{ "ok": true, "_meta": { "isin": "IE000WQJ37B1", "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": "2026-06-05T11:18:45+00:00", "captured_unix": 1780658325 }, "classification": "complex", "confidence": 0.93, "review_required": false, "decision_rule_applied": "etf_coco_or_at1_exposure_hard_complex_rule", "product_policy_branch": "ETF", "fund_name": "Invesco EUR AT1 CoCo Bond UCITS ETF", "isin": "IE000WQJ37B1", "type": "ETF", "ucits": true, "asset_class": "Fixed Income - Contingent Convertible Bonds (AT1 CoCo)", "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": true, "clo_exposure": false, "complex_index": false, "priips_comprehension_alert": true, "securities_lending": true, "illiquid_or_hard_to_value_underlying": true, "physical_allocated_commodity": false, "crypto_digital_asset": false }, "complex_factors": [ "CoCo or AT1 bond exposure" ], "non_complex_factors": [ "UCITS fund", "Physical replication", "No leverage identified", "No inverse exposure identified" ], "consumer_understanding": { "risk_level": "high", "drivers": [ "CoCo or AT1 exposure", "Loss absorption, conversion or write-down mechanics may be difficult to understand", "Less liquid or harder-to-value underlying exposure language", "Counterparty risk language identified", "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 exposure to CoCo or AT1-style instruments. These can be difficult to understand because they may include loss absorption, conversion or write-down mechanics that behave differently from ordinary bonds.", "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": "coco_or_at1_exposure", "quote": "This Fund invests in contingent convertible bonds, a type of corporate debt security that may be converted into equity or forced to suffer a write down of principal upon the occurrence of a pre-determined event." }, { "source": "KIID", "signal": "coco_or_at1_exposure", "quote": "The objective of the Fund is to provide exposure to the performance of Euro denominated Additional Tier 1 contingent convertible bonds issued by banks from global developed market countries." }, { "source": "KIID", "signal": "priips_comprehension_alert", "quote": "You are about to purchase a product that is not simple and may be difficult to understand." }, { "source": "KIID", "signal": "illiquid_or_hard_to_value_underlying", "quote": "Other notable risks of these bonds include liquidity and default risk." }, { "source": "KIID", "signal": "securities_lending", "quote": "The Fund may engage in securities lending, whereby 90% of the revenues arising from securities lending will be returned to the Fund and 10% of the revenues will be retained by the securities lending agent." }, { "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." }, { "source": "FACTSHEET", "signal": "derivatives_epm_only", "quote": "To minimise exposure to fluctuations in the exchange rate between EUR and USD, the USD Hedged share class enters into foreign exchange transactions." }, { "source": "KIID", "signal": "derivatives_mentioned", "quote": "The Fund may use derivative instruments for the purposes of managing risk, reducing costs, generating additional capital or income." }, { "source": "FACTSHEET", "signal": "replication_method", "quote": "Replication method Physical" }, { "source": "KIID", "signal": "ucits", "quote": "This Fund is authorised in Ireland and regulated by the Central Bank of Ireland." } ], "supporting_data": "Hard complex product feature identified: CoCo or AT1 bond exposure. Policy mode: strict. Product type: ETF. UCITS signal identified. Replication method: physical.", "missing_data": [ "priips_kid", "complex_index: unclear whether the index is classified as complex; no explicit statement.", "counterparty_risk: default risk mentioned but not specifically for derivatives." ], "warnings": [ "illiquid_or_hard_to_value_underlying_identified", "counterparty_risk_language_identified" ], "sources": { "kiid": { "url": "https://oppl.ai/apy/doc_store/IE000WQJ37B1_KIID.txt", "found": true, "http_code": 200, "bytes": 12916, "error": null }, "priips_kid": { "url": "https://oppl.ai/eu_kiids/en_txt/IE000WQJ37B1.txt", "found": false, "http_code": 404, "bytes": 1251, "error": "http_404" }, "factsheet": { "url": "https://oppl.ai/apy/doc_store/IE000WQJ37B1_FS.txt", "found": true, "http_code": 200, "bytes": 26869, "error": null }, "market_data": { "url": "https://api.londonstockexchange.com/api/gw/lse/search/autocomplete?q=IE000WQJ37B1&size=3", "found": true, "http_code": 200, "bytes": 328, "error": null } } }