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    "_meta": {
        "validator": "oppl_complex_asset_json_validator",
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        "captured_at_utc": "2026-08-09T12:33:26+00:00",
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            "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.",
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            "severity": "warn",
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            "message": "Counterparty risk language is present and supported by evidence, but this alone does not make the product complex.",
            "source": "agent"
        }
    ],
    "suggested_repairs": [
        "Consider adding or clarifying product-specific evidence for derivatives_epm_only to support the flag or remove the flag if unsupported.",
        "Review the counterparty_risk flag for necessity if it does not influence classification."
    ],
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        "confidence": 0.88,
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            "policy_mode": "balanced",
            "type": "ETF",
            "ucits": true,
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            "swaps_signal": false,
            "synthetic_replication": false,
            "derivatives_core_strategy": false,
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        "detected_features": {
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            "physical_replication": false,
            "has_epm_only_evidence": false,
            "has_core_derivatives_evidence": false,
            "has_generic_fdi_permission_evidence": true,
            "has_option_overlay_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 and decision_rule_applied 'etf_ucits_physical_no_complex_override_rule'. The hard-complex signals are absent or unsupported, and the derivatives_epm_only flag is true but lacks direct product-specific EPM evidence, consistent with policy. Supporting evidence signals match their quotes. No conflict between derivatives_epm_only and derivatives_core_strategy. No HELO or option overlay evidence present. The counterparty_risk signal is supported by a direct quote. The classification and signals align with balanced mode policy for a physical UCITS ETF. The JSON is client-publishable as-is with no required repairs.",
            "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": "counterparty_risk_language_identified",
                    "message": "Counterparty risk language is present and supported by evidence, but this alone does not make the product complex."
                }
            ],
            "suggested_repairs": [
                "Consider adding or clarifying product-specific evidence for derivatives_epm_only to support the flag or remove the flag if unsupported.",
                "Review the counterparty_risk flag for necessity if it does not influence classification."
            ]
        }
    }
}