{
    "ok": true,
    "_meta": {
        "isin": "FR0013380607",
        "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": "2026-06-17T14:00:36+00:00",
        "captured_unix": 1781704836
    },
    "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 CAC 40 UCITS ETF Acc",
    "isin": "FR0013380607",
    "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": [],
    "non_complex_factors": [
        "UCITS fund",
        "Physical replication",
        "No leverage identified",
        "No inverse exposure identified",
        "Derivative use appears limited to EPM, hedging, or risk management"
    ],
    "consumer_understanding": {
        "risk_level": "moderate",
        "drivers": [
            "Swap or FDI permission language identified",
            "Derivative powers appear permission-based rather than evidenced as core exposure",
            "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 is identified as a UCITS ETF using physical replication or direct portfolio holdings. No leverage, inverse exposure, synthetic replication or structured payoff was identified. Derivative language appears limited to efficient portfolio management, hedging or risk-management style use rather than being the core investment exposure. 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": "ucits",
            "quote": "Key Investor Information ... UCITS ... Amundi CAC 40 UCITS ETF Acc"
        },
        {
            "source": "KIID",
            "signal": "replication_method",
            "quote": "The Fund aims to achieve its objective through direct replication"
        },
        {
            "source": "KIID",
            "signal": "securities_lending",
            "quote": "guaranteed temporary sales of securities"
        },
        {
            "source": "KIID",
            "signal": "derivatives_mentioned",
            "quote": "financial derivative instruments traded over the counter"
        },
        {
            "source": "KIID",
            "signal": "derivatives_epm_only",
            "quote": "The Fund aims to achieve its objective through direct replication, namely by investing mainly in a portfolio of assets comprising securities that make up the Benchmark Index and/or financial instruments representative of all or part of the securities comprising the Benchmark Index. Derivative use is not stated as a core strategy."
        }
    ],
    "supporting_data": "UCITS physical ETF baseline applied. Policy mode: balanced. Product type: ETF. UCITS signal identified. Replication method: physical.",
    "missing_data": [
        "The factsheet contains a generic counterparty risk statement about OTC swaps, but the fund-specific KIID and PRIIPS KID do not confirm swap usage. Therefore, swaps are considered not applicable based on primary documents."
    ],
    "warnings": [
        "illiquid_or_hard_to_value_underlying_identified",
        "counterparty_risk_language_identified",
        "swap_permission_language_identified_not_core_strategy"
    ],
    "sources": {
        "kiid": {
            "url": "https://oppl.ai/apy/doc_store/FR0013380607_KIID.txt",
            "found": true,
            "http_code": 200,
            "bytes": 9194,
            "error": null
        },
        "priips_kid": {
            "url": "https://oppl.ai/eu_kiids/en_txt/FR0013380607.txt",
            "found": true,
            "http_code": 200,
            "bytes": 12963,
            "error": null
        },
        "factsheet": {
            "url": "https://oppl.ai/apy/doc_store/FR0013380607_FS.txt",
            "found": true,
            "http_code": 200,
            "bytes": 12643,
            "error": null
        },
        "market_data": {
            "url": "https://api.londonstockexchange.com/api/gw/lse/search/autocomplete?q=FR0013380607&size=3",
            "found": true,
            "http_code": 200,
            "bytes": 61,
            "error": null
        }
    }
}