{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "swaps": false,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The iShares iBonds Dec 2028 Term \u20ac Corp UCITS ETF is a fixed income UCITS ETF that aims to track the Bloomberg MSCI December 2028 Maturity EUR Corporate ESG Screened Index. The fund invests primarily in investment grade, fixed rate Euro-denominated corporate bonds maturing in 2028, with ESG screening applied. The KIID and PRIIPs KID documents confirm the fund uses physical replication via direct investment in underlying bonds, with no mention of synthetic replication, swap agreements, or derivative instruments used as part of the core strategy. The fund may use financial derivative instruments (FDIs) only for direct investment purposes, i.e., for hedging or efficient portfolio management, not as an inherent element of the investment strategy, so derivatives are marked false. There is no leverage, inverse or amplified exposure. The risk indicator is low to moderate (4 in KIID, 2 in PRIIPs KID), consistent with a straightforward bond ETF. The fund engages in short-term securities lending, but this does not increase complexity under MiFID II. The fund holds a diversified portfolio of over 350 bonds, all investment grade, with no complex structured products or contingent convertible bonds. There are no capital protection or structured features. Costs are simple, with a low ongoing charge of 0.12%, no performance fees, and no swap or derivative fees. The monthly factsheet confirms physical holdings, no synthetic replication, and no leverage. The ESG screening and index optimization techniques do not add complexity under MiFID II. There is no mention of counterparty risk beyond normal custodial risk, and no complex risk disclosures or warnings about suitability for retail investors beyond standard bond risks. Therefore, the fund is classified as non-complex under MiFID II."
}