{
    "ok": true,
    "_meta": {
        "isin": "IE00064KQDB3",
        "asset_scope": "UK_COMPLEX_ASSET",
        "policy_mode": "strict",
        "policy_mode_description": "Any material derivative, swap, synthetic, complex underlying, structured payoff, roll-cost, leverage, inverse, or PRIIPs warning signal can drive complex classification.",
        "classification_engine_version": "1.0.0",
        "prompt_version": "complex_asset_extract_v1",
        "captured_at_utc": "2026-06-25T21:17:10+00:00",
        "captured_unix": 1782422230
    },
    "classification": "complex",
    "confidence": 0.93,
    "review_required": false,
    "decision_rule_applied": "etf_coco_or_at1_exposure_hard_complex_rule",
    "product_policy_branch": "ETF",
    "fund_name": "JPMorgan ETFs (Ireland) ICAV \u2013 Global IG Corporate Bond Active UCITS ETF",
    "isin": "IE00064KQDB3",
    "type": "ETF",
    "ucits": true,
    "asset_class": "fixed_income",
    "replication_method": "physical",
    "signals": {
        "leveraged": false,
        "inverse": false,
        "derivatives_mentioned": true,
        "derivatives_core_strategy": false,
        "derivatives_epm_only": true,
        "swaps": false,
        "funded_swap": false,
        "unfunded_swap": false,
        "synthetic_replication": false,
        "counterparty_risk": false,
        "structured_payoff": false,
        "capital_protection": false,
        "commodity_futures_roll": false,
        "contango_backwardation": false,
        "coco_or_at1_exposure": true,
        "clo_exposure": false,
        "complex_index": false,
        "priips_comprehension_alert": false,
        "securities_lending": false,
        "illiquid_or_hard_to_value_underlying": false,
        "physical_allocated_commodity": false,
        "crypto_digital_asset": false
    },
    "complex_factors": [
        "CoCo or AT1 bond exposure"
    ],
    "non_complex_factors": [
        "UCITS fund",
        "Physical replication",
        "No leverage identified",
        "No inverse exposure identified"
    ],
    "consumer_understanding": {
        "risk_level": "high",
        "drivers": [
            "CoCo or AT1 exposure",
            "Loss absorption, conversion or write-down mechanics may be difficult to understand",
            "Derivative use appears limited to efficient portfolio management, hedging or risk management",
            "UCITS ETF structure",
            "Physical replication or direct portfolio holdings",
            "Fixed income credit and duration risk"
        ],
        "plain_english_explanation": "The product appears to have exposure to CoCo or AT1-style instruments. These can be difficult to understand because they may include loss absorption, conversion or write-down mechanics that behave differently from ordinary bonds.",
        "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": "KIID",
            "signal": "derivatives_epm_only",
            "quote": "The Sub-Fund may, for efficient portfolio management purposes, use financial derivative instruments."
        },
        {
            "source": "PRIIPS_KID",
            "signal": "derivatives_epm_only",
            "quote": "The Sub-Fund may, for efficient portfolio management purposes, use financial derivative instruments."
        },
        {
            "source": "KIID",
            "signal": "type",
            "quote": "JPM Global IG Corporate Bond Active UCITS ETF - USD (dist)"
        },
        {
            "source": "PRIIPS_KID",
            "signal": "ucits",
            "quote": "This product is a UCITS exchange traded fund or \"UCITS ETF\"."
        },
        {
            "source": "KIID",
            "signal": "replication_method",
            "quote": "The Sub-Fund will not seek to track the performance of or replicate the Benchmark, rather the Sub-Fund will hold a portfolio of debt securities... which is actively selected and managed"
        }
    ],
    "supporting_data": "Hard complex product feature identified: CoCo or AT1 bond exposure. Policy mode: strict. Product type: ETF. UCITS signal identified. Replication method: physical.",
    "missing_data": [
        "The documents mention contingent convertible debt securities in risk disclosures but do not confirm actual fund exposure; coco_or_at1_exposure set to false."
    ],
    "warnings": [],
    "sources": {
        "kiid": {
            "url": "https://oppl.ai/apy/doc_store/IE00064KQDB3_KIID.txt",
            "found": true,
            "http_code": 200,
            "bytes": 14292,
            "error": null
        },
        "priips_kid": {
            "url": "https://oppl.ai/eu_kiids/en_txt/IE00064KQDB3.txt",
            "found": true,
            "http_code": 200,
            "bytes": 18651,
            "error": null
        },
        "factsheet": {
            "url": "https://oppl.ai/apy/doc_store/IE00064KQDB3_FS.txt",
            "found": true,
            "http_code": 200,
            "bytes": 14363,
            "error": null
        },
        "market_data": {
            "url": "https://api.londonstockexchange.com/api/gw/lse/search/autocomplete?q=IE00064KQDB3&size=3",
            "found": true,
            "http_code": 200,
            "bytes": 622,
            "error": null
        }
    }
}