{
    "ucits": true,
    "type": "ETF",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": "None identified",
    "classification": "non-complex",
    "supporting_data": "The iShares iBonds Dec 2026 Term u20ac CorpEUR (Acc) is a UCITS ETF, which is automatically classified as non-complex under MiFID II Article 25(4)(a)(iv), unless it is a structured UCITS or uses derivatives as a central part of its investment strategy[1]. The fund aims to track a transparent, investment-grade corporate bond index using physical replication (holding the underlying securities), with no indication of synthetic replication or significant use of derivatives for index replication. Derivatives, if used, are limited to efficient portfolio management (EPM) and are not central to the investment objective. The fund may engage in securities lending, but this is a secondary activity, well-managed within UCITS rules, and does not dominate the risk profile. There is no evidence of leverage beyond UCITS limits, embedded derivatives, or other complex features. The index is straightforward, with no complex or opaque underlying assets. The structure, risks, and investment objective are easily understood by retail investors with basic knowledge. Therefore, the ETF meets all criteria for non-complex classification under MiFID II and does not require an appropriateness assessment for non-advised sales[1][2]."
}