{
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    "_meta": {
        "isin": "IE0002L5QB31",
        "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.",
        "classification_engine_version": "1.0.0",
        "prompt_version": "complex_asset_extract_v1",
        "captured_at_utc": "2026-06-05T11:12:40+00:00",
        "captured_unix": 1780657960
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    "classification": "complex",
    "confidence": 0.88,
    "review_required": false,
    "decision_rule_applied": "strict_etf_swap_complex_rule",
    "product_policy_branch": "ETF",
    "fund_name": "Global X S&P 500\u00ae Covered Call UCITS ETF",
    "isin": "IE0002L5QB31",
    "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": false,
        "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": true,
        "priips_comprehension_alert": false,
        "securities_lending": true,
        "illiquid_or_hard_to_value_underlying": false,
        "physical_allocated_commodity": false,
        "crypto_digital_asset": false
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        "UCITS fund",
        "No leverage identified",
        "No inverse exposure identified"
    ],
    "consumer_understanding": {
        "risk_level": "elevated",
        "drivers": [
            "Synthetic or swap-based exposure",
            "Counterparty exposure may be relevant to returns or risk",
            "Complex or rules-based index methodology",
            "Index performance may depend on dynamic allocation or strategy rules",
            "Derivatives appear core to the investment strategy",
            "Counterparty risk language identified"
        ],
        "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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            "signal": "swaps",
            "quote": "The Fund will aim to achieve its investment objective via a swap, which is an agreement between the Fund and an approved counterparty, where the Fund will swap the performance/return of a basket of global equity securities and equity related securities with the counterparty in exchange for the return of the Index minus any associated fees (the \u201cSwap\u201d)."
        },
        {
            "source": "KIID",
            "signal": "synthetic_replication",
            "quote": "The Fund will aim to achieve its investment objective via a swap"
        },
        {
            "source": "KIID",
            "signal": "counterparty_risk",
            "quote": "Swaps Counterparty Risk: The Fund will enter into a swap agreement in order to replicate the Index. Investors should note that not only will they be exposed to the credit risk of the approved counterparty but also potential conflicts of interest in the performance of the function of calculation agent under the Swap by the approved counterparty."
        },
        {
            "source": "KIID",
            "signal": "derivatives_core_strategy",
            "quote": "The Fund may invest in ... financial derivative instruments (\u201cFDIs\u201d), namely, options and futures for investment purposes."
        },
        {
            "source": "KIID",
            "signal": "complex_index",
            "quote": "The Fund\u2019s investment objective is to generate returns that closely correspond, before fees and expenses, generally to the price and yield performance of the Cboe S&P 500 BuyWrite 15% WHT Index (the\u201cIndex\u201d)."
        },
        {
            "source": "KIID",
            "signal": "securities_lending",
            "quote": "The Fund may enter into securities lending transactions, investing in repurchase and reverse repurchase transactions and short-term money market collective investment schemes, for the purposes of efficient portfolio management only."
        }
    ],
    "supporting_data": "ETF has evidenced swap usage. Policy mode: strict. Product type: ETF. UCITS signal identified. Replication method: synthetic.",
    "missing_data": [
        "funded_swap status not specified",
        "unfunded_swap status not specified"
    ],
    "warnings": [
        "counterparty_risk_language_identified"
    ],
    "sources": {
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            "url": "https://oppl.ai/apy/doc_store/IE0002L5QB31_KIID.txt",
            "found": true,
            "http_code": 200,
            "bytes": 14063,
            "error": null
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            "url": "https://oppl.ai/eu_kiids/en_txt/IE0002L5QB31.txt",
            "found": true,
            "http_code": 200,
            "bytes": 14075,
            "error": null
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        "factsheet": {
            "url": "https://oppl.ai/apy/doc_store/IE0002L5QB31_FS.txt",
            "found": true,
            "http_code": 200,
            "bytes": 62,
            "error": null
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        "market_data": {
            "url": "https://api.londonstockexchange.com/api/gw/lse/search/autocomplete?q=IE0002L5QB31&size=3",
            "found": true,
            "http_code": 200,
            "bytes": 1358,
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}