{
    "type": "ETF",
    "ucits": true,
    "fund_name": "HSBC Global Funds ICAV - China Government Local Bond UCITS ETF",
    "investment_objective": "Track as closely as possible the Bloomberg China Treasury + Policy Bank Index (total return)",
    "primary_asset_class": "bond",
    "geographic_focus": "China (Renminbi denominated bonds on China Interbank Bond Market)",
    "replication_method": "physical",
    "swaps": false,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF is a UCITS-compliant bond ETF tracking a fixed income index of Chinese government and policy bank bonds. The KIID and PRIIPs documents confirm the fund uses physical replication or direct investment in underlying bonds and does not employ synthetic replication or swap agreements. Derivatives are only used for hedging and efficient portfolio management, not as an inherent part of the investment strategy, so derivatives are marked false. There is no leverage or inverse exposure. The fund invests primarily in liquid government bonds with some exposure to non-investment grade bonds but no complex structured products or contingent convertible bonds. Risk profile is low (category 2-3), consistent with a straightforward bond ETF. Costs are simple with no performance fees or swap fees. The monthly factsheet confirms no use of swaps or synthetic replication and shows a portfolio of direct bond holdings. No capital protection or structured features are present. No complexity flags such as contingent bonds, leverage, or significant counterparty risk are identified. Therefore, under MiFID II criteria, this ETF is classified as non-complex."
}