{
    "type": "ETF",
    "ucits": true,
    "fund_name": "Performance Trust Total Return Bond UCITS ETF",
    "investment_objective": "Achieve long term investment returns primarily by investing in a portfolio of income producing fixed income securities with potential for capital appreciation using an active management approach.",
    "primary_asset_class": "Fixed Income (Bonds)",
    "geographic_sector_focus": "Global fixed income securities including government, agency, asset-backed, mortgage-backed, commercial mortgage-backed, covered bonds, CLOs, 144A securities",
    "replication_method": "physical",
    "swaps": false,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": "Investment in CLOs and other structured fixed income securities",
    "classification": "complex",
    "supporting_data": "The ETF is a UCITS-compliant bond ETF investing physically in a diversified portfolio of fixed income securities including CLOs (Collateralised Loan Obligations), mortgage-backed securities, covered bonds, and 144A securities. There is no mention of synthetic replication, swap agreements, or derivative instruments used for replication. The fund does not employ leverage or inverse strategies. The replication method is physical, with direct purchase of underlying securities. However, the presence of CLOs and other structured credit products, which are complex and potentially illiquid fixed income instruments, introduces complexity. The risk profile is moderate (risk level 4 in KIID) but the PRIIPs KID classifies the fund as low risk (2/7), reflecting the fund's active management and diversified fixed income exposure. The fund does not use derivatives inherently in its strategy but may use them for risk management, which does not trigger complexity under MiFID II. The fund does not have capital protection or structured features. Costs are straightforward with no performance fees or swap fees. The complexity arises primarily from the underlying asset complexity (CLOs and structured bonds), which are difficult for retail investors to understand and value easily, fulfilling MiFID II criteria for complexity. There is no indication of synthetic replication, leverage, or inverse exposure. The fund is UCITS compliant and physically replicates its portfolio. The PRIIPs KID does not contain a comprehension warning but notes the risks related to structured credit and fixed income securities. Therefore, despite the absence of leverage or synthetic replication, the fund is classified as complex due to the nature of its underlying assets (CLOs and structured fixed income products)."
}