CBON is the first ETF to provide access to China-issued bonds traded on the interbank bond or exchange-traded bond markets. The fund invests in fixed-rate, CNY-denominated, investment-grade bonds with maturities of 1 month to 10 years. Chinese bonds are available to local investors, as well as qualified non-Chinese investors through a qualified foreign institutional investor status (RQFII or QFII). The fund could invest in interbank, policy bank, and government-sponsored bonds, as well as government and corporate bonds. The fund sets sector capping of 20% government, 30% agency and 50% credit sector. Within the credit sector, the fund applies a 50% limit for the industry sector (utility, financial, industrial) and an issuer cap of 4.5%. After the determining sector and issuer weights, securities are weighted in proportion to their market capitalization. The index is rebalanced monthly. Prior to May 31, 2024, the fund tracked the ChinaBond China High Quality Bond Index.