kiids/en_txt/IE0006B9CPY7.txt",
            "found": true,
            "http_code": 200,
            "bytes": 17725,
            "error": null
        },
        "factsheet": {
            "url": "https://oppl.ai/apy/doc_store/IE0006B9CPY7_FS.txt",
            "found": true,
            "http_code": 200,
            "bytes": 29014,
            "error": null
        },
        "market_data": {
            "url": "https://api.londonstockexchange.com/api/gw/lse/search/autocomplete?q=IE0006B9CPY7&size=3",
            "found": true,
            "http_code": 200,
            "bytes": 574,
            "error": null
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}