{
    "ok": true,
    "_meta": {
        "validator": "oppl_complex_asset_json_validator",
        "validator_version": "1.1.9",
        "captured_at_utc": "2026-08-09T11:57:27+00:00",
        "captured_unix": 1786276647,
        "input_source": "url",
        "input_url": "https://oppl.ai/llms/runs/etf/IE00B435CG94_balanced_latest.json",
        "source_assessment_hash": "31c8cc951c5e04a1c0843c5339b89fd5953fa31d230cb9a3e32810b9bac0bb30",
        "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": "IE00B435CG94",
    "classification": "complex",
    "policy_mode": "balanced",
    "decision_rule_applied": "balanced_etf_swap_complex_rule",
    "validator_verdict": "warn",
    "publishable": true,
    "confidence": 0.78,
    "issue_count": 2,
    "issues": [
        {
            "severity": "warn",
            "code": "core_derivatives_true_without_core_evidence",
            "message": "derivatives_core_strategy=true but no derivatives_core_strategy evidence item is present."
        },
        {
            "severity": "warn",
            "code": "non_decisive_hard_signal_without_direct_evidence_synthetic_replication",
            "message": "signals.synthetic_replication=true but no supporting_evidence quote directly substantiates that hard-complex feature. The signal is not used by decision_rule_applied and classification=complex is independently supported by: swaps."
        }
    ],
    "suggested_repairs": [
        "Add supporting_evidence with signal=derivatives_core_strategy quoting the relevant strategy language.",
        "Remove or downgrade unsupported synthetic_replication, or add product-specific evidence for it. This is an evidence-quality repair and does not invalidate an independently supported complex classification.",
        "Add supporting_evidence with signal=derivatives_core_strategy quoting relevant product-specific strategy language to substantiate the core derivative strategy signal.",
        "Add or clarify supporting_evidence that directly substantiates synthetic_replication, or remove the synthetic_replication signal if no direct evidence exists."
    ],
    "deterministic_review": {
        "ok": true,
        "validator_type": "deterministic",
        "validator_verdict": "warn",
        "publishable": true,
        "confidence": 0.78,
        "issues": [
            {
                "severity": "warn",
                "code": "core_derivatives_true_without_core_evidence",
                "message": "derivatives_core_strategy=true but no derivatives_core_strategy evidence item is present."
            },
            {
                "severity": "warn",
                "code": "non_decisive_hard_signal_without_direct_evidence_synthetic_replication",
                "message": "signals.synthetic_replication=true but no supporting_evidence quote directly substantiates that hard-complex feature. The signal is not used by decision_rule_applied and classification=complex is independently supported by: swaps."
            }
        ],
        "suggested_repairs": [
            "Add supporting_evidence with signal=derivatives_core_strategy quoting the relevant strategy language.",
            "Remove or downgrade unsupported synthetic_replication, or add product-specific evidence for it. This is an evidence-quality repair and does not invalidate an independently supported complex classification."
        ],
        "decisive_signal_evidence": {
            "checked": true,
            "decision_rule_signal": "swaps",
            "decision_rule_signal_true": true,
            "decision_rule_signal_supported": true,
            "decision_rule_matching_evidence_count": 3,
            "decision_rule_matches": [
                {
                    "index": 0,
                    "source": "PRIIPS_KID",
                    "evidence_signal": "synthetic_replication",
                    "quote": "To achieve the objective the Fund will use unfunded swaps (\"Swaps\"). These Swaps are an agreement between the Fund and an approved counterparty to exchange one stream of cash flows against another stream but do not require the Fund to provide collateral, on the basis that the Fund has already invested in a basket of equities and equity related securities (namely shares)."
                },
                {
                    "index": 1,
                    "source": "FACTSHEET",
                    "evidence_signal": "swaps",
                    "quote": "The fund might purchase securities that are not contained in the reference index and will enter into swap agreements to exchange the performance of those securities for the performance of the reference index."
                },
                {
                    "index": 2,
                    "source": "KIID",
                    "evidence_signal": "counterparty_risk",
                    "quote": "The Fund\u2019s ability to track the benchmark\u2019s performance is reliant on the counterparties to continuously deliver the performance of the benchmark in line with the swap agreements and would also be affected by any spread between the pricing of the swaps and the pricing of the benchmark."
