{
    "type": "ETF",
    "ucits": true,
    "replication_method": "synthetic",
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "complex_factors": [
        "Synthetic replication using unfunded swaps",
        "Counterparty risk exposure",
        "Complex index methodology"
    ],
    "classification": "complex",
    "supporting_data": "The ETF uses synthetic replication with unfunded swaps, which introduces counterparty risk and requires understanding of derivative mechanics. The STOXX Europe 600 Optimised Travel & Leisure Index applies a complex liquidity-weighted methodology that may not be easily understood by retail investors. While the fund has no leverage or inverse exposure, the combination of synthetic replication and complex index construction triggers MiFID II complexity classification. The PRIIPs KID confirms the synthetic replication method and highlights counterparty risk as a key risk factor. The fact sheet further clarifies the swap fee structure (10% p.a.) and the fund's reliance on swap counterparties for performance tracking.",
    "confidence": 90
}