{
    "ok": true,
    "_meta": {
        "validator": "oppl_complex_asset_json_validator",
        "validator_version": "1.1.17",
        "captured_at_utc": "2026-08-09T19:16:32+00:00",
        "captured_unix": 1786302992,
        "input_source": "url",
        "input_url": "https://oppl.ai/llms/runs/etf/IE000JCW3DZ3_ucits_default_latest.json",
        "source_assessment_hash": "2c5391a1e041aafa95d13a90dd0cbc6b9a626adb8d5b293c7ad53657b2355815",
        "agent_enabled": true,
        "agent_provider": "openrouter",
        "agent_model": "gpt-4.1-mini",
        "agent_temperature": 0,
        "agent_max_tokens": 1800,
        "warn_short_agent": true,
        "validator_modes": {
            "deterministic": "executed",
            "agent": "executed"
        }
    },
    "isin": "IE000JCW3DZ3",
    "classification": "non-complex",
    "policy_mode": "ucits_default",
    "decision_rule_applied": "etf_ucits_physical_no_complex_override_rule",
    "source_classification": null,
    "source_decision_rule_applied": null,
    "resolution": {
        "applied": false
    },
    "validator_verdict": "warn",
    "publishable": true,
    "confidence": 0.78,
    "issue_count": 3,
    "issues": [
        {
            "severity": "warn",
            "code": "derivatives_epm_only_true_without_epm_evidence",
            "message": "signals.derivatives_epm_only=true but no product-specific supporting evidence was identified proving hedging, efficient portfolio management, tracking, risk-management or other ancillary derivative use."
        },
        {
            "severity": "warn",
            "code": "unsubstantiated_swap_signal_on_non_complex",
            "message": "signals.swaps=true but no supporting evidence quote directly mentions a swap, TRS or CFD. Because the swap flag is unsubstantiated and is not used by decision_rule_applied, it must not be used to overturn an otherwise coherent non-complex classification."
        },
        {
            "severity": "warn",
            "code": "supporting_evidence_signal_mismatch",
            "message": "Supporting evidence signal 'physical_allocated_commodity' does not match the quote 'Management Style Physical - Full Replication'. The quote indicates physical replication but not allocated commodity exposure.",
            "source": "agent"
        }
    ],
    "suggested_repairs": [
        "Add product-specific EPM/hedging/ancillary derivative evidence, or set derivatives_epm_only=false/null if the flag cannot be substantiated.",
        "Remove or correct the unsupported signals.swaps=true flag, or add direct product-specific swap/TRS/CFD evidence. Until supported, treat it as an evidence-quality warning rather than a classification contradiction.",
        "Add product-specific EPM/hedging/ancillary derivative evidence to substantiate derivatives_epm_only=true, or set derivatives_epm_only=false if such evidence cannot be found.",
        "Remove or correct the unsupported signals.swaps=true flag, or add direct product-specific swap/TRS/CFD evidence to support it.",
        "Correct or remove the physical_allocated_commodity supporting evidence signal to match the actual quote content."
    ],
    "reassessment": {
        "required": false
    },
    "deterministic_review": {
        "ok": true,
        "validator_type": "deterministic",
        "validator_verdict": "warn",
        "publishable": true,
        "confidence": 0.78,
        "issues": [
            {
                "severity": "warn",
                "code": "derivatives_epm_only_true_without_epm_evidence",
                "message": "signals.derivatives_epm_only=true but no product-specific supporting evidence was identified proving hedging, efficient portfolio management, tracking, risk-management or other ancillary derivative use."
            },
            {
                "severity": "warn",
                "code": "unsubstantiated_swap_signal_on_non_complex",
                "message": "signals.swaps=true but no supporting evidence quote directly mentions a swap, TRS or CFD. Because the swap flag is unsubstantiated and is not used by decision_rule_applied, it must not be used to overturn an otherwise coherent non-complex classification."
            }
        ],
        "suggested_repairs": [
            "Add product-specific EPM/hedging/ancillary derivative evidence, or set derivatives_epm_only=false/null if the flag cannot be substantiated.",
            "Remove or correct the unsupported signals.swaps=true flag, or add direct product-specific swap/TRS/CFD evidence. Until supported, treat it as an evidence-quality warning rather than a classification contradiction."
