HSBC Global Funds ICAV Global Sustainable Government Bond UCITS ETF Marketing communication | Monthly report 31 January 2025 | HSGU LN | ETFCH This product is based overseas and is not subject to UK sustainable investment labelling and disclosure requirements. Share class detailsInvestment objectiveKey metrics The Fund aims to provide regular income and capital growth by tracking as closely as possible NAV per share USD 10.68 the performance of the Bloomberg MSCI Global Treasury ESG Weighted Bond Index (total returnPerformance 1 month0.15% hedged to USD) (the Index) and to promote environmental, social and governance (ESG) characteristics. Yield to maturity 3.03%Fund factsUCITS V compliant YesInvestment strategy UK reporting fund status Yes The Index is comprised of investment grade government bonds (and other similar securities). The(UKRS) currency of the Index is US dollars (USD) and returns are hedged into USD. The Index includes ISA eligible Yes fixed-rate taxable securities issued by treasury issuers.Dividend treatment Accumulating The Fund is passively managed and invests in bonds issued by governments, government-related entities and supranational entities based in developed and emerging markets. The Fund uses an Dealing frequencyDaily investment technique called optimisation, which seeks to minimise the difference in return Fund base currencyUSD between the Fund and the Index.Currency Hedged Not Hedged The Fund will not necessarily invest in every Index constituent and may invest in assets outside of the Index, such as: bonds with a credit rating of Ba1, BB+ and below; as well as cash, money Valuation time 23:00 Ireland market instruments and funds. Share class base currency USD The credit ratings of the Fund’s underlying investments are expected to be at least investment Domicile Ireland grade.Inception date6 July 2023 The Fund’s primary currency exposure is to USD. See the Prospectus for a full description of the investment objectives and derivative usage. Fund size USD 566,714,499Reference 100% Bloomberg MSCIbenchmark Global Treasury ESG Main risksWeighted Bond Index • The Fund invests in bonds whose value generally falls when interest rates rise. This risk isManagers Amrita Chauhan Sanyaltypically greater the longer the maturity of a bond investment and the higher its credit quality. Sebastien FaucherThe issuers of certain bonds, could become unwilling or unable to make payments on theirFees and expensesbonds and default. Bonds that are in default may become hard to sell or worthless.Ongoing charge figure¹0.150% • The Fund may invest in Emerging Markets, these markets are less established, and oftenmore volatile, than developed markets and involve higher risks, particularly market, liquidity Codesand currency risks. ISIN IE000NOLCFO5 • To the extent that the Fund seeks to replicate index performance by holding individual Bloomberg tickerHSGU LNsecurities, there is no guarantee that its composition or performance will exactly match thatSEDOL BMZQ352of the target index at any given time (“tracking error”).¹Ongoing Charges Figure is an estimate due to achange 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 Sustainable Government Bond UCITS ETF Monthly report 31 January 2025 | HSGU LN | ETFCH Performance FundReference Benchmark Return index rebased to 108 100 on starting date 106104 10210098 06/23 09/23 12/23 03/24 06/24 09/24 12/24 Since inception Performance (%) YTD 1 month 3 months 6 months 1 year 3 years ann 5 years annann Fund0.15 0.15 0.56 1.202.82 ---- 4.28 Reference Benchmark 0.15 0.150.62 1.293.04-- -- 4.48 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 Fund2.82 -- ---- -- Reference Benchmark 3.04 -- -- -- -- Reference Reference 3-Year Risk Measures Fund Benchmark 5-Year Risk Measures Fund 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 