Importance of Due Diligence - HSBC · 2017. 3. 9. · assets include penny stocks and shares of...
Transcript of Importance of Due Diligence - HSBC · 2017. 3. 9. · assets include penny stocks and shares of...
For professional clients only
Importance of Due DiligenceFor Index Tracker Funds and ETFs
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Index-based funds may differ from active funds in
the way they are managed, structured and traded
but products from different providers may, just
as with active funds, perform differently. In order
to incorporate high quality passive funds into
a portfolio, advisers need to have a robust due
diligence process for selecting index-based funds,
just as they do for active funds.
As awareness of problems such as the issuer’s
concentration risk becomes more prevalent, we
expect to see better due diligence used in the selection
of passive funds. Concentration risks relate to having
a high proportion of assets invested with a single
fund provider.
“ Fund selection based on strong risk assessment
and due diligence, rather than going for a ‘default
provider’, will ultimately lead to better outcomes
for end investors.”In this publication, we will cover some of the most
important questions that, in our view, intermediaries
and fund buyers should address as part of their due
diligence framework for passive fund selection.
Making the right choice
As part of passive fund selection, due diligence is
typically conducted in three stages. First, suitable
indices are identified, then a shortlist of index funds
tracking them is created, and finally the fund is selected
based on the choice of a provider.
The different considerations at each of these levels are
weighted depending on advisers’ views on the following
key factors.
Fund
Index
Provider
Due Diligence
Index coverage
Weighting methodology
Rebalancing
Liquidity
UCITS
Replication
CostTracking difference /
Tracking error
AUM
Independent ratings
Client centric
Risk management
AUM growth
IFA support
Focus on growth
Experience & brand
IND
EX
Index coverage
Each index has its own construction methodology
which determines which stocks are included from
their respective investment universe. Different index
providers covering the same market would not normally
have the same stock selection criteria. Some equity
index providers would exclude certain types of shares,
while others will not or classify sectors differently from
other providers. Some indices may exclude whole
countries from their scope, while other providers will
include them. The most commonly used index selection
criteria takes into account market capitalisation of the
underlying securities.
For example, FTSE and MSCI differ in the way they
classify emerging market countries (EMs), with South
Korea categorised as developed markets by FTSE but as
emerging markets by MSCI.
For instance, with the S&P 500 Index representing
about 80% of US market capitalisation1, a question
can be asked about what will be achieved by going
any broader than S&P 500?
Index weighting methodology
Different index weighting methodologies can lead to
differences in performance and risk-return characteristics
among seemingly similar indexes.
The S&P 500 Index is an example of the most
commonly used index methodology, which is based
on market capitalisation.
There are other index weighting methodologies
and it is important to understand what this
means in the context of your overall
investment objectives.
1 Source: Standard & Poor’s, November 2016
Capped exposure
Some markets are dominated by a few large companies
and, as a result, the market cap indices that track
these markets may have significant exposure to these
companies. Some providers may opt for a ‘capped’
version of these indices, which limit the percentage
exposure to their largest constituents. This allows the
provider to offer a more diversified exposure to these
markets. HSBC Global Asset Management has opted
for this type of index exposure for both the HSBC MSCI
Russia Capped UCITS ETF and the HSBC MSCI Mexico
Capped UCITS ETF.
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Select an Index
“ Understanding an index’s focus and construction allows you to pinpoint the exact exposure you need for a client’s portfolio.”
Due Diligence
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Index re-balancing: how often?
The composition of indices is reviewed periodically
to ensure that they remain representative of the their
objectives. For example, some stocks are dropped from
a market capitalisation index in the course of rebalancing
if their size falls bellow or rises above the respective
threshold of this index.
The frequency of index rebalancing is part of an index’s
calculation methodology. The more frequently an index
rebalances and the larger the resulting underlying
movements are, the higher the turnover rate is for that
particular index. If an index has a high turnover rate,
any fund aiming to track the performance of that index
will be faced with higher trading costs. As trading costs
come out of fund performance, fund returns will be
negatively impacted.
Liquidity of the underlying market
As part of their index construction process, providers
often apply a filter to exclude stocks with low liquidity
however it is still important for investors to consider
liquidity when selecting an index.
When selecting a passive fund, investors should
consider the level of liquidity (availability) of the
underlying index’s constituent securities.
At the most liquid end of the spectrum are listed
shares of large global companies, while highly illiquid
assets include penny stocks and shares of very small
companies that are traded “by appointment”.
