{
    "ok": true,
    "_meta": {
        "isin": "LU0832435464",
        "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": "2026-06-19T10:37:30+00:00",
        "captured_unix": 1781865450
    },
    "classification": "complex",
    "confidence": 0.88,
    "review_required": false,
    "decision_rule_applied": "balanced_etf_swap_complex_rule",
    "product_policy_branch": "ETF",
    "fund_name": "Amundi S&P 500 VIX Futures Enhanced Roll UCITS ETF Acc",
    "isin": "LU0832435464",
    "type": "ETF",
    "ucits": true,
    "asset_class": "Equity",
    "replication_method": "synthetic",
    "signals": {
        "leveraged": false,
        "inverse": false,
        "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": false,
        "physical_allocated_commodity": false,
        "crypto_digital_asset": false
    },
    "complex_factors": [
        "Swap usage"
    ],
    "non_complex_factors": [
        "UCITS fund",
        "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",
            "Complex or rules-based index methodology",
            "Index performance may depend on dynamic allocation or strategy rules",
            "Derivatives appear core to the investment strategy",
            "Counterparty risk language identified"
        ],
        "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": "swaps",
            "quote": "The Fund seeks to achieve its objective via indirect replication by entering into an over-the-counter swap contract (financial derivative instrument, the FDI)."
        },
        {
            "source": "KIID",
            "signal": "synthetic_replication",
            "quote": "The Fund seeks to achieve its objective via indirect replication by entering into an over-the-counter swap contract"
        },
        {
            "source": "KIID",
            "signal": "derivatives_core_strategy",
            "quote": "The Fund seeks to achieve its objective via indirect replication by entering into an over-the-counter swap contract (financial derivative instrument, the FDI). The Fund may also invest in a diversified portfolio of international equities, whose performance will be exchanged against the performance of the benchmark Index via the FDI."
        },
        {
            "source": "KIID",
            "signal": "complex_index",
            "quote": "S&P 500 VIX Futures Enhanced Roll Index ... representative of the movement of the futures contracts market, as listed on the Chicago CBOE pertaining to the implicit volatility of the S&P 500 Index, while minimizing the volatility of the difference between the return of the Fund and the return of the Benchmark Index"
        },
        {
            "source": "KIID",
            "signal": "counterparty_risk",
            "quote": "Counterparty risk: represents the risk of default of a market participant to fulfil its contractual obligations vis-\u00e0-vis your portfolio."
        }
    ],
    "supporting_data": "ETF has evidenced core or synthetic swap usage. Policy mode: balanced. Product type: ETF. UCITS signal identified. Replication method: synthetic.",
    "missing_data": [
        "funded_swap",
        "unfunded_swap",
        "commodity_futures_roll",
        "contango_backwardation"
    ],
    "warnings": [
        "counterparty_risk_language_identified"
    ],
    "sources": {
        "kiid": {
            "url": "https://oppl.ai/apy/doc_store/LU0832435464_KIID.txt",
            "found": true,
            "http_code": 200,
            "bytes": 10349,
            "error": null
        },
        "priips_kid": {
            "url": "https://oppl.ai/eu_kiids/en_txt/LU0832435464.txt",
            "found": true,
            "http_code": 200,
            "bytes": 12155,
            "error": null
        },
        "factsheet": {
            "url": "https://oppl.ai/apy/doc_store/LU0832435464_FS.txt",
            "found": true,
            "http_code": 200,
            "bytes": 12511,
            "error": null
        },
        "market_data": {
            "url": "https://api.londonstockexchange.com/api/gw/lse/search/autocomplete?q=LU0832435464&size=3",
            "found": true,
            "http_code": 200,
            "bytes": 372,
            "error": null
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    }
}