{
    "ok": true,
    "_meta": {
        "isin": "IE000RH1ZG27",
        "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": "2026-06-07T05:56:48+00:00",
        "captured_unix": 1780811808
    },
    "classification": "complex",
    "confidence": 0.93,
    "review_required": false,
    "decision_rule_applied": "etf_capital_protection_hard_complex_rule",
    "product_policy_branch": "ETF",
    "fund_name": "Janus Henderson USD Mortgage-Backed Securities Active Core UCITS ETF",
    "isin": "IE000RH1ZG27",
    "type": "ETF",
    "ucits": true,
    "asset_class": "fixed income (mortgage-backed securities)",
    "replication_method": "physical",
    "signals": {
        "leveraged": false,
        "inverse": false,
        "derivatives_mentioned": true,
        "derivatives_core_strategy": false,
        "derivatives_epm_only": true,
        "swaps": true,
        "funded_swap": false,
        "unfunded_swap": false,
        "synthetic_replication": false,
        "counterparty_risk": true,
        "structured_payoff": false,
        "capital_protection": true,
        "commodity_futures_roll": false,
        "contango_backwardation": false,
        "coco_or_at1_exposure": false,
        "clo_exposure": false,
        "complex_index": false,
        "priips_comprehension_alert": true,
        "securities_lending": false,
        "illiquid_or_hard_to_value_underlying": true,
        "physical_allocated_commodity": false,
        "crypto_digital_asset": false
    },
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        "Capital protection or guarantee mechanism"
    ],
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        "UCITS fund",
        "Physical replication",
        "No leverage identified",
        "No inverse exposure identified"
    ],
    "consumer_understanding": {
        "risk_level": "high",
        "drivers": [
            "Synthetic or swap-based exposure",
            "Counterparty exposure may be relevant to returns or risk",
            "Capital protection or guarantee language",
            "Protection terms may depend on conditions or issuer credit quality",
            "Less liquid or harder-to-value underlying exposure language",
            "Counterparty risk language identified",
            "PRIIPs comprehension alert language",
            "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 use synthetic or swap-based exposure. This may be difficult for ordinary retail clients to understand because returns can depend not only on the referenced market exposure but also on derivative mechanics, collateral arrangements and counterparty risk.",
        "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": "priips_comprehension_alert",
            "quote": "You are about to purchase a product that is not simple and may be difficult to understand"
        },
        {
            "source": "KIID",
            "signal": "swaps",
            "quote": "Derivatives - namely Treasury futures, interest rate swaps, interest rate options, swaptions and index credit default swaps - may be used for the purposes of hedging/risk reduction specifically interest rate, duration and credit risk."
        }
    ],
    "supporting_data": "Hard complex product feature identified: Capital protection or guarantee mechanism. Policy mode: strict. Product type: ETF. UCITS signal identified. Replication method: physical.",
    "missing_data": [
        "factsheet",
        "funded_swap/unfunded_swap not specified",
        "securities_lending not mentioned",
        "illiquid_or_hard_to_value_underlying not explicitly stated despite TBA and non-agency MBS positions"
    ],
    "warnings": [
        "illiquid_or_hard_to_value_underlying_identified",
        "counterparty_risk_language_identified"
    ],
    "sources": {
        "kiid": {
            "url": "https://oppl.ai/apy/doc_store/IE000RH1ZG27_KIID.txt",
            "found": true,
            "http_code": 200,
            "bytes": 12792,
            "error": null
        },
        "priips_kid": {
            "url": "https://oppl.ai/eu_kiids/en_txt/IE000RH1ZG27.txt",
            "found": true,
            "http_code": 200,
            "bytes": 12852,
            "error": null
        },
        "factsheet": {
            "url": "https://oppl.ai/apy/doc_store/IE000RH1ZG27_FS.txt",
            "found": false,
            "http_code": 404,
            "bytes": 1251,
            "error": "http_404"
        },
        "market_data": {
            "url": "https://api.londonstockexchange.com/api/gw/lse/search/autocomplete?q=IE000RH1ZG27&size=3",
            "found": true,
            "http_code": 200,
            "bytes": 302,
            "error": null
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    }
}