{
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The iShares iBonds Dec 2026 Term $ Corp GBP Hedged ETF is a physically replicated, UCITS-compliant fund that tracks a well-defined corporate bond index with ESG screening. The fund uses physical replication and does not employ leverage, inverse strategies, or synthetic replication. While it mentions the use of FDIs (financial derivative instruments) for currency hedging, this is a standard practice for hedged share classes and does not introduce complexity beyond efficient portfolio management. The fund's risk profile is moderate (risk level 3), and it invests in liquid, investment-grade corporate bonds. The absence of complex structures, leverage, or significant derivative exposure supports the non-complex classification.",
    "confidence": 95,
    "risk_level": 3,
    "hedging": true,
    "hedging_details": "The fund uses FX forward contracts for currency hedging purposes, which is a common and straightforward practice for hedged share classes and does not introduce complexity.",
    "esg_screening": true,
    "esg_details": "The fund applies ESG screens to exclude certain issuers based on ESG criteria, but this does not introduce complexity in the investment strategy."
}