Liquidity can fall due to market conditions or stock-specific
factors, creating a risk for investors. That risk can impact
an asset’s price.
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FUN
D
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A Fund ShortlistIs it a UCITS fund?
Most retail funds in Europe are UCITS compliant. UCITS
was enacted to create a single European standard for
consumer protection in respect to fund composition.
In Europe, but also in regions beyond its borders, it is
considered a quality seal, as it sets very high common
standards that are embedded in the European regulatory
framework. Therefore, it makes good sense to select
index-based funds that are UCITS compliant.
Physical or Synthetic Replication?
The most straight-forward way to replicate an index
is physical replication. In this instance, an index fund
manager purchases the underlying securities of an index.
An alternative to this is synthetic replication, whereby
a fund manager instead buys a swap from a third party.
A swap is a derivative security providing the return from
a given index in exchange for a fee and any returns
on collateral.
Overall cost
When it comes to comparing fund costs, it is
increasingly based on passive funds’ Total Cost of
Ownership (TCO). This way, a comparison takes into
account not only management fees and the Ongoing
Charges Figure (OCF), but also transaction costs.
The total cost of ownership comprises:
u Costs of holding the fund – (which effectively are
reflected by the fund’s tracking difference) consist of
the OCF and the costs incurred within the fund, such
as rebalancing costs, taxes, dividend reinvestment/
cash drag and any costs associated with the
optimisation, if applicable.
u Costs of trading the fund – where applicable, include
platform or brokerage transaction fees and taxes.
“ There are concerns that the risks associated with synthetic funds – the most important of which is counterparty risk – can make them a less attractive investment option. It means that investors may not be compensated for this type of risk.” “ The TCO shows that investing
attracts a number of expenses not included in the headline price (OCF).”
Therefore, we believe that when looking at fund costs,
cost comparisons should be based on the TCO. For
index-based funds, the TCO comprises the tracking
difference, which signifies the sum of all costs and
income within the fund, and trading costs.
AUM?
Tracking Difference?
FundRating?
££££Cost?
FUND
INDEX
Assets under management (AUM)
Index-based funds attract different volumes of investor
assets, which may be partly due to the nature of the
underlying indices they track. Significant assets illustrate
investor interest in an index-based fund, but also its
underlying market. Moreover, index-based funds that
track more specialised markets (such as an emerging
market country index) tend to have a lower AUM than a
large developed country, regional or a global stock index.
This is because of the size of the underlying market and
demand. Moreover, new funds may be smaller in size but
at the same time offer a better solution than some of its
larger peers.
Securities lending
Many fund providers use stock lending which helps
to reduce fund costs by lending some of the portfolio
holdings to a third party for a fee. However, this carries
counterparty risk, as the stock may be lost if the
borrower goes out of business.
Some providers indemnify their investors against
this risk while others don’t, so a review of stock
lending practices should form an important part of any
due diligence process. If a fund is involved in stock
lending then due diligence should also address that
point in detail. Questions should be asked about the
type of collateral that is being offered and the over
collateralisation applied. What is the state of financial
security under any stress testing? Moreover, securities
lending adds an extra layer of complexity to the fund’s
investment process and costs. It can also be useful to
look at how the fund provider profits from securities
lending alongside the fund and consider how this may
effect their securities lending policies.
Tracking difference and tracking error
Passive funds’ dealing and trading fees mean that
they never mimic their index exactly. Two measures
used to gauge this discrepancy in returns are ‘tracking
difference’ and ‘tracking error’. These measures should
be considered together as tracking difference looks at
how well an index is replicated over a given period of
time, while tracking error, being a measure of volatility,
gives an idea how consistent that replication is.
Tracking difference compares the fund’s return
to the performance of its underlying index over
a period of time. For example, if an index tracker
delivered 8.5% over a period of time compared to
the underlying index’s 10% over the same period,
the tracking difference in this instance will be -1.5%.
Tracking error is a measurement of risk that defines
how consistent the return difference between
the fund and its benchmark index has been over
time. It is calculated as the annualised standard
deviation of the difference between the fund’s daily
performance and that of its underlying index.
It should be remembered that all measures of tracking
quality are backward looking and as such can’t be relied
on to forecast future performance.
Different pricing points
When comparing tracking errors of different funds,
investors should bear in mind that different providers
may price their index funds at different times of the
day. It means that the figures may need to be adjusted
before a fair comparison is made. More information can
be requested from the provider.6
AUM?
Tracking Difference?
