{
    "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 2031 Term $ Corp UCITS ETF is a fixed income ETF that aims to track the Bloomberg MSCI December 2031 Maturity USD Corporate ESG Screened Index. The fund uses physical replication with a sampled methodology, investing directly in investment grade, fixed rate, US Dollar denominated corporate bonds maturing in 2031. The KIID and PRIIPs KID documents confirm the fund's use of physical securities rather than synthetic replication or swaps. Although the fund may use financial derivative instruments (FDIs) for investment purposes, the documentation clarifies that these are not inherent to the strategy but may be used for optimisation, implying derivatives are used for risk management rather than as a core element. There is no mention of funded or unfunded swaps, total return swaps, or counterparty exposure related to derivatives. The fund is not leveraged, inverse, or amplified in returns, and the risk indicator is moderate (3 out of 7), consistent with a straightforward fixed income product. The fund does engage in short-term securities lending, but this is a common practice and does not add complexity under MiFID II. The underlying assets are liquid, investment grade corporate bonds without contingent convertible bonds or complex structured products. There are no capital protection or structured features. Costs are simple, with a low ongoing charge and no performance fees or swap fees. The PRIIPs KID does not include any comprehension warnings or complexity flags. The monthly factsheet confirms physical holdings, no use of swaps, and a straightforward index methodology with ESG screening. Therefore, the fund does not meet the MiFID II criteria for a complex financial instrument."
}