{
    "fund_name": "iShares iBonds Dec 2032 Term $ CorpUSD Accu",
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [
        "Term structure (fixed maturity)",
        "ESG screening complexity",
        "Potential for credit downgrades",
        "Liquidity risk in final year"
    ],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication to track the Bloomberg MSCI December 2032 Maturity USD Corporate ESG Screened Index. While it mentions potential use of derivatives for optimization, the fact sheet confirms a 'physical' product structure. The term structure and ESG screening add some complexity but do not trigger MiFID II complexity classification. The risk profile (level 4) is moderate and clearly disclosed. No leverage, inverse exposure, or synthetic replication is present. The main complexity factors are the term structure and potential credit downgrades, but these are standard for fixed income ETFs and do not meet MiFID II complexity thresholds.",
    "confidence": 90
}