{
    "type": "ETF",
    "ucits": true,
    "replication_method": "synthetic",
    "swaps": true,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": [
        "Unfunded Swaps",
        "Synthetic Replication",
        "Counterparty Risk"
    ],
    "classification": "complex",
    "supporting_data": "The Invesco STOXX Europe 600 Optimised Travel & Leisure UCITS ETF uses unfunded swap agreements to achieve its investment objective, explicitly stated in both the KIID and PRIIPs KID documents. The Fund holds a basket of equities that differ from the index constituents and swaps the performance of these equities for the performance of the STOXX Europe 600 Optimised Travel & Leisure Index. This synthetic replication method introduces counterparty risk, as the Fund relies on swap counterparties to deliver index performance. The Fund does not use leverage or inverse exposure, and derivatives are used inherently as part of the investment strategy rather than solely for risk management. The risk profile is high (risk category 7 in KIID, 6 in PRIIPs KID), reflecting the complexity and risks associated with swap usage and counterparty exposure. The ongoing charges include a swap fee (10% p.a.) in addition to the management fee, indicating derivative-related costs. There is no capital protection or structured features. The underlying assets are equities, but the synthetic structure and swap usage make the product complex under MiFID II. The PRIIPs KID does not carry a specific comprehension warning but confirms the high risk and complexity. The factsheet confirms synthetic replication, swap usage, and counterparty risk, with no leverage or inverse exposure. Therefore, despite investing in equities, the synthetic swap structure and counterparty risk drive the classification as complex under MiFID II."
}