HSBC Global Funds ICAV Global Corporate Bond UCITS ETF Marketing communication | Monthly report 31 January 2025 | HCBG LN | ETFSHGBP This product is based overseas and is not subject to UK sustainable investment labelling and disclosure requirements.Share class detailsInvestment objective Key metrics The Fund aims to provide regular income and capital growth by tracking as closely as possibleNAV per share GBP 10.80 the performance of the Bloomberg Global Aggregate Corporate Bond Index (total return hedged Performance 1 month0.64% to US dollars) (the Index). Yield to maturity 4.76% Fund factsInvestment strategy UCITS V compliant Yes The Index is comprised of investment grade corporate bonds. UK reporting fund status Yes The Fund will be passively managed and will invest in bonds issued by companies; ABS and (UKRS) MBS, all of which are Index constituents. It uses an investment technique called optimisation, ISA eligible Yes which seeks to minimise the difference in return between the Fund and the Index by considering Dividend treatmentDistributing tracking error (the risk that the Fund return varies from the Index return) and trading costs when constructing a portfolio.Distribution frequency Semi-Annually The Fund will not necessarily invest in every Index constituent or invest proportionally to each Dividend ex-date8 August 2024 constituents’ Index weight and may invest in assets outside of the Index, such as: bonds with a Dividend yield¹ 2.79% credit rating of Ba1, BB+ and below; bonds issued by governments, government-related and supranational entities; as well as cash, money market instruments and funds. Last paid dividend 0.208643 The Fund can invest in bonds issued in developed and emerging markets. Dealing frequencyDaily The Fund’s primary currency exposure is to USD. Fund base currencyUSD See the Prospectus for a full description of the investment objectives and derivative usage. Currency Hedged Fully Hedged Valuation time 23:00 Ireland Main risks Share class base currency GBP • The value of investments and any income from them can go down as well as up and Domicile Irelandinvestors may not get back the amount originally invested Inception date11 October 2023 • Investing in assets denominated in a currency other than that of the investor’s own currency Fund size USD 2,056,915,221exposes the value of the investment to exchange rate fluctuations • Where overseas investments are held the rate of currency exchange may cause the value of ManagersHSBC Passive Fixed Incomesuch investments to go down as well as up. Team Fees and expenses Ongoing charge figure²0.130% Codes ISIN IE0005FQHJC4 Bloomberg tickerHCBG LN SEDOL BMZQ4D7 ¹Dividend Yield: represents the ratio of distributed income over the last 12 months to the fund’s current Net Asset Value. ²Ongoing Charges Figure is an estimate due to a change of fee structure. Past performance does not predict future returns. The figures are calculated in the share class base currency, dividend reinvested, net of fees. This is a marketing communication. Please refer to the prospectus and to the KID before making any final investment decisions. For definition of terms, please refer to the Glossary QR code and Prospectus. Source: HSBC Asset Management, data as at 31 January 2025 HSBC Global Funds ICAV Global Corporate Bond UCITS ETF Monthly report 31 January 2025 | HCBG LN | ETFSHGBP Performance Fund112 Return index rebased to 100 on starting date 110 108 106 104 102 100 98 12/2303/24 06/24 09/24 12/24 Since inception Performance (%) YTD1 month 3 months 6 months 1 year 3 years ann 5 years ann ann Fund0.64 0.64 0.68 1.64 3.80 ----8.39 31/01/24- 31/01/23- 31/01/22- 31/01/21-31/01/20- Rolling performance (%) 31/01/2531/01/2431/01/23 31/01/22 31/01/21 Fund 3.80 -- ---- -- Reference Reference 3-Year Risk MeasuresFundBenchmark5-Year Risk MeasuresFund Benchmark Volatility -- -- Volatility ---- Sharpe ratio -- -- Sharpe ratio ---- Reference Fixed Income CharacteristicsFund Benchmark Relative No. of holdings ex cash 3,38116,822 -- Average coupon rate 4.11 3.95 0.16 Yield to worst 4.69%4.71%-0.02% Option adjusted duration 5.92 5.90 0.02 Modified duration to worst 5.87 5.86 0.02 Option adjusted spread duration 5.92 5.90 0.02 Average maturity 8.53 8.47 0.06 Rating average A-/BBB+ A-/BBB+ -- ReferenceMaturity Breakdown Credit