{
    "ok": true,
    "_meta": {
        "isin": "IE000C17QP01",
        "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": "2026-06-22T19:41:02+00:00",
        "captured_unix": 1782157262
    },
    "classification": "non-complex",
    "confidence": 0.82,
    "review_required": false,
    "decision_rule_applied": "etf_ucits_physical_no_complex_override_rule",
    "product_policy_branch": "ETF",
    "fund_name": "Fidelity Global HY Corp Bond Research Enhanced PAB UCITS ETF",
    "isin": "IE000C17QP01",
    "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": false,
        "counterparty_risk": false,
        "structured_payoff": false,
        "capital_protection": false,
        "commodity_futures_roll": false,
        "contango_backwardation": false,
        "coco_or_at1_exposure": false,
        "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
    },
    "complex_factors": [],
    "non_complex_factors": [
        "UCITS fund",
        "Physical replication",
        "No leverage identified",
        "No inverse exposure identified",
        "Derivative use appears limited to EPM, hedging, or risk management"
    ],
    "consumer_understanding": {
        "risk_level": "low",
        "drivers": [
            "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 is identified as a UCITS ETF using physical replication or direct portfolio holdings. No leverage, inverse exposure, synthetic replication or structured payoff was identified. Derivative language appears limited to efficient portfolio management, hedging or risk-management style use rather than being the core investment exposure. Some ordinary market, credit, duration, liquidity or counterparty-risk language may still be present, but this does not by itself make the product complex.",
        "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 use derivatives for efficient portfolio management and currency hedging purposes."
        },
        {
            "source": "KIID",
            "signal": "derivatives_epm_only",
            "quote": "The fund may use derivatives for efficient portfolio management and currency hedging purposes."
        },
        {
            "source": "KIID",
            "signal": "ucits",
            "quote": "a sub-fund of FIDELITY ICAV II ... UCITS ETF"
        },
        {
            "source": "PRIIPS_KID",
            "signal": "ucits",
            "quote": "Shares of a sub-fund of Fidelity UCITS II ICAV, an Undertaking for Collective Investment in Transferable Securities (UCITS)."
        },
        {
            "source": "KIID",
            "signal": "replication_method_physical",
            "quote": "The fund invests in a portfolio primarily made up of high-yielding, sub-investment grade corporate debt securities of issuers globally."
        },
        {
            "source": "KIID",
            "signal": "no_synthetic_replication",
            "quote": "No mention of swaps or synthetic replication; only physical securities and derivatives for EPM/hedging."
        }
    ],
    "supporting_data": "UCITS physical ETF baseline applied. Policy mode: strict. Product type: ETF. UCITS signal identified. Replication method: physical.",
    "missing_data": [
        "Exact replication method not explicitly stated; inferred as physical from investment policy (direct securities).",
        "Securities lending not mentioned; set to null.",
        "No mention of illiquid or hard-to-value underlying beyond normal high-yield bond liquidity risk."
    ],
    "warnings": [],
    "sources": {
        "kiid": {
            "url": "https://oppl.ai/apy/doc_store/IE000C17QP01_KIID.txt",
            "found": true,
            "http_code": 200,
            "bytes": 8665,
            "error": null
        },
        "priips_kid": {
            "url": "https://oppl.ai/eu_kiids/en_txt/IE000C17QP01.txt",
            "found": true,
            "http_code": 200,
            "bytes": 14081,
            "error": null
        },
        "factsheet": {
            "url": "https://oppl.ai/apy/doc_store/IE000C17QP01_FS.txt",
            "found": true,
            "http_code": 200,
            "bytes": 14260,
            "error": null
        },
        "market_data": {
            "url": "https://api.londonstockexchange.com/api/gw/lse/search/autocomplete?q=IE000C17QP01&size=3",
            "found": true,
            "http_code": 200,
            "bytes": 323,
            "error": null
        }
    }
}