Title: https://doc.morningstar.com/Document/ae689bb84dfdbb136a9c905d8e37d1b2.msdoc/ URL Source: https://doc.morningstar.com/Document/ae689bb84dfdbb136a9c905d8e37d1b2.msdoc/?clientid=atlas Number of Pages: 5 Markdown Content: # HSBC Global Funds ICAV # China Government Local Bond UCITS ETF Marketing communication | Monthly report 30 April 2026 | HCGE LN | ETFCHEUR 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. Source: HSBC Asset Management, data as at 30 April 2026 # Investment objective The Fund aims to provide regular income and capital growth by tracking as closely as possible the performance of the Bloomberg China Treasury and Policy Bank 9% Capped Bond Index (total return) (the Index). " # Investment strategy The Index is comprised of Renminbi (CNY) denominated bonds that are listed on China Interbank Bond Market. The currency of the Index is US dollars (USD) and returns are unhedged. The Index includes fixed -rate government and policy bank bonds with a minimum outstanding amount of at least CNY 5 billion, and a maturity of at least one year. The Fund will be passively managed and will invest in CNY denominated bonds.The Fund will not necessarily invest in every Index constituent and may invest outside of the Index .The Fund may invest up to 10% in funds, up to 100% in non -investment grade bonds, up to 100% in government bonds issued by a single government issuer and up to 20% in securities issued by the same non -government issuer.The average credit ratings of the Fund’s underlying investments are expected to be in -line with that of the Index.See the Prospectus for a full description of the investment objectives and derivative usage. # Main risks • The Fund's unit value can go up as well as down, and any capital invested in the Fund may be at risk. • 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. • The Fund may invest in Emerging Markets, these markets are less established, and often more volatile, than developed markets and involve higher risks, particularly market, liquidity and currency risks. ## Share Class Details Key metrics NAV per Share EUR 11.35 Performance 1 month 0.53% Yield to maturity 1.59% Fund facts UCITS V compliant Yes Dividend treatment Accumulating Dealing frequency Daily Fund base currency USD Currency Hedged Fully Hedged Valuation Time 23:00 Ireland Share Class Base Currency EUR Domicile Ireland Inception date 12 July 2023 Fund Size USD 386,955,914 Managers HSBC Passive Fixed Income Team Fees and expenses Ongoing Charge Figure ¹ 0.200% Codes ISIN IE000YUU9UG5 Bloomberg ticker HCGE LN ¹Ongoing Charges Figure is based on expenses over a year. The figure includes annual management charge but not the transaction costs. Such figures may vary from time to time. HSBC Global Funds ICAV China Government Local Bond UCITS ETF Monthly report 30 April 2026 | HCGE LN | ETFCHEUR Past performance does not predict future returns. The figures are calculated in the share class bas e currency, dividend rein vested, net of fees. The benchmark data is that of the reference benchmark of the fund, as this data is calculated at fu nd level rather than shar e class level. The reference benchmark of the fund is 100% Bloomberg China Treasury + Policy Bank Index (total retu rn) Source: HSBC Asset Management, data as at 30 April 2026 ## Performance Fund > 12/23 > 06/24 > 12/24 > 06/25 > 12/25 > 100 > 102 > 104 > 106 > 108 > 110 > 112 > 114 > Return index rebased to > 100 on starting date Performance (%) YTD 1 month 3 months 6 months 1 year 3 years ann 5 years ann Since inception ann Fund 1.54 0.53 0.99 1.06 1.31 -- -- 4.62 Rolling Performance (%) 30/04/25 - 30/04/26 30/04/24 - 30/04/25 30/04/23 - 30/04/24 30/04/22 - 30/04/23 30/04/21 - 30/04/22 Fund 1.31 6.58 -- -- -- 3-Year Risk Measures Fund Reference benchmark Volatility -- -- Sharpe ratio -- -- 5-Year Risk Measures Fund Reference benchmark Volatility -- -- Sharpe ratio -- -- Fixed Income Characteristics Fund Reference benchmark Relative No. of holdings ex cash 157 336 -- Average coupon rate 2.46 2.60 -0.14 Yield to worst 1.59% 1.58% 0.01% Option Adjusted Duration 5.96 5.96 0.00 Modified Duration to Worst 5.88 5.88 0.00 Option Adjusted Spread Duration 5.89 5.89 0.00 Average maturity 7.14 7.28 -0.14 Average Credit Quality A+ A+ -- Maturity Breakdown (Option Adjusted Duration) Fund Reference benchmark Relative 0-2 years 0.21 0.23 -0.02 2-5 years 1.27 1.16 0.11 5-10 years 2.41 2.46 -0.05 10+ years 2.07 2.10 -0.03 Total 5.96 5.96 0.00 HSBC Global