{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares iBonds Dec 2027 Term $ Treasury USD (Acc) Share Class",
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": "",
    "classification": "non-complex",
    "supporting_data": "The fund is a UCITS ETF investing primarily in US Treasury notes and bonds maturing between January and December 2027, tracking the ICE 2027 Maturity US Treasury UCITS Index. The replication method is physical, using optimising techniques and representative sampling of the index constituents, with no indication of synthetic replication or use of swap agreements. The KIID and PRIIPs KID documents mention the possible use of financial derivative instruments (FDIs) for direct investment purposes, but this is limited and appears to be for efficient portfolio management rather than inherent to the investment strategy, thus derivatives are not considered a complexity driver here. There is no leverage, inverse or amplified exposure. The risk indicator is low (2 out of 7) in the PRIIPs KID and moderate (3 out of 7) in the KIID, consistent with a straightforward fixed income fund. The fund holds primarily liquid US Treasury securities, with no complex underlying assets such as contingent convertible bonds or CLOs. There are no capital protection or structured features. Costs are simple, with a low ongoing charge of 0.10% and no performance fees. Securities lending is used but revenue sharing is disclosed and does not increase costs. Counterparty risk is mentioned only in the context of safekeeping and minimal derivative use, not significant. The monthly factsheet confirms physical replication, no synthetic or swap usage, and a simple portfolio of US Treasury bonds. No references to complex indices, leverage, or capital protection mechanisms are found. Therefore, under MiFID II criteria, this ETF is classified as non-complex."
}