{
    "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",
    "replication_method": "physical",
    "swaps": false,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": "",
    "classification": "non-complex",
    "supporting_data": "The Fund is a UCITS-compliant ETF investing primarily in Renminbi-denominated Chinese government and policy bank bonds, tracking the Bloomberg China Treasury + Policy Bank Index. The investment policy states the Fund invests directly in bonds that are constituents of the Index or similar securities, with no mention of synthetic replication or use of swap agreements. Derivatives are only used for hedging and efficient portfolio management purposes, not as an inherent part of the investment strategy, so derivative exposure is minimal and not complexity-driving. There is no leverage, inverse or amplified exposure. The risk profile is moderate to low (risk category 3 in KIID, 2 in PRIIPs KID), consistent with a straightforward bond ETF. The Fund may engage in securities lending up to 30% of assets, but this is a common practice and does not imply complexity. The monthly factsheet confirms physical holdings of bonds, no synthetic replication, and no leverage. No capital protection or structured features are present. Counterparty risk disclosures relate to normal operational risks, not to funded or unfunded swaps. Costs are simple with a low ongoing charge and no performance fees. The PRIIPs KID does not include any comprehension warnings or complexity flags. Overall, the Fund exhibits characteristics of a non-complex ETF under MiFID II criteria."
}