{
    "ok": true,
    "_meta": {
        "isin": "IE000893FCN6",
        "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": "2026-06-13T19:39:44+00:00",
        "captured_unix": 1781379584
    },
    "classification": "complex",
    "confidence": 0.93,
    "review_required": false,
    "decision_rule_applied": "etf_clo_exposure_hard_complex_rule",
    "product_policy_branch": "ETF",
    "fund_name": "HSBC PLUS Emerging Markets Equity Income Quant Active UCITS ETF",
    "isin": "IE000893FCN6",
    "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": true,
        "complex_index": false,
        "priips_comprehension_alert": false,
        "securities_lending": true,
        "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",
            "Counterparty risk language identified",
            "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": "derivatives_mentioned",
            "quote": "The Fund may also invest in derivatives for efficient portfolio management purposes (such as to manage risk and costs, or to generate additional capital or income) and for investment 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."
        },
        {
            "source": "KIID",
            "signal": "securities_lending",
            "quote": "The Fund may enter into securities lending transactions for up to 30% of its assets."
        },
        {
            "source": "PRIIPS_KID",
            "signal": "ucits",
            "quote": "HSBC PLUS Emerging Markets Equity Income Quant Active UCITS ETF, a sub-fund of HSBC ETFs PLC, (the \"UCITS\")"
        },
        {
            "source": "FACTSHEET",
            "signal": "replication_method",
            "quote": "The Fund usually invests a minimum of 90% of net assets in shares ... directly purchasing the underlying securities."
        }
    ],
    "supporting_data": "Hard complex product feature identified: CLO exposure. Policy mode: balanced. Product type: ETF. UCITS signal identified. Replication method: physical.",
    "missing_data": [
        "Derivatives usage extent not fully detailed; 'for investment purposes' may allow core strategies but evidence insufficient to classify as derivatives_core_strategy."
    ],
    "warnings": [
        "counterparty_risk_language_identified"
    ],
    "sources": {
        "kiid": {
            "url": "https://oppl.ai/apy/doc_store/IE000893FCN6_KIID.txt",
            "found": true,
            "http_code": 200,
            "bytes": 10618,
            "error": null
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        "priips_kid": {
            "url": "https://oppl.ai/eu_kiids/en_txt/IE000893FCN6.txt",
            "found": true,
            "http_code": 200,
            "bytes": 15214,
            "error": null
        },
        "factsheet": {
            "url": "https://oppl.ai/apy/doc_store/IE000893FCN6_FS.txt",
            "found": true,
            "http_code": 200,
            "bytes": 15033,
            "error": null
        },
        "market_data": {
            "url": "https://api.londonstockexchange.com/api/gw/lse/search/autocomplete?q=IE000893FCN6&size=3",
            "found": true,
            "http_code": 200,
            "bytes": 500,
            "error": null
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    }
}