{
    "ok": true,
    "_meta": {
        "isin": "LU1407887675",
        "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": "2026-06-19T10:18:17+00:00",
        "captured_unix": 1781864297
    },
    "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 US Treasury Bond 1-3Y UCITS ETF GBP Hedged Dist",
    "isin": "LU1407887675",
    "type": "ETF",
    "ucits": true,
    "asset_class": "Bond",
    "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": 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",
        "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",
            "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",
            "Fixed income credit and duration risk"
        ],
        "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": "derivatives_mentioned",
            "quote": "the Sub-Fund uses a daily hedging strategy which aims at reducing the impact of a change in the share class currency against the currency of the Benchmark index constituents"
        },
        {
            "source": "KIID",
            "signal": "derivatives_epm_only",
            "quote": "In order to hedge the GBP currency risk, the Sub-Fund uses a daily hedging strategy"
        },
        {
            "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": "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": "KIID",
            "signal": "replication_method_physical",
            "quote": "The Fund seeks to achieve its objective via a direct replication, by investing primarily in the securities comprising the Benchmark Index."
        },
        {
            "source": "KIID",
            "signal": "ucits",
            "quote": "Key Investor Information ... UCITS ... Amundi US Treasury Bond 1-3Y UCITS ETF"
        }
    ],
    "supporting_data": "UCITS physical ETF baseline applied. Policy mode: balanced. Product type: ETF. UCITS signal identified. Replication method: physical.",
    "missing_data": [
        "Whether securities lending is used (not explicitly stated, only generic risk language)",
        "Nature of OTC swap (funded/unfunded) not specified"
    ],
    "warnings": [
        "counterparty_risk_language_identified",
        "swap_permission_language_identified_not_core_strategy"
    ],
    "sources": {
        "kiid": {
            "url": "https://oppl.ai/apy/doc_store/LU1407887675_KIID.txt",
            "found": true,
            "http_code": 200,
            "bytes": 10421,
            "error": null
        },
        "priips_kid": {
            "url": "https://oppl.ai/eu_kiids/en_txt/LU1407887675.txt",
            "found": true,
            "http_code": 200,
            "bytes": 11855,
            "error": null
        },
        "factsheet": {
            "url": "https://oppl.ai/apy/doc_store/LU1407887675_FS.txt",
            "found": true,
            "http_code": 200,
            "bytes": 16920,
            "error": null
        },
        "market_data": {
            "url": "https://api.londonstockexchange.com/api/gw/lse/search/autocomplete?q=LU1407887675&size=3",
            "found": true,
            "http_code": 200,
            "bytes": 292,
            "error": null
        }
    }
}