{
    "ok": true,
    "_meta": {
        "isin": "IE000A9QKUV7",
        "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": "2026-06-25T20:39:05+00:00",
        "captured_unix": 1782419945
    },
    "classification": "non-complex",
    "confidence": 0.82,
    "review_required": false,
    "decision_rule_applied": "etf_ucits_physical_no_complex_override_rule",
    "product_policy_branch": "ETF",
    "fund_name": "JPM Global Equity Multi-Factor UCITS ETF - USD (dist)",
    "isin": "IE000A9QKUV7",
    "type": "ETF",
    "ucits": true,
    "asset_class": "Equity",
    "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": false,
        "complex_index": false,
        "priips_comprehension_alert": false,
        "securities_lending": true,
        "illiquid_or_hard_to_value_underlying": false,
        "physical_allocated_commodity": false,
        "crypto_digital_asset": false
    },
    "complex_factors": [],
    "non_complex_factors": [
        "UCITS fund",
        "Physical replication",
        "No leverage identified",
        "No inverse exposure identified",
        "Derivative use appears limited to EPM, hedging, or risk management"
    ],
    "consumer_understanding": {
        "risk_level": "low",
        "drivers": [
            "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 is identified as a UCITS ETF using physical replication or direct portfolio holdings. No leverage, inverse exposure, synthetic replication or structured payoff was identified. Derivative language appears limited to efficient portfolio management, hedging or risk-management style use rather than being the core investment exposure. Some ordinary market, credit, duration, liquidity or counterparty-risk language may still be present, but this does not by itself make the product complex.",
        "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": "ucits",
            "quote": "JPMorgan ETFs (Ireland) ICAV \u2013 Global Equity Multi-Factor UCITS ETF"
        },
        {
            "source": "KIID",
            "signal": "derivatives_epm_only",
            "quote": "The Sub-Fund may, for efficient portfolio management purposes, use financial derivative instruments."
        },
        {
            "source": "FACTSHEET",
            "signal": "securities_lending",
            "quote": "Securities Lending Yes"
        },
        {
            "source": "KIID",
            "signal": "replication_method_physical",
            "quote": "The Sub-Fund pursues a passively managed (indextracking) strategy."
        },
        {
            "source": "FACTSHEET",
            "signal": "replication_method_physical",
            "quote": "Seeks to replicate the Index by holding all of the Index Securities in a similar proportion to their weighting in the Index."
        }
    ],
    "supporting_data": "UCITS physical ETF baseline applied. Policy mode: strict. Product type: ETF. UCITS signal identified. Replication method: physical.",
    "missing_data": [],
    "warnings": [],
    "sources": {
        "kiid": {
            "url": "https://oppl.ai/apy/doc_store/IE000A9QKUV7_KIID.txt",
            "found": true,
            "http_code": 200,
            "bytes": 11153,
            "error": null
        },
        "priips_kid": {
            "url": "https://oppl.ai/eu_kiids/en_txt/IE000A9QKUV7.txt",
            "found": true,
            "http_code": 200,
            "bytes": 17075,
            "error": null
        },
        "factsheet": {
            "url": "https://oppl.ai/apy/doc_store/IE000A9QKUV7_FS.txt",
            "found": true,
            "http_code": 200,
            "bytes": 17042,
            "error": null
        },
        "market_data": {
            "url": "https://api.londonstockexchange.com/api/gw/lse/search/autocomplete?q=IE000A9QKUV7&size=3",
            "found": true,
            "http_code": 200,
            "bytes": 341,
            "error": null
        }
    }
}