{
    "ok": true,
    "_meta": {
        "isin": "FR0010717090",
        "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": "2026-06-17T13:55:28+00:00",
        "captured_unix": 1781704528
    },
    "classification": "complex",
    "confidence": 0.88,
    "review_required": false,
    "decision_rule_applied": "balanced_etf_swap_complex_rule",
    "product_policy_branch": "ETF",
    "fund_name": "Amundi MSCI EMU High Dividend UCITS ETF Acc",
    "isin": "FR0010717090",
    "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": true,
        "priips_comprehension_alert": false,
        "securities_lending": false,
        "illiquid_or_hard_to_value_underlying": false,
        "physical_allocated_commodity": false,
        "crypto_digital_asset": false
    },
    "complex_factors": [
        "Swap usage"
    ],
    "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",
            "Complex or rules-based index methodology",
            "Index performance may depend on dynamic allocation or strategy rules",
            "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": "PRIIPS_KID",
            "signal": "synthetic_replication",
            "quote": "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)."
        },
        {
            "source": "PRIIPS_KID",
            "signal": "swaps",
            "quote": "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)."
        },
        {
            "source": "PRIIPS_KID",
            "signal": "derivatives_core_strategy",
            "quote": "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)."
        },
        {
            "source": "FACTSHEET",
            "signal": "replication_method",
            "quote": "Replication type : Synthetical"
        },
        {
            "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."
        }
    ],
    "supporting_data": "ETF has evidenced core or synthetic swap usage. Policy mode: balanced. Product type: ETF. UCITS signal identified. Replication method: synthetic.",
    "missing_data": [
        "Replication method contradiction: KIID states direct replication but PRIIPS and Factsheet state synthetic replication via total return swaps. PRIIPS and Factsheet are considered more definitive.",
        "Funded/unfunded swap status not specified in documents.",
        "Securities lending unclear: KIID mentions 'guaranteed temporary purchases and sales of securities' but not explicitly securities lending."
    ],
    "warnings": [
        "counterparty_risk_language_identified"
    ],
    "sources": {
        "kiid": {
            "url": "https://oppl.ai/apy/doc_store/FR0010717090_KIID.txt",
            "found": true,
            "http_code": 200,
            "bytes": 7913,
            "error": null
        },
        "priips_kid": {
            "url": "https://oppl.ai/eu_kiids/en_txt/FR0010717090.txt",
            "found": true,
            "http_code": 200,
            "bytes": 12602,
            "error": null
        },
        "factsheet": {
            "url": "https://oppl.ai/apy/doc_store/FR0010717090_FS.txt",
            "found": true,
            "http_code": 200,
            "bytes": 14130,
            "error": null
        },
        "market_data": {
            "url": "https://api.londonstockexchange.com/api/gw/lse/search/autocomplete?q=FR0010717090&size=3",
            "found": true,
            "http_code": 200,
            "bytes": 577,
            "error": null
        }
    }
}