Title: URL Source: https://api.fundinfo.com/document/ee0419b7b06574eb21a1201fb2785d49_382253/MR_GB_en_IE000D2UDLG6_YES_2025-05-31.pdf?apiKey=b9934aa2-1a83-4286-b11b-c8415da9e581 Published Time: Thu, 26 Jun 2025 12:19:18 GMT Markdown Content: # HSBC Global Funds ICAV # US Treasury 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 Treasury Index (total return) (the Index). The Fund may invest in US government bonds which are Index constituents and will not embed a derivative and/or leverage. The Fund may also invest in the assets which are not Index constituents for the purpose of assisting in tracking the Index. The Index is a market - weighted index which measures US dollar -denominated, fixed -rate, nominal debt issued by the US Treasury with a maturity of 1 year and above. The currency of the Index is US dollars (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 measure the underlying Index constituents accurately and comprehensively. The Index is measured by total return, is market value weighted and rebalanced monthly. The credit ratings of the Fund’s underlying investments may vary from time to time. The Fund is passively managed and utilises an investment technique called optimisation. The Fund will not invest more than 10% in other funds, including HSBC funds. See the Prospectus for a full description of the investment objectives 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. • To the extent that the Fund seeks to replicate index performance by holding individual securities, there is no guarantee that its composition or performance will exactly match that 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. ## Share class details Key metrics NAV per share USD 10.09 Yield to maturity 4.19% 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 730,392,571 Reference benchmark 100% Bloomberg US Treasury Index (total return) Managers Amrita Chauhan Sanyal Cesar Felipe Fernandez Sebastien Faucher Fees and expenses Minimum initial investment ¹ USD 1 Ongoing charge figure ² 0.060% Codes ISIN IE000D2UDLG6 Bloomberg ticker USTUEZC ID SEDOL BPQDX97 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 Treasury 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 187 293 -- Average coupon rate 3.24 3.22 0.02 Yield to worst 4.19% 4.19% 0.00% Option adjusted duration 5.82 5.82 0.00 Modified duration to worst 5.74 5.74 0.00 Option adjusted spread duration 5.70 5.70 0.00 Average maturity 7.61 7.62 -0.01 Average Credit Quality AAA/AA+ AAA/AA+ -- Credit rating (%) Fund Reference Benchmark Relative AAA 1.70 1.13 0.57 AA 98.24 98.87 -0.62 Cash 0.06 -- 0.06 Maturity Breakdown (Option adjusted duration) Fund Reference Benchmark Relative 0-2 years 0.33 0.28 0.04 2-5 years 1.14 1.22 -0.08 5-10 years 1.43 1.41 0.02 10+ years 2.93 2.91 0.01 Total 5.82 5.82 0.00 HSBC Global Funds ICAV US Treasury Bond UCITS ETF Monthly report 31 May 2025 | Share class ETFC Source: HSBC Asset Management, data as at 31 May 2025 Currency Allocation (%) Fund Reference Benchmark Relative USD 100.00 100.00 -- Sector allocation (%) Fund Reference Benchmark Relative Treasuries 99.94 100.00 -0.06 Cash 0.06 -- 0.06 Top 10 holdings Weight (%) US TREASURY N/B 4.625 15/02/35 1.26 US TREASURY N/B 3.875 15/08/33 1.23 US TREASURY N/B 4.625 15/09/26 1.21 US TREASURY N/B 4.125 31/01/27 1.21 US TREASURY N/B 4.625 15/10/26 1.21 US TREASURY N/B 4.125 15/11/32 1.20 US TREASURY N/B 3.500 30/09/26 1.19 US TREASURY N/B 1.250 30/11/26 1.15 US TREASURY N/B 1.625 31/10/26 1.10 US TREASURY N/B 4.125 28/02/27 1.09 HSBC Global Funds ICAV US Treasury Bond UCITS ETF Monthly report 31 May 2025 | Share class ETFC ## Risk disclosures • 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. • 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. 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 Detailed information for article 8 and 9 sustainable investment products, as categorised under the Sustainable Finance Disclosure Regulation (SFDR), including; description of the environmental or social characteristics or the sustainable investment objective; methodologies used to assess, measure and monitor the environmental or social characteristics and the impact of the selected sustainable investments and; objectives and benchmark information,can be found at: https://www.assetmanagement.hsbc.co.uk/en/intermediary/investment -expertise/ sustainable -investments/sustainable -investment -product -offering 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. 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