This exchange-traded fund (ETF) seeks to mirror the performance of a specific index that tracks the value of Chinese government bonds with a remaining maturity of approximately five years. The underlying index is designed to measure the market value of these bonds, reflecting fluctuations in prices due to factors such as interest rate changes and market sentiment. By investing in a basket of these bonds, the ETF aims to provide investors with returns that closely match the index's performance, before fees and expenses. The fund is managed passively, which means its managers do not actively pick and choose which bonds to hold within the portfolio but instead replicate the composition of the underlying index. This is a common strategy for index-tracking ETFs and aims to provide consistent market exposure to a particular fixed-income segment, in this case, mid-term Chinese government debt. The ETF's value can rise or fall based on the overall demand and supply of bonds, investor expectations of future interest rates, and broader economic developments. Investors typically use this type of ETF to gain diversified exposure to the Chinese government bond market, which might be a part of a larger fixed-income or global investment strategy, providing a potential avenue for steady returns with less volatility than equity markets, while also acknowledging the risks inherent in any debt instrument. The ETF typically includes a representative selection of Chinese government bonds that have a remaining maturity of about five years which results in an average maturity that is often around that range as well. As such, this fund provides a convenient and relatively liquid instrument for accessing this segment of the Chinese debt market.