{
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    "_meta": {
        "isin": "FR0012399806",
        "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": "2026-06-04T16:30:37+00:00",
        "captured_unix": 1780590637
    },
    "classification": "complex",
    "confidence": 0.88,
    "review_required": false,
    "decision_rule_applied": "strict_etf_swap_complex_rule",
    "product_policy_branch": "ETF",
    "fund_name": "AMUNDI EURO STOXX 50 II UCITS ETF USD Hedged Acc",
    "isin": "FR0012399806",
    "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": true,
        "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": true,
        "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",
            "Less liquid or harder-to-value underlying exposure language",
            "Counterparty risk language identified",
            "Derivative use appears limited to efficient portfolio management, hedging or risk management",
            "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": "FACTSHEET",
            "signal": "swaps",
            "quote": "Investors are exposed to risks resulting from the use of an OTC Swap with MORGAN STANLEY BANK AG , SOCIETE GENERALE."
        },
        {
            "source": "KIID",
            "signal": "derivatives_epm_only",
            "quote": "In order to hedge against the exchange risk on the dollar (USD), the Fund uses a daily exchange hedging strategy"
        },
        {
            "source": "FACTSHEET",
            "signal": "counterparty_risk",
            "quote": "Investors are exposed to risks resulting from the use of an OTC Swap with MORGAN STANLEY BANK AG , SOCIETE GENERALE."
        },
        {
            "source": "KIID",
            "signal": "securities_lending",
            "quote": "the Fund may use a sampling technique and guaranteed temporary sales of securities"
        },
        {
            "source": "KIID",
            "signal": "derivatives_mentioned",
            "quote": "the Fund may use a sampling technique and guaranteed temporary sales of securities"
        },
        {
            "source": "FACTSHEET",
            "signal": "replication_method",
            "quote": "Replication type : Physical"
        }
    ],
    "supporting_data": "ETF has evidenced swap usage. Policy mode: strict. Product type: ETF. UCITS signal identified. Replication method: physical.",
    "missing_data": [
        "funded_swap",
        "unfunded_swap"
    ],
    "warnings": [
        "illiquid_or_hard_to_value_underlying_identified",
        "counterparty_risk_language_identified"
    ],
    "sources": {
        "kiid": {
            "url": "https://oppl.ai/apy/doc_store/FR0012399806_KIID.txt",
            "found": true,
            "http_code": 200,
            "bytes": 9422,
            "error": null
        },
        "priips_kid": {
            "url": "https://oppl.ai/eu_kiids/en_txt/FR0012399806.txt",
            "found": true,
            "http_code": 200,
            "bytes": 13296,
            "error": null
        },
        "factsheet": {
            "url": "https://oppl.ai/apy/doc_store/FR0012399806_FS.txt",
            "found": true,
            "http_code": 200,
            "bytes": 15083,
            "error": null
        },
        "market_data": {
            "url": "https://api.londonstockexchange.com/api/gw/lse/search/autocomplete?q=FR0012399806&size=3",
            "found": true,
            "http_code": 200,
            "bytes": 282,
            "error": null
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    }
}