{
    "ok": true,
    "_meta": {
        "isin": "IE000TGCBXG8",
        "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": "2026-06-17T11:35:55+00:00",
        "captured_unix": 1781696155
    },
    "classification": "complex",
    "confidence": 0.93,
    "review_required": false,
    "decision_rule_applied": "etf_coco_or_at1_exposure_hard_complex_rule",
    "product_policy_branch": "ETF",
    "fund_name": "JPM Emerging Markets Local Currency Bond Active UCITS ETF - USD (acc)",
    "isin": "IE000TGCBXG8",
    "type": "ETF",
    "ucits": true,
    "asset_class": "bond",
    "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": true,
        "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": [
        "CoCo or AT1 bond exposure"
    ],
    "non_complex_factors": [
        "UCITS fund",
        "Physical replication",
        "No leverage identified",
        "No inverse exposure identified"
    ],
    "consumer_understanding": {
        "risk_level": "high",
        "drivers": [
            "CoCo or AT1 exposure",
            "Loss absorption, conversion or write-down mechanics may be difficult to understand",
            "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 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."
    },
    "supporting_evidence": [
        {
            "source": "KIID",
            "signal": "derivatives_mentioned",
            "quote": "The Sub-Fund may, for efficient portfolio management and investment purposes, use financial derivative instruments."
        },
        {
            "source": "KIID",
            "signal": "derivatives_epm_only",
            "quote": "The Sub-Fund may, for efficient portfolio management and investment purposes, use financial derivative instruments."
        },
        {
            "source": "KIID",
            "signal": "ucits",
            "quote": "JPMorgan ETFs (Ireland) ICAVISIN: IE000TGCBXG8 JPM Emerging Markets Local Currency Bond Active UCITS ETF - USD (acc) a Share Class of JPMorgan ETFs (Ireland) ICAV \u2013 Emerging Markets Local Currency Bond Active UCITS ETF."
        },
        {
            "source": "PRIIPS_KID",
            "signal": "ucits",
            "quote": "This product is a UCITS exchange traded fund or \"UCITS ETF\"."
        },
        {
            "source": "KIID",
            "signal": "replication_method_physical",
            "quote": "The Sub-Fund will invest primarily in debt securities, including bonds and notes, issued or guaranteed by emerging market governments..."
        },
        {
            "source": "FACTSHEET",
            "signal": "replication_method_physical",
            "quote": "The Sub-Fund will invest primarily in debt securities, including bonds and notes, issued or guaranteed by emerging market governments..."
        },
        {
            "source": "KIID",
            "signal": "no_leverage",
            "quote": "The Sub-Fund is classified in category 5 because its simulated Net Asset Value has shown medium to high fluctuations historically."
        },
        {
            "source": "KIID",
            "signal": "no_inverse",
            "quote": "Investment Objective: The objective of the Sub-Fund is to achieve a long-term return in excess of J.P. Morgan GBI-EM Global Diversified (Total Return Gross)"
        },
        {
            "source": "KIID",
            "signal": "no_swaps",
            "quote": "The Sub-Fund will invest primarily in debt securities, including bonds and notes... using financial derivative instruments to gain exposure to underlying assets, where appropriate."
        },
        {
            "source": "KIID",
            "signal": "no_synthetic_replication",
            "quote": "The Sub-Fund will not seek to track the performance of or replicate the Benchmark, rather the Sub-Fund will hold a portfolio of debt securities..."
        },
        {
            "source": "KIID",
            "signal": "no_commodity_futures_roll",
            "quote": "The Sub-Fund is an emerging market local currency bond fund, not a commodity product."
        },
        {
            "source": "KIID",
            "signal": "no_coco_or_at1_exposure",
            "quote": "Contingent convertible debt securities are likely to be adversely impacted... (listed as a risk, not an investment focus)"
        },
        {
            "source": "KIID",
            "signal": "no_crypto_digital_asset",
            "quote": "Investment Policy: The Sub-Fund aims to invest at least 67% of its assets in debt securities issued or guaranteed by emerging market governments..."
        }
    ],
    "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": [
        "counterparty_risk_language_identified"
    ],
    "sources": {
        "kiid": {
            "url": "https://oppl.ai/apy/doc_store/IE000TGCBXG8_KIID.txt",
            "found": true,
            "http_code": 200,
            "bytes": 14287,
            "error": null
        },
        "priips_kid": {
            "url": "https://oppl.ai/eu_kiids/en_txt/IE000TGCBXG8.txt",
            "found": true,
            "http_code": 200,
            "bytes": 19526,
            "error": null
        },
        "factsheet": {
            "url": "https://oppl.ai/apy/doc_store/IE000TGCBXG8_FS.txt",
            "found": true,
            "http_code": 200,
            "bytes": 18436,
            "error": null
        },
        "market_data": {
            "url": "https://api.londonstockexchange.com/api/gw/lse/search/autocomplete?q=IE000TGCBXG8&size=3",
            "found": true,
            "http_code": 200,
            "bytes": 338,
            "error": null
        }
    }
}