{
    "ok": true,
    "_meta": {
        "isin": "IE000910ZA91",
        "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": "2026-06-25T19:06:06+00:00",
        "captured_unix": 1782414366
    },
    "classification": "complex",
    "confidence": 0.93,
    "review_required": false,
    "decision_rule_applied": "etf_clo_exposure_hard_complex_rule",
    "product_policy_branch": "ETF",
    "fund_name": "HSBC MSCI WORLD CLIMATE PARIS ALIGNED UCITS ETF",
    "isin": "IE000910ZA91",
    "type": "ETF",
    "ucits": true,
    "asset_class": "Equities",
    "replication_method": "physical",
    "signals": {
        "leveraged": false,
        "inverse": false,
        "derivatives_mentioned": true,
        "derivatives_core_strategy": false,
        "derivatives_epm_only": false,
        "swaps": true,
        "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": [
            "Swap or FDI permission language identified",
            "Derivative powers appear permission-based rather than evidenced as core exposure",
            "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": "FACTSHEET",
            "signal": "replication_method",
            "quote": "Replication method Physical - Full"
        },
        {
            "source": "KIID",
            "signal": "swaps",
            "quote": "The Fund may invest up to 10% of its assets in total return swaps and contracts for difference."
        },
        {
            "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": "KIID",
            "signal": "derivatives_mentioned",
            "quote": "The Fund may also invest in derivatives for efficient portfolio management purposes... and for investment purposes."
        },
        {
            "source": "KIID",
            "signal": "investment_objective_summary",
            "quote": "The Fund aims to track as closely as possible the returns of the MSCI World Climate Paris Aligned Index (the Index)."
        }
    ],
    "supporting_data": "Hard complex product feature identified: CLO exposure. Policy mode: strict. Product type: ETF. UCITS signal identified. Replication method: physical.",
    "missing_data": [
        "funded_swap status (not specified)",
        "unfunded_swap status (not specified)",
        "contango_backwardation (not applicable)"
    ],
    "warnings": [
        "counterparty_risk_language_identified"
    ],
    "sources": {
        "kiid": {
            "url": "https://oppl.ai/apy/doc_store/IE000910ZA91_KIID.txt",
            "found": true,
            "http_code": 200,
            "bytes": 10525,
            "error": null
        },
        "priips_kid": {
            "url": "https://oppl.ai/eu_kiids/en_txt/IE000910ZA91.txt",
            "found": true,
            "http_code": 200,
            "bytes": 15674,
            "error": null
        },
        "factsheet": {
            "url": "https://oppl.ai/apy/doc_store/IE000910ZA91_FS.txt",
            "found": true,
            "http_code": 200,
            "bytes": 17367,
            "error": null
        },
        "market_data": {
            "url": "https://api.londonstockexchange.com/api/gw/lse/search/autocomplete?q=IE000910ZA91&size=3",
            "found": true,
            "http_code": 200,
            "bytes": 280,
            "error": null
        }
    }
}