HSBC Global Funds ICAV Global Government Bond UCITS ETF Marketing communication | Monthly report 31 January 2025 | HGVG LN | 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 long-term regular income and capital growth by tracking as closely as NAV per share GBP 10.27 possible the performance of the FTSE World Government Bond Index (total return hedged to US Performance 1 month0.28% dollars) (the Index). Yield to maturity 3.38% Fund factsInvestment strategy UCITS V compliant Yes The Index is comprised of investment grade bonds; it includes fixed-rate local currency UK reporting fund status Yes government bonds from developed and emerging markets issuers.The Fund will be passively (UKRS) managed and will invest in bonds issued by governments, government-related entities and ISA eligible Yes supranational entities based in developed and emerging markets, all of which are Index Dividend treatmentDistributing constituents. It uses an investment technique called optimisation, which seeks to minimise the difference in return between the Fund and the Index by considering tracking error (the risk that Distribution frequency Semi-Annually the Fund return varies from the Index return) and trading costs when constructing a portfolio. The Dividend ex-date8 August 2024 Fund will not necessarily invest in every Index constituent or invest proportionally to each Dividend yield¹ 2.17% constituents’ Index weight 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 market instruments and funds.The Fund’s Last paid dividend 0.128418 primary currency exposure is to USD.See the Prospectus for a full description of the investment Dealing frequencyDaily objectives and derivative usage. Fund base currencyUSD Currency Hedged Fully Hedged Main risks Valuation time 23:00 Ireland Share class base currency GBP • The value of investments and any income from them can go down as well as up andinvestors may not get back the amount originally invested Domicile Ireland • Investing in assets denominated in a currency other than that of the investor’s own currency Inception date 18 July 2023exposes the value of the investment to exchange rate fluctuations Fund size USD 8,192,494,843 • Where overseas investments are held the rate of currency exchange may cause the value ofsuch investments to go down as well as up.ManagersHSBC Passive Fixed Income Team Fees and expenses Ongoing charge figure²0.100% Codes ISIN IE000Q7EQ7R4 Bloomberg tickerHGVG LN SEDOL BMZQ448 ¹Dividend Yield: represents the ratio of distributed income over the last 12 months to the fund’s current Net Asset Value. ²Ongoing 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. Source: HSBC Asset Management, data as at 31 January 2025 HSBC Global Funds ICAV Global Government Bond UCITS ETF Monthly report 31 January 2025 | HGVG LN | ETFSHGBP Performance Fund Return index rebased to 106 100 on starting date 1041021009896 09/23 12/23 03/24 06/2409/24 12/24Since inception Performance (%) YTD 1 month 3 months 6 months 1 year 3 years ann 5 years ann ann Fund 0.280.28 0.66 1.26 2.60 ----3.18 31/01/24- 31/01/23- 31/01/22- 31/01/21-31/01/20- Rolling performance (%) 31/01/2531/01/24 31/01/23 31/01/22 31/01/21 Fund2.60 ------ -- Reference Reference 3-Year Risk MeasuresFund Benchmark 5-Year Risk Measures Fund Benchmark Volatility -- -- Volatility---- Sharpe ratio -- -- Sharpe ratio---- Reference Fixed Income Characteristics Fund Benchmark Relative No. of holdings ex cash994 1,315-- Average coupon rate 2.60 2.65 -0.05 Yield to worst 3.38% 3.38% 0.00% Option adjusted duration 6.98 6.97 0.01 Modified duration to worst6.66 6.65 0.01 Option adjusted spread duration 6.88 6.87 0.01 Average maturity 8.76 8.73 0.03 Rating average AA/AA- AA/AA- -- Reference Maturity Breakdown Credit rating (%) Fund BenchmarkRelative (Option adjusted Reference AAA 10.80 10.76 0.04duration) Fund BenchmarkRelative0-2 years 0.22 0.23 0.00 AA 56.4956.56 -0.072-5 years 1.06 1.05 0.00 A25.7925.87 -0.085-10 years 1.74 1.73 0.01 BBB 6.78 6.81 -0.0310+ years 3.97 3.99 -0.03 Cash0.14 --0.14Total 6.99 7.00-0.01 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% FTSE World Government Bond Index (formerly the Citigroup World Government Bond Index) (total return hedged to USD) Source: HSBC Asset Management, data as at 31 January 2025 HSBC Global Funds ICAV Global Government Bond UCITS ETF Monthly report 31 January 2025 | HGVG LN | ETFSHGBPCurrency AllocationReference (%)Fund Benchmark Relative USD 99.98 100.00-0.02 EUR0.06 -- 0.06 GBP0.03 -- 0.03 AUD0.02 -- 0.02 DKK0.01 -- 0.01 NOK0.00 -- 0.00 MYR0.00 -- 0.00 SEK0.00 -- 0.00 CAD0.00 -- 0.00 NZD0.00 -- 0.00 Other Currencies -0.10 -- -0.10 Geographical allocation (%)United States 42.61 42.64 Mainland China 10.19 10.22 Japan9.94 9.96 France 6.50 6.52Italy 6.12 6.13Germany 5.18 5.16 United Kingdom 4.66 4.66 Spain 3.913.91Canada 1.761.76Belgium 1.391.40 Other Locations 7.597.64 Cash 0.14FundReference Benchmark Reference Sector allocation (%) Fund BenchmarkRelative Treasuries99.86 100.00 -0.14 Cash 0.14 -- 0.14 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% FTSE World Government Bond Index (formerly the Citigroup World Government Bond Index) (total return hedged to USD) Source: HSBC Asset Management, data as at 31 January 2025 HSBC Global Funds ICAV Global Government Bond UCITS ETF Monthly report 31 January 2025 | HGVG LN | ETFSHGBPTop 10 holdings Weight (%) US TREASURY N/B 4.375 15/05/340.49 US TREASURY N/B 4.125 15/11/320.48 US TREASURY N/B 1.625 15/05/310.43 US TREASURY N/B 2.875 15/05/320.42 US TREASURY N/B 4.000 15/02/340.41 US TREASURY N/B 4.125 15/02/270.40 US TREASURY N/B 4.500 15/11/330.39 US TREASURY N/B 1.250 15/08/310.39 US TREASURY N/B 4.625 28/02/260.39 US TREASURY N/B 3.875 15/08/330.38Trading Bloomberg iNAV Exchange nameListing date currency Trading hours ticker Reuters RIC Bloomberg iNAV Reuters LONDON STOCK EXCHANGE24 Jul 2023 GBP--HGVG LN HGVG.L HGVGGBIV HGVGGBPINAV =SOLA 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% FTSE World Government Bond Index (formerly the Citigroup World Government Bond Index) (total return hedged to USD) Source: HSBC Asset Management, data as at 31 January 2025 HSBC Global Funds ICAV Global Government Bond UCITS ETF Monthly report 31 January 2025 | HGVG LN | 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 www.assetmanagement.hsbc.co.uk/en/ FTSE International Limited ("FTSE") © FTSE 2025. "FTSE®" is a trade mark of the London Stock api/v1/download/document/ Exchange Group companies and is used by FTSE International Limited under licence. All rights gb00b80qg615/gb/en/glossary in the FTSE indices and / or FTSE ratings vest in FTSE and/or its licensors. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and / or FTSE 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