{
    "fund_name": "iShares iBonds Dec 2025 Term  CorpEUR (Acc)",
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [
        "Term structure complexity (fixed maturity date)",
        "ESG screening criteria",
        "Potential credit risk from corporate bonds",
        "Liquidity risk in final year"
    ],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication to track the Bloomberg MSCI December 2025 Maturity EUR Corporate ESG Screened Index, which consists of investment-grade corporate bonds maturing between 2025 and 2025. The fund does not use derivatives, swaps, or leverage. The primary complexity factors are the term structure (fixed maturity date) and ESG screening criteria, but these do not meet MiFID II's criteria for complexity. The fund's risk profile is rated 3 (out of 7), indicating moderate risk, and the underlying bonds are investment-grade. The fund's physical replication method and straightforward index-tracking strategy align with non-complex classification.",
    "confidence": 95
}