{
    "ok": true,
    "_meta": {
        "isin": "GB00BTNQ8K38",
        "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": "2026-06-08T14:29:49+00:00",
        "captured_unix": 1780928989
    },
    "classification": "non-complex",
    "confidence": 0.78,
    "review_required": false,
    "llm_status": {
        "attempted": true,
        "used": false,
        "fallback_used": true,
        "provider": "openrouter",
        "model": "google/gemini-3.5-flash",
        "error": "llm_http_failed",
        "http_code": 401,
        "usage_present": false,
        "prompt_tokens": null,
        "completion_tokens": null,
        "total_tokens": null
    },
    "decision_rule_applied": "investment_trust_ordinary_share_no_hard_complex_rule",
    "product_policy_branch": "INVESTMENT_TRUST",
    "fund_name": "Caledonia Investments",
    "isin": "GB00BTNQ8K38",
    "type": "INVESTMENT_TRUST",
    "security_line_type": "ordinary_share",
    "ordinary_share_like": true,
    "asset_class": null,
    "aic_sector_or_sector": "Flexible Investment",
    "investment_objective_summary": null,
    "investment_policy_summary": null,
    "gearing": {
        "net_gearing_percent": null,
        "gross_gearing_percent": null,
        "borrowings_or_debt_summary": null,
        "gearing_source_phrase": null,
        "gearing_band": null
    },
    "nav_and_market": {
        "discount_or_premium_percent": 3.3,
        "nav_frequency_or_phrase": null,
        "market_cap": null,
        "average_daily_value_traded": null,
        "bid_offer_spread_percent": null,
        "trading_status": "active_or_not_flagged",
        "spread_band": "normal",
        "turnover_band": "normal",
        "market_cap_band": "normal",
        "liquidity_band": "normal",
        "liquidity_impact": "no_complexity_uplift",
        "recent_trade_observed": true
    },
    "lse_inferred_market_data": {
        "source": "lse_alldata_derived",
        "raw_values_published": false,
        "security_line_type": "ordinary_share",
        "ordinary_share_like": null,
        "lse_category": "EQUITY",
        "mifir": "SHRS",
        "instrumenttype": "STOCK",
        "fundsType": "FUND",
        "market_classification": "lse_main_market",
        "segment_classification": "stmm",
        "suspended": false,
        "recent_trade_observed": true,
        "spread_band": "normal",
        "turnover_band": "normal",
        "market_cap_band": "normal",
        "liquidity_band": "normal",
        "liquidity_impact": "no_complexity_uplift"
    },
    "aic_inferred_data": {
        "source": "aic_companydata_derived",
        "raw_payload_published": false,
        "alias_resolved": true,
        "isin_match_observed": true,
        "company_name_present": true,
        "data_as_at_present": true,
        "sector": "Flexible Investment",
        "selected_share_type": null,
        "selected_row_index_present": true,
        "ordinary_share_like": null,
        "multiple_share_classes": false,
        "zdp_share_class_present": false,
        "preference_share_class_present": false,
        "gearing_band": null,
        "discount_premium_band": "unknown",
        "market_cap_band": "unknown",
        "total_assets_band": "unknown",
        "selected_exchange_classification": "lse_main_market",
        "top_holdings_count_band": "ten_or_more",
        "top_holdings_listed_equity_like": false,
        "underlying_categories": []
    },
    "holdings_inferred_data": {
        "source": "morningstar_portfolio_holdings_derived",
        "raw_payload_published": false,
        "holdings_mapping_quality": "weak",
        "mapped_weight_band": "none",
        "unknown_weight_review_impact": "review_support",
        "holdings_count_band": "ten_to_twenty_four",
        "analysed_holdings_count_band": "ten_to_twenty_four",
        "holdings_with_isin_band": "some",
        "oppl_mapped_holdings_band": "few",
        "top_position_weight_band": "small",
        "analysed_weight_band": "significant",
        "equity_or_dr_weight_band": "none",
        "bond_or_debt_weight_band": "none",
        "fund_or_collective_weight_band": "none",
        "preference_or_hybrid_weight_band": "none",
        "unknown_weight_band": "significant",
        "listed_equity_or_dr_dominant": false,
        "non_equity_weight_band": "significant",
        "distinct_mic_count_band": "few",
        "distinct_country_count_band": "few",
        "holding_complexity_impact": "ordinary_holdings_support",
        "complex_holding_flags": [],
        "underlying_categories": []
    },
    "portfolio_composition_inferred": {
        "source": "portfolio_composition_derived",
        "raw_values_published": false,
        "public_listed_companies_band": "significant",
        "private_capital_band": "significant",
        "funds_or_fund_of_funds_band": "significant",
        "cash_or_net_cash_band": "unknown",
        "composition_source": "text_and_holdings_derived",
        "composition_review_impact": "review_support",
        "underlying_categories": [
            "listed_equities",
            "private_equity",
            "unlisted_assets",
            "funds_of_funds"
        ]
    },
    "risk_notes": [
        "Material private, unlisted or fund-of-funds exposure identified",
        "Holdings enrichment was present but mapping quality was weak",
