{
    "ok": true,
    "_meta": {
        "isin": "FR0011758085",
        "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": "2026-06-04T15:16:05+00:00",
        "captured_unix": 1780586165
    },
    "classification": "complex",
    "confidence": 0.88,
    "review_required": false,
    "decision_rule_applied": "strict_etf_swap_complex_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": [
        "Swap usage"
    ],
    "non_complex_factors": [
        "UCITS fund",
        "Physical replication",
        "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",
            "Counterparty risk language identified",
            "UCITS ETF structure",
            "Physical replication or direct portfolio holdings"
        ],
        "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": "ucits",
            "quote": "The Fund is a passively managed index-tracking UCITS."
        },
        {
            "source": "KIID",
            "signal": "replication_method",
            "quote": "The Fund aims to achieve its objective through direct replication, i.e. by investing primarily in the components of the Benchmark Index."
        },
        {
            "source": "FACTSHEET",
            "signal": "replication_method",
            "quote": "Replication type : Physical"
        },
        {
            "source": "FACTSHEET",
            "signal": "derivatives_mentioned",
            "quote": "COUNTERPARTY RISK : Investors are exposed to risks resulting from the use of an OTC Swap with MORGAN STANLEY BANK AG , SOCIETE GENERALE."
        },
        {
            "source": "FACTSHEET",
            "signal": "swaps",
            "quote": "COUNTERPARTY RISK : Investors are exposed to risks resulting from the use of an OTC Swap with MORGAN STANLEY BANK AG , SOCIETE GENERALE."
        },
        {
            "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."
        },
        {
            "source": "FACTSHEET",
            "signal": "securities_lending",
            "quote": "Physically replicated ETFs may have counterparty risk resulting from the use of a Securities Lending Programme."
        }
    ],
    "supporting_data": "ETF has evidenced swap usage. Policy mode: strict. Product type: ETF. UCITS signal identified. Replication method: physical.",
    "missing_data": [
        "Purpose of OTC swap mentioned in Factsheet is unclear; may be for efficient portfolio management but not explicitly stated.",
        "No details on whether derivatives are used for core strategy or limited to EPM."
    ],
    "warnings": [
        "counterparty_risk_language_identified"
    ],
    "sources": {
        "kiid": {
            "url": "https://oppl.ai/apy/doc_store/FR0011758085_KIID.txt",
            "found": true,
            "http_code": 200,
            "bytes": 10465,
            "error": null
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        "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
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    }
}