{
    "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 2026 Term $ Corp USD UCITS ETF aims to track the Bloomberg MSCI December 2026 Maturity USD Corporate ESG Screened Index by investing primarily in fixed income securities (investment grade, fixed rate, USD corporate bonds maturing in 2026). The KIID and PRIIPs KID documents confirm the fund uses physical replication or sampling techniques ('optimising techniques') to achieve index returns, with no mention of synthetic replication, swap agreements, or total return swaps. The fund may use financial derivative instruments (FDIs) only for direct investment purposes, not as an inherent part of the replication strategy, so derivatives are considered non-complex in this context. There is no leverage, inverse or amplified exposure. The risk profile is low (risk level 2-3), consistent with a straightforward fixed income ETF. The fund holds a diversified portfolio of over 500 bonds, all investment grade, with no contingent convertible bonds, CLOs, or other complex structured products. The fund does engage in securities lending, but this is standard and does not add complexity under MiFID II. No capital protection or structured features are present. Counterparty risk disclosures relate to normal custodial and securities lending counterparties, not to swap counterparties. Costs are simple, with a low TER of 0.12%, no performance fees, and no swap or derivative fees. The PRIIPs KID does not carry any comprehension warnings or complexity flags. The monthly factsheet confirms physical holdings, no synthetic replication, and no leverage. Therefore, the fund is classified as non-complex under MiFID II."
}