        ],
        "reassessment": {
            "required": false
        },
        "resolution": {
            "applied": false
        },
        "decisive_signal_evidence": {
            "checked": true,
            "decision_rule_signal": null,
            "decision_rule_signal_true": null,
            "decision_rule_signal_supported": null,
            "decision_rule_matching_evidence_count": null,
            "decision_rule_matches": [],
            "true_hard_signals": [],
            "supported_hard_signals": [],
            "unsupported_hard_signals": [],
            "checks": []
        },
        "derivative_materiality": {
            "checked": true,
            "policy_mode": "ucits_default",
            "type": "ETF",
            "ucits": true,
            "physical_replication": true,
            "swaps_signal": true,
            "synthetic_replication": false,
            "derivatives_core_strategy": false,
            "derivatives_epm_only": true,
            "derivative_evidence_count": 1,
            "swap_evidence_count": 0,
            "permission_or_ancillary_evidence_count": 1,
            "core_derivative_evidence_count": 0,
            "only_permission_or_ancillary_derivative_evidence": true,
            "supported_independent_hard_signals": []
        },
        "source_decisive_signal_evidence": null,
        "source_derivative_materiality": null,
        "detected_features": {
            "helo_or_core_options_overlay": false,
            "physical_replication": true,
            "physical_replication_direct_evidence": true,
            "physical_replication_evidence_count": 1,
            "has_epm_only_evidence": true,
            "has_core_derivatives_evidence": false,
            "has_generic_fdi_permission_evidence": false,
            "has_option_overlay_evidence": false
        }
    },
    "agent_review": {
        "ok": true,
        "model": "gpt-4.1-mini",
        "temperature": 0,
        "max_tokens": 1800,
        "usage": {
            "prompt_tokens": 4189,
            "completion_tokens": 563,
            "total_tokens": 4752,
            "raw": {
                "prompt_tokens": 4189,
                "completion_tokens": 563,
                "total_tokens": 4752,
                "cost": 0.0020004,
                "is_byok": false,
                "prompt_tokens_details": {
                    "cached_tokens": 1920,
                    "cache_write_tokens": 0,
                    "audio_tokens": 0,
                    "video_tokens": 0
                },
                "cost_details": {
                    "upstream_inference_cost": 0.0020004,
                    "upstream_inference_prompt_cost": 0.0010996,
                    "upstream_inference_completions_cost": 0.0009008
                },
                "completion_tokens_details": {
                    "reasoning_tokens": 0,
                    "image_tokens": 0,
                    "audio_tokens": 0
                }
            }
        },
        "cost": {
            "estimated": false,
            "actual_provider_cost_available": true,
            "model": "gpt-4.1-mini",
            "prompt_tokens": 4189,
            "completion_tokens": 563,
            "total_tokens": 4752,
            "input_cost_usd": 0.0010996,
            "output_cost_usd": 0.0009008,
            "estimated_cost_usd": 0.0020004,
            "pricing_basis": "openrouter_usage_cost"
        },
        "review": {
            "validator_verdict": "warn",
            "publishable": true,
            "confidence": 0.8,
            "summary": "The assessment is internally consistent and coherent with the UCITS default non-complex classification and physical replication. The derivatives_epm_only flag is set true but lacks direct product-specific EPM/hedging/ancillary evidence, only generic permission language is present. The swaps signal is unsubstantiated by direct swap/TRS/CFD evidence and is not used by the decision rule, so it is a hygiene warning. No core derivative strategy evidence is present, consistent with derivatives_core_strategy=false. There is no conflict between derivatives_epm_only and derivatives_core_strategy flags. The physical replication evidence is direct and supports the non-complex physical ETF rule. The supporting evidence signals mostly match their quotes except the physical_allocated_commodity signal is unsupported by the quote which states 'Physical - Full Replication' (not commodity). The client-facing JSON is publishable as-is but would benefit from removing or correcting unsupported signals.swaps and clarifying derivatives_epm_only evidence. No deterministic resolution was applied, and no reassessment is required. Deterministic evidence does not substantiate signals.swaps=true; treat that flag as an evidence-hygiene warning unless direct swap/TRS/CFD evidence is added.",
            "issues": [
                {
                    "severity": "warn",
                    "code": "unsubstantiated_swap_signal_on_non_complex",
                    "message": "signals.swaps=true but no supporting evidence quote directly mentions a swap, TRS or CFD. Because the swap flag is unsubstantiated and is not used by decision_rule_applied, it must not be used to overturn an otherwise coherent non-complex classification."
                },
                {
                    "severity": "warn",
                    "code": "supporting_evidence_signal_mismatch",
                    "message": "Supporting evidence signal 'physical_allocated_commodity' does not match the quote 'Management Style Physical - Full Replication'. The quote indicates physical replication but not allocated commodity exposure."
                }
            ],
            "suggested_repairs": [
                "Add product-specific EPM/hedging/ancillary derivative evidence to substantiate derivatives_epm_only=true, or set derivatives_epm_only=false if such evidence cannot be found.",
                "Remove or correct the unsupported signals.swaps=true flag, or add direct product-specific swap/TRS/CFD evidence to support it.",
                "Correct or remove the physical_allocated_commodity supporting evidence signal to match the actual quote content."
            ]
        }
    }
}