cash 613 1,879 -- Average coupon rate2.13 2.29 -0.16 Yield to worst3.03%3.04% -0.01% Option adjusted duration 7.58 7.570.01 Modified duration to worst 7.27 7.27 -0.01 Option adjusted spread duration7.48 7.480.01 Average maturity 9.27 9.35 -0.08 Rating average AA+/AAAA+/AA-- Reference Maturity Breakdown Credit rating (%)Fund Benchmark Relative (Option adjusted Reference AAA 31.4531.66 -0.21duration) Fund Benchmark Relative 0-2 years 0.21 0.190.01 AA 47.9547.750.20 2-5 years 1.02 0.97 0.05 A 17.6917.71-0.03 5-10 years1.87 1.87 0.00 BBB 2.89 2.870.01 10+ years 4.48 4.54 -0.06 Cash 0.02 -- 0.02 Total 7.58 7.57 0.01 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 Sustainable Government Bond UCITS ETF Monthly report 31 January 2025 | HSGU LN | ETFCHCurrency AllocationReference (%) Fund BenchmarkRelative USD99.73 100.00 -0.27 EUR 0.24 -- 0.24 GBP 0.05 -- 0.05 KRW 0.05 -- 0.05 PLN 0.01 -- 0.01 NOK 0.01 -- 0.01 MYR 0.01 -- 0.01 HUF 0.00 -- 0.00 THB 0.00 -- 0.00 DKK 0.00 -- 0.00 Other Currencies -0.11 ---0.11 Geographical allocation (%)United States 21.48 21.58 Germany 16.60 16.58 Japan 13.42 13.48 United Kingdom 8.87 8.86 France 6.19 6.18 South Korea 5.16 5.18Netherlands3.60 3.59 Australia 3.44 3.45Canada 2.962.96 Italy 2.48 2.48 Other Locations15.76 15.66 Cash 0.02 Fund Reference BenchmarkReference Sector allocation (%) Fund BenchmarkRelative Treasuries 99.98 100.00 -0.02 Cash 0.02 -- 0.02 Source: HSBC Asset Management, data as at 31 January 2025 HSBC Global Funds ICAV Global Sustainable Government Bond UCITS ETF Monthly report 31 January 2025 | HSGU LN | ETFCHTop 10 holdings Weight (%) DEUTSCHLAND REP 0.000 15/08/26 0.59 US TREASURY N/B 1.500 15/08/26 0.57 BUNDESOBL-184 0.000 09/10/260.56 UK TSY GILT 0.875 22/10/29 0.56 DEUTSCHLAND REP 2.100 15/11/29 0.54 KOREA TRSY BD 1.875 10/03/510.53 UK TSY GILT 4.625 31/01/34 0.53 DEUTSCHLAND REP 2.600 15/08/34 0.51 US TREASURY N/B 4.500 31/05/29 0.50 UK TSY GILT 4.125 29/01/27 0.50 Trading Bloomberg iNAV Exchange nameListing datecurrency Trading hours ticker Reuters RIC Bloomberg iNAV Reuters LONDON STOCK EXCHANGE10 Jul 2023 USD --HSGU LN HSGU.L HSGUUSIVHSGUUSDINA V=SOLA Source: HSBC Asset Management, data as at 31 January 2025 HSBC Global Funds ICAV Global Sustainable Government Bond UCITS ETF Monthly report 31 January 2025 | HSGU LN | ETFCHMSCI ESG Score ESG score ESG Fund 6.6 6.0 7.6 7.4 Reference benchmark5.8 5.5 6.9 6.8 The MSCI ESG Key Issue Score is the numerical, weighted average of MSCI’s E, S, and G pillar scores. A higher number indicates a more favourable ESG profile in the view of MSCI. The weighted averages of the Key Issue Scores are aggregated and companies’ scores are normalized by their industries. After any overrides are factored in, each company’s Final Industry-Adjusted Score corresponds to a rating. For more information, see MSCI ESG Ratings Methodology @ https:// www.msci.com/esg-and-climate-methodologies Source: HSBC Asset Management, data as at 31 January 2025 HSBC Global Funds ICAV Global Sustainable Government Bond UCITS ETF Monthly report 31 January 2025 | HSGU LN | ETFCH Follow us on: Risk disclosuresHSBC Asset Management • 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. 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. Glossarywww.assetmanagement.hsbc.co.uk/en/api/v1/download/document/gb00b80qg615/gb/en/glossary 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. Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non- infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com) Source: HSBC Asset Management, data as at 31 January 2025 HSBC Global Funds ICAV Global Sustainable Government Bond UCITS ETF Monthly report 31 January 2025 | HSGU LN | ETFCH 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. 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 January 2025