HSBC Global Funds ICAV Global Sukuk UCITS ETF Marketing communication | Monthly report 31 January 2025 | Share class ETFC This product is based overseas and is not subject to UK sustainable investment labelling and disclosure requirements.Share class details Investment objective Key metrics The Fund aims to provide regular income and capital growth by tracking as closely as possibleNAV per share USD 10.72 the performance of the FTSE IdealRatings Sukuk Index (total return) (the Index), while maintaining Performance 1 month 0.49% adherence to Shariah principles. Yield to maturity 5.15% Fund facts Investment strategy UCITS V compliant Yes The Index is comprised of global Islamic fixed income securities, also known as Sukuk. The Fund UK reporting fund status Yes invests in, or gain exposure to US Dollar denominated, Investment Grade Sukuk that are Shariah- (UKRS) compliant, and issued in the global markets, all of which are Index constituents. The currency ofISA eligible Yes the Index is USD and returns are unhedged. Dividend treatment Accumulating The Fund is passively managed and utilises an investment technique called optimisation, which seeks to minimise the difference in return between the Fund and the Index by taking into account Dealing frequencyDaily tracking error and trading costs when constructing a portfolio. The Fund will only invest in Sukuk Valuation time 23:00 Ireland that meet Shariah compliance principles as interpreted or approved by the Shariah Committee. Share class base currency USD The Fund may invest up to 10% of its assets in cash and money market instruments up to 10% of its assets in Shariah-compliant funds for efficient portfolio management purposes. DomicileIreland Credit Ratings of the investments may vary from time to time but will be at least Investment Inception date 7 September 2023 Grade. Fund size USD 302,790,825 See the Prospectus for a full description of the investment objectives and derivative usage. Reference 100% FTSE IdealRatings benchmarkSukuk Index (total return) Main risks Managers Sebastien Faucher Amrita Chauhan Sanyal • The Fund invests in bonds whose value generally falls when interest rates rise. This risk is Fees and expenses 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 Ongoing charge figure¹ 0.400% bonds and default. Bonds that are in default may become hard to sell or worthless. Codes • The Fund may invest in Emerging Markets, these markets are less established, and often ISIN IE000E8WZD37 more volatile, than developed markets and involve higher risks, particularly market, liquidity and currency risks. Bloomberg ticker HBKU LN • To the extent that the Fund seeks to replicate index performance by holding individual SEDOL BKPJS29 securities, there is no guarantee that its composition or performance will exactly match that¹Ongoing Charges Figure is an estimate as the of the target index at any given time (“tracking error”).share class has not been priced for a full financial year. Performance Fund Reference Benchmark110 Return index rebased to 100 on starting date 108 106 104 102 100 9809/2312/23 03/2406/24 09/24 12/24 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 Sukuk UCITS ETF Monthly report 31 January 2025 | Share class ETFCSince inception Performance (%) YTD 1 month 3 months 6 months 1 year3 years ann 5 years annann ETFC 0.49 0.49 0.13 1.73 3.89 ---- 5.06 Reference Benchmark 0.54 0.54 0.30 2.004.44 -- -- 5.69 31/01/24- 31/01/23- 31/01/22- 31/01/21- 31/01/20- Rolling performance (%) 31/01/25 31/01/2431/01/23 31/01/22 31/01/21 ETFC3.89 -- ---- -- Reference Benchmark 4.44-- -- -- -- Reference Reference 3-Year Risk Measures ETFCBenchmark 5-Year Risk Measures ETFC Benchmark Volatility-- --Volatility -- -- Sharpe ratio -- -- Sharpe ratio -- -- Tracking error-- -- Tracking error-- -- Information ratio -- -- Information ratio -- -- Reference Fixed Income Characteristics Fund Benchmark Relative No. of holdings ex cash115 110 -- Average coupon rate 4.50 4.370.13 Yield to worst 5.15%5.15% 0.01% Option adjusted