{
    "ok": true,
    "_meta": {
        "isin": "FR0011758085",
        "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": "2026-06-19T09:33:48+00:00",
        "captured_unix": 1781861628
    },
    "classification": "non-complex",
    "confidence": 0.82,
    "review_required": false,
    "decision_rule_applied": "etf_ucits_physical_no_complex_override_rule",
    "product_policy_branch": "ETF",
    "fund_name": "Amundi FTSE Italia PMI PIR 2020 UCITS ETF Acc",
    "isin": "FR0011758085",
    "type": "ETF",
    "ucits": true,
    "asset_class": "Equity",
    "replication_method": "physical",
    "signals": {
        "leveraged": false,
        "inverse": false,
        "derivatives_mentioned": true,
        "derivatives_core_strategy": false,
        "derivatives_epm_only": null,
        "swaps": true,
        "funded_swap": false,
        "unfunded_swap": false,
        "synthetic_replication": false,
        "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": true,
        "illiquid_or_hard_to_value_underlying": false,
        "physical_allocated_commodity": false,
        "crypto_digital_asset": false
    },
    "complex_factors": [],
    "non_complex_factors": [
        "UCITS fund",
        "Physical replication",
        "No leverage identified",
        "No inverse exposure identified"
    ],
    "consumer_understanding": {
        "risk_level": "moderate",
        "drivers": [
            "Swap or FDI permission language identified",
            "Derivative powers appear permission-based rather than evidenced as core exposure",
            "Counterparty risk language identified",
            "UCITS ETF structure",
            "Physical replication or direct portfolio holdings"
        ],
        "plain_english_explanation": "The product is identified as a UCITS ETF using physical replication or direct portfolio holdings. No leverage, inverse exposure, synthetic replication or structured payoff was identified. Some ordinary market, credit, duration, liquidity or counterparty-risk language may still be present, but this does not by itself make the product complex.",
        "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_mentioned",
            "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 or securities delivered under securities financing transactions."
        },
        {
            "source": "KIID",
            "signal": "counterparty_risk",
            "quote": "Counterparty risk: 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 or securities delivered under securities financing transactions."
        },
        {
            "source": "FACTSHEET",
            "signal": "securities_lending",
            "quote": "Physically replicated ETFs may have counterparty risk resulting from the use of a Securities Lending Programme."
        },
        {
            "source": "FACTSHEET",
            "signal": "counterparty_risk",
            "quote": "COUNTERPARTY RISK : Investors are exposed to risks resulting from the use of an OTC Swap with MORGAN STANLEY BANK AG, SOCIETE GENERALE."
        }
    ],
    "supporting_data": "UCITS physical ETF baseline applied. Policy mode: balanced. Product type: ETF. UCITS signal identified. Replication method: physical.",
    "missing_data": [
        "derivatives_epm_only"
    ],
    "warnings": [
        "counterparty_risk_language_identified",
        "swap_permission_language_identified_not_core_strategy"
    ],
    "sources": {
        "kiid": {
            "url": "https://oppl.ai/apy/doc_store/FR0011758085_KIID.txt",
            "found": true,
            "http_code": 200,
            "bytes": 10465,
            "error": null
        },
        "priips_kid": {
            "url": "https://oppl.ai/eu_kiids/en_txt/FR0011758085.txt",
            "found": true,
            "http_code": 200,
            "bytes": 14022,
            "error": null
        },
        "factsheet": {
            "url": "https://oppl.ai/apy/doc_store/FR0011758085_FS.txt",
            "found": true,
            "http_code": 200,
            "bytes": 13541,
            "error": null
        },
        "market_data": {
            "url": "https://api.londonstockexchange.com/api/gw/lse/search/autocomplete?q=FR0011758085&size=3",
            "found": true,
            "http_code": 200,
            "bytes": 367,
            "error": null
        }
    }
}