{
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    "_meta": {
        "isin": "IE000BS9KP42",
        "asset_scope": "UK_COMPLEX_ASSET",
        "policy_mode": "balanced",
        "policy_mode_description": "UCITS ETFs usually start from a non-complex baseline, but product-level complexity such as synthetic replication, swaps, leverage, inverse exposure, complex debt, commodity roll exposure, or comprehension warnings can override that baseline.",
        "classification_engine_version": "1.0.0",
        "prompt_version": "complex_asset_extract_v1",
        "captured_at_utc": "2026-06-17T11:28:36+00:00",
        "captured_unix": 1781695716
    },
    "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": "JPM Emerging Markets Local Currency Bond Active UCITS ETF - USD (dist)",
    "isin": "IE000BS9KP42",
    "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": 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": false,
        "securities_lending": false,
        "illiquid_or_hard_to_value_underlying": false,
        "physical_allocated_commodity": false,
        "crypto_digital_asset": false
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        "CoCo or AT1 bond exposure"
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        "UCITS fund",
        "Physical replication",
        "No leverage identified",
        "No inverse exposure identified"
    ],
    "consumer_understanding": {
        "risk_level": "high",
        "drivers": [
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            "Loss absorption, conversion or write-down mechanics may be difficult to understand",
            "Counterparty risk language identified",
            "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": "type",
            "quote": "JPMorgan ETFs (Ireland) ICAV \u2013 Emerging Markets Local Currency Bond Active UCITS ETF"
        },
        {
            "source": "KIID",
            "signal": "ucits",
            "quote": "Emerging Markets Local Currency Bond Active UCITS ETF"
        },
        {
            "source": "KIID",
            "signal": "derivatives_mentioned",
            "quote": "using financial derivative instruments to gain exposure to underlying assets, where appropriate"
        },
        {
            "source": "KIID",
            "signal": "derivatives_epm_only",
            "quote": "The Sub-Fund may, for efficient portfolio management and investment purposes, use financial derivative instruments."
        },
        {
            "source": "PRIIPS_KID",
            "signal": "type",
            "quote": "This product is a UCITS exchange traded fund or 'UCITS ETF'."
        },
        {
            "source": "FACTSHEET",
            "signal": "derivatives_mentioned",
            "quote": "using financial derivative instruments to gain exposure to underlying assets, where appropriate"
        },
        {
            "source": "FACTSHEET",
            "signal": "physical_replication",
            "quote": "Top 10 holdings show direct government bonds (e.g., Malaysia 3.582% 07/15/32, Indonesia G 6.5% 02/15/31)"
        }
    ],
    "supporting_data": "Hard complex product feature identified: CoCo or AT1 bond exposure. Policy mode: balanced. Product type: ETF. UCITS signal identified. Replication method: physical.",
    "missing_data": [],
    "warnings": [
        "counterparty_risk_language_identified"
    ],
    "sources": {
        "kiid": {
            "url": "https://oppl.ai/apy/doc_store/IE000BS9KP42_KIID.txt",
            "found": true,
            "http_code": 200,
            "bytes": 14309,
            "error": null
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        "priips_kid": {
            "url": "https://oppl.ai/eu_kiids/en_txt/IE000BS9KP42.txt",
            "found": true,
            "http_code": 200,
            "bytes": 19499,
            "error": null
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        "factsheet": {
            "url": "https://oppl.ai/apy/doc_store/IE000BS9KP42_FS.txt",
            "found": true,
            "http_code": 200,
            "bytes": 18346,
            "error": null
        },
        "market_data": {
            "url": "https://api.londonstockexchange.com/api/gw/lse/search/autocomplete?q=IE000BS9KP42&size=3",
            "found": true,
            "http_code": 200,
            "bytes": 618,
            "error": null
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}