{
    "ok": true,
    "_meta": {
        "isin": "FR0010591362",
        "asset_scope": "UK_COMPLEX_ASSET",
        "policy_mode": "balanced",
        "policy_mode_description": "UCITS ETFs usually start from a non-complex baseline, but product-level complexity such as synthetic replication, swaps, leverage, inverse exposure, complex debt, commodity roll exposure, or comprehension warnings can override that baseline.",
        "classification_engine_version": "1.0.0",
        "prompt_version": "complex_asset_extract_v1",
        "captured_at_utc": "2026-05-26T09:26:51+00:00",
        "captured_unix": 1779787611
    },
    "classification": "complex",
    "confidence": 0.93,
    "review_required": false,
    "decision_rule_applied": "etf_leveraged_hard_complex_rule",
    "product_policy_branch": "ETF",
    "fund_name": "Amundi CAC 40 Daily (-1x) Inverse UCITS ETF Acc",
    "isin": "FR0010591362",
    "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": "obtain an inverse exposure with a daily rebalancing"
        },
        {
            "source": "KIID",
            "signal": "leveraged",
            "quote": "short selling strategy (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"
        },
        {
            "source": "KIID",
            "signal": "swaps",
            "quote": "over-the-counter total return swaps"
        },
        {
            "source": "KIID",
            "signal": "counterparty_risk",
            "quote": "Counterparty risk: The Fund is exposed to the risk of insolvency ... 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": "complex_index",
            "quote": "CAC 40\u00ae Short strategy index ... which represents a short selling strategy (with a -1x daily leverage effect) with a daily rebalancing"
        },
        {
            "source": "FACTSHEET",
            "signal": "synthetic_replication",
            "quote": "Replication type : Synthetical"
        },
        {
            "source": "FACTSHEET",
            "signal": "inverse",
            "quote": "The index tracks the performance of a strategy which provides inverse exposure to the CAC 40 Gross Return Index"
        },
        {
            "source": "FACTSHEET",
            "signal": "leveraged",
            "quote": "short selling strategy (with a daily -1x leverage effect)"
        },
        {
            "source": "PRIIPS_KID",
            "signal": "inverse",
            "quote": "inversely exposed with a daily rebalancing to the French stock market"
        },
        {
            "source": "PRIIPS_KID",
            "signal": "swaps",
            "quote": "entering into one or more OTC swaps"
        },
        {
            "source": "PRIIPS_KID",
            "signal": "synthetic_replication",
            "quote": "indirect replication, namely by entering into one or more OTC swaps"
        }
    ],
    "supporting_data": "Hard complex product feature identified: Leverage. Policy mode: balanced. Product type: ETF. UCITS signal identified. Replication method: synthetic.",
    "missing_data": [
        "funded_swap",
        "unfunded_swap"
    ],
    "warnings": [
        "illiquid_or_hard_to_value_underlying_identified",
        "counterparty_risk_language_identified"
    ],
    "sources": {
        "kiid": {
            "url": "https://oppl.ai/apy/doc_store/FR0010591362_KIID.txt",
            "found": true,
            "http_code": 200,
            "bytes": 9899,
            "error": null
        },
        "priips_kid": {
            "url": "https://oppl.ai/eu_kiids/en_txt/FR0010591362.txt",
            "found": true,
            "http_code": 200,
            "bytes": 13094,
            "error": null
        },
        "factsheet": {
            "url": "https://oppl.ai/apy/doc_store/FR0010591362_FS.txt",
            "found": true,
            "http_code": 200,
            "bytes": 12934,
            "error": null
        },
        "market_data": {
            "url": "https://api.londonstockexchange.com/api/gw/lse/search/autocomplete?q=FR0010591362&size=3",
            "found": true,
            "http_code": 200,
            "bytes": 529,
            "error": null
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    }
}