{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "leverage": false,
        "derivatives": false,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "complex_factors": "The ETF tracks the Russell 2000 Index, which while a general equity index of small cap US equities has a high risk profile. If the ETF used derivatives to manage risk, the asset would likely be classified as complex.",
        "classification": "non-complex",
        "supporting_data": "The ETF, Xtrackers Russell 2000 UCITS ETF, aims to replicate the performance of the Russell 2000 index by buying all or a substantial number of securities in the index. The use of derivatives is explicitly mentioned as permissible for the purposes of managing risk, reducing costs and improving results (EPM), which under MiFID II's rules makes it non-complex, even though regulators may sometimes view any derivative use as automatically leading to a complex classification. It does not use leverage beyond UCITS limits. The KID risk scale is high at 7/7, indicating a high-risk rating, reflecting market volatility but not structural complexity and this is separate from the question of whether the asset is complex. The transparency of the index, which is a well-documented equity index, supports the non-complex classification and the replication method used is physical. Given the factors, the ETF can be classified as non-complex. The ETF may use securities lending to generate income which doesn't automatically trigger the complexity. There is no mention of the ETF embedding derivatives or having any complex structure."
    }
}