{ "ok": true, "_meta": { "isin": "GB00BPJMQ253", "asset_scope": "UK_INVESTMENT_TRUST_COMPLEX_ASSET", "policy_mode": "balanced", "policy_mode_description": "Ordinary listed Investment Trust ordinary shares start from a non-complex baseline, but product-level complexity such as non-standard share class, structured payoff, derivative-led strategy, structural leverage, complex underlyings, liquidity failure, or supported comprehension warnings can override that baseline. Free-format underlyings normally create review rather than hard complex classification unless the strategy is clearly complex.", "classification_engine_version": "1.0.0-it", "prompt_version": "complex_asset_it_extract_v1", "captured_at_utc": "2026-06-08T13:03:33+00:00", "captured_unix": 1780923813 }, "classification": "complex", "confidence": 0.72, "review_required": true, "decision_rule_applied": "investment_trust_zero_dividend_preference_share_hard_complex_rule", "product_policy_branch": "INVESTMENT_TRUST", "fund_name": "Aberforth Geared Value & Income Trust", "isin": "GB00BPJMQ253", "type": "INVESTMENT_TRUST", "security_line_type": "zero_dividend_preference_share", "ordinary_share_like": false, "asset_class": null, "aic_sector_or_sector": "UK Smaller Companies", "investment_objective_summary": null, "investment_policy_summary": null, "gearing": { "net_gearing_percent": 41.7, "gross_gearing_percent": null, "borrowings_or_debt_summary": null, "gearing_source_phrase": "AIC-derived gearing band input", "gearing_band": "very_high_gearing" }, "nav_and_market": { "discount_or_premium_percent": 41.7, "nav_frequency_or_phrase": null, "market_cap": null, "average_daily_value_traded": null, "bid_offer_spread_percent": null, "trading_status": null, "spread_band": null, "turnover_band": null, "market_cap_band": null, "liquidity_band": null, "liquidity_impact": null, "recent_trade_observed": null }, "lse_inferred_market_data": null, "underlying_assessment": { "source_type": "free_text_disclosure", "mapped_to_definitive_taxonomy": false, "detected_categories": [ "listed_equities" ], "underlying_complexity_level": "ordinary", "underlying_summary": null, "limitation": "Underlying exposure is inferred from disclosure text and has not been validated against a holdings-level taxonomy." }, "signals": { "ordinary_listed_it_share": true, "non_standard_security_line": true, "zero_dividend_preference_share": true, "subscription_share_or_warrant": false, "split_capital_share_class": false, "preference_share": false, "c_share": false, "structured_payoff": false, "capital_protection": false, "leveraged_or_inverse_objective": false, "inverse": false, "derivatives_mentioned": false, "derivatives_core_strategy": null, "derivatives_epm_only": null, "swaps_or_synthetic_strategy": false, "options_or_volatility_strategy": false, "structural_leverage": false, "high_gearing_review": false, "very_high_gearing_review": true, "private_equity_or_unlisted_assets": false, "private_credit_or_direct_lending": false, "structured_credit_or_clo_exposure": false, "catastrophe_ils_exposure": false, "crypto_digital_asset_exposure": false, "life_settlements": false, "litigation_finance": false, "illiquid_or_hard_to_value_underlying": false, "liquidity_failure": false, "poor_liquidity_review": false, "continuation_vote_or_windup_language": true, "priips_comprehension_alert": false }, "complex_factors": [ "Zero-dividend preference share" ], "non_complex_factors": [ "Ordinary listed Investment Trust share", "Underlying exposure appears ordinary from disclosure text" ], "review_factors": [], "consumer_understanding": { "risk_level": "high", "drivers": [ "Non-standard Investment Trust security line", "The security economics may differ from ordinary shares", "Very high gearing", "Borrowing may materially magnify gains and losses" ], "plain_english_explanation": "The security appears to be a non-standard Investment Trust line rather than a conventional ordinary share. Its economics may differ materially from ordinary share ownership, so ordinary retail clients may need additional explanation of how returns, capital entitlement or conversion rights work.", "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": "MARKET_DATA", "signal": "ordinary_listed_it_share", "quote": "Title: Key Information Document: GB00BPJMQ253 URL Source: https://www.fundslibrary.co.uk/FundsLibrary.DataRetrieval/Documents.aspx?type=packet_fund_unit_doc_priip_kid&docid=222cc7c0-c599-4b45-a72b-30f1c12f6263&user=rPFNL/KKXuGFoXylviq6iGA6DpWYSbXTH8hmogyVt0A= Published Time: Tue, 04 Nov 2025 18:07:00 GMT Number of Pages: 3 Markdown Content: Key Inf\n\n[TRUNCATED]" }, { "source": "MARKET_DATA", "signal": "zero_dividend_preference_share", "quote": "The Company\u2019s investment objective is to provide Ordinary Shareholders with high total returns, incorporating an attractive level of income, and to provide Zero Dividend Preference (ZDP) Shareholders with a pre-determined final capital entitlement of 160.58 pence per ZDP Share on the planned winding up date of 30 June 2031." } ], "supporting_data": { "mode": "balanced", "reason": "Hard complex Investment Trust feature identified: Zero-dividend preference share.", "security_line_type": "zero_dividend_preference_share", "gearing_band": "very_high_gearing", "underlying_complexity_level": "ordinary" }, "missing_data": [ "market_data" ], "warnings": [ "underlying_not_mapped_to_definitive_taxonomy" ], "sources": { "priips_kid": { "found": true, "source": "https://oppl.ai/apy/doc_store_its/GB00BPJMQ253_KID.txt", "url": "https://oppl.ai/apy/doc_store_its/GB00BPJMQ253_KID.txt", "http_code": 200, "content_type": "text/plain", "bytes": 11381, "error": null, "candidates_checked": [ "https://oppl.ai/apy/doc_store_its/GB00BPJMQ253_KID.txt" ] }, "factsheet": { "found": true, "source": "https://oppl.ai/apy/doc_store_its/GB00BPJMQ253_FS.txt", "url": "https://oppl.ai/apy/doc_store_its/GB00BPJMQ253_FS.txt", "http_code": 200, "content_type": "text/plain", "bytes": 10730, "error": null, "candidates_checked": [ "https://oppl.ai/apy/doc_store_its/GB00BPJMQ253_FS.txt" ] }, "market_data": { "found": false, "source": "", "url": "", "http_code": null, "content_type": null, "bytes": 0, "error": "market_data_not_found", "raw_values_published": false }, "aic_data": { "found": true, "source": "aic_companydata_derived", "url": "", "http_code": null, "content_type": "application/vnd.oppl.aic-derived+json", "bytes": 0, "error": null, "raw_payload_published": false } } }