{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "swaps": false,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The Travel UCITS ETF tracks the Solactive Travel Index using a passive, physical replication methodology, investing directly in the underlying securities in proportion to the index weightings. There is no mention of synthetic replication, swap agreements, or derivative instruments as part of the investment strategy. The fund does not employ leverage or inverse exposure, nor does it invest in complex underlying assets such as contingent convertible bonds or CLOs. The risk profile is rated 6 out of 7, reflecting the inherent market and sector risks of the travel industry, but this does not stem from structural complexity or derivative usage. Costs are straightforward with no performance fees or swap fees. The PRIIPs KID includes a comprehension warning indicating the product may be difficult to understand due to market risk and sector concentration, but this relates to risk rather than structural complexity. No capital protection or structured features are present. Overall, the ETF is UCITS compliant, physically replicates the index, and holds liquid, transparent securities, leading to a non-complex classification under MiFID II."
}