                }
            ],
            "true_hard_signals": [
                "synthetic_replication"
            ],
            "supported_hard_signals": [],
            "unsupported_hard_signals": [
                "synthetic_replication"
            ],
            "checks": {
                "synthetic_replication": {
                    "signal_true": true,
                    "direct_evidence": false,
                    "matching_evidence_count": 0,
                    "decision_rule_uses_signal": false,
                    "matches": []
                },
                "swaps": {
                    "signal_true": true,
                    "direct_evidence": true,
                    "matching_evidence_count": 3,
                    "decision_rule_uses_signal": true,
                    "matches": [
                        {
                            "index": 0,
                            "source": "PRIIPS_KID",
                            "evidence_signal": "synthetic_replication",
                            "quote": "To achieve the objective the Fund will use unfunded swaps (\"Swaps\"). These Swaps are an agreement between the Fund and an approved counterparty to exchange one stream of cash flows against another stream but do not require the Fund to provide collateral, on the basis that the Fund has already invested in a basket of equities and equity related securities (namely shares)."
                        },
                        {
                            "index": 1,
                            "source": "FACTSHEET",
                            "evidence_signal": "swaps",
                            "quote": "The fund might purchase securities that are not contained in the reference index and will enter into swap agreements to exchange the performance of those securities for the performance of the reference index."
                        },
                        {
                            "index": 2,
                            "source": "KIID",
                            "evidence_signal": "counterparty_risk",
                            "quote": "The Fund\u2019s ability to track the benchmark\u2019s performance is reliant on the counterparties to continuously deliver the performance of the benchmark in line with the swap agreements and would also be affected by any spread between the pricing of the swaps and the pricing of the benchmark."
                        }
                    ]
                }
            }
        },
        "derivative_materiality": {
            "checked": true,
            "policy_mode": "balanced",
            "type": "ETF",
            "ucits": true,
            "physical_replication": false,
            "swaps_signal": true,
            "synthetic_replication": true,
            "derivatives_core_strategy": true,
            "derivatives_epm_only": false,
            "derivative_evidence_count": 3,
            "swap_evidence_count": 3,
            "permission_or_ancillary_evidence_count": 0,
            "core_derivative_evidence_count": 1,
            "only_permission_or_ancillary_derivative_evidence": false,
            "supported_independent_hard_signals": []
        },
        "detected_features": {
            "helo_or_core_options_overlay": false,
            "physical_replication": false,
            "has_epm_only_evidence": false,
            "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": 4112,
            "completion_tokens": 366,
            "total_tokens": 4478,
            "raw": {
                "prompt_tokens": 4112,
                "completion_tokens": 366,
                "total_tokens": 4478,
                "cost": 0.0022304,
                "is_byok": false,
                "prompt_tokens_details": {
                    "cached_tokens": 0,
                    "cache_write_tokens": 0,
                    "audio_tokens": 0,
                    "video_tokens": 0
                },
                "cost_details": {
                    "upstream_inference_cost": 0.0022304,
                    "upstream_inference_prompt_cost": 0.0016448,
                    "upstream_inference_completions_cost": 0.0005856
                },
                "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": 4112,
            "completion_tokens": 366,
            "total_tokens": 4478,
            "input_cost_usd": 0.0016448,
            "output_cost_usd": 0.0005856,
            "estimated_cost_usd": 0.0022304,
            "pricing_basis": "openrouter_usage_cost"
        },
        "review": {
            "validator_verdict": "warn",
            "publishable": true,
            "confidence": 0.88,
            "summary": "The classification as complex under the balanced_etf_swap_complex_rule is supported by direct product-specific swap evidence and counterparty risk language. However, the derivatives_core_strategy signal is true without any supporting evidence item explicitly labeled as such, and the synthetic_replication signal is true but lacks direct supporting evidence. These unsupported signals do not invalidate the classification but warrant warnings and suggested repairs. There is no conflict between derivatives_epm_only (false) and derivatives_core_strategy (true). The product is a synthetic replication ETF with swap usage, consistent with balanced mode policy. The client-facing JSON is publishable as-is but would benefit from adding missing core derivatives evidence and clarifying synthetic replication evidence.",
            "issues": [
                {
                    "severity": "warn",
                    "code": "core_derivatives_true_without_core_evidence",
                    "message": "derivatives_core_strategy=true but no supporting_evidence quote explicitly substantiates this signal."
                },
                {
                    "severity": "warn",
                    "code": "non_decisive_hard_signal_without_direct_evidence_synthetic_replication",
                    "message": "signals.synthetic_replication=true but no supporting_evidence quote directly substantiates this hard-complex feature. The signal is not used by decision_rule_applied and classification=complex is independently supported by swaps."
                }
            ],
            "suggested_repairs": [
                "Add supporting_evidence with signal=derivatives_core_strategy quoting relevant product-specific strategy language to substantiate the core derivative strategy signal.",
                "Add or clarify supporting_evidence that directly substantiates synthetic_replication, or remove the synthetic_replication signal if no direct evidence exists."
            ]
        }
    }
}