CHINA BOND BENCHMARK READING RECORD
Guide: https://yenra.com/china-aggregate-index/
Prepared October 2, 2026. Editable plain text.

USE
Fill this from the dated provider methodology, factsheet and fund report.
Preserve those documents privately. Leave uncertain fields unresolved;
obtain provider confirmation before joining differently named series.
This is an interpretation aid, not an investment recommendation.

BENCHMARK IDENTITY
Provider / full name:                    Series identifier:
Factsheet date / URL:                    Method version / URL:
Historical name and dated evidence:
Evidence of series continuity / changes:
Eligible market / issuer sectors:
Currency of principal and interest:
Maturity, issue-size and other eligibility rules:
Exclusions:
Sector / issuer / maturity weights and as-of date:
Duration number, type, units and date:
Yield definition and date:
Pricing source and time:
Rebalancing schedule:
Reporting currency; hedged or unhedged:
Price / total return; coupon and reinvestment treatment:

FUND COMPARISON
Legal fund / share class:                Document date and URL:
Exact stated benchmark:
Observation start/end and valuation times:
Currency and hedge scope:
Distribution treatment:
NAV return:                             Benchmark return:
Fees, cash holdings and replication method:
Known definition mismatches:
Return gap and evidence-backed explanation:
Unresolved question / next document:
Keep exchange-traded share-price returns separate from NAV returns.

TWO INDEPENDENT FICTIONAL EXERCISES
1. Immediate price sensitivity (small parallel yield move):
Modified duration 4.5 years; yield increases 0.50 percentage point.
0.50 percentage point = 50 basis points = 0.005 decimal.
Approximate price change = -4.5 x 0.005 = -0.0225 = -2.25%.
Starting price 100 gives approximately 97.75.
Excludes carry/income over time, convexity, nonparallel shifts, spread
changes, default, fees and taxes. Check appropriate duration for options.

2. Separate holding-period return, not a continuation of exercise 1:
CNY value starts at 100, ends at 99; CNY 3 income paid at the endpoint.
Local return = (99 + 3 - 100) / 100 = 2%.
USD value of one CNY falls 3%; assume no hedge or other cash flows/costs.
USD return = (1.02 x 0.97) - 1 = -0.0106 = -1.06%.
Hedging requires a separate calculation of actual hedge cash flows/costs.

DATED METHOD REFERENCE
Bloomberg China Aggregate methodology, December 15, 2023:
https://assets.bbhub.io/professional/sites/27/China-Aggregate-Index.pdf
Check for later operative rules with the provider. A dated method is
evidence for that version, not automatic proof of unchanged current rules.
Bond risk: https://www.finra.org/investors/investing/investment-products/bonds