{
    "fund_name": "iShares iBonds Dec 2025 Term $ CorpUSD (Acc)",
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [
        "Term structure with defined maturity (Dec 2025)",
        "ESG screening criteria may reduce investment universe",
        "Potential credit risk from corporate bonds",
        "Liquidity risk in final year as bonds mature"
    ],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication to track the Bloomberg MSCI December 2025 Maturity USD Corporate ESG Screened Index. It does not use derivatives, swaps, or leverage. The primary complexity factors are the term structure (bonds maturing by Dec 2025) and ESG screening, but these do not meet MiFID II's criteria for complexity. The fund's risk profile (rated 3/7) is clearly disclosed, and the underlying assets (corporate bonds) are liquid and transparent. The use of securities lending is disclosed but does not trigger complexity under MiFID II. The PRIIPs KID and factsheet confirm no derivative usage beyond efficient portfolio management.",
    "confidence": 95
}