Title: URL Source: https://api.fundinfo.com/document/224529c73eaf92a4ed8fecfefcd72e74_381931/MR_GB_en_IE000845MQC5_YES_2025-05-31.pdf?apiKey=b9934aa2-1a83-4286-b11b-c8415da9e581 Published Time: Thu, 26 Jun 2025 12:19:25 GMT Markdown Content: # HSBC Global Funds ICAV # US Corporate Bond UCITS ETF Marketing communication | Monthly report 31 May 2025 | Share class ETFC This product is based overseas and is not subject to UK sustainable investment labelling and disclo sure requirements. Past performance does not predict future returns. The figures are calculated in the share class bas e currency, dividend rein vested, net of fees. This is a marketing communication. Please refer to the prospectus and to the KID before making any final investment decision s. For definition of terms, please refer to the Glossary QR code and Prospectus. Performance figures will only be published once the share class has achieved a twelve months track record. Source: HSBC Asset Management, data as at 31 May 2025 # Investment objective The Fund aims to provide income and capital growth. # Investment strategy The Fund tracks as closely as possible the performance of the Bloomberg US Corporate Bond Index (total return) (the Index). The Index is a rules -based benchmark that tracks the investment grade, fixed -rate, taxable corporate bond market. It includes US Dollar (USD) denominated securities publicly issued by US and non -US industrial, utility and financial issuers. The currency of the Index is USD and returns are unhedged. The Index is based on the Bloomberg Index Methodology which applies an eligibility criteria based on a set of fundamental core design principles which are designed to accurately and comprehensively measure the underlying Index constituents. The Fund is passively managed and may invest in corporate investment grade bonds (developed and emerging markets), and other bonds all of which are Index constituents. The credit ratings of the Fund’s underlying investments may vary from time to time. The Fund will utilise an investment technique called optimisation which seeks to minimise the difference in return between the Fund and the Index. The Fund will not necessarily invest in every constituent of the Index. The Fund will not invest more than 10% of its assets in other funds. See the Prospectus for a full description of the investment objectives, Index and derivative usage. # Main risks • 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 bonds and default. Bonds that are in default may become hard to sell or worthless. • 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 the reference source. ## Share class details Key metrics NAV per share USD 10.12 Yield to maturity 5.27% Fund facts UCITS V compliant Yes ISA eligible Yes Dividend treatment Accumulating Dealing frequency Daily Valuation time 23:00 Ireland Share class base currency USD Domicile Ireland Inception date 14 May 2025 Fund size USD 625,372,860 Reference benchmark 100% Bloomberg US Corporate Bond Index (total return) Index Managers Richard Jenkins Derya Hitchcock Fees and expenses Minimum initial investment ¹ USD 1 Ongoing charge figure ² 0.080% Codes ISIN IE000845MQC5 Bloomberg ticker HSBUCET ID SEDOL BRJW8Z6 ¹Please note that initial minimum subscription may vary across different distributors ²Ongoing Charges Figure is an estimate as the share class has not been priced for a full financial year. HSBC Global Funds ICAV US Corporate Bond UCITS ETF Monthly report 31 May 2025 | Share class ETFC Past performance does not predict future returns. The figures are calculated in the share class bas e currency, dividend rein vested, net of fees. Source: HSBC Asset Management, data as at 31 May 2025 Performance (%) YTD 1 month 3 months 6 months 1 year 3 years ann 5 years ann Since inception ETFC -- -- -- -- -- -- -- -- Reference Benchmark -- -- -- -- -- -- -- -- Rolling performance (%) 31/05/24 - 31/05/25 31/05/23 - 31/05/24 31/05/22 - 31/05/23 31/05/21 - 31/05/22 31/05/20 - 31/05/21 ETFC -- -- -- -- -- Reference Benchmark -- -- -- -- -- 3-Year Risk Measures ETFC Reference Benchmark Volatility -- -- Sharpe ratio -- -- Tracking error -- -- Information ratio -- -- 5-Year Risk Measures ETFC Reference Benchmark Volatility -- -- Sharpe ratio -- -- Tracking error -- -- Information ratio -- -- Fixed Income Characteristics Fund Reference Benchmark Relative No. of holdings ex cash 1,899 8,367 -- Average coupon rate 4.57 4.45 0.12 Yield to worst 5.22% 5.21% 0.01% Option adjusted duration 6.76 6.72 0.04 Modified duration to worst 6.69 6.66 0.02 Option adjusted spread duration 6.69 6.66 0.03 Average maturity 10.35 10.28 0.07 Average Credit Quality A-/BBB+ A-/BBB+ -- Credit rating (%) Fund Reference Benchmark Relative AAA 0.86 1.05 -0.19 AA 6.79 7.35 -0.56 A 43.62 45.19 -1.57 BBB 47.88 46.41 1.48 Cash 0.84 -- 0.84 Maturity Breakdown (Option adjusted duration) Fund Reference Benchmark Relative 0-2 years 0.16 0.15 0.00 2-5 years 0.90 0.90 0.01 5-10 years 1.85 1.72 0.13 10+ years 3.85 3.96 -0.11 Total 6.76 6.72 0.04 HSBC Global Funds ICAV US Corporate Bond UCITS ETF Monthly report 31 May 2025 | Share class ETFC Source: HSBC Asset Management, data as at 31 May 2025 Sector allocation (%) Fund Reference Benchmark Relative Banking 23.07 23.28 -0.21 Consumer Non cyclical 14.84 15.07 -0.23 Technology 9.72 9.56 0.16 Electric 8.55 8.64 -0.09 Communications 7.37 7.65 -0.28 Consumer Cyclical 6.97 7.00 -0.03 Energy 6.79 7.07 -0.27 Capital Goods 5.76 5.46 0.30 Insurance 4.81 4.78 0.03 Reits 2.63 2.65 -0.02 Other Sectors 8.65 8.85 -0.20 Cash 0.84 -- 0.84 Top 10 holdings Weight (%) BANK OF AMER CRP 5.819 15/09/29 0.30 BANK OF AMER CRP 2.551 04/02/28 0.28 JOHNSONVILLE AER 5.078 01/10/54 0.26 ABBVIE INC 5.350 15/03/44 0.25 GOLDMAN SACHS GP 5.561 19/11/45 0.25 GOLDMAN SACHS GP 4.692 23/10/30 0.24 AVANGRID INC 3.800 01/06/29 0.24 CVS HEALTH CORP 6.000 01/06/44 0.22 CITIBANK NA 5.803 29/09/28 0.22 AT&T INC 5.400 15/02/34 0.21 HSBC Global Funds ICAV US Corporate Bond UCITS ETF Monthly report 31 May 2025 | Share class ETFC ## 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. Neither Bloomberg nor Barclays approve or endorse this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to 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 jurisdictio n 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 May 2025 Follow us on: HSBC Asset Management For more information please contact us at E -mail: Wholesale.clientservices@hsbc.com. www.assetmanagement.hsbc.com/uk To help improve our service and in the interests of security we may record and/ or monitor your communication with us. Glossary www.assetmanagement.hsbc.co.uk/en/ api/v1/download/document/ gb00b80qg615/gb/en/glossary