{
    "ok": true,
    "_meta": {
        "isin": "IE000BZFW5H7",
        "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": "2026-06-29T08:30:26+00:00",
        "captured_unix": 1782721826
    },
    "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 US Equity Active UCITS ETF - EUR Hedged (acc)",
    "isin": "IE000BZFW5H7",
    "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": false,
        "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": "derivatives_mentioned",
            "quote": "The Sub-Fund may, for efficient portfolio management purposes, use financial derivative instruments."
        },
        {
            "source": "KIID",
            "signal": "derivatives_epm_only",
            "quote": "The Sub-Fund may, for efficient portfolio management purposes, use financial derivative instruments."
        },
        {
            "source": "KIID",
            "signal": "ucits",
            "quote": "JPM US Equity Active UCITS ETF - EUR Hedged (acc) ... a Share Class of JPMorgan ETFs (Ireland) ICAV \u2013 US Equity Active UCITS ETF"
        },
        {
            "source": "KIID",
            "signal": "replication_method_physical",
            "quote": "the Sub-Fund will hold a portfolio of equity securities ... which is actively selected and managed"
        },
        {
            "source": "KIID",
            "signal": "asset_class_equity",
            "quote": "invest at least 67% of its assets ... in equity securities issued primarily by companies that are domiciled in, or carrying out the main part of their economic activity in the US."
        },
        {
            "source": "PRIIPS_KID",
            "signal": "ucits",
            "quote": "This product is a UCITS exchange traded fund or 'UCITS ETF'."
        }
    ],
    "supporting_data": "UCITS physical ETF baseline applied. Policy mode: balanced. Product type: ETF. UCITS signal identified. Replication method: physical.",
    "missing_data": [
        "No explicit mention of securities lending; set to false conservatively.",
        "No mention of counterparty risk beyond general risk language; set to false.",
        "No mention of PRIIPs comprehension alert; set to false."
    ],
    "warnings": [],
    "sources": {
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            "url": "https://oppl.ai/apy/doc_store/IE000BZFW5H7_KIID.txt",
            "found": true,
            "http_code": 200,
            "bytes": 12735,
            "error": null
        },
        "priips_kid": {
            "url": "https://oppl.ai/eu_kiids/en_txt/IE000BZFW5H7.txt",
            "found": true,
            "http_code": 200,
            "bytes": 18967,
            "error": null
        },
        "factsheet": {
            "url": "https://oppl.ai/apy/doc_store/IE000BZFW5H7_FS.txt",
            "found": true,
            "http_code": 200,
            "bytes": 16516,
            "error": null
        },
        "market_data": {
            "url": "https://api.londonstockexchange.com/api/gw/lse/search/autocomplete?q=IE000BZFW5H7&size=3",
            "found": true,
            "http_code": 200,
            "bytes": 61,
            "error": null
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}