{
    "ok": true,
    "_meta": {
        "isin": "LU1407890976",
        "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": "2026-06-19T09:44:00+00:00",
        "captured_unix": 1781862240
    },
    "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 Long Dated UCITS ETF EUR Hedged Dist",
    "isin": "LU1407890976",
    "type": "ETF",
    "ucits": true,
    "asset_class": "Bond",
    "replication_method": "physical",
    "signals": {
        "leveraged": false,
        "inverse": false,
        "derivatives_mentioned": true,
        "derivatives_core_strategy": true,
        "derivatives_epm_only": true,
        "swaps": false,
        "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": false,
        "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": "elevated",
        "drivers": [
            "Derivatives appear core to the investment strategy",
            "Less liquid or harder-to-value underlying exposure language",
            "Counterparty risk language identified",
            "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": "In order to hedge the EUR currency risk, 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 EUR currency risk, 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": "replication_method",
            "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": "This document provides you with key investor information about this Sub-Fund... The UCITS contains a large number of other Sub-Funds"
        },
        {
            "source": "FACTSHEET",
            "signal": "replication_method",
            "quote": "Replication type : Physical"
        },
        {
            "source": "PRIIPS_KID",
            "signal": "derivatives_mentioned",
            "quote": "In order to hedge the currency of the share against the currency of the index, the Fund uses a hedging strategy"
        },
        {
            "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": "UCITS physical ETF baseline applied. Policy mode: balanced. Product type: ETF. UCITS signal identified. Replication method: physical.",
    "missing_data": [
        "securities_lending: not mentioned in provided documents",
        "funded_swap: not applicable as no swaps used",
        "unfunded_swap: not applicable"
    ],
    "warnings": [
        "illiquid_or_hard_to_value_underlying_identified",
        "counterparty_risk_language_identified"
    ],
    "sources": {
        "kiid": {
            "url": "https://oppl.ai/apy/doc_store/LU1407890976_KIID.txt",
            "found": true,
            "http_code": 200,
            "bytes": 10825,
            "error": null
        },
        "priips_kid": {
            "url": "https://oppl.ai/eu_kiids/en_txt/LU1407890976.txt",
            "found": true,
            "http_code": 200,
            "bytes": 11971,
            "error": null
        },
        "factsheet": {
            "url": "https://oppl.ai/apy/doc_store/LU1407890976_FS.txt",
            "found": true,
            "http_code": 200,
            "bytes": 15677,
            "error": null
        },
        "market_data": {
            "url": "https://api.londonstockexchange.com/api/gw/lse/search/autocomplete?q=LU1407890976&size=3",
            "found": true,
            "http_code": 200,
            "bytes": 61,
            "error": null
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    }
}