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    "_meta": {
        "isin": "IE000HGH8PV2",
        "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": "2026-06-22T19:37:32+00:00",
        "captured_unix": 1782157052
    },
    "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 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": 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
    },
    "complex_factors": [
        "Swap usage"
    ],
    "non_complex_factors": [
        "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."
    },
    "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": "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"
        },
        {
            "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 ... to exchange the performance/return of the Basket for the return of the Index"
        },
        {
            "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). ... In order to cover the cost of the put spread that facilitates the buffer, a call option on the Reference Index is sold, or written, by the Index in exchange for receipt of a premium"
        },
        {
            "source": "KIID",
            "signal": "complex_index",
            "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 Annual 30% (-5% to -35%) Buffer Protect Index (the \u201cIndex\u201d)."
        },
        {
            "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."
        }
    ],
    "supporting_data": "ETF has evidenced core or synthetic swap usage. Policy mode: strict. Product type: ETF. UCITS signal identified. Replication method: synthetic.",
    "missing_data": [],
    "warnings": [
        "counterparty_risk_language_identified"
    ],
    "sources": {
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            "url": "https://oppl.ai/apy/doc_store/IE000HGH8PV2_KIID.txt",
            "found": true,
            "http_code": 200,
            "bytes": 11901,
            "error": null
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        "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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}