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        "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.",
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        "captured_at_utc": "2026-06-18T10:19:49+00:00",
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    "confidence": 0.93,
    "review_required": false,
    "decision_rule_applied": "etf_coco_or_at1_exposure_hard_complex_rule",
    "product_policy_branch": "ETF",
    "fund_name": "JPM Global IG Corporate Bond Active UCITS ETF - USD (acc)",
    "isin": "IE000S2QZKI8",
    "type": "ETF",
    "ucits": true,
    "asset_class": "Fixed Income",
    "replication_method": "physical",
    "signals": {
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        "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,
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        "clo_exposure": false,
        "complex_index": false,
        "priips_comprehension_alert": false,
        "securities_lending": false,
        "illiquid_or_hard_to_value_underlying": false,
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        "crypto_digital_asset": false
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        "No inverse exposure identified"
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            "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."
    },
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        },
        {
            "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 Global IG Corporate Bond Active UCITS ETF - USD (acc) a Share Class of JPMorgan ETFs (Ireland) ICAV \u2013 Global IG Corporate Bond Active UCITS ETF."
        },
        {
            "source": "KIID",
            "signal": "replication_method_physical",
            "quote": "The Sub-Fund will hold a portfolio of debt securities (which may include but will not be limited to the Benchmark Securities) which is actively selected and managed"
        },
        {
            "source": "PRIIPS_KID",
            "signal": "ucits",
            "quote": "This product is a UCITS exchange traded fund or 'UCITS ETF'."
        },
        {
            "source": "FACTSHEET",
            "signal": "replication_method_physical",
            "quote": "Uses a globally integrated research driven investment process that focuses on analysing fundamental, quantitative and technical factors across countries, sectors and issuers."
        }
    ],
    "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": [],
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            "http_code": 200,
            "bytes": 18678,
            "error": null
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            "url": "https://oppl.ai/apy/doc_store/IE000S2QZKI8_FS.txt",
            "found": true,
            "http_code": 200,
            "bytes": 14558,
            "error": null
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        "market_data": {
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            "http_code": 200,
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