If I would use this card's <Delay> effect to digivolve my Digimon, can it digivolve into a Digimon card with the [Aquatic] or [LIBERATOR] trait?
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No, it can't. It can only digivolve into a card with both the [Aquatic] and [LIBERATOR] traits.
Source: BT22-096 Unique Emblem: Poseidia Lagoon