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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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    "review_required": false,
    "decision_rule_applied": "etf_capital_protection_hard_complex_rule",
    "product_policy_branch": "ETF",
    "fund_name": "Janus Henderson Global Research-Engineered Equity Active Core UCITS ETF",
    "isin": "IE000Y3FZEN4",
    "type": "ETF",
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    "asset_class": "Equities",
    "replication_method": "physical",
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        "inverse": false,
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        "derivatives_core_strategy": false,
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        "swaps": false,
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        "unfunded_swap": false,
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        "counterparty_risk": true,
        "structured_payoff": 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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            "Protection terms may depend on conditions or issuer credit quality",
            "Less liquid or harder-to-value underlying exposure language",
            "Counterparty risk language identified",
            "PRIIPs comprehension alert language",
            "Derivative use appears limited to efficient portfolio management, hedging or risk management",
            "UCITS ETF structure",
            "Physical replication or direct portfolio holdings"
        ],
        "plain_english_explanation": "The available evidence identifies features that may affect ordinary retail investor understanding. The assessment describes product-level mechanics only and does not judge the knowledge or experience of a specific client.",
        "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": "You are about to purchase a product that is not simple and may be difficult to understand"
        },
        {
            "source": "KIID",
            "signal": "derivatives_epm_only",
            "quote": "may use derivatives for the purposes of hedging/risk reduction and will use FX forwards to hedge currency risk in hedged Share Classes"
        },
        {
            "source": "KIID",
            "signal": "securities_lending",
            "quote": "The Sub-Fund may lend its securities to certain qualified broker-dealers and institutions for the purposes of efficient portfolio management"
        }
    ],
    "supporting_data": "Hard complex product feature identified: Capital protection or guarantee mechanism. Policy mode: balanced. Product type: ETF. UCITS signal identified. Replication method: physical.",
    "missing_data": [],
    "warnings": [
        "illiquid_or_hard_to_value_underlying_identified",
        "counterparty_risk_language_identified"
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            "http_code": 200,
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            "http_code": 200,
            "bytes": 13196,
            "error": null
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            "found": true,
            "http_code": 200,
            "bytes": 14310,
            "error": null
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        "market_data": {
            "url": "https://api.londonstockexchange.com/api/gw/lse/search/autocomplete?q=IE000Y3FZEN4&size=3",
            "found": true,
            "http_code": 200,
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