{
    "fund_name": "PIMCO Euro Short Maturity UCITS ETF",
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": [
        "Derivatives Usage",
        "Counterparty Risk",
        "Complex Benchmark"
    ],
    "classification": "complex",
    "supporting_data": "The ETF uses derivatives such as swaps, forwards, and futures, which introduces counterparty risk and potential for greater volatility. The KIID explicitly mentions the use of derivatives for obtaining market exposure and hedging, which, while not for leverage, still adds complexity. The benchmark (ICE BofA 3-Month German Government Bill Index) involves rolling strategies that may not be easily understood by retail investors. Additionally, the fund's use of derivatives for purposes beyond simple replication or hedging (e.g., obtaining market exposure) suggests a level of complexity that requires specialist knowledge. The presence of counterparty risk and the potential for larger gains or losses due to derivatives further support the classification as complex under MiFID II.",
    "confidence": 85,
    "risk_level": 3,
    "counterparty_risk": true,
    "benchmark_complexity": true,
    "liquidity_risk": false,
    "capital_protection": false,
    "structured_features": false,
    "illiquid_assets": false,
    "gearing": false,
    "synthetic_replication": false,
    "funded_swaps": false,
    "unfunded_swaps": true,
    "performance_fee": false,
    "securities_lending": false,
    "comprehension_warning": false
}