rating (%) Fund Benchmark Relative (Option adjustedReference AAA 0.79 0.90-0.11 duration) Fund BenchmarkRelative 0-2 years 0.16 0.18 -0.02 AA 8.317.69 0.61 2-5 years 1.04 1.05 -0.02 A 42.57 43.74 -1.17 5-10 years 1.82 1.77 0.05 BBB 47.19 47.67 -0.48 10+ years 2.86 2.88 -0.03 BB 0.10 -- 0.10 Total 5.88 5.89-0.01 NR 0.00 -- 0.00 Cash 1.04 -- 1.04 Past performance does not predict future returns. The figures are calculated in the share class base currency, dividend reinvested, net of fees. The benchmark data is that of the reference benchmark of the fund, as this data is calculated at fund level rather than share class level. The reference benchmark of the fund is 100% Bloomberg Global Aggregate Corporate Bond Index USD Hedged Source: HSBC Asset Management, data as at 31 January 2025 HSBC Global Funds ICAV Global Corporate Bond UCITS ETF Monthly report 31 January 2025 | HCBG LN | ETFSHGBPCurrency AllocationReference (%)Fund BenchmarkRelative USD 99.96 100.00 -0.04 EUR0.03 -- 0.03 CAD0.01 -- 0.01 CHF0.01 -- 0.01 AUD0.01 -- 0.01 HKD0.00 -- 0.00 Other Currencies -0.02 -- -0.02 Geographical allocation (%)United States 57.08 57.88 United Kingdom 7.83 6.86 France 6.05 6.10Canada 4.585.02 Germany 4.22 4.49 Spain 2.031.99Japan 1.892.53 Australia1.892.21 Italy1.87 1.64 Netherlands 1.85 1.66 Other Locations 9.68 9.60 Cash 1.04 Fund Reference Benchmark Reference Sector allocation (%) FundBenchmarkRelative Financial Institutions 38.75 39.04 -0.29 Consumer Non cyclical 12.88 13.22 -0.34 Utility 8.98 9.05 -0.07 Consumer Cyclical 7.64 7.91 -0.26 Communications 7.32 7.18 0.14 Technology 6.37 6.35 0.03 Energy 6.22 6.02 0.21 Capital Goods 4.89 5.06 -0.18 Basic Industry 2.65 2.71 -0.07 Transportation 2.56 2.79 -0.22 Other Sectors 0.70 0.68 0.02 Cash1.04 -- 1.04 The benchmark data is that of the reference benchmark of the fund, as this data is calculated at fund level rather than share class level. The reference benchmark of the fund is 100% Bloomberg Global Aggregate Corporate Bond Index USD Hedged Source: HSBC Asset Management, data as at 31 January 2025 HSBC Global Funds ICAV Global Corporate Bond UCITS ETF Monthly report 31 January 2025 | HCBG LN | ETFSHGBPTop 10 holdings Weight (%) VERIZON COMM INC 4.780 15/02/35 0.19 ELIS SA 3.750 21/03/300.16 HSBC HOLDINGS 5.887 14/08/27 0.14 JPMORGAN CHASE 6.070 22/10/27 0.14 GEN MOTORS FIN 3.600 21/06/30 0.13 GOLDMAN SACHS GP 5.049 23/07/30 0.13 JPMORGAN CHASE 5.534 29/11/45 0.13 SOUTHERN CO 5.500 15/03/290.13 MORGAN STANLEY 2.475 21/01/28 0.13 BANCO SABADELL 4.250 13/09/30 0.13Trading Bloomberg iNAV Exchange name Listing date currency Trading hours ticker Reuters RIC Bloomberg iNAV Reuters LONDON STOCK EXCHANGE 17 Oct 2023 GBP--HCBG LN HCBG.L HCBGGBIV HCBGGBPINAV =SOLA The benchmark data is that of the reference benchmark of the fund, as this data is calculated at fund level rather than share class level. The reference benchmark of the fund is 100% Bloomberg Global Aggregate Corporate Bond Index USD Hedged Source: HSBC Asset Management, data as at 31 January 2025 HSBC Global Funds ICAV Global Corporate Bond UCITS ETF Monthly report 31 January 2025 | HCBG LN | ETFSHGBP Follow us on: Risk disclosuresHSBC Asset Management • The Fund invests in bonds whose value generally falls when interest rates rise. This risk is typically greater the longer the maturity of a bond investment and the higher its credit quality. The issuers of certain bonds, could become unwilling or unable to make payments on their E-mail: etf.client.services@hsbc.com bonds and default. Bonds that are in default may become hard to sell or worthless. Website: www.etf.hsbc.com • The Fund may invest in Emerging Markets, these markets are less established, and often For more information please contact us more volatile, than developed markets and involve higher risks, particularly market, liquidity at E-mail: and currency risks. Wholesale.clientservices@hsbc.com. • To the extent that the Fund seeks to replicate index performance by holding individual www.assetmanagement.hsbc.com/uk securities, there is no guarantee that its composition or performance will exactly match thatTo help improve our service and in the of the target index at any given time (“tracking error”).interests of security we may record and/ • Derivatives may be used by the Fund, and these can behave