{
    "ok": true,
    "_meta": {
        "isin": "LU3206575048",
        "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": "2026-06-19T09:52:01+00:00",
        "captured_unix": 1781862721
    },
    "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 Core EUR High Yield Bond UCITS ETF GBP Hedged Acc",
    "isin": "LU3206575048",
    "type": "ETF",
    "ucits": true,
    "asset_class": "fixed_income",
    "replication_method": "physical",
    "signals": {
        "leveraged": false,
        "inverse": false,
        "derivatives_mentioned": true,
        "derivatives_core_strategy": false,
        "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": 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": [
            "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_epm_only",
            "quote": "The Investment Manager will be able to use derivatives in order to deal with inflows and outflows and which relate to the Benchmark Index or constituents of the Index for investment and/or efficient portfolio management."
        },
        {
            "source": "KIID",
            "signal": "derivatives_epm_only",
            "quote": "In order to hedge the GBP 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": "securities_lending",
            "quote": "In order to generate additional income to offset its costs, the Sub-Fund may also enter into securities lending operations."
        },
        {
            "source": "KIID",
            "signal": "replication_method",
            "quote": "The exposure to the Index will be achieved through a direct replication, mainly by making direct investments in transferable securities and/or other eligible assets representing the Benchmark Index constituents in a proportion extremely close to their proportion in the Benchmark Index."
        },
        {
            "source": "KIID",
            "signal": "ucits",
            "quote": "This UCITS is authorised in Luxembourg and regulated by the Commission de Surveillance du Secteur Financier, Luxembourg."
        }
    ],
    "supporting_data": "UCITS physical ETF baseline applied. Policy mode: balanced. Product type: ETF. UCITS signal identified. Replication method: physical.",
    "missing_data": [
        "factsheet"
    ],
    "warnings": [
        "counterparty_risk_language_identified"
    ],
    "sources": {
        "kiid": {
            "url": "https://oppl.ai/apy/doc_store/LU3206575048_KIID.txt",
            "found": true,
            "http_code": 200,
            "bytes": 10552,
            "error": null
        },
        "priips_kid": {
            "url": "https://oppl.ai/eu_kiids/en_txt/LU3206575048.txt",
            "found": true,
            "http_code": 200,
            "bytes": 12674,
            "error": null
        },
        "factsheet": {
            "url": "https://oppl.ai/apy/doc_store/LU3206575048_FS.txt",
            "found": false,
            "http_code": 404,
            "bytes": 1251,
            "error": "http_404"
        },
        "market_data": {
            "url": "https://api.londonstockexchange.com/api/gw/lse/search/autocomplete?q=LU3206575048&size=3",
            "found": true,
            "http_code": 200,
            "bytes": 293,
            "error": null
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    }
}