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        "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.",
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        "captured_at_utc": "2026-06-04T16:31:33+00:00",
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    "fund_name": "Amundi MSCI Water UCITS ETF Dist",
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    "asset_class": "equity",
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        "inverse": false,
        "derivatives_mentioned": false,
        "derivatives_core_strategy": false,
        "derivatives_epm_only": false,
        "swaps": false,
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        "unfunded_swap": false,
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        "contango_backwardation": false,
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        "securities_lending": false,
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        "crypto_digital_asset": false
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        "No leverage identified",
        "No inverse exposure identified"
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            "Counterparty exposure may be relevant to returns or risk",
            "Less liquid or harder-to-value underlying exposure language",
            "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": [
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            "signal": "ucits",
            "quote": "This Fund is a passively managed index-tracking UCITS."
        },
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            "signal": "physical_replication",
            "quote": "The Fund aims to achieve its objective through direct replication, i.e. by investing primarily in the components of the Benchmark Index."
        },
        {
            "source": "FACTSHEET",
            "signal": "physical_replication",
            "quote": "Replication type : Physical"
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    ],
    "supporting_data": "ETF has evidenced synthetic replication. Policy mode: strict. Product type: ETF. UCITS signal identified. Replication method: physical.",
    "missing_data": [],
    "warnings": [
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            "http_code": 200,
            "bytes": 14774,
            "error": null
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            "found": true,
            "http_code": 200,
            "bytes": 18517,
            "error": null
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        "market_data": {
            "url": "https://api.londonstockexchange.com/api/gw/lse/search/autocomplete?q=FR0010527275&size=3",
            "found": true,
            "http_code": 200,
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