{
    "type": "ETF",
    "ucits": true,
    "fund_name": "PIMCO Euro 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 ETF investing primarily in Euro-denominated investment grade fixed income securities with a short maturity profile. It uses physical holdings of bonds but may also use derivatives such as forwards and swaps to obtain market exposure and manage the portfolio. The KIID and factsheet explicitly mention the use of swaps, including futures and forwards, which may increase exposure volatility and counterparty risk. The replication method is not explicitly synthetic but the use of swaps for market exposure indicates partial synthetic elements. There is no leverage or inverse exposure. The fund invests in relatively liquid, investment grade bonds with short duration, but the use of derivatives and counterparty risk exposure triggers complexity under MiFID II. The risk profile is low (risk level 1 out of 7), reflecting low volatility and credit risk, but the presence of derivative instruments and counterparty risk elevates the complexity classification. No capital protection or structured features are present. Costs are straightforward with no performance fees, but swap usage implies additional derivative costs. The PRIIPs KID does not carry a specific comprehension warning but highlights derivative and counterparty risks. Overall, the presence of swap agreements and counterparty risk, even without leverage, leads to classification as complex under MiFID II rules."
}