FundRating?
££££Cost?
FUND
INDEX
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“ The Global Financial Crisis brought about the realisation that stock lending carried some additional risks that might have been underestimated in the past and could result in additional losses.”
Independent Ratings
As with active funds, there are a number of independent
ratings agencies that assess passive funds’ relative
performance, together with the strength and quality of
their investment processes.
Independent ratings are designed to help investors
decide which funds have the greatest potential to deliver
the best performance. However, index-based funds are
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still a relatively new area for ratings agencies and there
is still no common industry standard of how it should
be approached. Therefore, it is important to review the
rating methodology and data used to ensure that it
meets your expectations.
Please see our publication on index fund ratings.
Agency Name of Rating Types of funds rated Based on
Defaqto Diamond Rating Index trackers (OEICs and unit trusts)Combination of quantitative and qualitative factors
Dynamic Planner ACE Fund Rating Index trackers (OEICs and unit trusts)Combination of quantitative and qualitative factors
FE (Financial Express) Crown Rating Index trackers (OEICs and unit trusts) and ETFs Quantitative factors
Morningstar
‘Star’ rating Index trackers (OEICs and unit trusts) and ETFs Quantitative factors
Analyst Rating (Gold, Silver, Bronze, Neutral and Negative) Index trackers (OEICs and unit trusts) Qualitative factors
Rayner Spencer Mills RSMR Rating (Blue) Index trackers (OEICs and unit trusts) Combination of quantitative and qualitative factors
Independent ratings for passive funds
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Putting clients first
It may be argued that, being quantitatively-driven
investment vehicles, passive funds are only as good as
the processes and technology on which they are built.
The Fund provider’s track record and reputation offer
an effective reflection of their capabilities, knowledge
and experience.
Any decision to invest in the Fund should take into
account the provider’s approach to conduct risk
and corporate governance.
Commitment on product development and growth
Does the asset manager operate in both ETFs and tracker
funds by the same team – demonstrating collaborative
expertise and commitment to index investing? Is the
provider continually developing its range?
Due diligence should also look at the strength of the
provider’s brand and its financial position. How have the
assets grown over the previous years? How does the
firm manage risk?
How does the asset manager support IFAs?
Ask yourself, how strong is the asset manager at
supporting their clients, such as providing thought
leadership, support and briefings for advisers?
Does the fund provider have a vision about its place in
the evolving industry and a long-term strategy for how
best to support their clients?
Having a clear vision and a voice helps underline
the provider’s commitment to index investment
products. This would mean that the provider takes
the necessary steps to ensure that it offers products
that answer investors’ requirements and are right for
market conditions.
PR
OV
IDE
R
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Select a Provider
“ You need to question how client-centric your fund provider is. How much work is done to make investment solutions transparent and easy to understand for investors? Does the firm offer products tested with such organisations as the Wisdom Council, a consumer research agency? ”
Risk management
Asset managers must be judged on their ability not
only to monitor but also to control a range of risks that
may affect their passive funds’ ability to track indices
effectively. Risk management is a key consideration not
only during portfolio construction but throughout the life
of the fund.
Ongoing risk management includes the analysis of
performance attributions and exposures to different parts
of the underlying market. Asset managers also look at
the impact of index rebalancing, currency exchange rate
exposure and corporate actions, such as mergers and
acquisitions, stock splits, rights issues, spin-offs or the
receipt of interest and dividends.
Many fund providers use stock lending which helps
to reduce fund costs by lending some of the portfolio
holdings to a third party for a fee. However, as we argued
earlier, it carries some risk and some providers do not
indemnify against it.
Other important risk factors that asset managers always
need to take into consideration are regulation and tax
regimes, which may span many countries and continents
depending on the investment universe of a given fund.
Changes to tax and regulation may have an impact,
sometimes considerable, on the performance of the
underlying funds.
Experience and brand
The track record and reputation of the fund provider
offer an effective reflection of the asset manager’s
capabilities, knowledge and experience.