unexpectedly. The pricing and or monitor your communication with us. volatility of many derivatives may diverge from strictly reflecting the pricing or volatility of their underlying reference(s), instrument or asset. • Investment Leverage occurs when the economic exposure is greater than the amount invested, such as when derivatives are used. A Fund that employs leverage may experience greater gains and/or losses due to the amplification effect from a movement in the price of Glossary the reference source. • Where overseas investments are held the rate of currency exchange may cause the value of such investments to go down as well as up. • Further information on the potential risks can be found in the Key Information Document (KID) and/or the Prospectus or Offering Memorandum. Index disclaimer Bloomberg® is a trademark and service mark of Bloomberg Finance L.P. (collectively with its affiliates, “Bloomberg”). Barclays® is a trademark and service mark of Barclays Bank Plc (collectively with its affiliates, “Barclays”), used under license. Bloomberg or Bloomberg’s licensors, including Barclays, own all proprietary rights in the Bloomberg Barclays Indices. www.assetmanagement.hsbc.co.uk/en/ Neither Bloomberg nor Barclays approve or endorse this material, or guarantees the accuracyapi/v1/download/document/ or completeness of any information herein, or makes any warranty, express or implied, as togb00b80qg615/gb/en/glossary the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith. Important information The material contained herein is for marketing purposes and is for your information only. This document is not contractually binding nor are we required to provide this to you by any legislative provision. It does not constitute legal, tax or investment advice or a recommendation to any reader of this material to buy or sell investments. You must not, therefore, rely on the content of this document when making any investment decisions. This material is not intended for distribution to or use by any person or entity in any jurisdiction or country where such distribution or use would be contrary to law or regulation. This material is not and should not be construed as an offer to sell or the solicitation of an offer to purchase or subscribe to any investment. Any views expressed were held at the time of preparation and are subject to change without notice. While any forecast, projection or target where provided is indicative only and not guaranteed in any way. HSBC Global Asset Management (UK) Limited accepts no liability for any failure to meet such forecast, projection or target. Further information about the UCITS including the Prospectus, the most recent annual and semi-annual reports of the UCITS and the latest prices of shares, may be obtained free of charge, in English, from the Administrator by emailing ifsinvestorqueries@hsbc.com , or by visiting www.global.assetmanagement.hsbc.com. The Prospectus, annual and semi-annual reports are prepared for the entire UCITS. The most recent Prospectus is available in English and French. Key Investor Information Document (KID) are available in the local language where they are registered. To help improve our service and in the interests of security we may record and/or monitor your communication with us. HSBC Global Asset Management (UK) Limited provides information to Institutions, Professional Advisers and their clients on the investment products and services of the HSBC Group. Approved for issue in the UK by HSBC Global Asset Management (UK) Limited, who are authorised and regulated by the Financial Conduct Authority. www.assetmanagement.hsbc.co.uk Copyright © HSBC Global Asset Management (UK) Limited 2025. All rights reserved. Further Information can be found in the prospectus and in our Key Investor Information Documents published in our Fund Centre at www.assetmanagement.hsbc.co.uk Term: The management company cannot terminate the Fund unilaterally. The Board of Directors may furthermore decide to liquidate the Fund in certain circumstances set out in the prospectus and articles of incorporation of the Fund.Further additional and complete information (including but not limited to) investor rights, costs and charges, please refer to the prospectus. Source: HSBC Asset Management, data as at 31 January 2025