{
    "ok": true,
    "_meta": {
        "isin": "FR0010010827",
        "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": "2026-06-04T15:26:34+00:00",
        "captured_unix": 1780586794
    },
    "classification": "complex",
    "confidence": 0.88,
    "review_required": false,
    "decision_rule_applied": "strict_etf_swap_complex_rule",
    "product_policy_branch": "ETF",
    "fund_name": "Amundi FTSE MIB UCITS ETF Dist",
    "isin": "FR0010010827",
    "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": true,
        "swaps": true,
        "funded_swap": false,
        "unfunded_swap": false,
        "synthetic_replication": true,
        "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": true,
        "physical_allocated_commodity": false,
        "crypto_digital_asset": false
    },
    "complex_factors": [
        "Swap usage"
    ],
    "non_complex_factors": [
        "UCITS fund",
        "Physical replication",
        "No leverage identified",
        "No inverse exposure identified"
    ],
    "consumer_understanding": {
        "risk_level": "elevated",
        "drivers": [
            "Synthetic or swap-based exposure",
            "Counterparty exposure may be relevant to returns or risk",
            "Less liquid or harder-to-value underlying exposure language",
            "Counterparty risk language identified",
            "Derivative use appears limited to efficient portfolio management, hedging or risk management",
            "UCITS ETF structure",
            "Physical replication or direct portfolio holdings"
        ],
        "plain_english_explanation": "The product appears to use synthetic or swap-based exposure. This may be difficult for ordinary retail clients to understand because returns can depend not only on the referenced market exposure but also on derivative mechanics, collateral arrangements and counterparty risk.",
        "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_mentioned",
            "quote": "investing mainly in a portfolio of assets comprising securities that make up the Benchmark Index and/or financial instruments representative of all or part of the securities comprising the Benchmark Index"
        },
        {
            "source": "KIID",
            "signal": "derivatives_epm_only",
            "quote": "The Fund aims to achieve its objective through direct replication, namely by investing mainly in a portfolio of assets comprising securities"
        },
        {
            "source": "FACTSHEET",
            "signal": "swaps",
            "quote": "exposed to risks resulting from the use of an OTC Swap with MORGAN STANLEY BANK AG, SOCIETE GENERALE"
        },
        {
            "source": "FACTSHEET",
            "signal": "counterparty_risk",
            "quote": "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": "FACTSHEET",
            "signal": "securities_lending",
            "quote": "Physically replicated ETFs may have counterparty risk resulting from the use of a Securities Lending Programme."
        }
    ],
    "supporting_data": "ETF has evidenced swap usage. Policy mode: strict. Product type: ETF. UCITS signal identified. Replication method: physical.",
    "missing_data": [],
    "warnings": [
        "illiquid_or_hard_to_value_underlying_identified",
        "counterparty_risk_language_identified"
    ],
    "sources": {
        "kiid": {
            "url": "https://oppl.ai/apy/doc_store/FR0010010827_KIID.txt",
            "found": true,
            "http_code": 200,
            "bytes": 9222,
            "error": null
        },
        "priips_kid": {
            "url": "https://oppl.ai/eu_kiids/en_txt/FR0010010827.txt",
            "found": true,
            "http_code": 200,
            "bytes": 13025,
            "error": null
        },
        "factsheet": {
            "url": "https://oppl.ai/apy/doc_store/FR0010010827_FS.txt",
            "found": true,
            "http_code": 200,
            "bytes": 14407,
            "error": null
        },
        "market_data": {
            "url": "https://api.londonstockexchange.com/api/gw/lse/search/autocomplete?q=FR0010010827&size=3",
            "found": true,
            "http_code": 200,
            "bytes": 686,
            "error": null
        }
    }
}