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        "asset_scope": "UK_COMPLEX_ASSET",
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        "policy_mode_description": "Any material derivative, swap, synthetic, complex underlying, structured payoff, roll-cost, leverage, inverse, or PRIIPs warning signal can drive complex classification.",
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        "captured_at_utc": "2026-06-22T20:06:30+00:00",
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    "confidence": 0.86,
    "review_required": false,
    "decision_rule_applied": "strict_etf_synthetic_complex_rule",
    "product_policy_branch": "ETF",
    "fund_name": "First Trust Vest Nasdaq-100\u00ae Moderate Buffer UCITS ETF - September",
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    "asset_class": "Equity",
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        "inverse": false,
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        "derivatives_epm_only": false,
        "swaps": false,
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        "unfunded_swap": false,
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        "contango_backwardation": false,
        "coco_or_at1_exposure": false,
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        "crypto_digital_asset": false
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        "drivers": [
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            "Counterparty exposure may be relevant to returns or risk",
            "Derivatives appear core to the investment strategy"
        ],
        "plain_english_explanation": "The product appears to use synthetic or swap-based exposure. This may be difficult for ordinary retail clients to understand because returns can depend not only on the referenced market exposure but also on derivative mechanics, collateral arrangements and counterparty risk.",
        "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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            "quote": "The Fund intends to pursue an actively managed investment strategy and will seek to achieve its investment objective by investing substantially all of its assets in FLexible EXchange Options (\u201cFLEX Options\u201d) that reference the performance of the Index. The Fund will primarily invest in financial derivative instruments for investment purposes."
        },
        {
            "source": "KIID",
            "signal": "synthetic_replication",
            "quote": "The Fund intends to pursue an actively managed investment strategy and will seek to achieve its investment objective by investing substantially all of its assets in FLexible EXchange Options (\u201cFLEX Options\u201d) that reference the performance of the Index."
        },
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            "source": "KIID",
            "signal": "structured_payoff",
            "quote": "while providing a buffer (before fees and expenses) against the first 15% of Index losses"
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    "missing_data": [
        "No PRIIPs comprehension alert found.",
        "No mention of securities lending.",
        "No explicit counterparty risk language."
    ],
    "warnings": [],
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            "http_code": 200,
            "bytes": 12633,
            "error": null
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