{
    "type": "ETF",
    "ucits": true,
    "fund_name": "PIMCO US Short-Term High Yield Corporate Bond UCITS ETF",
    "investment_objective": "To provide the performance of the ICE BofAML 0-5 Year US High Yield Constrained Index",
    "primary_asset_class": "Bond",
    "geographic_focus": "United States (US Dollar denominated corporate bonds)",
    "replication_method": "physical",
    "swaps": false,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": "",
    "classification": "non-complex",
    "supporting_data": "The ETF physically replicates the ICE BofAML 0-5 Year US High Yield Constrained Index by investing in a diversified portfolio of US Dollar denominated fixed income securities, primarily non-investment grade corporate bonds. The fund uses derivatives only as a supplementary tool where direct investment in bonds or currencies is difficult, not as an inherent part of the investment strategy, thus derivatives are not considered a complexity driver. There is no mention of synthetic replication, swap agreements, or funded/unfunded swap structures. The fund is UCITS compliant and employs physical replication with daily transparency of holdings. There is no leverage, inverse or amplified exposure. The risk profile is moderate (risk level 3 out of 7), consistent with typical bond market risks such as credit risk, liquidity risk, and interest rate risk, but no complexity flags such as capital protection or structured features are present. Costs are straightforward with a single ongoing charge of 0.60% and no performance fees. The PRIIPs KID does not include any comprehension warnings or complexity flags. The monthly factsheet confirms physical replication and no use of swaps or synthetic structures. Overall, the fund\u2019s structure and strategy are straightforward and transparent, with no elements triggering MiFID II complexity classification."
}