{
    "type": "ETF",
    "ucits": true,
    "fund_name": "PIMCO Euro Short Maturity UCITS ETF",
    "investment_objective": "Generate income while preserving and increasing the amount originally invested",
    "primary_asset_class": "Fixed Income (Euro denominated investment grade bonds)",
    "geographic_focus": "Eurozone / Europe",
    "replication_method": "physical",
    "swaps": true,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": "Use of swaps for market exposure, investment in fixed income securities including asset-backed securities, counterparty risk",
    "classification": "complex",
    "supporting_data": "The fund primarily invests in Euro denominated investment grade fixed income securities with a short maturity profile. It is UCITS compliant and structured as an ETF. The replication method is physical, but the fund may use derivatives such as swaps, forwards, and futures to obtain market exposure or manage the portfolio. The KIID and factsheet explicitly mention the use of swaps and derivatives, but these are used as part of the investment strategy rather than for risk hedging only. The fund exposes investors to counterparty risk due to derivative usage. There is no leverage or inverse exposure. The risk profile is low (2 out of 7), but the presence of derivative instruments, swap usage, and counterparty risk triggers MiFID II complexity classification. The fund does not have capital protection or structured features. The benchmark is a simple government bill index, but the use of derivatives and swaps to gain exposure to underlying assets introduces complexity. The PRIIPs KID does not carry a specific comprehension warning but highlights derivative and counterparty risks. Costs include ongoing charges and transaction costs related to derivatives. Overall, the use of swaps and derivatives, even if limited and for exposure purposes, combined with counterparty risk, leads to a classification of complex under MiFID II rules."
}