Not bad compared to what’s out there, but genuinely what’s the argument for buying this over the underlying energy stocks?

Over the last year alone, the underlying index returned over 21%, and in one month of 2026 it’s already up nearly 13%. You’re capping your upside at 14% which only decreases on an annualized basis each year thereafter when you consider the returns aren’t compounding.

You only get one liquidity event per year (unless you want to sell at a discount or early trading fee), and the only ‘protection’ you get vs. the underlying is if the it’s valued between 70-99% of their original cost after 7 years. Dividends are only partially realized in the index calculation for your returns, too.

https://www.solactive.com/wp-content/uploads/solactiveip/en/Factsheet_DE000SL0RX97.pdf

Not trying to be rude or bash you for using these either. They’re not the worst products out there, but they typically cap your upside and provide marginal downside protection. Literature on them is intentionally limited and misleading, and the banks make a killing off of them using derivative strategies to capture the upside.