{
    "ok": true,
    "_meta": {
        "isin": "IE000U00VD47",
        "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": "2026-06-14T12:40:23+00:00",
        "captured_unix": 1781440823
    },
    "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": "IE000U00VD47",
    "type": "ETF",
    "ucits": true,
    "asset_class": "fixed_income",
    "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": 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": [
            "Swap or FDI permission language identified",
            "Derivative powers appear permission-based rather than evidenced as core exposure",
            "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": "To minimise exposure to fluctuations in the exchange rate between the share class currency and the base currencies of the Fund\u2019s underlying holdings, the share class enters into foreign exchange transactions (typically FX forwards)."
        },
        {
            "source": "KIID",
            "signal": "derivatives_epm_only",
            "quote": "To minimise exposure to fluctuations in the exchange rate between the share class currency and the base currencies of the Fund\u2019s underlying holdings, the share class enters into foreign exchange transactions (typically FX forwards)."
        },
        {
            "source": "KIID",
            "signal": "counterparty_risk",
            "quote": "Credit/counterparty risk: The Fund is exposed to the credit/default risk of the issuers of the fixed-income securities that the Fund may invest in."
        },
        {
            "source": "FACTSHEET",
            "signal": "swaps",
            "quote": "Credit Default Swap -0.5"
        },
        {
            "source": "FACTSHEET",
            "signal": "derivatives_mentioned",
            "quote": "Bond Future - 0.5"
        },
        {
            "source": "FACTSHEET",
            "signal": "derivatives_epm_only",
            "quote": "Bond Future - 0.5"
        }
    ],
    "supporting_data": "UCITS physical ETF baseline applied. Policy mode: balanced. Product type: ETF. UCITS signal identified. Replication method: physical.",
    "missing_data": [
        "funded_swap",
        "unfunded_swap",
        "securities_lending"
    ],
    "warnings": [
        "illiquid_or_hard_to_value_underlying_identified",
        "counterparty_risk_language_identified",
        "swap_permission_language_identified_not_core_strategy"
    ],
    "sources": {
        "kiid": {
            "url": "https://oppl.ai/apy/doc_store/IE000U00VD47_KIID.txt",
            "found": true,
            "http_code": 200,
            "bytes": 10751,
            "error": null
        },
        "priips_kid": {
            "url": "https://oppl.ai/eu_kiids/en_txt/IE000U00VD47.txt",
            "found": true,
            "http_code": 200,
            "bytes": 13853,
            "error": null
        },
        "factsheet": {
            "url": "https://oppl.ai/apy/doc_store/IE000U00VD47_FS.txt",
            "found": true,
            "http_code": 200,
            "bytes": 22174,
            "error": null
        },
        "market_data": {
            "url": "https://api.londonstockexchange.com/api/gw/lse/search/autocomplete?q=IE000U00VD47&size=3",
            "found": true,
            "http_code": 200,
            "bytes": 280,
            "error": null
        }
    }
}