{
    "ok": true,
    "_meta": {
        "isin": "IE000CN8T855",
        "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": "2026-06-29T18:30:30+00:00",
        "captured_unix": 1782757830
    },
    "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 Research Enhanced Index Equity Active UCITS ETF - EUR Hedged (acc)",
    "isin": "IE000CN8T855",
    "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": "JPM US Research Enhanced Index Equity Active UCITS ETF - EUR Hedged (acc) a Share Class of JPMorgan ETFs (Ireland) ICAV \u2013 US Research Enhanced Index Equity Active UCITS ETF"
        },
        {
            "source": "KIID",
            "signal": "derivatives_epm_only",
            "quote": "The Sub-Fund may, for efficient portfolio management purposes, use financial derivative instruments."
        },
        {
            "source": "KIID",
            "signal": "derivatives_epm_only",
            "quote": "This Share Class seeks to minimise the effect of currency fluctuations between the Reference Currency of the Sub-Fund (USD) and the Reference Currency of this Share Class (EUR)."
        },
        {
            "source": "FACTSHEET",
            "signal": "replication_method",
            "quote": "Uses a fundamental, bottom-up stock selection process. Enhanced index approach that builds a portfolio in reference to the benchmark by overweighting securities with the highest potential to outperform and underweighting securities considered most overvalued."
        },
        {
            "source": "FACTSHEET",
            "signal": "securities_lending",
            "quote": "Securities Lending No"
        },
        {
            "source": "PRIIPS_KID",
            "signal": "ucits",
            "quote": "This product is a UCITS exchange traded fund or 'UCITS ETF'."
        },
        {
            "source": "KIID",
            "signal": "inverse",
            "quote": "The Sub-Fund aims to achieve a long-term return in excess of Standard & Poor's (S&P) 500 Index (Total Return Net) (the 'Benchmark') by actively investing primarily in a portfolio of US companies."
        }
    ],
    "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/IE000CN8T855_KIID.txt",
            "found": true,
            "http_code": 200,
            "bytes": 12347,
            "error": null
        },
        "priips_kid": {
            "url": "https://oppl.ai/eu_kiids/en_txt/IE000CN8T855.txt",
            "found": true,
            "http_code": 200,
            "bytes": 18717,
            "error": null
        },
        "factsheet": {
            "url": "https://oppl.ai/apy/doc_store/IE000CN8T855_FS.txt",
            "found": true,
            "http_code": 200,
            "bytes": 20863,
            "error": null
        },
        "market_data": {
            "url": "https://api.londonstockexchange.com/api/gw/lse/search/autocomplete?q=IE000CN8T855&size=3",
            "found": true,
            "http_code": 200,
            "bytes": 61,
            "error": null
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    }
}