{ "ok": true, "_meta": { "validator": "oppl_complex_asset_json_validator", "validator_version": "1.1.17", "captured_at_utc": "2026-08-09T19:14:16+00:00", "captured_unix": 1786302856, "input_source": "url", "input_url": "https://oppl.ai/llms/runs/etf/IE00BD8D5G25_ucits_default_latest.json", "source_assessment_hash": "c2569f4b00022803b776e3115fca28e239f7c800ebd9388c685b29f15434851f", "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": "IE00BD8D5G25", "classification": "complex", "policy_mode": "ucits_default", "decision_rule_applied": "etf_coco_or_at1_exposure_hard_complex_rule", "source_classification": null, "source_decision_rule_applied": null, "resolution": { "applied": false }, "validator_verdict": "warn", "publishable": true, "confidence": 0.78, "issue_count": 2, "issues": [ { "severity": "warn", "code": "illiquid_or_hard_to_value_underlying_identified", "message": "Illiquid or hard-to-value underlying language is identified in evidence, consistent with signals. This is a warning for investor awareness, not a classification failure.", "source": "agent" }, { "severity": "warn", "code": "counterparty_risk_language_identified", "message": "Counterparty risk language is identified in evidence, consistent with signals. This is a warning for investor awareness, not a classification failure.", "source": "agent" } ], "suggested_repairs": [], "reassessment": { "required": false }, "deterministic_review": { "ok": true, "validator_type": "deterministic", "validator_verdict": "pass", "publishable": true, "confidence": 0.88, "issues": [], "suggested_repairs": [], "reassessment": { "required": false }, "resolution": { "applied": false }, "decisive_signal_evidence": { "checked": true, "decision_rule_signal": "coco_or_at1_exposure", "decision_rule_signal_true": true, "decision_rule_signal_supported": true, "decision_rule_matching_evidence_count": 1, "decision_rule_matches": [ { "index": 0, "source": "KIID", "evidence_signal": "coco_or_at1_exposure", "quote": "No more than 25% of the fund\u2019s assets may be invested in securities that are convertible into equity securities (including up to 10% in contingent convertible securities which are described in further detail in the Prospectus under the heading \u201cContingent Convertible Instruments\u201d)." } ], "true_hard_signals": [ "coco_or_at1_exposure" ], "supported_hard_signals": [ "coco_or_at1_exposure" ], "unsupported_hard_signals": [], "checks": { "coco_or_at1_exposure": { "signal_true": true, "direct_evidence": true, "matching_evidence_count": 1, "decision_rule_uses_signal": true, "matches": [ { "index": 0, "source": "KIID", "evidence_signal": "coco_or_at1_exposure", "quote": "No more than 25% of the fund\u2019s assets may be invested in securities that are convertible into equity securities (including up to 10% in contingent convertible securities which are described in further detail in the Prospectus under the heading \u201cContingent Convertible Instruments\u201d)." } ] } } }, "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": 1, "permission_or_ancillary_evidence_count": 1, "core_derivative_evidence_count": 0, "only_permission_or_ancillary_derivative_evidence": true, "supported_independent_hard_signals": [ "coco_or_at1_exposure" ] }, "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": 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": 4493, "completion_tokens": 345, "total_tokens": 4838, "raw": { "prompt_tokens": 4493, "completion_tokens": 345, "total_tokens": 4838, "cost": 0.0017732, "is_byok": false, "prompt_tokens_details": { "cached_tokens": 1920, "cache_write_tokens": 0, "audio_tokens": 0, "video_tokens": 0 }, "cost_details": { "upstream_inference_cost": 0.0017732, "upstream_inference_prompt_cost": 0.0012212, "upstream_inference_completions_cost": 0.000552 }, "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": 4493, "completion_tokens": 345, "total_tokens": 4838, "input_cost_usd": 0.0012212, "output_cost_usd": 0.000552, "estimated_cost_usd": 0.0017732, "pricing_basis": "openrouter_usage_cost" }, "review": { "validator_verdict": "pass", "publishable": true, "confidence": 0.93, "summary": "The assessment is internally consistent with classification=complex driven by a directly supported hard-complex signal coco_or_at1_exposure. The decision_rule_applied matches the supported signal with direct product-specific evidence. The derivatives_epm_only=true flag is supported by permission/ancillary derivative evidence (swaps permission language) without core derivative strategy evidence, consistent with policy for ucits_default mode. There is no conflict between derivatives_epm_only and derivatives_core_strategy flags as the latter is false. Supporting evidence signal labels correctly match their quotes. No unsupported hard signals are present. Physical replication is directly evidenced and correctly reflected. No HELO or option overlay evidence is present, so no re-labelling of derivatives_epm_only is needed. The product is a UCITS ETF with physical replication and no leverage or inverse exposure, consistent with policy. The assessment is publishable as-is with no required repairs.", "issues": [ { "severity": "warn", "code": "illiquid_or_hard_to_value_underlying_identified", "message": "Illiquid or hard-to-value underlying language is identified in evidence, consistent with signals. This is a warning for investor awareness, not a classification failure." }, { "severity": "warn", "code": "counterparty_risk_language_identified", "message": "Counterparty risk language is identified in evidence, consistent with signals. This is a warning for investor awareness, not a classification failure." } ], "suggested_repairs": [] } } }