Impact of corporate actions
Index rebalancingimpact
Impact of indexrebalancing
Performance attributions analysis
Sector exposure analysis
Regulation and tax regimes
RiskManagement
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Fund
Index
Provider
HSBC Index Tracker Fund RangeFund Name Benchmark Tracking Method Ongoing Charges
Figure (OCF)* Share Class ISIN Fund launch date
HSBC American Index Fund S&P 500 Index Full0.08 Inc GB00B80QG490
31/10/19880.08 Acc GB00B80QG615
HSBC European Index Fund FTSE Developed Europe ex UK Index Full0.10 Inc GB00B80QGD89
14/01/19890.10 Acc GB00B80QGH28
HSBC FTSE 100 Index Fund FTSE 100 Index Full0.18 Inc GB00B80QD042
30/09/19940.18 Acc GB00B80QFR50
HSBC FTSE 250 Index Fund FTSE 250 Index Full0.18 Inc GB00B80QFZ35
07/10/19970.18 Acc GB00B80QG052
HSBC FTSE All Share Index Fund FTSE All-Share Index Optimised0.07 Inc GB00B80QFW04
26/03/19900.07 Acc GB00B80QFX11
HSBC FTSE All-World Index Fund FTSE All-World Index Optimised0.20 Inc GB00BMJJJG09
26/09/20140.20 Acc GB00BMJJJF91
HSBC Index-Linked Gilt Index Fund FTSE Actuaries UK Index-Linked Gilts Index Full0.17 Inc GB00BYV9WL85
15/07/20160.17 Acc GB00BYVCCV79
HSBC Japan Index Fund FTSE Japan Index Full0.21 Inc GB00B80QGM70
14/01/19890.21 Acc GB00B80QGN87
HSBC Pacific Index Fund FTSE Asia Pacific Ex. Japan Index Full0.25 Inc GB00B80QGR26
20/11/19980.25 Acc GB00B80QGT40
HSBC Sterling Corporate Bond Index Fund Markit iBoxx GBP Non-Gilts Index Optimised0.17 Inc GB00BYV9W854
24/10/20160.17 Acc GB00BYV9WC94
HSBC UK Gilt Index Fund FTSE Actuaries UK Gilts All Stocks Index Full0.20 Inc GB00B80QG276
07/06/20100.20 Acc GB00B80QG383
Lower minimum investments will apply to business done via platforms. For direct business with HSBC Global Asset Management, a minimum of £1million applies.
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Fund Name Benchmark Tracking Method Ongoing Charges Figure (OCF)* Share Class ISIN Fund
launch date
HSBC American Index Fund S&P 500 Index Full0.08 Inc GB00B80QG490
31/10/19880.08 Acc GB00B80QG615
HSBC European Index Fund FTSE Developed Europe ex UK Index Full0.10 Inc GB00B80QGD89
14/01/19890.10 Acc GB00B80QGH28
HSBC FTSE 100 Index Fund FTSE 100 Index Full0.18 Inc GB00B80QD042
30/09/19940.18 Acc GB00B80QFR50
HSBC FTSE 250 Index Fund FTSE 250 Index Full0.18 Inc GB00B80QFZ35
07/10/19970.18 Acc GB00B80QG052
HSBC FTSE All Share Index Fund FTSE All-Share Index Optimised0.07 Inc GB00B80QFW04
26/03/19900.07 Acc GB00B80QFX11
HSBC FTSE All-World Index Fund FTSE All-World Index Optimised0.20 Inc GB00BMJJJG09
26/09/20140.20 Acc GB00BMJJJF91
HSBC Index-Linked Gilt Index Fund FTSE Actuaries UK Index-Linked Gilts Index Full0.17 Inc GB00BYV9WL85
15/07/20160.17 Acc GB00BYVCCV79
HSBC Japan Index Fund FTSE Japan Index Full0.21 Inc GB00B80QGM70
14/01/19890.21 Acc GB00B80QGN87
HSBC Pacific Index Fund FTSE Asia Pacific Ex. Japan Index Full0.25 Inc GB00B80QGR26
20/11/19980.25 Acc GB00B80QGT40
HSBC Sterling Corporate Bond Index Fund Markit iBoxx GBP Non-Gilts Index Optimised0.17 Inc GB00BYV9W854
24/10/20160.17 Acc GB00BYV9WC94
HSBC UK Gilt Index Fund FTSE Actuaries UK Gilts All Stocks Index Full0.20 Inc GB00B80QG276
07/06/20100.20 Acc GB00B80QG383
Lower minimum investments will apply to business done via platforms. For direct business with HSBC Global Asset Management, a minimum of £1million applies. Initial Charge Domicile
0% UK
* C share class accumulation units. Please refer to the regulatory disclosures overleaf.
