{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "leverage": false,
        "derivates": true,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "complex_factors": [
            "Derivatives used for efficient portfolio management",
            "Index re-weights securities with lower valuations using fundamental accounting data",
            "Securities lending"
        ],
        "classification": "non-complex",
        "supporting_data": "The ETF is UCITS compliant and aims to track the MSCI Europe Small Cap Value Weighted Index. It primarily invests in securities included in the index, but uses an optimisation strategy, meaning it may not hold all securities. It may use derivatives for efficient portfolio management. Securities lending is allowed up to 40% of the Net Asset Value. The underlying index re-weights securities to emphasise stocks with lower valuations using fundamental accounting data (sales, book value, earnings and cash earnings).",
        "rationale": "The ETF is UCITS compliant and uses physical replication. Although derivatives are used, the documentation specifies derivatives are used only for efficient portfolio management. It also mentions securities lending, but this doesn't automatically make an ETF complex if it's well-managed and doesn't dominate the risk profile. As stated by MIFID II regulation and ESMA directives, UCITS instruments are considered to be non-complex. Thus, despite the fact that MSCI Europe Small Cap Value Weighted Index is non standard indices that re-weights securities with lower valuations which may increase the understanding difficulty the ETF remains non-complex."
    }
}