{ "ok": true, "_meta": { "isin": "JE00BPH3HM76", "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": "2026-06-08T12:45:31+00:00", "captured_unix": 1780922731 }, "classification": "non-complex", "confidence": 0.78, "review_required": false, "decision_rule_applied": "investment_trust_ordinary_share_no_hard_complex_rule", "product_policy_branch": "INVESTMENT_TRUST", "fund_name": null, "isin": "JE00BPH3HM76", "type": "INVESTMENT_TRUST", "security_line_type": "ordinary_share", "ordinary_share_like": true, "asset_class": null, "aic_sector_or_sector": null, "investment_objective_summary": null, "investment_policy_summary": null, "gearing": { "net_gearing_percent": 48, "gross_gearing_percent": null, "borrowings_or_debt_summary": null, "gearing_source_phrase": null, "gearing_band": "very_high_gearing" }, "nav_and_market": { "discount_or_premium_percent": 36, "nav_frequency_or_phrase": null, "market_cap": null, "average_daily_value_traded": null, "bid_offer_spread_percent": null, "trading_status": "active_or_not_flagged" }, "lse_inferred_market_data": { "source": "lse_alldata_derived", "raw_values_published": false, "security_line_type": "ordinary_share", "ordinary_share_like": true, "lse_category": "EQUITY", "mifir": "SHRS", "instrumenttype": "STOCK", "fundsType": "FUND", "market_classification": "lse_main_market", "segment_classification": "specialist_fund_segment_or_main_market_segment", "suspended": false, "recent_trade_observed": true, "spread_band": "normal", "turnover_band": "normal", "market_cap_band": "normal", "liquidity_band": "normal", "liquidity_impact": "no_complexity_uplift" }, "underlying_assessment": { "source_type": "free_text_disclosure", "mapped_to_definitive_taxonomy": false, "detected_categories": [ "listed_equities", "infrastructure" ], "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": 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": 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": false, "priips_comprehension_alert": true }, "complex_factors": [], "non_complex_factors": [ "Ordinary listed Investment Trust share", "LSE-derived liquidity indicators do not create a complexity uplift", "Underlying exposure appears ordinary from disclosure text", "Conventional listed Investment Trust ordinary share" ], "review_factors": [], "consumer_understanding": { "risk_level": "elevated", "drivers": [ "Very high gearing", "Borrowing may materially magnify gains and losses", "PRIIPs comprehension alert language", "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 Shares in a public limited company, Digital 9 Infrastructure plc, which were admitted to trading on the Specialist Fund Segment of the Main Market of the London Stock Exchange plc (the \u201c LSE \u201d) on 31 March 2021." }, { "source": "MARKET_DATA", "signal": "priips_comprehension_alert", "quote": "Title: Microsoft Word - 20260421 D9 - Key Information Document URL Source: https://www.fundslibrary.co.uk/FundsLibrary.DataRetrieval/Documents.aspx?type=packet_fund_unit_doc_priip_kid&docid=4013dc7c-8cb2-425b-91b3-f0bae986658c&user=fz4vGsb7kVKp2VFGvaU9FEMW4LhxAjfacwoaGlm8I0o= Published Time: Wed, 22 Apr 2026 14:20:25 GMT Number of Pages: 3 Markdown\n\n[TRUNCATED]" } ], "supporting_data": { "mode": "balanced", "reason": "Ordinary Investment Trust share baseline applied.", "security_line_type": "ordinary_share", "gearing_band": "very_high_gearing", "underlying_complexity_level": "ordinary" }, "missing_data": [], "warnings": [ "priips_comprehension_alert_detected", "underlying_not_mapped_to_definitive_taxonomy", "lse_derived_liquidity_no_complexity_uplift", "priips_comprehension_alert_soft_flag" ], "sources": { "priips_kid": { "found": true, "source": "https://oppl.ai/apy/doc_store_its/JE00BPH3HM76_KID.txt", "url": "https://oppl.ai/apy/doc_store_its/JE00BPH3HM76_KID.txt", "http_code": 200, "content_type": "text/plain", "bytes": 11153, "error": null, "candidates_checked": [ "https://oppl.ai/apy/doc_store_its/JE00BPH3HM76_KID.txt" ] }, "factsheet": { "found": true, "source": "https://oppl.ai/apy/doc_store_its/JE00BPH3HM76_FS.txt", "url": "https://oppl.ai/apy/doc_store_its/JE00BPH3HM76_FS.txt", "http_code": 200, "content_type": "text/plain", "bytes": 13378, "error": null, "candidates_checked": [ "https://oppl.ai/apy/doc_store_its/JE00BPH3HM76_FS.txt" ] }, "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 } } }