{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The iShares iBonds Dec 2028 Term $ Corp GBP Hedged ETF is a UCITS-compliant fixed income ETF that physically invests in a sampled portfolio of investment grade, fixed rate, USD-denominated corporate bonds maturing in 2028, tracking the Bloomberg MSCI December 2028 Maturity USD Corporate ESG Screened Index. The fund uses physical replication with optimising techniques (sampling) rather than synthetic replication or swap-based structures. The KIID and PRIIPs KID confirm the use of FDIs only for currency hedging (FX forwards) and short-term securities lending to offset costs, which are risk management tools rather than inherent derivative strategy elements, so derivatives are marked false. There is no leverage, inverse or amplified exposure. The risk indicator is low (4 in KIID, 2 in PRIIPs KID), consistent with a straightforward bond ETF. No capital protection or structured features are present. The fund holds a diversified portfolio of corporate bonds without contingent convertible bonds or complex structured products. Counterparty risk disclosures relate only to custodial and FX hedging counterparties, typical for UCITS ETFs, and do not indicate synthetic replication or funded/unfunded swaps. Costs are simple with a TER of 0.15%, no performance fees, and securities lending revenue sharing is disclosed but does not increase costs. The monthly factsheet confirms physical sampling methodology and no use of swaps or leverage. Overall, the fund\u2019s structure, replication, and risk profile align with a non-complex classification under MiFID II."
}