{
    "type": "ETF",
    "ucits": true,
    "fund_name": "PIMCO US Dollar Short Maturity UCITS ETF",
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": true,
    "inverse": false,
    "complex_factors": [
        "Swaps",
        "Counterparty Risk"
    ],
    "classification": "complex",
    "supporting_data": "The fund is a UCITS-compliant ETF investing primarily in USD-denominated investment grade fixed income securities with a short maturity profile. It is actively managed and aims to generate income while preserving capital. The KIID and PRIIPs KID documents indicate the fund may use derivatives such as forwards and swaps (including futures and forwards) to obtain market exposure or manage the portfolio, but these are used as part of the investment strategy rather than solely for risk management. The use of swaps introduces counterparty risk, which is explicitly disclosed. The factsheet confirms the use of derivatives including swaps and forwards, and notes counterparty risk exposure. There is no leverage, inverse or amplified exposure. The replication method is not explicitly synthetic but the use of swaps and forward contracts to gain exposure to underlying securities indicates a partially synthetic approach rather than full physical replication. The risk profile is low (risk level 2 out of 7), but the presence of derivative instruments and counterparty risk exposure triggers MiFID II complexity classification. No capital protection or structured features are present. Costs are straightforward with no performance fees, but entry and exit charges are relatively high (up to 3%). The complexity arises mainly from the use of swaps and derivative instruments with counterparty risk, despite the fund's low risk profile and straightforward investment objective. Therefore, under MiFID II, the fund is classified as complex due to swap usage and counterparty risk exposure."
}