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        "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",
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        "captured_at_utc": "2026-06-17T13:42:33+00:00",
        "captured_unix": 1781703753
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    "confidence": 0.88,
    "review_required": false,
    "decision_rule_applied": "balanced_etf_swap_complex_rule",
    "product_policy_branch": "ETF",
    "fund_name": "iShares NASDAQ 100 Swap UCITS ETF",
    "isin": "IE0001ZFMLN7",
    "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": true,
        "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": false,
        "priips_comprehension_alert": false,
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        "illiquid_or_hard_to_value_underlying": false,
        "physical_allocated_commodity": false,
        "crypto_digital_asset": false
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        "No inverse exposure identified"
    ],
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            "Counterparty risk language identified"
        ],
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        "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."
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            "signal": "derivatives_core_strategy",
            "quote": "The Share Class, via the Fund, is passively managed and invests in financial derivative instruments. In particular, it will enter into unfunded total return swaps, in order to achieve its investment objective."
        },
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            "signal": "swaps",
            "quote": "it will enter into unfunded total return swaps, in order to achieve its investment objective."
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        {
            "source": "KIID",
            "signal": "unfunded_swap",
            "quote": "it will enter into unfunded total return swaps, in order to achieve its investment objective."
        },
        {
            "source": "KIID",
            "signal": "synthetic_replication",
            "quote": "When using unfunded total return swaps, the Fund will invest its cash in global developed market equity securities (the 'Substitute Basket') and will pay the return of the Substitute Basket to the counterparties under the swaps, which will enable the Fund to deliver exposure to the Index."
        },
        {
            "source": "KIID",
            "signal": "counterparty_risk",
            "quote": "Counterparty Risk: The insolvency of any institutions providing services such as safekeeping of assets or acting as counterparty to derivatives or other instruments, may expose the Share Class to financial loss."
        },
        {
            "source": "KIID",
            "signal": "securities_lending",
            "quote": "To the extent the Fund undertakes securities lending to reduce costs, the Fund will receive 62.5% of the associated revenue generated and the remaining 37.5% will be received by BlackRock as the securities lending agent."
        }
    ],
    "supporting_data": "ETF has evidenced core or synthetic swap usage. Policy mode: balanced. Product type: ETF. UCITS signal identified. Replication method: synthetic.",
    "missing_data": [],
    "warnings": [
        "counterparty_risk_language_identified"
    ],
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            "http_code": 200,
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            "http_code": 200,
            "bytes": 14860,
            "error": null
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            "found": true,
            "http_code": 200,
            "bytes": 11395,
            "error": null
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        "market_data": {
            "url": "https://api.londonstockexchange.com/api/gw/lse/search/autocomplete?q=IE0001ZFMLN7&size=3",
            "found": true,
            "http_code": 200,
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