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            "code": "derivatives_epm_only_true_without_epm_evidence",
            "message": "The derivatives_epm_only flag is true but no direct product-specific evidence of efficient portfolio management or hedging derivative use was found. This is an evidence hygiene issue but does not contradict the non-complex classification.",
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        },
        {
            "severity": "warn",
            "code": "swap_permission_language_identified_not_core_strategy",
            "message": "Swaps signal is true and supported by permission-based quotes, but no core derivative swap exposure evidence was found. This supports the non-complex classification but suggests the swaps flag is permission-based only.",
            "source": "agent"
        },
        {
            "severity": "warn",
            "code": "counterparty_risk_language_identified",
            "message": "Counterparty risk language is present but does not imply complexity by itself.",
            "source": "agent"
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        "Consider adding or clarifying direct product-specific evidence for derivatives_epm_only to improve evidence hygiene.",
        "Review the swaps flag to ensure it reflects permission-based use only and not core derivative exposure."
    ],
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        "derivative_materiality": {
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            "policy_mode": "balanced",
            "type": "ETF",
            "ucits": true,
            "physical_replication": true,
            "swaps_signal": true,
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            "has_core_derivatives_evidence": false,
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        "cost": {
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            "validator_verdict": "pass",
            "publishable": true,
            "confidence": 0.88,
            "summary": "The assessment is internally consistent with classification 'non-complex' supported by physical replication and permission-based derivative use limited to EPM/hedging. The decision rule applied matches the evidence and signals. The derivatives_epm_only flag is true but no direct product-specific EPM-only evidence was found, consistent with policy allowing this as a hygiene warning without failing. The swaps signal is supported by a direct product-specific quote indicating permission-based swap use, not core strategy. No conflict between derivatives_epm_only and derivatives_core_strategy flags. No HELO or option overlay evidence present, so no reclassification needed. The client-facing JSON is publishable as-is with warnings noted but no failures. No repairs required.",
            "issues": [
                {
                    "severity": "warn",
                    "code": "derivatives_epm_only_true_without_epm_evidence",
                    "message": "The derivatives_epm_only flag is true but no direct product-specific evidence of efficient portfolio management or hedging derivative use was found. This is an evidence hygiene issue but does not contradict the non-complex classification."
                },
                {
                    "severity": "warn",
                    "code": "swap_permission_language_identified_not_core_strategy",
                    "message": "Swaps signal is true and supported by permission-based quotes, but no core derivative swap exposure evidence was found. This supports the non-complex classification but suggests the swaps flag is permission-based only."
                },
                {
                    "severity": "warn",
                    "code": "counterparty_risk_language_identified",
                    "message": "Counterparty risk language is present but does not imply complexity by itself."
                }
            ],
            "suggested_repairs": [
                "Consider adding or clarifying direct product-specific evidence for derivatives_epm_only to improve evidence hygiene.",
                "Review the swaps flag to ensure it reflects permission-based use only and not core derivative exposure."
            ]
        }
    }
}