{
    "ok": true,
    "_meta": {
        "isin": "FR0000021842",
        "asset_scope": "UK_COMPLEX_ASSET",
        "policy_mode": "ucits_default",
        "policy_mode_description": "UCITS ETFs default to non-complex unless leverage, inverse exposure, structured payoff, complex underlyings, or explicit comprehension-warning language is identified.",
        "classification_engine_version": "1.0.0",
        "prompt_version": "complex_asset_extract_v1",
        "captured_at_utc": "2026-06-13T15:54:52+00:00",
        "captured_unix": 1781366092
    },
    "classification": "non-complex",
    "confidence": 0.82,
    "review_required": false,
    "decision_rule_applied": "etf_ucits_physical_no_complex_override_rule",
    "product_policy_branch": "ETF",
    "fund_name": "Amundi BEL 20 UCITS ETF Dist",
    "isin": "FR0000021842",
    "type": "ETF",
    "ucits": true,
    "asset_class": "Equity",
    "replication_method": "physical",
    "signals": {
        "leveraged": false,
        "inverse": false,
        "derivatives_mentioned": true,
        "derivatives_core_strategy": false,
        "derivatives_epm_only": null,
        "swaps": true,
        "funded_swap": false,
        "unfunded_swap": false,
        "synthetic_replication": false,
        "counterparty_risk": true,
        "structured_payoff": false,
        "capital_protection": false,
        "commodity_futures_roll": false,
        "contango_backwardation": false,
        "coco_or_at1_exposure": false,
        "clo_exposure": false,
        "complex_index": false,
        "priips_comprehension_alert": false,
        "securities_lending": true,
        "illiquid_or_hard_to_value_underlying": false,
        "physical_allocated_commodity": false,
        "crypto_digital_asset": false
    },
    "complex_factors": [],
    "non_complex_factors": [
        "UCITS fund",
        "Physical replication",
        "No leverage identified",
        "No inverse exposure identified"
    ],
    "consumer_understanding": {
        "risk_level": "moderate",
        "drivers": [
            "Swap or FDI permission language identified",
            "Derivative powers appear permission-based rather than evidenced as core exposure",
            "Counterparty risk language identified",
            "UCITS ETF structure",
            "Physical replication or direct portfolio holdings"
        ],
        "plain_english_explanation": "The product is identified as a UCITS ETF using physical replication or direct portfolio holdings. No leverage, inverse exposure, synthetic replication or structured payoff was identified. Some ordinary market, credit, duration, liquidity or counterparty-risk language may still be present, but this does not by itself 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": "KIID",
            "signal": "counterparty_risk",
            "quote": "Counterparty risk: The Fund is exposed to the risk of insolvency or other types of default of any counterparty with which it enters into an agreement or transaction, particularly in the case of financial derivative instruments traded over the counter or securities delivered under securities financing transactions."
        },
        {
            "source": "FACTSHEET",
            "signal": "counterparty_risk",
            "quote": "COUNTERPARTY RISK : Investors are exposed to risks resulting from the use of an OTC Swap with MORGAN STANLEY BANK AG , SOCIETE GENERALE. In-line with UCITS guidelines, the exposure to the counterparty cannot exceed 10% of the total fund assets. Physically replicated ETFs may have counterparty risk resulting from the use of a Securities Lending Programme."
        },
        {
            "source": "KIID",
            "signal": "securities_lending",
            "quote": "In order to optimise the replication of the Benchmark Index, the Fund may use a sampling technique and guaranteed temporary sales of securities."
        },
        {
            "source": "FACTSHEET",
            "signal": "securities_lending",
            "quote": "Physically replicated ETFs may have counterparty risk resulting from the use of a Securities Lending Programme."
        },
        {
            "source": "KIID",
            "signal": "derivatives_mentioned",
            "quote": "The Fund may use [...] financial instruments representative of all or part of the securities comprising the Benchmark Index."
        }
    ],
    "supporting_data": "UCITS physical ETF baseline applied. Policy mode: ucits_default. Product type: ETF. UCITS signal identified. Replication method: physical.",
    "missing_data": [],
    "warnings": [
        "counterparty_risk_language_identified"
    ],
    "sources": {
        "kiid": {
            "url": "https://oppl.ai/apy/doc_store/FR0000021842_KIID.txt",
            "found": true,
            "http_code": 200,
            "bytes": 8601,
            "error": null
        },
        "priips_kid": {
            "url": "https://oppl.ai/eu_kiids/en_txt/FR0000021842.txt",
            "found": true,
            "http_code": 200,
            "bytes": 12849,
            "error": null
        },
        "factsheet": {
            "url": "https://oppl.ai/apy/doc_store/FR0000021842_FS.txt",
            "found": true,
            "http_code": 200,
            "bytes": 12581,
            "error": null
        },
        "market_data": {
            "url": "https://api.londonstockexchange.com/api/gw/lse/search/autocomplete?q=FR0000021842&size=3",
            "found": true,
            "http_code": 200,
            "bytes": 61,
            "error": null
        }
    }
}