Funds ICAV China Government Local Bond UCITS ETF Monthly report 30 April 2026 | HCGE LN | ETFCHEUR The benchmark data is that of the reference benchmark of the fund, as this data is calculated at fu nd level rather than shar e class level. The reference benchmark of the fund is 100% Bloomberg China Treasury + Policy Bank Index (total retu rn) Source: HSBC Asset Management, data as at 30 April 2026 Sector Allocation (%) Fund Reference benchmark Relative Treasury 58.27 58.31 -0.04 Government Owned, No Guarantee 41.66 41.69 -0.02 Cash 0.07 -- 0.07 Top 10 Holdings Weight (%) CHINA GOVT BOND 3.190 15/04/53 1.84 CHINA GOVT BOND 1.440 15/09/27 1.69 CHINA GOVT BOND 3.810 14/09/50 1.66 CHINA GOVT BOND 1.380 15/06/27 1.65 CHINA GOVT BOND 1.360 15/12/27 1.53 CHINA GOVT BOND 2.050 15/04/29 1.40 CHINA DEV BANK 2.350 06/05/34 1.37 CHINA GOVT BOND 2.350 25/02/34 1.36 CHINA GOVT BOND 2.620 25/06/30 1.34 CHINA GOVT BOND 1.610 15/02/35 1.32 HSBC Global Funds ICAV China Government Local Bond UCITS ETF Monthly report 30 April 2026 | HCGE LN | ETFCHEUR ## Risk Disclosure • 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”). • 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. • 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 (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: HSBC Asset Management, data as at 30 April 2026 Follow us on: HSBC Asset Management Glossary www.assetmanagement.hsbc.it/api/v1/ download/document/lu0210635099/it/ en/glossary HSBC Global Funds ICAV China Government Local Bond UCITS ETF Monthly report 30 April 2026 | HCGE LN | ETFCHEUR Source: HSBC Asset Management, data as at 30 April 2026 ## Important Information This document is produced and distributed by HSBC Asset Management and is only intended for non -pr ofessional investors as d efined by MIFID. The information contained herein is subject to change without notice. All non -authorised reproduction or use of this commentary a nd analysis will be the responsibility of the user and will be likely to lead to legal proceedings. This information has no contractual value and is not by any means intended as a solicitation, nor a n investment advice for t he purchase or sale of an y financial instrument in any jurisdiction in which such an offer is not lawful. The commentary and analysis presented in this document reflect the opinion of HSBC Asset Management on the markets, accordi ng to the information available to date. They do not constitute any kind of commitment from HSBC Asset Managem ent. Tax treatment depends on The individual circumstances of each client and may be subject to change i n The future. Capital is not guaranteed. It is important to remember that the value of investments and any income from them can go down as well as up and is not guaranteed. Please note that the distribution of the product can stop at any time by decision of the management company. Consequently, HSBC Asset Management will not be held responsible for any investment or disinvestme nt decision taken on the basis of the commentary and/or analysis in this document. All data from HSBC Asset Management unless otherwise specified. Any third party information has been obtained from sources we believe to be reliable, but which we have not independently ve rified. Further additional and complete information (including but not limited to) investor rights, costs a nd charges, please refer to the prospectus. Term : The management company cannot terminate the Fund unilaterally. The Board of Directors may fu rthermore decide to liqui date the Fund in certain circumstances set out in the prospectus and articles of incorporation of the Fund. If necessary, investors can refer to the complaints handling charter available in the banner of our website: https://www.assetmanagement.hsbc.it/it/complaints -handling Further information about the UCITS including the Prospectus, the most recent annual and semi -annua l reports of the UCITS an d the latest prices of shares, may be obtained free of charge, in English, from the Administrator by emailing ifsinvestorqu eries@hsbc.com , or by vi siting 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 Information Document (PRIIPs KID ) are available in the lo cal language where they are registered. The indicative intra -day net asset value of the fund is available on at least one major market data vendor terminal such as Bloomberg, as well as on a wide range of websites that display stock market data, including www.reuters.com.