{
    "success": true,
    "data": {
        "complex": false,
        "leverage": false,
        "derivates": false,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "ucits": true,
        "type": "ETF",
        "complex_factors": [
            "No significant leverage or embedded derivatives.",
            "Replication method is physical, tracking a transparent index.",
            "Objective (track a transparent index) and risks (market volatility, tracking error) are straightforward.",
            "No opaque features."
        ],
        "classification": "non-complex",
        "supporting_data": "The Avantis Global Small Cap Value UCITS ETF is actively managed, referencing the MSCI World Small Cap Value USD Index for comparative purposes only.  It invests in a global portfolio of equities and equity-related securities, including common shares, convertible stock, preferred shares, and warrants (not embedded derivatives).  The fund holds up to 70% of its Net Asset Value in equities, and at least 30% in equities of issuers in other developed countries. The fund may invest up to 10% in Eligible Collective Investment Schemes.  In exceptional market conditions, it may temporarily invest up to 100% in cash, cash equivalents, and/or ancillary liquid assets. Convertible bonds are only held due to corporate actions and will be sold as soon as practicable; the fund does not invest in contingent convertible bonds. The risk category is 6. The ETF's assets are held with State Street Custodial Services (Ireland) Limited.  Crucially, the fund does not appear to use derivatives for anything other than basic portfolio management activities. The transparency of the underlying index (MSCI World Small Cap Value USD Index) supports the non-complexity classification.  The ETF is structured in a straightforward manner, with risks that are easily understood by retail investors with basic financial knowledge.  This lack of complexity is consistent with the ETF being a UCITS product.  The fund's asset allocation and investment strategies do not trigger complexity factors under MiFID II."
    }
}