{
    "ok": true,
    "_meta": {
        "isin": "FR0010446146",
        "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": "2026-07-13T10:19:58+00:00",
        "captured_unix": 1783937998
    },
    "classification": "complex",
    "confidence": 0.93,
    "review_required": false,
    "decision_rule_applied": "etf_leveraged_hard_complex_rule",
    "product_policy_branch": "ETF",
    "fund_name": "Amundi FTSE MIB Daily (-1x) Inverse UCITS ETF Acc",
    "isin": "FR0010446146",
    "type": "ETF",
    "ucits": true,
    "asset_class": "Equity",
    "replication_method": "synthetic",
    "signals": {
        "leveraged": true,
        "inverse": true,
        "derivatives_mentioned": true,
        "derivatives_core_strategy": true,
        "derivatives_epm_only": false,
        "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": true,
        "priips_comprehension_alert": false,
        "securities_lending": true,
        "illiquid_or_hard_to_value_underlying": true,
        "physical_allocated_commodity": false,
        "crypto_digital_asset": false
    },
    "complex_factors": [
        "Leverage"
    ],
    "non_complex_factors": [
        "UCITS fund"
    ],
    "consumer_understanding": {
        "risk_level": "high",
        "drivers": [
            "Daily leveraged exposure",
            "Compounding and path dependency",
            "Inverse or short exposure",
            "Returns may move opposite to the referenced market",
            "Synthetic or swap-based exposure",
            "Counterparty exposure may be relevant to returns or risk",
            "Complex or rules-based index methodology",
            "Index performance may depend on dynamic allocation or strategy rules",
            "Derivatives appear core to the investment strategy",
            "Less liquid or harder-to-value underlying exposure language",
            "Counterparty risk language identified"
        ],
        "plain_english_explanation": "The product uses leveraged exposure. Ordinary retail clients may not understand that leverage can magnify both gains and losses and, where exposure resets daily, compounding can cause returns over longer periods to differ significantly from the headline leverage multiple.",
        "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": "inverse",
            "quote": "inverse exposure with a daily rebalancing to the Italian equities market"
        },
        {
            "source": "KIID",
            "signal": "inverse",
            "quote": "FTSE MIB Daily Short Strategy RT Gross TR strategy index (gross dividends reinvested) (the \"Benchmark Index\"), which represents a short selling strategy (with a -1x daily leverage effect)"
        },
        {
            "source": "KIID",
            "signal": "leveraged",
            "quote": "with a -1x daily leverage effect"
        },
        {
            "source": "KIID",
            "signal": "synthetic_replication",
            "quote": "indirect replication, namely by entering into one or more over-the-counter total return swaps (financial derivative instruments, or \"FDI\")"
        },
        {
            "source": "KIID",
            "signal": "swaps",
            "quote": "over-the-counter total return swaps"
        },
        {
            "source": "KIID",
            "signal": "counterparty_risk",
            "quote": "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"
        },
        {
            "source": "KIID",
            "signal": "derivatives_core_strategy",
            "quote": "The Fund aims to achieve its objective through indirect replication, namely by entering into one or more over-the-counter total return swaps"
        },
        {
            "source": "KIID",
            "signal": "complex_index",
            "quote": "FTSE MIB Daily Short Strategy RT Gross TR strategy index (gross dividends reinvested) (the \"Benchmark Index\"), which represents a short selling strategy (with a -1x daily leverage effect) with a daily rebalancing"
        },
        {
            "source": "FACTSHEET",
            "signal": "inverse",
            "quote": "aims to track the benchmark index FTSE MIB Daily Short Strategy RT Gross TR"
        },
        {
            "source": "FACTSHEET",
            "signal": "inverse",
            "quote": "attempt to replicate the inverse returns experienced by an investor attaining the negative daily performance of the underlying headline index i.e. by short selling the index with a daily rebalance"
        },
        {
            "source": "FACTSHEET",
            "signal": "synthetic_replication",
            "quote": "Replication method Indirect (Swap Based)"
        },
        {
            "source": "FACTSHEET",
            "signal": "swaps",
            "quote": "exposed to risks resulting from the use of an OTC Swap with Societe Generale"
        },
        {
            "source": "FACTSHEET",
            "signal": "counterparty_risk",
            "quote": "exposed to risks resulting from the use of an OTC Swap with Societe Generale"
        },
        {
            "source": "PRIIPS_KID",
            "signal": "inverse",
            "quote": "inversely exposed with a daily rebalancing to the Italian stock market"
        },
        {
            "source": "PRIIPS_KID",
            "signal": "inverse",
            "quote": "short selling strategy (with a daily -1x leverage effect)"
        },
        {
            "source": "PRIIPS_KID",
            "signal": "leveraged",
            "quote": "with a daily -1x leverage effect"
        },
        {
            "source": "PRIIPS_KID",
            "signal": "synthetic_replication",
            "quote": "indirect replication, namely by entering into one or more OTC swaps (forward financial instruments, \"FFIs\")"
        },
        {
            "source": "PRIIPS_KID",
            "signal": "swaps",
            "quote": "one or more OTC swaps"
        },
        {
            "source": "PRIIPS_KID",
            "signal": "counterparty_risk",
            "quote": "In the event of default by the depositary, the risk of financial loss to the product is mitigated due to the legal segregation"
        },
        {
            "source": "PRIIPS_KID",
            "signal": "complex_index",
            "quote": "FTSE MIB Super Short Strategy RT Gross TR strategy index (gross dividends reinvested) (the \"Benchmark\"), denominated in euro (EUR) and which is a short selling strategy (with a daily -1x leverage effect), with daily rebalancing"
        }
    ],
    "supporting_data": "Hard complex product feature identified: Leverage. Policy mode: strict. Product type: ETF. UCITS signal identified. Replication method: synthetic.",
    "missing_data": [
        "funded_swap",
        "unfunded_swap",
        "structured_payoff",
        "capital_protection",
        "commodity_futures_roll",
        "contango_backwardation",
        "coco_or_at1_exposure",
        "clo_exposure",
        "priips_comprehension_alert",
        "securities_lending",
        "illiquid_or_hard_to_value_underlying",
        "physical_allocated_commodity",
        "crypto_digital_asset"
    ],
    "warnings": [
        "illiquid_or_hard_to_value_underlying_identified",
        "counterparty_risk_language_identified"
    ],
    "sources": {
        "kiid": {
            "url": "https://oppl.ai/apy/doc_store/FR0010446146_KIID.txt",
            "found": true,
            "http_code": 200,
            "bytes": 10330,
            "error": null
        },
        "priips_kid": {
            "url": "https://oppl.ai/eu_kiids/en_txt/FR0010446146.txt",
            "found": true,
            "http_code": 200,
            "bytes": 14940,
            "error": null
        },
        "factsheet": {
            "url": "https://oppl.ai/apy/doc_store/FR0010446146_FS.txt",
            "found": true,
            "http_code": 200,
            "bytes": 12982,
            "error": null
        },
        "market_data": {
            "url": "https://api.londonstockexchange.com/api/gw/lse/search/autocomplete?q=FR0010446146&size=3",
            "found": true,
            "http_code": 200,
            "bytes": 544,
            "error": null
        }
    }
}