{
    "ok": true,
    "_meta": {
        "isin": "FR0010869578",
        "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": "2026-05-26T10:21:06+00:00",
        "captured_unix": 1779790866
    },
    "classification": "complex",
    "confidence": 0.93,
    "review_required": false,
    "decision_rule_applied": "etf_leveraged_hard_complex_rule",
    "product_policy_branch": "ETF",
    "fund_name": "Amundi German Bund Daily (-2x) Inverse UCITS ETF Acc",
    "isin": "FR0010869578",
    "type": "ETF",
    "ucits": true,
    "asset_class": "Bond",
    "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": false,
        "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",
            "Fixed income credit and duration risk"
        ],
        "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": "leveraged",
            "quote": "inverse exposure with a x2 daily leverage"
        },
        {
            "source": "KIID",
            "signal": "inverse",
            "quote": "inverse exposure with a x2 daily leverage"
        },
        {
            "source": "KIID",
            "signal": "derivatives_mentioned",
            "quote": "one or more over-the-counter total return swaps (financial derivative instruments, or 'FDI')"
        },
        {
            "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": "swaps",
            "quote": "one or more over-the-counter total return swaps"
        },
        {
            "source": "KIID",
            "signal": "synthetic_replication",
            "quote": "indirect replication, namely by entering into one or more 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": "complex_index",
            "quote": "Solactive Bund Daily (-2x) Inverse Index, representative of a x2 leverage selling strategy on the German government bond market"
        }
    ],
    "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",
        "priips_comprehension_alert"
    ],
    "warnings": [
        "illiquid_or_hard_to_value_underlying_identified",
        "counterparty_risk_language_identified"
    ],
    "sources": {
        "kiid": {
            "url": "https://oppl.ai/apy/doc_store/FR0010869578_KIID.txt",
            "found": true,
            "http_code": 200,
            "bytes": 10829,
            "error": null
        },
        "priips_kid": {
            "url": "https://oppl.ai/eu_kiids/en_txt/FR0010869578.txt",
            "found": true,
            "http_code": 200,
            "bytes": 13354,
            "error": null
        },
        "factsheet": {
            "url": "https://oppl.ai/apy/doc_store/FR0010869578_FS.txt",
            "found": true,
            "http_code": 200,
            "bytes": 11556,
            "error": null
        },
        "market_data": {
            "url": "https://api.londonstockexchange.com/api/gw/lse/search/autocomplete?q=FR0010869578&size=3",
            "found": true,
            "http_code": 200,
            "bytes": 364,
            "error": null
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    }
}