{
    "ok": true,
    "_meta": {
        "isin": "IE000GDU4WA8",
        "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": "2026-06-24T05:38:25+00:00",
        "captured_unix": 1782279505
    },
    "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": "Jupiter Global Government Bond Active UCITS ETF",
    "isin": "IE000GDU4WA8",
    "type": "ETF",
    "ucits": true,
    "asset_class": "government_bonds",
    "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": false,
        "clo_exposure": false,
        "complex_index": false,
        "priips_comprehension_alert": false,
        "securities_lending": false,
        "illiquid_or_hard_to_value_underlying": true,
        "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": "moderate",
        "drivers": [
            "Less liquid or harder-to-value underlying exposure language",
            "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 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": "Derivatives risk: Derivatives can behave unexpectedly."
        },
        {
            "source": "KIID",
            "signal": "derivatives_epm_only",
            "quote": "The Fund will invest, in a manner consistent with the UCITS Regulations and Central Bank requirements, at least 70% of its net assets in a portfolio of bonds issued or guaranteed by sovereign and supra-sovereign issuers"
        },
        {
            "source": "FACTSHEET",
            "signal": "physical_replication",
            "quote": "Top Ten Holdings: Treasury (Cpi) Note 1.25% 15/04/28 ... Fed Republic Of Brazil 10% 01/01/31 ... showing direct bond holdings"
        },
        {
            "source": "KIID",
            "signal": "ucits",
            "quote": "This Fund is authorised in Ireland and regulated by the Central Bank of Ireland under the UCITS Regulation 2011"
        }
    ],
    "supporting_data": "UCITS physical ETF baseline applied. Policy mode: strict. Product type: ETF. UCITS signal identified. Replication method: physical.",
    "missing_data": [
        "securities_lending policy not mentioned"
    ],
    "warnings": [
        "illiquid_or_hard_to_value_underlying_identified",
        "counterparty_risk_language_identified"
    ],
    "sources": {
        "kiid": {
            "url": "https://oppl.ai/apy/doc_store/IE000GDU4WA8_KIID.txt",
            "found": true,
            "http_code": 200,
            "bytes": 10360,
            "error": null
        },
        "priips_kid": {
            "url": "https://oppl.ai/eu_kiids/en_txt/IE000GDU4WA8.txt",
            "found": true,
            "http_code": 200,
            "bytes": 13327,
            "error": null
        },
        "factsheet": {
            "url": "https://oppl.ai/apy/doc_store/IE000GDU4WA8_FS.txt",
            "found": true,
            "http_code": 200,
            "bytes": 21083,
            "error": null
        },
        "market_data": {
            "url": "https://api.londonstockexchange.com/api/gw/lse/search/autocomplete?q=IE000GDU4WA8&size=3",
            "found": true,
            "http_code": 200,
            "bytes": 500,
            "error": null
        }
    }
}