I have been doing some testing: major versions are trimmed if exceeding the 500 versions, minor versions gets incremented up to 511 and beyond end user needs to publish as major. Auto trimming works with files without retention labels trimming the minor/major version bypassing the recycle bin. However with files with retention labels are behaving similarly to retention policy and none of the major or minor versions get deleted, version are expired only to be extended further for more days after 1-2 days instead being deleted.

{ “$schema”: “https://developer.microsoft.com/json-schemas/sp/v2/column-formatting.schema.json", “elmType”: “div”, “txtContent”: “=replace(replace(replace([$FileRef],[$FileLeafRef],’’),’/sites/test/Shared Documents/’,’’),’/’,’’)” }

Your first 20 files have been processed. To apply autofill columns to more files, select the files you want to update and choose Autofill columns > Autofill. New and edited files are processed automatically. Create the following autofill columns Claim ID Policy number Claimant name Address (UK cities) Phone & email Claim type (motor, health, property, travel, accident) Incident date & location Claim description Claim amount (£) Report date Signature You can select all files up and click autofill to process the contents