{
    "fund_name": "iShares iBonds Dec 2026 Term $ CorpGBP Hedged (Dist)",
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [
        "Term structure (fixed maturity in 2026)",
        "Currency hedging using FX forwards",
        "ESG screening criteria",
        "Securities lending activities"
    ],
    "classification": "non-complex",
    "supporting_data": "The ETF primarily uses physical replication to track the Bloomberg MSCI December 2026 Maturity USD Corporate ESG Screened Index. While it employs FX forwards for currency hedging and engages in securities lending, these activities are standard practices in fixed income ETFs and do not introduce significant complexity. The term structure (fixed maturity in 2026) and ESG screening are transparent and do not materially obscure the fund's risk profile. The risk indicator (3/7) and lack of leverage or inverse strategies further support a non-complex classification. The PRIIPs KID confirms the physical replication methodology and absence of synthetic replication.",
    "risk_level_assessment": "The fund's risk profile is rated 3/7, which aligns with its investment in investment-grade corporate bonds with a short-term maturity profile. The risks are clearly disclosed and typical for a fixed income ETF.",
    "confidence": 90
}