Deep learning has advanced automated electrocardiogram (ECG) diagnosis, but the field's most accurate models, foundation models pretrained on millions of recordings, are not decision-pathway auditable: a clinician cannot trace a diagnosis to a physiological pathway or intervene on one. We propose TRACE, a Tractable Routing Autoencoder for Clinical ECG, whose 32-dimensional clinical latent space is specified in advance from domain knowledge rather than discovered by optimization. TRACE partitions this space into perfusion, structure, and conduction subspaces, routes each to its own diagnostic head by design, regularizes the partition with an orthogonality penalty, and reconstructs the ECG through a decoder that permits latent perturbation. On PTB-XL and Georgia, TRACE exceeds unconstrained classifiers and stays ahead of an ECG foundation model pretrained on ten million recordings, evaluated by linear probe on frozen features, at roughly an eighth of the parameter count. On the nine-label CPSC2018 cohort, which carries no structural class, the framework transfers with only the routing table re-specified to a perfusion/rhythm/conduction partition. Joint probe, erasure, and perturbation analyses verify the routing contract, and perturbing the depolarization and repolarization pathways modulates the reconstructed waveform. Removing the specified partition and its orthogonality penalty costs 1.70 AUC and 11.30 macro-F1 points on PTB-XL, and 2.76 AUC and 16.92 macro-F1 points on Georgia. A capacity-matched permutation control places arbitrary assignments within 0.34 AUC points of the ontology routing and leaves macro-F1 statistically level (p=0.619): the ontology supplies decision-pathway auditability at no macro-F1 cost.

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