{
    "type": "ETF",
    "ucits": true,
    "fund_name": "Avantis Global Small Cap Value UCITS ETF USD ACC",
    "investment_objective": "Seek long-term capital appreciation through investment in an actively managed portfolio of equities and equity-related securities issued by small capitalization companies in developed countries.",
    "primary_asset_class": "Equity",
    "geographic_focus": "Global developed countries with at least 70% US equities and 30% other developed countries",
    "replication_method": "physical",
    "swaps": false,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": "",
    "classification": "non-complex",
    "supporting_data": "The fund is a UCITS-compliant ETF investing primarily in physical equities and equity-related securities, including common shares, convertible stock, preferred shares, rights issues, equity warrants (non-derivative embedded), and stock options held only as a result of corporate actions. The fund does not use synthetic replication or swap agreements. There is no mention of funded or unfunded swaps, counterparty risk, or derivative counterparty exposure. The fund explicitly states it will not invest in contingent convertible bonds (CoCos) or other complex structured products. Leverage or inverse exposure is not present. The risk profile is medium-high (5-6 on a 7-point scale), reflecting equity market risk and some geographic/market liquidity considerations, but not complexity from derivatives or leverage. Costs are straightforward with no performance fees or swap fees, and ongoing charges are typical for an actively managed equity ETF (0.39%). The PRIIPs KID does not include any comprehension warnings or complexity flags. The fund uses physical replication and invests directly in liquid, transparent securities. The benchmark is MSCI World Small Cap Value USD Index, which is a standard equity index without complex features. The monthly factsheet (URL provided) confirms no use of swaps or synthetic replication. Overall, the fund's structure, investment policy, and risk disclosures indicate a non-complex financial instrument under MiFID II."
}