{
    "ok": true,
    "_meta": {
        "isin": "IE000PKN5N58",
        "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": "2026-06-13T16:03:13+00:00",
        "captured_unix": 1781366593
    },
    "classification": "complex",
    "confidence": 0.93,
    "review_required": false,
    "decision_rule_applied": "etf_clo_exposure_hard_complex_rule",
    "product_policy_branch": "ETF",
    "fund_name": "Invesco USD AAA CLO UCITS ETF",
    "isin": "IE000PKN5N58",
    "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": true,
        "complex_index": false,
        "priips_comprehension_alert": true,
        "securities_lending": false,
        "illiquid_or_hard_to_value_underlying": false,
        "physical_allocated_commodity": false,
        "crypto_digital_asset": false
    },
    "complex_factors": [
        "CLO exposure"
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        "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",
            "PRIIPs comprehension alert language",
            "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 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": "primarily invest in AAA-rated (or equivalently rated by a nationally recognised statistical rating organisation) tranches of US Dollar denominated floating rate debt securities issued by collateralised loan obligations (\"CLOs\")"
        },
        {
            "source": "KIID",
            "signal": "priips_comprehension_alert",
            "quote": "WARNING: You are about to purchase a product that is not simple and may be difficult to understand."
        },
        {
            "source": "PRIIPS_KID",
            "signal": "priips_comprehension_alert",
            "quote": "WARNING: You are about to purchase a product that is not simple and may be difficult to understand."
        },
        {
            "source": "KIID",
            "signal": "derivatives_epm_only",
            "quote": "The Fund may use derivative instruments for the purposes of managing risk, reducing costs, generating additional capital or income."
        }
    ],
    "supporting_data": "Hard complex product feature identified: CLO exposure. Policy mode: ucits_default. Product type: ETF. UCITS signal identified. Replication method: physical.",
    "missing_data": [],
    "warnings": [],
    "sources": {
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            "http_code": 200,
            "bytes": 11654,
            "error": null
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            "url": "https://oppl.ai/eu_kiids/en_txt/IE000PKN5N58.txt",
            "found": true,
            "http_code": 200,
            "bytes": 15991,
            "error": null
        },
        "factsheet": {
            "url": "https://oppl.ai/apy/doc_store/IE000PKN5N58_FS.txt",
            "found": true,
            "http_code": 200,
            "bytes": 9091,
            "error": null
        },
        "market_data": {
            "url": "https://api.londonstockexchange.com/api/gw/lse/search/autocomplete?q=IE000PKN5N58&size=3",
            "found": true,
            "http_code": 200,
            "bytes": 518,
            "error": null
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}