{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares China CNY Bond UCITS ETF",
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": "",
    "classification": "non-complex",
    "supporting_data": "The ETF is a UCITS-compliant fixed income ETF tracking the Bloomberg Barclays China Treasury + Policy Bank Index. It uses physical replication by holding the underlying bonds in proportions similar to the index. The fund may use financial derivative instruments (FDIs) such as FX forwards solely for currency hedging purposes, not as an inherent part of the investment strategy, so derivatives are not considered a complexity factor here. There is no mention of synthetic replication, swap agreements, or total return swaps. No leverage or inverse exposure is present. The underlying assets are fixed income securities issued by Chinese government and policy banks, which are liquid and transparent, with no complex structured products or contingent bonds involved. The risk profile is low to medium (risk level 3 out of 7 in KIID, 2 out of 7 in PRIIPs KID), consistent with a straightforward bond ETF. 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 hedging counterparties, with no significant counterparty exposure from swaps. The monthly factsheet confirms physical replication and no use of swaps or leverage. There are no capital protection or structured features. Overall, the ETF exhibits none of the complexity indicators such as synthetic replication, leverage, complex underlying assets, or capital protection mechanisms. Therefore, under MiFID II, this ETF is classified as non-complex."
}