{ "ok": true, "_meta": { "isin": "IE0009RYSBF2", "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": "2026-08-08T07:38:24+00:00", "captured_unix": 1786174704 }, "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": "HSBC Global Funds ICAV - Global Aggregate Bond UCITS ETF", "isin": "IE0009RYSBF2", "type": "ETF", "ucits": true, "asset_class": "Fixed income: global aggregate bonds, including government, government-related, corporate, securitised, asset-backed and mortgage-backed bonds", "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": true, "clo_exposure": false, "complex_index": false, "priips_comprehension_alert": false, "securities_lending": true, "illiquid_or_hard_to_value_underlying": true, "physical_allocated_commodity": false, "crypto_digital_asset": false }, "complex_factors": [ "CoCo or AT1 bond 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", "CoCo or AT1 exposure", "Loss absorption, conversion or write-down mechanics may be difficult to understand", "Less liquid or harder-to-value underlying exposure language", "Counterparty risk language identified", "UCITS ETF structure", "Physical replication or direct portfolio holdings", "Fixed income credit and duration risk" ], "plain_english_explanation": "The product appears to have exposure to CoCo or AT1-style instruments. These can be difficult to understand because they may include loss absorption, conversion or write-down mechanics that behave differently from ordinary bonds.", "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 - Global Aggregate Bond UCITS ETF" }, { "source": "KIID", "signal": "ucits", "quote": "a sub-fund of HSBC Global Funds ICAV, (the \"UCITS\")" }, { "source": "KIID", "signal": "type", "quote": "The Fund\u2019s ETF Shares are listed on one or more stock exchange(s)." }, { "source": "MARKET_DATA", "signal": "type", "quote": "\"category\":\"ETFS\"" }, { "source": "PRIIPS_KID", "signal": "investment_objective", "quote": "The Fund aims to provide regular income and capital growth by tracking as closely as possible the performance of the Bloomberg Global Aggregate Bond Index" }, { "source": "KIID", "signal": "replication_method", "quote": "The Fund utilises an investment technique called optimisation" }, { "source": "FACTSHEET", "signal": "replication_method", "quote": "To the extent that the Fund seeks to replicate index performance by holding individual securities" }, { "source": "PRIIPS_KID", "signal": "derivatives_mentioned", "quote": "The Fund may also invest in derivatives for hedging and efficient portfolio management purposes." }, { "source": "PRIIPS_KID", "signal": "swaps", "quote": "up to 30% in total return swaps" }, { "source": "FACTSHEET", "signal": "swaps", "quote": "The Fund may also invest up to 30% in total return swaps. However, this exposure is not expected to exceed 0%." }, { "source": "PRIIPS_KID", "signal": "counterparty_risk", "quote": "Additional risks not included in the Summary Risk Indicator (SRI) include: Liquidity, Counterparty, Operational, Investment Leverage and Exchange Rate Risk." }, { "source": "KIID", "signal": "coco_or_at1_exposure", "quote": "CoCo Bond Risk Contingent convertible securities (CoCo bonds) are comparatively untested" }, { "source": "PRIIPS_KID", "signal": "securities_lending", "quote": "The Fund may enter into securities lending transactions for up to 50% of its assets." }, { "source": "KIID", "signal": "illiquid_or_hard_to_value_underlying", "quote": "ABS and MBS typically carry prepayment risk, as well as having potential for default. The securities can carry an above-average risk of being hard to value or to sell" }, { "source": "PRIIPS_KID", "signal": "capital_protection", "quote": "This product does not include any protection from future market performance so you could lose some or all of your investment." } ], "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": [ "The documents do not state whether any total return swaps would be funded or unfunded.", "The documents permit total return swaps up to 30%, but the factsheet states expected exposure is 0%; actual current use is unclear from the provided extracts.", "Synthetic replication is not explicitly stated, despite total return swaps being permitted.", "The KIID discloses CoCo bond risk, but the provided factsheet does not identify current CoCo holdings.", "The full prospectus may contain more detailed derivative and swap usage provisions." ], "warnings": [ "illiquid_or_hard_to_value_underlying_identified", "counterparty_risk_language_identified" ], "sources": { "kiid": { "url": "https://oppl.ai/apy/doc_store/IE0009RYSBF2_KIID.txt", "found": true, "http_code": 200, "bytes": 11290, "error": null }, "priips_kid": { "url": "https://oppl.ai/eu_kiids/en_txt/IE0009RYSBF2.txt", "found": true, "http_code": 200, "bytes": 14929, "error": null }, "factsheet": { "url": "https://oppl.ai/apy/doc_store/IE0009RYSBF2_FS.txt", "found": true, "http_code": 200, "bytes": 15418, "error": null }, "market_data": { "url": "https://api.londonstockexchange.com/api/gw/lse/search/autocomplete?q=IE0009RYSBF2&size=3", "found": true, "http_code": 200, "bytes": 313, "error": null } } }