{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "derivatives": false,
    "swaps": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": "",
    "classification": "non-complex",
    "supporting_data": "The iShares China CNY Bond UCITS ETF aims to track the Bloomberg Barclays China Treasury + Policy Bank Index by investing primarily in fixed income securities issued by the Chinese Ministry of Finance and Chinese policy banks. The fund uses physical replication, holding bonds directly in proportions similar to the index. The KIID and PRIIPs documents confirm that derivatives are used only for currency hedging (FX forwards) and not as an inherent part of the investment strategy, thus derivatives are not considered a complexity factor here. There is no mention of synthetic replication, swap agreements, or total return swaps. The fund does not employ leverage, inverse or amplified exposure. The risk profile is low (risk level 2 out of 7), consistent with a straightforward fixed income ETF. The fund invests in liquid, transparent fixed income securities, with no contingent convertible bonds or complex structured products. The monthly factsheet confirms physical replication and no use of swaps or leverage. Costs are simple with a TER of 0.40%, no performance fees, and no complex fee structures. Counterparty risk is limited to custodial and FX forward counterparties, typical for UCITS ETFs. There are no capital protection or structured features. Overall, the fund exhibits none of the MiFID II complexity triggers such as synthetic replication, leverage, complex underlying assets, or capital protection mechanisms. Therefore, it is classified as non-complex."
}