{
    "fund_name": "Avantis Global Equity UCITS ETF USD ACC",
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF is classified as non-complex under MiFID II based on the following analysis:1. **Replication Method**: The fund uses physical replication (direct investment in equities and equity-related securities) without synthetic replication or swap agreements.2. **Leverage/Inverse Exposure**: No leverage or inverse strategies are mentioned; the fund seeks long-term capital appreciation through equity investments.3. **Underlying Assets**: The fund invests in equities and equity-related securities of developed-market companies, with no mention of complex instruments like contingent convertible bonds, structured products, or illiquid assets.4. **Risk Profile**: The risk rating is 6/7, but this is typical for equity funds and does not indicate complexity. The risks are primarily market-related and transparent.5. **Derivative Usage**: The fund does not embed derivatives in its investments, and convertible bonds are only held due to corporate actions and sold promptly.6. **UCITS Compliance**: The fund is UCITS-compliant, which inherently limits complexity in structure and risk.7. **No Capital Protection**: There are no capital guarantees or structured return features.**Counterarguments and Override**: While the risk rating is high (6/7), this is standard for equity funds and does not imply complexity. The fund's transparency, physical replication, and lack of derivative exposure outweigh this factor.",
    "confidence": 95
}