{
    "ok": true,
    "_meta": {
        "isin": "IE000DYQE2Q3",
        "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": "2026-06-29T18:48:27+00:00",
        "captured_unix": 1782758907
    },
    "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": "iShares AT1 Bond Active UCITS ETF EUR Acc",
    "isin": "IE000DYQE2Q3",
    "type": "ETF",
    "ucits": true,
    "asset_class": "fixed_income",
    "replication_method": null,
    "signals": {
        "leveraged": false,
        "inverse": false,
        "derivatives_mentioned": true,
        "derivatives_core_strategy": true,
        "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",
        "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",
            "Derivatives appear core to the investment strategy",
            "Less liquid or harder-to-value underlying exposure language",
            "Counterparty risk language identified",
            "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": "coco_or_at1_exposure",
            "quote": "The Fund will invest at least 80% of its total assets in additional tier 1 (\"AT1\") bonds denominated in different currencies and issued primarily by financial institutions domiciled in developed markets globally."
        },
        {
            "source": "PRIIPS_KID",
            "signal": "coco_or_at1_exposure",
            "quote": "The Fund will invest at least 80% of its total assets in additional tier 1 (\"AT1\") bonds denominated in different currencies and issued primarily by financial institutions domiciled in developed markets globally."
        },
        {
            "source": "KIID",
            "signal": "swaps",
            "quote": "Financial derivative instruments (i.e. investments the prices of which are based on one or more underlying assets) such as futures, forward contracts and swap contracts (including credit default swaps and total return swaps) may be used by the Fund for direct investment purposes or for efficient portfolio management purposes."
        },
        {
            "source": "PRIIPS_KID",
            "signal": "swaps",
            "quote": "Financial derivative instruments (i.e. investments the prices of which are based on one or more underlying assets) such as futures, forward contracts and swap contracts (including credit default swaps and total return swaps) may be used by the Fund for direct investment purposes or for efficient portfolio management purposes."
        },
        {
            "source": "KIID",
            "signal": "derivatives_core_strategy",
            "quote": "Financial derivative instruments ... may be used by the Fund for direct investment purposes or for efficient portfolio management purposes."
        },
        {
            "source": "KIID",
            "signal": "counterparty_risk",
            "quote": "Counterparty Risk: The insolvency of any institutions providing services such as safekeeping of assets or acting as counterparty to derivatives or other instruments, may expose the Share Class to financial loss."
        },
        {
            "source": "FACTSHEET",
            "signal": "securities_lending",
            "quote": "To the extent the Fund undertakes securities lending to reduce costs"
        }
    ],
    "supporting_data": "Hard complex product feature identified: CoCo or AT1 bond exposure. Policy mode: strict. Product type: ETF. UCITS signal identified.",
    "missing_data": [
        "replication_method",
        "funded_swap",
        "unfunded_swap",
        "complex_index (index is comparator only, not investment objective)",
        "illiquid_or_hard_to_value_underlying (no explicit mention, only general liquidity risk)"
    ],
    "warnings": [
        "illiquid_or_hard_to_value_underlying_identified",
        "counterparty_risk_language_identified"
    ],
    "sources": {
        "kiid": {
            "url": "https://oppl.ai/apy/doc_store/IE000DYQE2Q3_KIID.txt",
            "found": true,
            "http_code": 200,
            "bytes": 10827,
            "error": null
        },
        "priips_kid": {
            "url": "https://oppl.ai/eu_kiids/en_txt/IE000DYQE2Q3.txt",
            "found": true,
            "http_code": 200,
            "bytes": 15413,
            "error": null
        },
        "factsheet": {
            "url": "https://oppl.ai/apy/doc_store/IE000DYQE2Q3_FS.txt",
            "found": true,
            "http_code": 200,
            "bytes": 19709,
            "error": null
        },
        "market_data": {
            "url": "https://api.londonstockexchange.com/api/gw/lse/search/autocomplete?q=IE000DYQE2Q3&size=3",
            "found": true,
            "http_code": 200,
            "bytes": 61,
            "error": null
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    }
}