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FUND NAME Stock Exchange
Bloomberg ticker
Reuters ticker
Base Currency1
Trading Currency2 OCF3 ISIN Sedol Dividends
UK Reporting Status4
Replication method UCITS IV Registration
DEVELOPED MARKETS – REGIONAL EXPOSURE
HSBC MSCI PACIFIC ex JAPAN UCITS ETF
LSE GBPLSE USDNYSE Euronext ParisSIX Swiss USDDeutsche Borse
HMXJ LNHMXD LNMXJ FPHMXJ SWH4ZH GY & GR
HMXJ.LHMXD.LMXJ.PAHMXJ.SH4ZH.DE
USD
GBPUSDEURUSDEUR
0.40%
IE00B5SG8Z57IE00B5SG8Z57IE00B5SG8Z57IE00B5SG8Z57DE000A1C22P6
B5SG8Z5B3Z8N00 B60XHD2B5P4324B4WHBL4
Semi-annual Yes Physical – Replication Compliant UK, FR, DE, IT, NL, ES,
SW, CH, IE, AT
HSBC MSCI EUROPE UCITS ETF
LSE GBPNYSE Euronext ParisSIX Swiss USDSIX Swiss EURDeutsche Borse
HMEU LNHEU FPHMEU SWHMEUEUR SWH4ZE GY & GR
HMEU.LHEU.PAHMEU.SHMEUS.SH4ZE.DE
EUR
GBPEURUSDEUREUR
0.20%
IE00B5BD5K76IE00B5BD5K76IE00B5BD5K76IE00B5BD5K76DE000A1C22L5
B5BD5K7B5MLFJ9B4V4L83 B3R48F6B4WZVJ6
Semi-annual Yes Physical – Replication Compliant UK, FR, DE, IT, NL, ES,
SW, CH, IE
HSBC EURO STOXX 50 UCITS ETF
LSE GBPNYSE Euronext ParisSIX Swiss USDSIX Swiss EURDeutsche Borse
H50E LN50E FPH50E SWH50EEUR SWH4ZA GY & GR
H50E.L50E.PAH50E.SH50EE.SH4ZA.DE
EUR
GBPEURUSDEUREUR
0.05%
IE00B4K6B022IE00B4K6B022IE00B4K6B022IE00B4K6B022DE000A1C0BB7
B4K6B02B4KTPN2B4T2156 B3RNLN2B4WNQH3
Semi-annual Yes Physical – Replication Compliant UK, FR, DE, IT, NL, ES,
SW, CH, IE, AT
HSBC MSCI WORLD UCITS ETF
LSE GBPLSE USDNYSE Euronext ParisSIX Swiss USDDeutsche Borse
HMWO LNHMWD LNWRD FPHMWO SWH4ZJ GY & GR
HMWO.LHMWD.LWRD.PAHMWO.SH4ZJ.DE
USD
GBPUSDEURUSDEUR
0.15%
IE00B4X9L533IE00B4X9L533IE00B4X9L533IE00B4X9L533DE000A1C9KL8
B5BD198B4X9L53B4YCZD7 B5W4MY2B4VBPV5
Quarterly YesPhysical – Optimisation Replication
Compliant UK, FR, DE, IT, NL, ES, SW, CH, IE, AT
DEVELOPED MARKETS – SINGLE COUNTRY EXPOSURE
HSBC S&P 500 UCITS ETF
LSE GBPLSE USDNYSE Euronext ParisSIX Swiss USDDeutsche Borse
HSPX LNHSPD LNHHH FPHSPX SWH4ZF GY & GR
HSPX.LHSPD.LHHH.PAHSPX.SH4ZF.DE
USD
GBPUSDEURUSDEUR
0.09%
IE00B5KQNG97IE00B5KQNG97IE00B5KQNG97IE00B5KQNG97DE000A1C22M3
B5KQNG9 B64XYN7B5T03T5 B4Y3DG9 B54FQ74
Semi-annual Yes Physical – Replication Compliant UK, FR, DE, IT, NL, ES,
SW, CH, IE, AT
HSBC FTSE 100 UCITS ETF
LSE GBPNYSE Euronext ParisSIX Swiss USDDeutsche Borse
HUKX LNUKX FPHUKX SWH4ZB GY & GR
HUKX.LUKX.PAHUKX.SH4ZB.DE
GBP
GBPEURUSDEUR
0.07%
IE00B42TW061IE00B42TW061IE00B42TW061DE000A1C0BC5
B42TW06B4NQM28B55B529 B51D2P1
Semi-annual Yes Physical – Replication Compliant UK, FR, DE, IT, NL, ES,
