{
    "ok": true,
    "_meta": {
        "isin": "IE000E8WZD37",
        "asset_scope": "UK_COMPLEX_ASSET",
        "policy_mode": "ucits_default",
        "policy_mode_description": "UCITS ETFs default to non-complex unless leverage, inverse exposure, structured payoff, complex underlyings, or explicit comprehension-warning language is identified.",
        "classification_engine_version": "1.0.0",
        "prompt_version": "complex_asset_extract_v1",
        "captured_at_utc": "2026-08-10T07:56:32+00:00",
        "captured_unix": 1786348592
    },
    "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": false,
        "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": "KIID",
            "signal": "fund_name",
            "quote": "HSBC Global Funds ICAV - Global Sukuk UCITS ETF"
        },
        {
            "source": "KIID",
            "signal": "isin",
            "quote": "ISIN:IE000E8WZD37"
        },
        {
            "source": "MARKET_DATA",
            "signal": "type",
            "quote": "category\":\"ETFS\""
        },
        {
            "source": "KIID",
            "signal": "ucits",
            "quote": "a sub-fund of HSBC Global Funds ICAV, (the \"UCITS\")"
        },
        {
            "source": "KIID",
            "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": "PRIIPS_KID",
            "signal": "asset_class",
            "quote": "The Index is comprised of global Islamic fixed income securities, also known as Sukuk."
        },
        {
            "source": "PRIIPS_KID",
            "signal": "replication_method",
            "quote": "utilises an investment technique called optimisation"
        },
        {
            "source": "KIID",
            "signal": "replication_method",
            "quote": "the Fund seeks to replicate index performance by holding individual securities"
        },
        {
            "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": "derivatives_mentioned",
            "quote": "The Fund may also invest in Shariah-compliant derivatives for currency hedging."
        },
        {
            "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"
        },
        {
            "source": "PRIIPS_KID",
            "signal": "capital_protection",
            "quote": "This product does not include any protection from future market performance"
        },
        {
            "source": "FACTSHEET",
            "signal": "non_complex_factor",
            "quote": "UCITS V compliant Yes"
        }
    ],
    "supporting_data": "UCITS physical ETF baseline applied. Policy mode: ucits_default. Product type: ETF. UCITS signal identified. Replication method: physical.",
    "missing_data": [
        "The prospectus is referenced for a full description of derivative usage but is not provided.",
        "KIID mentions derivatives for efficient portfolio management and/or investment purposes, while PRIIPs KID states derivatives may be used for currency hedging; the provided documents do not clearly establish derivatives as core to index delivery or return generation.",
        "No securities lending language was found in the provided documents.",
        "Illiquid or hard-to-value underlying exposure is not clearly established, although liquidity risk and emerging market risk are disclosed."
    ],
    "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
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    }
}