{
    "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 2031 Term $ Corp USD Acc ETF is classified as non-complex under MiFID II for the following reasons: 1) It uses physical replication (as explicitly stated in the fact sheet: 'Product Structure: Physical'), meaning it directly invests in the underlying bonds rather than using synthetic replication via swaps or derivatives. 2) There is no leverage, inverse exposure, or complex structured features. 3) The underlying assets are investment-grade corporate bonds with a straightforward maturity profile (Dec 2031), and the index methodology is transparent (Bloomberg MSCI December 2031 Maturity USD Corporate ESG Screened Index). 4) The risk profile is rated 4/7, which is moderate and typical for fixed-income ETFs. 5) The ETF is UCITS-compliant, which inherently imposes strict transparency and liquidity requirements. 6) The only derivative-related mention is counterparty risk (standard for UCITS ETFs), but this is not used for replication or leverage. 7) The PRIIPs KID does not include a comprehension warning, further supporting non-complex classification.",
    "confidence": 95
}