{ "ok": true, "_meta": { "isin": "IE000EPX8KB7", "asset_scope": "UK_COMPLEX_ASSET", "policy_mode": "ucits_default", "policy_mode_description": "UCITS ETFs default to non-complex unless leverage, inverse exposure, structured payoff, complex underlyings, or explicit comprehension-warning language is identified.", "classification_engine_version": "1.0.0", "prompt_version": "complex_asset_extract_v1", "captured_at_utc": "2026-06-13T16:50:16+00:00", "captured_unix": 1781369416 }, "classification": "complex", "confidence": 0.93, "review_required": false, "decision_rule_applied": "etf_structured_payoff_hard_complex_rule", "product_policy_branch": "ETF", "fund_name": "Global X S&P 500\u00ae Quarterly Tail Hedge UCITS ETF", "isin": "IE000EPX8KB7", "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": true, "unfunded_swap": true, "synthetic_replication": true, "counterparty_risk": true, "structured_payoff": true, "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 }, "complex_factors": [ "Structured payoff" ], "non_complex_factors": [ "UCITS fund", "No leverage identified", "No inverse exposure identified" ], "consumer_understanding": { "risk_level": "high", "drivers": [ "Synthetic or swap-based exposure", "Counterparty exposure may be relevant to returns or risk", "Structured payoff mechanics", "Returns may depend on conditional payoff features", "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." }, "supporting_evidence": [ { "source": "KIID", "signal": "swaps", "quote": "will enter into an unfunded swap agreement with approved counterparties governed by the International Swaps and Derivatives Association to exchange the performance/return of the Basket for the return of the Index minus any associated fees (the \u201cSwap\u201d)." }, { "source": "KIID", "signal": "unfunded_swap", "quote": "will enter into an unfunded swap agreement" }, { "source": "KIID", "signal": "synthetic_replication", "quote": "The Fund will seek to replicate the performance of the Index by investing primarily in a basket of global equity securities and equity related securities (the \u201cBasket\u201d) and will enter into an unfunded swap agreement" }, { "source": "KIID", "signal": "structured_payoff", "quote": "The buffer provided by the Index is constructed via a put spread whereby the Index purchases a put option on the Reference Index at a higher strike price (-3% out-the-money) and sells a put option on the Reference Index at a lower strike price (12% out-the-money)." }, { "source": "KIID", "signal": "structured_payoff", "quote": "a call option on the Reference Index is sold, or written, by the Index in exchange for receipt of a premium by the Index that matches the cost of the put spread. While writing the call options reduces the cost of the provision of the buffer, it does operate to limit the Index\u2019s participation in the rise of the value of the Reference Index beyond the exercise price of the written call option, which acts as a cap on the potential increase in the value of the Index." }, { "source": "KIID", "signal": "complex_index", "quote": "The Index seeks to provide similar returns to the S&P 500\u00ae Index (the \u201cReference Index\u201d), with lower volatility and downside risks, in most market environments except for when the U.S. equity market is rallying. ... The Index is designed to track the returns of an investment in the Reference Index via a portfolio of equities over a period of approximately a calendar quarter (the \u201cinvestment period\u201d) while also seeking to provide downside protection against declines in value of between -\n\n[TRUNCATED]" }, { "source": "KIID", "signal": "derivatives_core_strategy", "quote": "The Fund\u2019s investment objective is to provide investment results that closely correspond, before fees and expenses, generally to the price and yield performance of the CBOE S&P 500\u00ae 15% WHT Quarterly 9% (-3% to -12%) Buffer Product Index (the \u201cIndex\u201d). The Fund will seek to replicate the performance of the Index by investing primarily in a basket of global equity securities and equity related securities (the \u201cBasket\u201d) and will enter into an unfunded swap agreement" }, { "source": "KIID", "signal": "counterparty_risk", "quote": "Fund counterparties: The fund may suffer losses if the parties that it trades with cannot meet their financial obligations." }, { "source": "KIID", "signal": "derivatives_mentioned", "quote": "will enter into an unfunded swap agreement ... the Fund may also gain exposure to the Index through investment in other FDI such as options and futures" }, { "source": "KIID", "signal": "securities_lending", "quote": "The Fund will not enter into securities lending transactions" }, { "source": "KIID", "signal": "capital_protection", "quote": "The Fund offers no capital guarantee or protection." }, { "source": "KIID", "signal": "ucits", "quote": "This product is a UCITS fund." } ], "supporting_data": "Hard complex product feature identified: Structured payoff. Policy mode: ucits_default. Product type: ETF. UCITS signal identified. Replication method: synthetic.", "missing_data": [ "illiquid_or_hard_to_value_underlying" ], "warnings": [ "counterparty_risk_language_identified" ], "sources": { "kiid": { "url": "https://oppl.ai/apy/doc_store/IE000EPX8KB7_KIID.txt", "found": true, "http_code": 200, "bytes": 11929, "error": null }, "priips_kid": { "url": "https://oppl.ai/eu_kiids/en_txt/IE000EPX8KB7.txt", "found": true, "http_code": 200, "bytes": 15772, "error": null }, "factsheet": { "url": "https://oppl.ai/apy/doc_store/IE000EPX8KB7_FS.txt", "found": true, "http_code": 200, "bytes": 9221, "error": null }, "market_data": { "url": "https://api.londonstockexchange.com/api/gw/lse/search/autocomplete?q=IE000EPX8KB7&size=3", "found": true, "http_code": 200, "bytes": 560, "error": null } } }