{
    "ok": true,
    "_meta": {
        "isin": "GB00BTNQ8K38",
        "asset_scope": "UK_INVESTMENT_TRUST_COMPLEX_ASSET",
        "policy_mode": "strict",
        "policy_mode_description": "Any evidenced non-standard Investment Trust security line, structured payoff, derivative-led strategy, synthetic/swap strategy, leveraged or inverse objective, very high/structural gearing, complex underlying strategy, liquidity failure, or PRIIPs comprehension warning can drive complex classification or review.",
        "classification_engine_version": "1.0.0-it",
        "prompt_version": "complex_asset_it_extract_v1",
        "captured_at_utc": "2026-06-08T14:37:36+00:00",
        "captured_unix": 1780929456
    },
    "classification": "review",
    "confidence": 0.66,
    "review_required": true,
    "llm_status": {
        "attempted": true,
        "used": false,
        "fallback_used": true,
        "provider": "openrouter",
        "model": "qwen/qwen3.7-plus",
        "error": "llm_http_failed",
        "http_code": 200,
        "usage_present": false,
        "prompt_tokens": null,
        "completion_tokens": null,
        "total_tokens": null
    },
    "decision_rule_applied": "strict_investment_trust_review_signal_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"
    ],
    "review_factors": [
        "Private equity or unlisted asset exposure",
        "Specialist underlying exposure"
    ],
    "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 contains some risk-language or Investment Trust mechanics that may require explanation, but no hard complex feature has been identified from the available evidence. The assessment should be read as product-level context rather than a conclusion about any specific client.",
        "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": "strict",
        "reason": "Strict mode sends evidenced Investment Trust review signals to review.",
        "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,
            "content_type": "text/plain",
            "bytes": 13318,
            "error": null,
            "candidates_checked": [
                "https://oppl.ai/apy/doc_store_its/GB00BTNQ8K38_KID.txt"
            ]
        },
        "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",
            "http_code": 200,
            "content_type": "text/plain",
            "bytes": 7161,
            "error": null,
            "candidates_checked": [
                "https://oppl.ai/apy/doc_store_its/GB00BTNQ8K38_FS.txt"
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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
        },
        "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
        },
        "holdings_data": {
            "found": true,
            "source": "morningstar_portfolio_holdings_derived",
            "url": "",
            "http_code": null,
            "content_type": "application/vnd.oppl.holdings-derived+json",
            "bytes": 0,
            "error": null,
            "raw_values_published": false
        }
    }
}