{
    "ok": true,
    "_meta": {
        "isin": "FR0010655704",
        "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": "2026-06-13T15:06:53+00:00",
        "captured_unix": 1781363213
    },
    "classification": "non-complex",
    "confidence": 0.78,
    "review_required": false,
    "decision_rule_applied": "etf_ucits_no_complex_override_rule",
    "product_policy_branch": "ETF",
    "fund_name": "AMUNDI ETF MSCI FRANCE UCITS ETF",
    "isin": "FR0010655704",
    "type": "ETF",
    "ucits": true,
    "asset_class": "Equity",
    "replication_method": "synthetic",
    "signals": {
        "leveraged": false,
        "inverse": false,
        "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": false,
        "priips_comprehension_alert": false,
        "securities_lending": false,
        "illiquid_or_hard_to_value_underlying": false,
        "physical_allocated_commodity": false,
        "crypto_digital_asset": false
    },
    "complex_factors": [],
    "non_complex_factors": [
        "UCITS fund",
        "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",
            "Derivatives appear core to the investment strategy",
            "Counterparty risk language identified"
        ],
        "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_core_strategy",
            "quote": "To track the Index, the UCITS swaps the performance of the assets held by the Fund for that of the Index through a derivative contract or total return swap (a TRS derivative instrument) (Swap-based replication of the Index)."
        },
        {
            "source": "KIID",
            "signal": "swaps",
            "quote": "To track the Index, the UCITS swaps the performance of the assets held by the Fund for that of the Index through a derivative contract or total return swap (a TRS derivative instrument) (Swap-based replication of the Index)."
        },
        {
            "source": "KIID",
            "signal": "synthetic_replication",
            "quote": "To track the Index, the UCITS swaps the performance of the assets held by the Fund for that of the Index through a derivative contract or total return swap (a TRS derivative instrument) (Swap-based replication of the Index)."
        },
        {
            "source": "KIID",
            "signal": "counterparty_risk",
            "quote": "Counterparty risk: This is the risk that a market participant will default, preventing them from honouring their commitments in respect of your portfolio."
        },
        {
            "source": "PRIIPS_KID",
            "signal": "synthetic_replication",
            "quote": "In order to replicate the Index, the UCITS exchanges the performance of the assets held by the Fund for that of the Index by entering into forward foreign exchange contracts or total return swaps (a forward financial instrument, \"TRS\") (synthetic replication of the Index)."
        }
    ],
    "supporting_data": "UCITS ETF baseline applied. Policy mode: ucits_default. Product type: ETF. UCITS signal identified. Replication method: synthetic.",
    "missing_data": [
        "funded_swap",
        "unfunded_swap",
        "inconsistency between KIID/PRIIPS (synthetic) and factsheet (physical replication)"
    ],
    "warnings": [
        "counterparty_risk_language_identified"
    ],
    "sources": {
        "kiid": {
            "url": "https://oppl.ai/apy/doc_store/FR0010655704_KIID.txt",
            "found": true,
            "http_code": 200,
            "bytes": 7227,
            "error": null
        },
        "priips_kid": {
            "url": "https://oppl.ai/eu_kiids/en_txt/FR0010655704.txt",
            "found": true,
            "http_code": 200,
            "bytes": 12485,
            "error": null
        },
        "factsheet": {
            "url": "https://oppl.ai/apy/doc_store/FR0010655704_FS.txt",
            "found": true,
            "http_code": 200,
            "bytes": 13817,
            "error": null
        },
        "market_data": {
            "url": "https://api.londonstockexchange.com/api/gw/lse/search/autocomplete?q=FR0010655704&size=3",
            "found": true,
            "http_code": 200,
            "bytes": 61,
            "error": null
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    }
}