{
    "ok": true,
    "_meta": {
        "isin": "IE000HGH8PV2",
        "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.",
        "classification_engine_version": "1.0.0",
        "prompt_version": "complex_asset_extract_v1",
        "captured_at_utc": "2026-06-10T08:59:20+00:00",
        "captured_unix": 1781081960
    },
    "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 Annual Tail Hedge UCITS ETF",
    "isin": "IE000HGH8PV2",
    "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_core_strategy",
            "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 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": "swaps",
            "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 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 with approved counterparties"
        },
        {
            "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": "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 whereby the Index purchases a put option on the Reference Index at a higher strike price (-5% out-the-money) and sells a put option on the Reference Index at a lower strike price (35% out-the-money). The put spread seeks to protect against a decline in the Reference Index, but only to the extent of the difference between the strike prices of the put option purchased and the put option sold."
        },
        {
            "source": "KIID",
            "signal": "complex_index",
            "quote": "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 one year (the \u201cinvestment period\u201d) while also seeking to provide downside protection against declines in value of between -5% to -35% (the \u201cbuffer\u201d) in the Reference Index."
        },
        {
            "source": "KIID",
            "signal": "capital_protection",
            "quote": "The Fund offers no capital guarantee or protection."
        },
        {
            "source": "KIID",
            "signal": "securities_lending",
            "quote": "The Fund will not enter into securities lending transactions and will not invest in repurchase and reverse repurchase transactions."
        }
    ],
    "supporting_data": "Hard complex product feature identified: Structured payoff. Policy mode: balanced. 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/IE000HGH8PV2_KIID.txt",
            "found": true,
            "http_code": 200,
            "bytes": 11901,
            "error": null
        },
        "priips_kid": {
            "url": "https://oppl.ai/eu_kiids/en_txt/IE000HGH8PV2.txt",
            "found": true,
            "http_code": 200,
            "bytes": 15773,
            "error": null
        },
        "factsheet": {
            "url": "https://oppl.ai/apy/doc_store/IE000HGH8PV2_FS.txt",
            "found": true,
            "http_code": 200,
            "bytes": 62,
            "error": null
        },
        "market_data": {
            "url": "https://api.londonstockexchange.com/api/gw/lse/search/autocomplete?q=IE000HGH8PV2&size=3",
            "found": true,
            "http_code": 200,
            "bytes": 558,
            "error": null
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}