The present invention relates to a low molecular weight optionally hydrogenated nitrile rubber and a process for preparing a low molecular weight optionally hydrogenated nitrile rubber by molecular weight degradation of nitrile rubbers via a metathesis process in the presence of a transition metal complex catalyst in a specific reaction mixture, a polymer composite comprising at least one optionally hydrogenated nitrile rubber, at least one cross-linking agent and/or curing system, optionally at least one filler and optionally further auxiliary products for rubbers and a shaped article comprising the optionally hydrogenated nitrile rubber or the composite.