{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "leverage": false,
        "derivates": false,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "complex_factors": "None apparent.  Uses optimization strategy to track the index.",
        "classification": "non-complex",
        "supporting_data": "The ETF is UCITS compliant, invests primarily in securities included in the MSCI USA Small Cap Value Weighted Index and uses an optimization strategy to track the performance of the index. The fund may use financial derivative instruments in order to manage the portfolio efficiently, but they are not used as an inherent element of the strategy.. Securities lending is limited to 40% and is considered a secondary activity.  This suggest non-complexity",
        "complex": false,
        "non-complex": true,
        "explanation": "The ETF is UCITS compliant and uses physical replication (optimized) to track a transparent index. Derivatives are used only for efficient portfolio management, and securities lending is within acceptable UCITS limits. These factors support a non-complex classification."
    }
}