Unless I am missing something big, wouldn't RAW be that the Spellguard Blade would not activate when the Swash uses their "Extravagant Parry" Ability?
Extravagant Parry- You use one-handed weapons to parry with style. You gain a +1 circumstance bonus to AC until the start of your next turn, or a +2 bonus if you have a free hand or are wielding a weapon with the parry trait.....
Spellguard Blade- The guard of this +1 striking main-gauche is inscribed with eldritch glyphs that guard against magic. When you are benefiting from the circumstance bonus to AC from this weapon's parry trait, you also apply that circumstance bonus to your saving throws against spells that target you
It feels weird to give swash an ability to use the parrying dagger better, but have it not work with the magic parrying dagger, especially because if you are wielding it you are getting the circumstance bonus because of it having the parry trait (if not exactly "from").
The premaster Spellguard blade used to say "... When you are benefiting from the +1 circumstance bonus to AC...", the fact that they dropped the specific mention of the +1 really makes me think that RAI is that it was meant to allow for it to be used with "upgraded" versions of the parry action. But what do others think am I just completely misreading or misunderstanding things here?