{
    "ok": true,
    "_meta": {
        "isin": "IE000E8WZD37",
        "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": "2026-08-10T07:53:48+00:00",
        "captured_unix": 1786348428
    },
    "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": "HSBC Global Funds ICAV - Global Sukuk UCITS ETF",
    "isin": "IE000E8WZD37",
    "type": "ETF",
    "ucits": true,
    "asset_class": "Fixed income - global USD-denominated Shariah-compliant Sukuk",
    "replication_method": "physical",
    "signals": {
        "leveraged": false,
        "inverse": false,
        "derivatives_mentioned": true,
        "derivatives_core_strategy": false,
        "derivatives_epm_only": null,
        "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": 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"
    ],
    "consumer_understanding": {
        "risk_level": "moderate",
        "drivers": [
            "Counterparty risk language identified",
            "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. 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": "PRIIPS_KID",
            "signal": "fund_name",
            "quote": "HSBC Global Funds ICAV - Global Sukuk UCITS ETF"
        },
        {
            "source": "PRIIPS_KID",
            "signal": "isin",
            "quote": "ISIN: IE000E8WZD37"
        },
        {
            "source": "KIID",
            "signal": "ucits",
            "quote": "a sub-fund of HSBC Global Funds ICAV, (the \"UCITS\")"
        },
        {
            "source": "KIID",
            "signal": "type",
            "quote": "Class:ETFC"
        },
        {
            "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": "asset_class",
            "quote": "The Index is comprised of global Islamic fixed income securities, also known as Sukuk."
        },
        {
            "source": "PRIIPS_KID",
            "signal": "investment_objective_summary",
            "quote": "The Fund aims to provide regular income and capital growth by tracking as closely as possible the performance of the FTSE IdealRatings Sukuk Index"
        },
        {
            "source": "FACTSHEET",
            "signal": "replication_method",
            "quote": "The Fund is passively managed and utilises an investment technique called optimisation"
        },
        {
            "source": "KIID",
            "signal": "replication_method",
            "quote": "To the extent that the Fund seeks to replicate index performance by holding individual securities"
        },
        {
            "source": "FACTSHEET",
            "signal": "replication_method",
            "quote": "No. of holdings ex cash 160"
        },
        {
            "source": "PRIIPS_KID",
            "signal": "derivatives_mentioned",
            "quote": "The Fund may also invest in Shariah-compliant derivatives for currency hedging."
        },
        {
            "source": "KIID",
            "signal": "derivatives_mentioned",
            "quote": "The Fund may also invest in Shariah-compliant derivatives for efficient portfolio management purposes ... and/or investment purposes."
        },
        {
            "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": "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": "coco_or_at1_exposure",
            "quote": "CoCo Bond Risk Contingent convertible securities (CoCo bonds) are comparatively untested, their income payments may be cancelled or suspended"
        },
        {
            "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."
        },
        {
            "source": "FACTSHEET",
            "signal": "leveraged",
            "quote": "Investment Leverage occurs when the economic exposure is greater than the amount invested, such as when derivatives are used."
        }
    ],
    "supporting_data": "UCITS physical ETF baseline applied. Policy mode: balanced. Product type: ETF. UCITS signal identified. Replication method: physical.",
    "missing_data": [
        "The detailed prospectus derivative limits were not provided.",
        "Derivative-use wording differs between documents: the PRIIPs KID states derivatives may be used for currency hedging, while the KIID also refers to efficient portfolio management and/or investment purposes.",
        "The extent of any CoCo or AT1 exposure is not quantified in the provided documents, despite the KIID disclosing CoCo Bond Risk.",
        "Securities lending is not mentioned in the provided KIID, PRIIPs KID, factsheet or market data."
    ],
    "warnings": [
        "counterparty_risk_language_identified"
    ],
    "sources": {
        "kiid": {
            "url": "https://oppl.ai/apy/doc_store/IE000E8WZD37_KIID.txt",
            "found": true,
            "http_code": 200,
            "bytes": 11320,
            "error": null
        },
        "priips_kid": {
            "url": "https://oppl.ai/eu_kiids/en_txt/IE000E8WZD37.txt",
            "found": true,
            "http_code": 200,
            "bytes": 16115,
            "error": null
        },
        "factsheet": {
            "url": "https://oppl.ai/apy/doc_store/IE000E8WZD37_FS.txt",
            "found": true,
            "http_code": 200,
            "bytes": 13401,
            "error": null
        },
        "market_data": {
            "url": "https://api.londonstockexchange.com/api/gw/lse/search/autocomplete?q=IE000E8WZD37&size=3",
            "found": true,
            "http_code": 200,
            "bytes": 584,
            "error": null
        }
    }
}