{
    "ok": true,
    "_meta": {
        "isin": "IE000Q8ZHWI1",
        "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": "2026-06-05T12:01:58+00:00",
        "captured_unix": 1780660918
    },
    "classification": "complex",
    "confidence": 0.93,
    "review_required": false,
    "decision_rule_applied": "etf_structured_payoff_hard_complex_rule",
    "product_policy_branch": "ETF",
    "fund_name": "State Street Blackstone Euro AAA CLO GBP HDG UCITS ETF (DIST)",
    "isin": "IE000Q8ZHWI1",
    "type": "ETF",
    "ucits": true,
    "asset_class": "Collateralized Loan Obligations (CLO)",
    "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": true,
        "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": [
        "Structured payoff"
    ],
    "non_complex_factors": [
        "UCITS fund",
        "Physical replication",
        "No leverage identified",
        "No inverse exposure identified"
    ],
    "consumer_understanding": {
        "risk_level": "high",
        "drivers": [
            "Structured payoff mechanics",
            "Returns may depend on conditional payoff features",
            "CLO exposure",
            "Tranched credit exposure may be difficult to understand",
            "Less liquid or harder-to-value underlying exposure language",
            "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 include structured payoff mechanics. These may be difficult for ordinary retail clients to understand because investment outcomes can depend on conditional features rather than a simple holding of underlying assets.",
        "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": "derivatives_epm_only",
            "quote": "The Fund may use financial derivative instruments (that is, financial contracts whose prices are dependent on one or more underlying assets) in order to manage the portfolio efficiently."
        },
        {
            "source": "KIID",
            "signal": "structured_payoff",
            "quote": "A CLO is a diversified portfolio of leveraged loans that is securitised into debt and equity tranches."
        },
        {
            "source": "KIID",
            "signal": "clo_exposure",
            "quote": "invest up to 100% of its net assets in AAA-rated (as rated by two recognised rating agencies) tranches of Euro-denominated debt issued by CLOs which give access to European senior secured corporate loans and bonds."
        },
        {
            "source": "KIID",
            "signal": "illiquid_or_hard_to_value_underlying",
            "quote": "Illiquid securities may trade at a discount from comparable, more liquid investments and may be subject to wide fluctuations in market value."
        }
    ],
    "supporting_data": "Hard complex product feature identified: Structured payoff. Policy mode: strict. Product type: ETF. UCITS signal identified. Replication method: physical.",
    "missing_data": [
        "priips_kid",
        "factsheet",
        "No PRIIPs KID provided - priips_comprehension_alert could not be verified.",
        "Counterparty risk regarding derivatives not explicitly discussed in the KIID."
    ],
    "warnings": [
        "illiquid_or_hard_to_value_underlying_identified"
    ],
    "sources": {
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            "url": "https://oppl.ai/apy/doc_store/IE000Q8ZHWI1_KIID.txt",
            "found": true,
            "http_code": 200,
            "bytes": 15800,
            "error": null
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        "priips_kid": {
            "url": "https://oppl.ai/eu_kiids/en_txt/IE000Q8ZHWI1.txt",
            "found": false,
            "http_code": 404,
            "bytes": 1251,
            "error": "http_404"
        },
        "factsheet": {
            "url": "https://oppl.ai/apy/doc_store/IE000Q8ZHWI1_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=IE000Q8ZHWI1&size=3",
            "found": true,
            "http_code": 200,
            "bytes": 327,
            "error": null
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}