{
    "ok": true,
    "_meta": {
        "isin": "IE0008BU0XC3",
        "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": "2026-07-15T10:25:16+00:00",
        "captured_unix": 1784111116
    },
    "classification": "complex",
    "confidence": 0.93,
    "review_required": false,
    "decision_rule_applied": "etf_clo_exposure_hard_complex_rule",
    "product_policy_branch": "ETF",
    "fund_name": "HSBC Global Funds ICAV - Euro Lower Carbon Government 10+ Year Bond UCITS ETF",
    "isin": "IE0008BU0XC3",
    "type": "ETF",
    "ucits": true,
    "asset_class": "fixed_income_government_bonds",
    "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": 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"
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        "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",
            "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 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": "fund_name",
            "quote": "HSBC Global Funds ICAV - Euro Lower Carbon Government 10+ Year Bond UCITS ETF"
        },
        {
            "source": "KIID",
            "signal": "ucits",
            "quote": "a sub-fund of HSBC Global Funds ICAV, (the \"UCITS\")"
        },
        {
            "source": "KIID",
            "signal": "replication_method",
            "quote": "The Fund is passively managed and utilises an investment technique called optimisation"
        },
        {
            "source": "KIID",
            "signal": "derivatives_mentioned",
            "quote": "The Fund may also invest in derivatives for hedging and efficient portfolio management purposes"
        },
        {
            "source": "KIID",
            "signal": "derivatives_epm_only",
            "quote": "The Fund may also invest in derivatives for hedging and efficient portfolio management purposes"
        },
        {
            "source": "KIID",
            "signal": "securities_lending",
            "quote": "The Fund may enter into securities lending transactions for up to 30% of its assets."
        },
        {
            "source": "KIID",
            "signal": "asset_class",
            "quote": "The Fund may invest in European government bonds, agency and supranational bonds (developed and emerging markets) which are Index constituents"
        }
    ],
    "supporting_data": "Hard complex product feature identified: CLO exposure. Policy mode: balanced. Product type: ETF. UCITS signal identified. Replication method: physical.",
    "missing_data": [],
    "warnings": [
        "counterparty_risk_language_identified"
    ],
    "sources": {
        "kiid": {
            "url": "https://oppl.ai/apy/doc_store/IE0008BU0XC3_KIID.txt",
            "found": true,
            "http_code": 200,
            "bytes": 11372,
            "error": null
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        "priips_kid": {
            "url": "https://oppl.ai/eu_kiids/en_txt/IE0008BU0XC3.txt",
            "found": true,
            "http_code": 200,
            "bytes": 15881,
            "error": null
        },
        "factsheet": {
            "url": "https://oppl.ai/apy/doc_store/IE0008BU0XC3_FS.txt",
            "found": true,
            "http_code": 200,
            "bytes": 13092,
            "error": null
        },
        "market_data": {
            "url": "https://api.londonstockexchange.com/api/gw/lse/search/autocomplete?q=IE0008BU0XC3&size=3",
            "found": true,
            "http_code": 200,
            "bytes": 61,
            "error": null
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    }
}