{
    "ok": true,
    "_meta": {
        "isin": "IE000ZT56NY2",
        "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": "2026-06-18T10:48:42+00:00",
        "captured_unix": 1781779722
    },
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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": "JPMorgan ETFs (Ireland) ICAV \u2013 EUR High Yield Bond Active UCITS ETF",
    "isin": "IE000ZT56NY2",
    "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": 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,
        "coco_or_at1_exposure": true,
        "clo_exposure": false,
        "complex_index": false,
        "priips_comprehension_alert": true,
        "securities_lending": false,
        "illiquid_or_hard_to_value_underlying": false,
        "physical_allocated_commodity": false,
        "crypto_digital_asset": false
    },
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        "CoCo or AT1 bond exposure"
    ],
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        "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",
            "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 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_epm_only",
            "quote": "The Sub-Fund may, for efficient portfolio management purposes, use financial derivative instruments."
        },
        {
            "source": "KIID",
            "signal": "ucits",
            "quote": "JPM EUR High Yield Bond Active UCITS ETF"
        },
        {
            "source": "FACTSHEET",
            "signal": "physical_replication",
            "quote": "Bottom-up security selection approach based on assessing relative value across the European developed market high yield credit spectrum."
        }
    ],
    "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": [
        "securities_lending not mentioned in provided documents"
    ],
    "warnings": [],
    "sources": {
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            "url": "https://oppl.ai/apy/doc_store/IE000ZT56NY2_KIID.txt",
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            "http_code": 200,
            "bytes": 13739,
            "error": null
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            "url": "https://oppl.ai/eu_kiids/en_txt/IE000ZT56NY2.txt",
            "found": true,
            "http_code": 200,
            "bytes": 12710,
            "error": null
        },
        "factsheet": {
            "url": "https://oppl.ai/apy/doc_store/IE000ZT56NY2_FS.txt",
            "found": true,
            "http_code": 200,
            "bytes": 9034,
            "error": null
        },
        "market_data": {
            "url": "https://api.londonstockexchange.com/api/gw/lse/search/autocomplete?q=IE000ZT56NY2&size=3",
            "found": true,
            "http_code": 200,
            "bytes": 338,
            "error": null
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}