{
    "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 EUR Corp ETF is a physically replicated, UCITS-compliant fund that tracks a well-defined corporate bond index with ESG screening. The fund uses physical replication (sampling) to achieve its investment objective, does not employ leverage or derivatives for anything other than potential efficient portfolio management (EPM), and has a straightforward investment strategy focused on investment-grade corporate bonds maturing in 2026. The risk profile is moderate (risk level 3), and the fund provides clear, transparent information about its holdings, risks, and costs. The absence of synthetic replication, leverage, or complex underlying assets supports the non-complex classification.",
    "confidence": 95,
    "additional_notes": "While the fund mentions the possibility of using derivatives for direct investment purposes, this appears to be within the scope of standard efficient portfolio management rather than a core strategy element. The fund's physical replication method, clear benchmark tracking, and lack of complex features align with MiFID II non-complex criteria. The PRIIPs KID and factsheet did not introduce any additional complexity factors such as comprehension warnings or evidence of swap usage."
}