HSBC Global Funds ICAV Global Aggregate Bond UCITS ETF Marketing communication | Monthly report 31 January 2025 | Share class 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 10.37 the performance of the Bloomberg Global Aggregate Bond Index (total return hedged to US Yield to maturity 3.65% dollars) (the Index). Fund facts UCITS V compliant YesInvestment strategy UK reporting fund status Yes (UKRS) The Index is comprised of investment grade bonds (and other similar securities). The Index is multi-currency but is hedged to US dollars (USD). The Index includes treasury, government- ISA eligible Yes related, corporate and securitised fixed-rate bonds from developed and emerging markets Dividend treatmentDistributing issuers.The Fund will be passively managed and will invest in bonds issued by governments, Distribution frequency Semi-Annually government-related, supranational bodies and companies based in developed and emerging markets; ABS and MBS; and covered bonds, all of which are Index constituents. It uses an Dividend ex-date8 August 2024 investment technique called optimisation, which seeks to minimise the difference in return Dividend yield¹ 0.31% between the Fund and the Index by considering tracking error (the risk that the Fund return varies Last paid dividend 0.031647 from the Index return) and trading costs when constructing a portfolio. The Fund will not necessarily invest in every Index constituent or invest proportionally to each constituents’ Index Dealing frequencyDaily weight and may invest in assets outside of the Index, such as: bonds with a credit rating of Ba1,Valuation time 23:00 Ireland BB+ and below; as well as cash, money market instruments and funds.The Fund may invest up to Share class base currency GBP 30% in China Interbank Bond market, up to 10% of its assets in funds.The Fund may also invest Domicile Ireland up to 30% in total return swaps. However, this exposure is not expected to exceed 0%.The credit ratings of the Fund’s underlying investments is expected to be at least investment grade.The Inception date 20 May 2024 Fund’s primary currency exposure is to USD.See the Prospectus for a full description of the Fund size USD 12,023,722,148 investment objectives and derivative usage. ManagersHSBC Passive Fixed Income Team Main risks Fees and expenses Minimum initialUSD 1 • The value of investments and any income from them can go down as well as up and investment²investors may not get back the amount originally invested • Investing in assets denominated in a currency other than that of the investor’s own currency Ongoing charge figure³0.097%exposes the value of the investment to exchange rate fluctuations Codes • Where overseas investments are held the rate of currency exchange may cause the value of ISINIE0009RYSBF2such investments to go down as well as up. Bloomberg tickerHGAS LN SEDOL BRC80G6 ¹Dividend Yield: represents the ratio of distributed income over the last 12 months to the fund’s current Net Asset Value. ²Please note that initial minimum subscription may vary across different distributors ³Ongoing 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. 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 January 2025 HSBC Global Funds ICAV Global Aggregate Bond UCITS ETF Monthly report 31 January 2025 | Share class ETFSHGBP Performance (%) YTD 1 month 3 months 6 months 1 year 3 years ann 5 years ann Since inception ETFSHGBP-- -- -- -- -------- 31/01/24-31/01/23- 31/01/22- 31/01/21- 31/01/20- Rolling performance (%) 31/01/25 31/01/24 31/01/23 31/01/22 31/01/21 ETFSHGBP -- -- ------ Reference Reference 3-Year Risk Measures ETFSHGBP Benchmark 5-Year Risk Measures ETFSHGBP Benchmark Volatility ----Volatility -- -- Sharpe ratio ---- Sharpe ratio----Reference Fixed Income Characteristics Fund Benchmark Relative No. of holdings ex cash4,90330,650 -- Average coupon rate 2.94 2.97 -0.03 Yield to worst3.66% 3.66% 0.00% Option adjusted duration6.56 6.54 0.02 Modified duration to worst 6.33 6.32 0.00 Option adjusted