duration 4.67 4.620.05 Modified duration to worst4.66 4.610.05 Option adjusted spread duration 4.65 4.600.05 Average maturity 6.09 5.950.14 Rating average A-/BBB+A- -- Reference Maturity Breakdown Credit rating (%) FundBenchmark Relative (Option adjusted Reference AA3.24 3.86-0.61duration)Fund Benchmark Relative 0-2 years0.10 0.14 -0.03 A 55.0658.46 -3.39 2-5 years1.64 1.60 0.04 BBB 31.8229.48 2.34 5-10 years 2.17 2.06 0.10 BB 8.19 8.21 -0.02 10+ years0.78 0.80 -0.01 NR 1.39 -- 1.39 Total4.69 4.60 0.09 Cash 0.30 -- 0.30 Past performance does not predict future returns. The figures are calculated in the share class base currency, dividend reinvested, net of fees. Source: HSBC Asset Management, data as at 31 January 2025 HSBC Global Funds ICAV Global Sukuk UCITS ETF Monthly report 31 January 2025 | Share class ETFCCurrency Allocation Reference (%) FundBenchmarkRelative USD100.00100.00 0.00 GBP 0.00-- 0.00 Geographical allocation (%) Saudi Arabia 48.4449.46 United Arab Emirates 22.8923.07 Indonesia 17.7315.98 Malaysia3.85 5.62Supranational 1.78 0.44Oman 1.50 1.57 Philippines 0.830.87 Kuwait 0.81 0.66 Hong Kong SAR0.60 0.86 Ireland 0.44 0.43 Other Locations 0.831.04 Cash 0.30 Fund Reference Benchmark Reference Sector allocation (%) Fund BenchmarkRelative Sovereign47.99 47.13 0.86 Agencies 32.96 35.31 -2.35 Financial Institutions 15.01 15.09 -0.08 Supranational 1.780.44 1.33 Energy1.271.35 -0.08 Consumer Non cyclical 0.700.67 0.02 Cash 0.30 -- 0.30 Source: HSBC Asset Management, data as at 31 January 2025 HSBC Global Funds ICAV Global Sukuk UCITS ETF Monthly report 31 January 2025 | Share class ETFCTop 10 holdings Weight (%) KSA SUKUK LTD 3.628 20/04/27 3.22 KSA SUKUK LTD 4.274 22/05/29 2.64 KSA SUKUK LTD 4.511 22/05/33 2.49 SAUDI ELEC SUKUK 5.684 11/04/53 2.23 KSA SUKUK LTD 5.268 25/10/28 2.19 SUCI SECOND INVE 5.171 05/03/31 2.14 SUCI SECOND INVE 6.000 25/10/28 2.08 KSA SUKUK LTD 2.969 29/10/29 1.96 SAUDI ELEC SUKUK 5.194 13/02/34 1.86 KSA SUKUK LTD 4.303 19/01/29 1.86 Source: HSBC Asset Management, data as at 31 January 2025 HSBC Global Funds ICAV Global Sukuk UCITS ETF Monthly report 31 January 2025 | Share class ETFC Follow us on: Risk disclosuresHSBC Asset Management • Different investment styles typically go in and out of favour depending on market conditions and investor sentiment. • Derivatives may be used by the Fund, and these can behave unexpectedly. The pricing and E-mail: etf.client.services@hsbc.com volatility of many derivatives may diverge from strictly reflecting the pricing or volatility of Website: www.etf.hsbc.com their underlying reference(s), instrument or asset. For more information please contact us • Investment Leverage occurs when the economic exposure is greater than the amount at E-mail: invested, such as when derivatives are used. A Fund that employs leverage may experience Wholesale.clientservices@hsbc.com. greater gains and/or losses due to the amplification effect from a movement in the price of www.assetmanagement.hsbc.com/uk the reference source.To help improve our service and in the • Where overseas investments are held the rate of currency exchange may cause the value of interests of security we may record and/ such investments to go down as well as up. or monitor your communication with us. • Further information on the potential risks can be found in the Key Information Document (KID) and/or the Prospectus or Offering Memorandum. Glossary Index disclaimer FTSE International Limited ("FTSE") © FTSE 2025. "FTSE®" is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under licence. All rights www.assetmanagement.hsbc.co.uk/en/ in the FTSE indices and / or FTSE ratings vest in FTSE and/or its licensors. Neither FTSE nor its api/v1/download/document/ licensors accept any liability for any errors or omissions in the FTSE indices and / or FTSE gb00b80qg615/gb/en/glossary ratings or underlying data. No further distribution of FTSE Data is permitted without FTSE's express written consent. 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