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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.",
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        "captured_at_utc": "2026-06-10T21:17:49+00:00",
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    "confidence": 0.82,
    "review_required": false,
    "decision_rule_applied": "etf_ucits_physical_no_complex_override_rule",
    "product_policy_branch": "ETF",
    "fund_name": "iShares Broad \u20ac High Yield Corp Bond UCITS ETF",
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    "type": "ETF",
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    "asset_class": "Fixed Income",
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        "inverse": false,
        "derivatives_mentioned": true,
        "derivatives_core_strategy": false,
        "derivatives_epm_only": false,
        "swaps": false,
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        "unfunded_swap": false,
        "synthetic_replication": false,
        "counterparty_risk": true,
        "structured_payoff": false,
        "capital_protection": false,
        "commodity_futures_roll": false,
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        "coco_or_at1_exposure": false,
        "clo_exposure": false,
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        "crypto_digital_asset": false
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            "UCITS ETF structure",
            "Physical replication or direct portfolio holdings",
            "Fixed income credit and duration risk"
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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": "ucits",
            "quote": "Exchange Traded Fund (ETF) UCITS ETF"
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            "source": "KIID",
            "signal": "type",
            "quote": "Exchange Traded Fund (ETF) UCITS ETF"
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        {
            "source": "FACTSHEET",
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            "quote": "Product Structure : Physical"
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        {
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            "signal": "replication_method",
            "quote": "The Fund uses optimising techniques to achieve a similar return to its index. These techniques may include the strategic selection of certain securities that make up the Index or other securities which provide similar performance to certain constituent securities."
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            "quote": "These may also include the use of financial derivative instruments (FDIs) ... FDIs may be used for direct investment purposes."
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        {
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            "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": "The Fund may also engage in short-term secured lending of its investments to certain eligible third parties to generate additional income to off-set the costs of the Fund."
        }
    ],
    "supporting_data": "UCITS physical ETF baseline applied. Policy mode: balanced. Product type: ETF. UCITS signal identified. Replication method: physical.",
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        "derivatives_epm_only",
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            "http_code": 200,
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            "found": true,
            "http_code": 200,
            "bytes": 13347,
            "error": null
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