{
  "engine_version": "1.0.0-it",
  "asset_scope": "UK_INVESTMENT_TRUST_COMPLEX_ASSET",
  "default_mode": "balanced",
  "allowed_modes": [
    "strict",
    "balanced",
    "ordinary_share_default"
  ],
  "classification_values": [
    "complex",
    "non-complex",
    "review"
  ],
  "hard_complex_rules": [
    "non_standard_security_line",
    "zero_dividend_preference_share",
    "subscription_share_or_warrant",
    "split_capital_share_class",
    "structured_payoff",
    "capital_protection",
    "derivatives_core_strategy",
    "synthetic_or_swap_based_strategy",
    "leveraged_or_inverse_objective",
    "structural_leverage",
    "clo_or_structured_credit_exposure",
    "catastrophe_ils_exposure",
    "crypto_digital_asset_exposure",
    "volatility_strategy",
    "life_settlements",
    "liquidity_failure"
  ],
  "review_rules": [
    "share_class_unknown",
    "preference_share",
    "c_share",
    "high_gearing_20_to_30_percent",
    "very_high_gearing_30_to_50_percent",
    "private_equity_or_unlisted_assets",
    "private_credit_or_direct_lending",
    "illiquid_or_hard_to_value_underlying",
    "underlying_free_text_unclear",
    "derivatives_mentioned_unclear_role",
    "poor_liquidity_or_wide_spread",
    "continuation_vote_or_windup_language",
    "priips_comprehension_alert_without_other_hard_trigger"
  ],
  "gearing_bands": {
    "net_cash_or_zero": {
      "min_exclusive": null,
      "max_inclusive": 0,
      "impact": "no_complexity_uplift"
    },
    "ordinary_gearing": {
      "min_exclusive": 0,
      "max_inclusive": 10,
      "impact": "risk_note_only"
    },
    "elevated_gearing": {
      "min_exclusive": 10,
      "max_inclusive": 20,
      "impact": "risk_note_only"
    },
    "high_gearing_review": {
      "min_exclusive": 20,
      "max_inclusive": 30,
      "impact": "review_trigger"
    },
    "very_high_gearing": {
      "min_exclusive": 30,
      "max_inclusive": 50,
      "impact": "strong_review_trigger"
    },
    "structural_leverage": {
      "min_exclusive": 50,
      "max_inclusive": null,
      "impact": "hard_complex_trigger"
    }
  },
  "mode_descriptions": {
    "strict": "Any evidenced non-standard Investment Trust security line, structured payoff, derivative-led strategy, synthetic/swap strategy, leveraged or inverse objective, very high/structural gearing, complex underlying strategy, liquidity failure, or PRIIPs comprehension warning can drive complex classification or review.",
    "balanced": "Ordinary listed Investment Trust ordinary shares start from a non-complex baseline, but product-level complexity such as non-standard share class, structured payoff, derivative-led strategy, structural leverage, complex underlyings, liquidity failure, or supported comprehension warnings can override that baseline. Free-format underlyings normally create review rather than hard complex classification unless the strategy is clearly complex.",
    "ordinary_share_default": "Conventional listed Investment Trust ordinary shares default to non-complex unless a hard structural complexity trigger is identified. Gearing, liquidity and free-format underlyings remain visible as data points and may trigger review where evidence is incomplete or unusually risky."
  },
  "evidence_policy": {
    "free_text_underlyings": "Free-format underlying descriptions are sufficient for triage and review routing, but should not be treated as definitive holdings-level taxonomy unless the text clearly identifies a complex strategy or asset class.",
    "priips_comprehension_alert": "PRIIPs comprehension wording is a product-understanding signal. In balanced and ordinary_share_default modes it should not by itself make a conventional ordinary-share Investment Trust complex without supporting structural evidence.",
    "liquidity": "Liquidity is relevant to the non-complex disposal/realisation criterion. Low volume, small market cap and wide spread are risk/review indicators. Suspension, matched bargain only, specialist-only dealing or no meaningful public exit can defeat non-complex treatment."
  }
}