{
    "ok": true,
    "_meta": {
        "isin": "IE000FMF9DG3",
        "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": "2026-07-15T11:13:05+00:00",
        "captured_unix": 1784113985
    },
    "classification": "complex",
    "confidence": 0.93,
    "review_required": false,
    "decision_rule_applied": "etf_clo_exposure_hard_complex_rule",
    "product_policy_branch": "ETF",
    "fund_name": "M&G European AAA CLO Active UCITS ETF",
    "isin": "IE000FMF9DG3",
    "type": "ETF",
    "ucits": true,
    "asset_class": "CLO (Collateralised Loan Obligation)",
    "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": true,
        "structured_payoff": false,
        "capital_protection": false,
        "commodity_futures_roll": false,
        "contango_backwardation": false,
        "coco_or_at1_exposure": false,
        "clo_exposure": true,
        "complex_index": false,
        "priips_comprehension_alert": false,
        "securities_lending": false,
        "illiquid_or_hard_to_value_underlying": true,
        "physical_allocated_commodity": false,
        "crypto_digital_asset": false
    },
    "complex_factors": [
        "CLO exposure"
    ],
    "non_complex_factors": [
        "UCITS fund",
        "Physical replication",
        "No leverage identified",
        "No inverse exposure identified"
    ],
    "consumer_understanding": {
        "risk_level": "high",
        "drivers": [
            "CLO exposure",
            "Tranched credit exposure may be difficult to understand",
            "Less liquid or harder-to-value underlying exposure language",
            "Counterparty risk language identified",
            "Derivative use appears limited to efficient portfolio management, hedging or risk management",
            "UCITS ETF structure",
            "Physical replication or direct portfolio holdings"
        ],
        "plain_english_explanation": "The product appears to have CLO exposure. Tranched credit structures can be difficult for ordinary retail clients to understand because risk and return depend on the structure of the debt waterfall and the performance of the underlying loan pool.",
        "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": "clo_exposure",
            "quote": "At least 80% of the Sub-Fund is invested in AAA-rated (as rated by a nationally recognised rating agency) tranches of collateralised loan obligations (\"CLOs\")."
        },
        {
            "source": "KIID",
            "signal": "illiquid_or_hard_to_value_underlying",
            "quote": "A Sub-Fund's investments may be subject to liquidity constraints which means that securities may trade infrequently and in small volumes."
        },
        {
            "source": "KIID",
            "signal": "derivatives_epm_only",
            "quote": "Derivatives usage To reduce risk and cost."
        },
        {
            "source": "PRIIPS_KID",
            "signal": "clo_exposure",
            "quote": "At least 80% of the Sub-Fund is invested in AAA-rated (as rated by a nationally recognised rating agency) tranches of collateralised loan obligations (\"CLOs\")."
        }
    ],
    "supporting_data": "Hard complex product feature identified: CLO exposure. Policy mode: strict. Product type: ETF. UCITS signal identified. Replication method: physical.",
    "missing_data": [
        "factsheet",
        "No explicit mention of swaps or synthetic replication; derivatives usage limited to reducing risk and cost."
    ],
    "warnings": [
        "illiquid_or_hard_to_value_underlying_identified",
        "counterparty_risk_language_identified"
    ],
    "sources": {
        "kiid": {
            "url": "https://oppl.ai/apy/doc_store/IE000FMF9DG3_KIID.txt",
            "found": true,
            "http_code": 200,
            "bytes": 14461,
            "error": null
        },
        "priips_kid": {
            "url": "https://oppl.ai/eu_kiids/en_txt/IE000FMF9DG3.txt",
            "found": true,
            "http_code": 200,
            "bytes": 16845,
            "error": null
        },
        "factsheet": {
            "url": "https://oppl.ai/apy/doc_store/IE000FMF9DG3_FS.txt",
            "found": false,
            "http_code": 404,
            "bytes": 1251,
            "error": "http_404"
        },
        "market_data": {
            "url": "https://api.londonstockexchange.com/api/gw/lse/search/autocomplete?q=IE000FMF9DG3&size=3",
            "found": true,
            "http_code": 200,
            "bytes": 566,
            "error": null
        }
    }
}