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        "captured_at_utc": "2026-08-10T09:38:19+00:00",
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    "suggested_repairs": [
        "Add product-specific physical/direct replication evidence, or use a more general UCITS no-complex-override rule that does not assert physical replication."
    ],
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        "issues": [
            {
                "severity": "warn",
                "code": "physical_rule_without_direct_physical_evidence",
                "message": "decision_rule_applied explicitly asserts physical replication, but no product-specific supporting evidence quote directly substantiates physical/direct replication. This is a rule-specificity evidence gap and does not by itself invalidate an otherwise coherent non-complex classification."
            }
        ],
        "suggested_repairs": [
            "Add product-specific physical/direct replication evidence, or use a more general UCITS no-complex-override rule that does not assert physical replication."
        ],
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            "policy_mode": "strict",
            "type": "ETF",
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            "physical_replication": true,
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            "derivatives_core_strategy": false,
            "derivatives_epm_only": false,
            "derivative_evidence_count": 2,
            "swap_evidence_count": 0,
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            "physical_replication_direct_evidence": false,
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        "cost": {
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            "validator_verdict": "warn",
            "publishable": true,
            "confidence": 0.82,
            "summary": "The assessment is internally consistent with no direct product-specific evidence supporting physical replication despite the decision rule asserting it. Derivatives are mentioned but not used as a core strategy or for EPM only. Counterparty risk is evidenced and correctly flagged. No conflicts between derivatives_epm_only and derivatives_core_strategy flags. A warning is raised for the lack of direct physical replication evidence supporting the applied decision rule. The applied decision rule asserts physical replication, but deterministic evidence does not directly substantiate physical/direct replication; treat this as a publishable rule-specificity evidence warning rather than a classification contradiction.",
            "issues": [
                {
                    "severity": "warn",
                    "code": "physical_rule_without_direct_physical_evidence",
                    "message": "decision_rule_applied explicitly asserts physical replication, but no product-specific supporting evidence quote directly substantiates physical/direct replication. This is a rule-specificity evidence gap and does not by itself invalidate an otherwise coherent non-complex classification."
                }
            ],
            "suggested_repairs": [
                "Add product-specific physical/direct replication evidence, or use a more general UCITS no-complex-override rule that does not assert physical replication."
            ]
        }
    }
}