{
    "ucits": true,
    "type": "ETF",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": "None identified",
    "classification": "non-complex",
    "supporting_data": "The Avantis Global Equity UCITS ETF is a UCITS-compliant ETF, which is automatically classified as non-complex under MiFID II unless it has features that make its structure, risks, or payoff difficult for retail investors to understand[1]. The fund invests primarily in equities and equity-related securities, with no exposure to contingent convertible bonds, and only holds convertible bonds due to corporate actions, which are sold as soon as practicable. The fund does not seek to replicate a specified index but references the MSCI World IMI Index for comparative purposes. There is no evidence of synthetic replication, significant use of derivatives, leverage beyond UCITS limits, or embedded complex features such as swaps or structured products. The fund's structure, risks (market volatility, tracking error), and investment policy are straightforward and transparent, supporting a non-complex classification. Securities lending is permitted but is a secondary feature and managed within UCITS rules, with no indication it dominates the risk profile. The underlying index is transparent and well-documented. The fund's risk category is 6/7, reflecting market risk rather than structural complexity. No comprehension alert is mentioned, consistent with a non-complex classification. All these factors align with the MiFID II presumption that UCITS ETFs are non-complex unless specific complex features are present, which are not evident here[1]."
}