{
    "type": "ETF",
    "ucits": true,
    "fund_name": "L&G Russell 2000 US Small Cap Quality UCITS ETF",
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF tracks the Russell 2000 0.4 Quality Target Exposure Factor Net Tax Index using physical, optimised replication as confirmed by the factsheet. There is no mention of synthetic replication, swap agreements, or derivative instruments used for achieving the investment objective. The fund invests primarily in an optimised portfolio of equity securities that replicate the index components. The fund is UCITS compliant and uses no leverage or inverse exposure. The risk rating is 7, reflecting the inherent volatility of small-cap equities, but this does not imply complexity under MiFID II. There are no capital protection or structured features. Costs are straightforward with a single ongoing charge of 0.30%, no performance fees, and no swap or derivative fees. The PRIIPs KID does not include any comprehension warnings or complexity flags. The fund switched from synthetic unfunded swap replication to physical replication in February 2021, confirming the current non-complex structure. The underlying assets are liquid US small-cap equities with no complex bonds or structured products. Overall, the ETF exhibits a clear, linear relationship to the underlying index performance with minimal derivative use limited to risk management, not inherent strategy. Therefore, it is classified as non-complex under MiFID II."
}