{
    "type": "ETF",
    "ucits": true,
    "fund_name": "JPM BetaBuilders China Aggregate Bond UCITS ETF - USD Hedged (dist)",
    "investment_objective": "To provide returns that correspond to those of its Index, the Bloomberg China Treasury + Policy Bank + Liquid IG Credit Issuers Index, by investing in CNY-denominated fixed rate bonds issued by PRC government, government-related banks, 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 issuers in similar proportions, 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 to moderate (risk category 3 out of 7), consistent with a bond ETF investing in investment-grade bonds. The fund is UCITS compliant. The factsheet confirms physical holdings of bonds with no indication of synthetic replication or complex structured products. No capital protection or structured features are present. Costs are straightforward with a single ongoing charge of 0.28%, no performance fees, and no swap or derivative fees. The PRIIPs KID does not include any comprehension warnings or complexity flags. Overall, the fund exhibits a clear, linear relationship to the underlying bond index, invests directly in liquid, transparent securities, and has minimal derivative exposure limited to risk management, thus classifying it as non-complex under MiFID II."
}