        "Underlying exposure is not mapped to a definitive taxonomy",
        "Listed share liquidity does not create a complexity uplift"
    ],
    "why_not_complex": [
        "No non-standard security line identified",
        "No ZDP share line identified for the requested ISIN",
        "No preference share line identified for the requested ISIN",
        "No warrant or subscription share line identified",
        "No structured payoff identified",
        "No positive capital-protection or guarantee mechanism identified",
        "No leveraged or inverse investment objective identified",
        "No derivative-led or synthetic strategy identified",
        "No listed-share liquidity failure identified"
    ],
    "confidence_components": {
        "security_line_confidence": "high",
        "listed_share_liquidity_confidence": "high",
        "gearing_confidence": "moderate",
        "underlying_composition_confidence": "moderate",
        "holdings_mapping_confidence": "weak"
    },
    "underlying_assessment": {
        "source_type": "free_text_disclosure",
        "mapped_to_definitive_taxonomy": false,
        "detected_categories": [
            "listed_equities",
            "private_equity",
            "unlisted_assets",
            "funds_of_funds"
        ],
        "underlying_complexity_level": "amber",
        "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": false,
        "zero_dividend_preference_share": false,
        "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": false,
        "private_equity_or_unlisted_assets": true,
        "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": false,
        "priips_comprehension_alert": false
    },
    "complex_factors": [],
    "non_complex_factors": [
        "Ordinary listed Investment Trust share",
        "LSE-derived liquidity indicators do not create a complexity uplift",
        "Conventional listed Investment Trust ordinary share"
    ],
    "review_factors": [],
    "consumer_understanding": {
        "risk_level": "moderate",
        "drivers": [
            "Specialist, private, illiquid or less transparent underlying exposure",
            "Ordinary listed Investment Trust share structure"
        ],
        "plain_english_explanation": "The product appears to be a conventional listed Investment Trust ordinary share. No non-standard security line, structured payoff, derivative-led strategy, structural leverage or clearly complex underlying strategy was identified. Ordinary market, discount/premium, gearing and liquidity risks may still exist, but those risks do not by themselves 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": "MARKET_DATA",
            "signal": "ordinary_listed_it_share",
            "quote": "Type Ordinary s hares of Caledonia Investments plc, a self -managed closed -ended investment trust company incorporated in England (the \u201cCompany\u201d)."
        }
    ],
    "supporting_data": {
        "mode": "balanced",
        "reason": "Ordinary Investment Trust share baseline applied.",
        "security_line_type": "ordinary_share",
        "gearing_band": null,
        "underlying_complexity_level": "amber"
    },
    "missing_data": [
        "gearing_percent"
    ],
    "warnings": [
        "underlying_not_mapped_to_definitive_taxonomy",
        "lse_derived_liquidity_no_complexity_uplift",
        "holdings_mapping_quality_weak",
        "portfolio_composition_supports_review",
        "llm_extraction_failed_fallback_used"
    ],
    "sources": {
        "priips_kid": {
            "found": true,
            "source": "https://oppl.ai/apy/doc_store_its/GB00BTNQ8K38_KID.txt",
            "url": "https://oppl.ai/apy/doc_store_its/GB00BTNQ8K38_KID.txt",
            "http_code": 200,
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            "error": null,
            "candidates_checked": [
                "https://oppl.ai/apy/doc_store_its/GB00BTNQ8K38_KID.txt"
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        "factsheet": {
            "found": true,
            "source": "https://oppl.ai/apy/doc_store_its/GB00BTNQ8K38_FS.txt",
            "url": "https://oppl.ai/apy/doc_store_its/GB00BTNQ8K38_FS.txt",
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            "candidates_checked": [
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        "market_data": {
            "found": true,
            "source": "lse_alldata_derived",
            "url": "",
            "http_code": null,
            "content_type": "application/vnd.oppl.lse-derived+json",
            "bytes": 0,
            "error": null,
            "raw_values_published": false
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        "aic_data": {
            "found": true,
            "source": "aic_companydata_derived",
            "url": "",
            "http_code": null,
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            "bytes": 0,
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            "raw_payload_published": false
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        "holdings_data": {
            "found": true,
            "source": "morningstar_portfolio_holdings_derived",
            "url": "",
            "http_code": null,
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}