{
    "ok": true,
    "_meta": {
        "isin": "IE000EPX8KB7",
        "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": "2026-06-05T11:10:00+00:00",
        "captured_unix": 1780657800
    },
    "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": "derivatives_mentioned",
            "quote": "will enter into an unfunded swap agreement ... and may also gain exposure ... through other FDI such as options and futures"
        },
        {
            "source": "KIID",
            "signal": "derivatives_core_strategy",
            "quote": "The Fund will seek to replicate the performance of the Index by investing primarily in a basket ... and will enter into an unfunded swap agreement ... to exchange the performance/return of the Basket for the return of the Index"
        },
        {
            "source": "KIID",
            "signal": "swaps",
            "quote": "will enter into an unfunded swap agreement with approved counterparties ... (the 'Swap')"
        },
        {
            "source": "KIID",
            "signal": "unfunded_swap",
            "quote": "will enter into an unfunded swap agreement"
        },
        {
            "source": "KIID",
            "signal": "synthetic_replication",
            "quote": "will enter into an unfunded swap agreement ... to exchange the performance/return of the Basket for the return of the Index"
        },
        {
            "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": "structured_payoff",
            "quote": "The buffer provided by the Index is constructed via a put spread ... and a call option on the Reference Index is sold ... which acts as a cap on the potential increase in the value of the Index."
        },
        {
            "source": "KIID",
            "signal": "complex_index",
            "quote": "CBOE S&P 500\u00ae 15% WHT Quarterly 9% (-3% to -12%) Buffer Product Index"
        }
    ],
    "supporting_data": "Hard complex product feature identified: Structured payoff. Policy mode: strict. Product type: ETF. UCITS signal identified. Replication method: synthetic.",
    "missing_data": [],
    "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
        }
    }
}