{
    "complex": false,
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "ucits": true,
    "type": "ETF",
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The L&G Russell 2000 US Small Cap Quality UCITS ETF uses physical replication with optimised sampling techniques to track the Russell 2000 0.4 Quality Target Exposure Factor Net Tax Index. The KIID and PRIIPs documents confirm no leverage, inverse exposure, or synthetic replication (swaps) are used. The fund's risk profile (rated 7) is primarily due to the underlying small-cap equity exposure, not structural complexity. The fact sheet confirms a switch from synthetic (unfunded swap) to physical replication in 2021. No complex underlying assets (e.g., CoCos, CLOs) or structured features are mentioned. The fund is UCITS-compliant and trades on major exchanges, indicating liquidity. While the index applies a quality tilt, this does not introduce complexity beyond standard factor-based investing.",
    "confidence": 95
}