{ "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": "2026-06-08T13:56:21+00:00", "captured_unix": 1780926981 }, "classification": "review", "confidence": 0.64, "review_required": true, "decision_rule_applied": "balanced_investment_trust_review_signal_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", "spread_band": "moderate", "turnover_band": "poor", "market_cap_band": "micro", "liquidity_band": "moderate", "liquidity_impact": "risk_note_only", "recent_trade_observed": true }, "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": "NONE", "market_classification": "lse_main_market", "segment_classification": "specialist_fund_segment_or_main_market_segment", "suspended": false, "recent_trade_observed": true, "spread_band": "moderate", "turnover_band": "poor", "market_cap_band": "micro", "liquidity_band": "moderate", "liquidity_impact": "risk_note_only" }, "aic_inferred_data": null, "holdings_inferred_data": null, "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", "Underlying exposure appears ordinary from disclosure text" ], "review_factors": [ "PRIIPs comprehension alert corroborated by very high gearing", "PRIIPs comprehension alert corroborated by large discount or premium to NAV", "PRIIPs comprehension alert corroborated by weaker liquidity and market-size bands" ], "consumer_understanding": { "risk_level": "elevated", "drivers": [ "Very high gearing", "Borrowing may materially magnify gains and losses", "PRIIPs comprehension alert language", "PRIIPs comprehension alert corroborated by very high gearing", "PRIIPs comprehension alert corroborated by large discount or premium to NAV", "PRIIPs comprehension alert corroborated by weaker liquidity and market-size bands", "Ordinary listed Investment Trust share structure" ], "plain_english_explanation": "The available evidence identifies features that may affect ordinary retail investor understanding. The assessment describes product-level mechanics only and does not judge the knowledge or experience of a 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 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": "Investment Trust review signal identified.", "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_risk_note", "priips_comprehension_alert_soft_flag", "priips_comprehension_alert_corroborated" ], "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 }, "aic_data": { "found": false, "source": "", "url": "", "http_code": null, "content_type": null, "bytes": 0, "error": "aic_data_not_found", "raw_payload_published": false }, "holdings_data": { "found": false, "source": "", "url": "", "http_code": null, "content_type": null, "bytes": 0, "error": "portfolio_holdings_not_found", "raw_values_published": false } } }