{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The iShares iBonds Dec 2028 Term $ Corp USD UCITS ETF aims to track the Bloomberg MSCI December 2028 Maturity USD Corporate ESG Screened Index by investing primarily in fixed income securities (investment grade, fixed rate US dollar corporate bonds maturing in 2028). The fund uses physical replication with sampled methodology, investing directly in underlying bonds rather than synthetic replication or swaps. The KIID and PRIIPs KID confirm the use of physical securities and only mention limited use of financial derivative instruments (FDIs) for direct investment purposes, not for synthetic replication or leverage. There is no mention of swap agreements, total return swaps, or counterparty exposure related to derivatives. The fund does not employ leverage, inverse or amplified exposure, nor does it have capital protection or structured features. The risk profile is moderate (risk level 4 in KIID, 2 in PRIIPs KID), consistent with investment grade corporate bond exposure. Costs are straightforward with a low ongoing charge (0.12%) and no performance fees. Securities lending is used but revenue sharing does not increase costs. The fund holds a diversified portfolio of 443 bonds with no complex underlying assets such as contingent convertible bonds or CLOs. The PRIIPs KID does not include any comprehension warnings or complexity flags. Overall, the fund\u2019s structure, replication method, underlying assets, and risk disclosures indicate a non-complex financial instrument under MiFID II."
}