{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares iBonds Dec 2025 Term $ TreasuryUSD (Acc) Share Class",
    "investment_objective": "To achieve a return reflecting the ICE 2025 Maturity US Treasury UCITS Index through a combination of capital growth and income",
    "primary_asset_class": "Fixed Income (US Treasury notes and bonds)",
    "geographic_focus": "United States",
    "replication_method": "physical",
    "swaps": false,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF is a UCITS-compliant fixed income ETF that physically invests in US Treasury notes and bonds maturing in 2025, tracking the ICE 2025 Maturity US Treasury UCITS Index. The KIID and PRIIPs KID confirm the fund uses physical replication with sampled securities and limited use of financial derivative instruments (FDIs) only for direct investment purposes, not for leverage or synthetic replication. There is no mention of swap agreements, total return swaps, or counterparty exposure related to derivatives. The fund does engage in short-term securities lending, but this does not increase complexity under MiFID II. The risk profile is low (risk level 2-3), consistent with direct investment in liquid, transparent US Treasury securities. There is no leverage, inverse exposure, or capital protection features. The fund\u2019s underlying assets are straightforward US Treasury bonds, with no complex structured products or contingent convertible bonds. Costs are simple with a low ongoing charge (0.10%) and no performance fees. The monthly factsheet confirms physical sampling methodology and no synthetic or swap-based replication. Overall, the fund exhibits none of the complexity indicators such as synthetic replication, leverage, complex underlying assets, or capital protection mechanisms that would trigger a complex classification under MiFID II."
}