{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares STOXX Europe 600 Travel & Leisure UCITS ETF (DE)",
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF is a UCITS-compliant physical replication fund that aims to track the STOXX Europe 600 Travel & Leisure Price Index by investing mostly in equities with at least 95% duplication of the index. There is no indication of synthetic replication, swap agreements, or derivative instruments used as part of the investment strategy. The fund does not intend to use leverage, and any minimal leverage arising from financial derivative instruments is solely for efficient portfolio management, not as an inherent part of the strategy, so derivatives are marked false. The risk profile is relatively high (6 out of 7) due to equity market exposure and sector concentration, but this does not imply complexity under MiFID II. The fund does not employ capital protection, structured features, or complex underlying assets such as contingent convertible bonds or CLOs. Costs are straightforward with a TER of 0.46%, no performance fees, and no swap or derivative fees. The monthly factsheet confirms physical replication and direct investment in equities without synthetic structures or swaps. There are no references to leverage, inverse exposure, or complex derivative usage. The PRIIPs KID does not include any comprehension warnings or complexity flags. Therefore, the fund is classified as non-complex under MiFID II criteria."
}