spread duration 6.45 6.43 0.01 Average maturity8.43 8.43 0.00 Rating averageAA-/A+ AA-/A+ -- Reference Maturity Breakdown Credit rating (%) Fund Benchmark Relative (Option adjusted Reference AAA 15.3211.83 3.49duration) Fund Benchmark Relative 0-2 years 0.19 0.19 0.00 AA38.8142.62 -3.81 2-5 years 0.99 1.00 -0.01 A 31.6431.37 0.27 5-10 years 2.19 2.18 0.01 BBB 13.9914.17 -0.18 10+ years 3.17 3.18 -0.01 BB 0.03 -- 0.03 Total 6.54 6.55 0.00 B 0.02 -- 0.02 NR 0.01 -- 0.01 Cash 0.17 -- 0.17 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 Bond Index (total return hedged to USD) Source: HSBC Asset Management, data as at 31 January 2025 HSBC Global Funds ICAV Global Aggregate Bond UCITS ETF Monthly report 31 January 2025 | Share class ETFSHGBPDuration by currency Currency Allocation Reference bloc (Option adjusted Reference (%) FundBenchmark Relative duration) FundBenchmark Relative USD100.05100.000.05 Dollar 3.09 3.04 0.05 EUR 0.04 -- 0.04 Euro1.47 1.49-0.02 GBP 0.01 -- 0.01 Japan 0.84 0.85-0.01 THB 0.01 -- 0.01 EM Local Currency 0.83 0.86-0.03 AUD 0.01 -- 0.01 UK 0.30 0.30 0.00 PEN 0.01 -- 0.01 Total 6.54 6.55 0.00 MXN 0.00 -- 0.00 PLN 0.00 -- 0.00 RON 0.00 -- 0.00 DKK 0.00 -- 0.00 Other Currencies-0.14 -- -0.14 Geographical allocation (%)44.82 United States 44.70 25.41 Europe 25.2324.44 Asia25.03 2.45 Other 2.411.10 Latin America 1.050.84 Eastern Europe 0.800.73 Middle East 0.77 0.04 Africa 0.02 0.17 Cash Fund Reference Benchmark Reference Sector allocation (%) Fund Benchmark Relative Treasuries 53.10 53.26 -0.16 Supra/agencies 14.7514.78 -0.03 Corp Non-fin 11.3511.21 0.14 US Agency Mbs10.4510.60 -0.14 Corp Fin 7.23 7.18 0.06 Collateralised2.94 2.98 -0.04 Cash 0.17 -- 0.17 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 Bond Index (total return hedged to USD) Source: HSBC Asset Management, data as at 31 January 2025 HSBC Global Funds ICAV Global Aggregate Bond UCITS ETF Monthly report 31 January 2025 | Share class ETFSHGBPTop 10 holdings Weight (%) CHINA GOVT BOND 2.550 15/10/280.33 FNCL 6.5 1/25 6.500 0.29 CHINA DEV BANK 2.520 25/05/28 0.29 FNCL 2 1/25 2.000 0.26 FNCL 2.5 1/25 2.500 0.24 CHINA GOVT BOND 2.040 25/02/270.24 US TREASURY N/B 4.375 15/05/340.23 CHINA GOVT BOND 3.250 06/06/260.19 CHINA DEV BANK 2.730 11/01/28 0.18 CHINA GOVT BOND 3.000 15/10/530.18 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 Bond Index (total return hedged to USD) Source: HSBC Asset Management, data as at 31 January 2025 HSBC Global Funds ICAV Global Aggregate Bond UCITS ETF Monthly report 31 January 2025 | Share class 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 For more information please contact us bonds and default. Bonds that are in default may become hard to sell or worthless. at E-mail: • The Fund may invest in Emerging Markets, these markets are less established, and often Wholesale.clientservices@hsbc.com. more volatile, than developed markets and involve higher risks, particularly market, liquidity www.assetmanagement.hsbc.com/uk and currency risks. To help improve our service and in the • To the extent that the Fund seeks to replicate index performance by holding individual interests of security we may record and/ securities, there is no guarantee that its composition or performance will exactly match thator monitor your communication with us. of the target index at any given time (“tracking error”). • Derivatives may be used by the Fund, and these can behave unexpectedly. The pricing and 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 Glossary 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. • 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 www.assetmanagement.hsbc.co.uk/en/ (collectively with its affiliates, “Barclays”), used under license. Bloomberg or Bloomberg’s api/v1/download/document/ licensors, including Barclays, own all proprietary rights in the Bloomberg Barclays Indices. gb00b80qg615/gb/en/glossary 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 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