{
    "ok": true,
    "_meta": {
        "isin": "IE000VU9AUN9",
        "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": "2026-06-05T12:28:41+00:00",
        "captured_unix": 1780662521
    },
    "classification": "complex",
    "confidence": 0.93,
    "review_required": false,
    "decision_rule_applied": "etf_clo_exposure_hard_complex_rule",
    "product_policy_branch": "ETF",
    "fund_name": "State Street Blackstone Euro AAA CLO UCITS ETF (Acc)",
    "isin": "IE000VU9AUN9",
    "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": 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",
            "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": "The Fund's investment objective is to generate risk adjusted returns from a combination of income and capital growth over the long term by investing in predominantly Euro-denominated investment grade debt tranches of collateralised loan obligations ('CLOs')."
        },
        {
            "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": "illiquid_or_hard_to_value_underlying",
            "quote": "Liquidity Risk & ETF Liquidity Risk: Lack of a ready market or restrictions on resale may limit the ability of the Fund to sell a security at an advantageous time or price or at all."
        },
        {
            "source": "KIID",
            "signal": "negative_target_market",
            "quote": "The negative target market for the Fund is basic / informed 'Retail Investors' as defined in the current European MiFID template. Accordingly, the sale of this Fund on the secondary market to basic or informed Retail Investors is not permitted and the Fund shall not be offered to Retail Investors other than advanced retail investors."
        },
        {
            "source": "KIID",
            "signal": "replication_method_physical",
            "quote": "The Fund is actively managed. The investment policy of the Fund is to 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."
        }
    ],
    "supporting_data": "Hard complex product feature identified: CLO exposure. Policy mode: strict. Product type: ETF. UCITS signal identified. Replication method: physical.",
    "missing_data": [
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        "funded_swap",
        "unfunded_swap",
        "counterparty_risk",
        "commodity_futures_roll",
        "contango_backwardation",
        "coco_or_at1_exposure",
        "complex_index",
        "securities_lending",
        "structured_payoff",
        "capital_protection"
    ],
    "warnings": [
        "illiquid_or_hard_to_value_underlying_identified"
    ],
    "sources": {
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            "url": "https://oppl.ai/apy/doc_store/IE000VU9AUN9_KIID.txt",
            "found": true,
            "http_code": 200,
            "bytes": 16586,
            "error": null
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        "priips_kid": {
            "url": "https://oppl.ai/eu_kiids/en_txt/IE000VU9AUN9.txt",
            "found": false,
            "http_code": 404,
            "bytes": 1251,
            "error": "http_404"
        },
        "factsheet": {
            "url": "https://oppl.ai/apy/doc_store/IE000VU9AUN9_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=IE000VU9AUN9&size=3",
            "found": true,
            "http_code": 200,
            "bytes": 327,
            "error": null
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    }
}