{
    "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 GBP Hedged (Dist) 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 US dollar corporate bonds maturing in 2026). The fund uses physical replication with a sampled methodology, investing directly in underlying bonds rather than synthetic replication or swaps. The documents explicitly state the use of FDIs (financial derivative instruments) only for currency hedging purposes (e.g., FX forwards), not as an inherent part of the investment strategy, so derivatives are used for risk management only, not for exposure. There is no mention of any swap agreements, total return swaps, or counterparty risk related to derivatives. The fund is unleveraged, with no leverage or inverse exposure. The risk profile is low to moderate (risk level 2-3 out of 7), consistent with a straightforward fixed income ETF. The fund does engage in securities lending, but this is a common practice and does not add complexity under MiFID II. The fund does not have capital protection, structured features, or complex underlying assets such as contingent convertible bonds or CLOs. The benchmark index is a screened corporate bond index with ESG exclusions but is not inherently complex or synthetic. The monthly factsheet confirms physical replication and no use of swaps or leverage. The PRIIPs KID does not contain any comprehension warnings or complexity flags. Therefore, under MiFID II criteria, this ETF is classified as non-complex."
}