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        "asset_scope": "UK_COMPLEX_ASSET",
        "policy_mode": "strict",
        "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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        "prompt_version": "complex_asset_extract_v1",
        "captured_at_utc": "2026-06-20T13:59:06+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 US Aggregate Bond UCITS ETF",
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    "type": "ETF",
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    "asset_class": "Fixed Income",
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        "inverse": false,
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        "derivatives_core_strategy": false,
        "derivatives_epm_only": false,
        "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,
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        "crypto_digital_asset": false
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        "No inverse exposure identified"
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        "drivers": [
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            "Counterparty risk language identified",
            "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. 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."
    },
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            "quote": "The Fund is a UCITS exchange-traded fund, a UCITS ETF."
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        {
            "source": "KIID",
            "signal": "derivatives_mentioned",
            "quote": "These may also include the use of financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets). FDIs may be used for direct investment purposes."
        },
        {
            "source": "FACTSHEET",
            "signal": "replication_method_physical",
            "quote": "Methodology : Sampled"
        },
        {
            "source": "FACTSHEET",
            "signal": "asset_class_fixed_income",
            "quote": "Asset Class : Fixed Income"
        }
    ],
    "supporting_data": "UCITS physical ETF baseline applied. Policy mode: strict. Product type: ETF. UCITS signal identified. Replication method: physical.",
    "missing_data": [],
    "warnings": [
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        "counterparty_risk_language_identified"
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            "http_code": 200,
            "bytes": 15008,
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            "found": true,
            "http_code": 200,
            "bytes": 12809,
            "error": null
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        "market_data": {
            "url": "https://api.londonstockexchange.com/api/gw/lse/search/autocomplete?q=IE00BYXYYM63&size=3",
            "found": true,
            "http_code": 200,
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