{
    "type": "ETF",
    "ucits": true,
    "fund_name": "JPM BetaBuilders China Aggregate Bond UCITS ETF - USD (dist)",
    "investment_objective": "To track the Bloomberg China Treasury + Policy Bank + Liquid IG Credit Issuers Index by investing in CNY-denominated fixed rate bonds issued by PRC government, policy banks, and investment-grade PRC local authorities, agencies and corporate issuers.",
    "primary_asset_class": "Bond",
    "geographic_focus": "China (PRC)",
    "replication_method": "physical",
    "swaps": false,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF pursues a passive index-tracking strategy investing directly in underlying CNY-denominated fixed rate bonds issued by PRC government and related entities. The KIID and PRIIPs KID explicitly state that the fund aims to replicate the index by investing in index securities or similar bonds, with no mention of synthetic replication, swap agreements, or derivative instruments used as part of the investment strategy. Derivatives may be used only for efficient portfolio management purposes, which does not trigger complexity under MiFID II. There is no leverage, inverse or amplified exposure. The risk profile is low (risk level 3 out of 7), consistent with a straightforward bond ETF. The ongoing charges are simple and no performance fees or swap fees are charged. The factsheet confirms physical holdings of bonds with no indication of complex underlying assets such as contingent convertible bonds or CLOs. No capital protection or structured features are present. The PRIIPs KID does not include any comprehension warnings or complexity flags. Overall, the ETF exhibits a clear, linear relationship to the underlying index performance, invests directly in liquid, transparent securities, and uses physical replication, thus qualifying as non-complex under MiFID II."
}