SW, CH, IE
HSBC MSCI USA UCITS ETF
LSE GBPLSE USDNYSE Euronext ParisSIX Swiss USDDeutsche Borse
HMUS LNHMUD LNMUS FPHMUS SWH4ZD GY & GR
HMUS.LHMUD.LMUS.PAHMUS.SH4ZD.DE
USD
GBPUSDEURUSDEUR
0.30%
IE00B5WFQ436IE00B5WFQ436IE00B5WFQ436IE00B5WFQ436DE000A1C22K7
B5WFQ43 B3Z7TR6B57D976B5103K4 B4YRY80
Semi-annual Yes Physical – Replication Compliant UK, FR, DE, IT, NL, ES,
SW, CH, IE, AT
HSBC MSCI JAPAN UCITS ETF
LSE GBPLSE USDNYSE Euronext ParisSIX Swiss USDSIX Swiss JPY Deutsche Borse
HMJP LNHMJD LNMJP FPHMJP SWHMJPJPY SW H4ZC GY & GR
HMJP.LHMJD.LMJP.PAHMJP.SHMJPJPY.S H4ZC.DE
USD
GBPUSDEURUSDJPY EUR
0.19%
IE00B5VX7566IE00B5VX7566IE00B5VX7566IE00B5VX7566IE00B5VX7566 DE000A1C0BD3
B5VX756B4V1TC4B5LRD94B50ZTJ1 B7J4WR2 B4VZP39
Semi-annual Yes Physical – Replication Compliant UK, FR, DE, IT, NL, ES,
SW, CH, IE
HSBC FTSE 250 UCITS ETF LSE GBP HMCX LN HMCX.L GBP GBP 0.35% IE00B64PTF05 B64PTF0 Quarterly Yes Physical – Replication Compliant UK, FR, IE, NL, ES
HSBC Exchange Traded Fund (ETFs) Range
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FUND NAME Stock Exchange
Bloomberg ticker
Reuters ticker
Base Currency1
Trading Currency2 OCF3 ISIN Sedol Dividends
UK Reporting Status4
Replication method UCITS IV Registration
DEVELOPED MARKETS – REGIONAL EXPOSURE
HSBC MSCI PACIFIC ex JAPAN UCITS ETF
LSE GBPLSE USDNYSE Euronext ParisSIX Swiss USDDeutsche Borse
HMXJ LNHMXD LNMXJ FPHMXJ SWH4ZH GY & GR
HMXJ.LHMXD.LMXJ.PAHMXJ.SH4ZH.DE
USD
GBPUSDEURUSDEUR
0.40%
IE00B5SG8Z57IE00B5SG8Z57IE00B5SG8Z57IE00B5SG8Z57DE000A1C22P6
B5SG8Z5B3Z8N00 B60XHD2B5P4324B4WHBL4
Semi-annual Yes Physical – Replication Compliant UK, FR, DE, IT, NL, ES,
SW, CH, IE, AT
HSBC MSCI EUROPE UCITS ETF
LSE GBPNYSE Euronext ParisSIX Swiss USDSIX Swiss EURDeutsche Borse
HMEU LNHEU FPHMEU SWHMEUEUR SWH4ZE GY & GR
HMEU.LHEU.PAHMEU.SHMEUS.SH4ZE.DE
EUR
GBPEURUSDEUREUR
0.20%
IE00B5BD5K76IE00B5BD5K76IE00B5BD5K76IE00B5BD5K76DE000A1C22L5
B5BD5K7B5MLFJ9B4V4L83 B3R48F6B4WZVJ6
Semi-annual Yes Physical – Replication Compliant UK, FR, DE, IT, NL, ES,
SW, CH, IE
HSBC EURO STOXX 50 UCITS ETF
LSE GBPNYSE Euronext ParisSIX Swiss USDSIX Swiss EURDeutsche Borse
H50E LN50E FPH50E SWH50EEUR SWH4ZA GY & GR
H50E.L50E.PAH50E.SH50EE.SH4ZA.DE
EUR
GBPEURUSDEUREUR
0.05%
IE00B4K6B022IE00B4K6B022IE00B4K6B022IE00B4K6B022DE000A1C0BB7
B4K6B02B4KTPN2B4T2156 B3RNLN2B4WNQH3
Semi-annual Yes Physical – Replication Compliant UK, FR, DE, IT, NL, ES,
SW, CH, IE, AT
HSBC MSCI WORLD UCITS ETF
LSE GBPLSE USDNYSE Euronext ParisSIX Swiss USDDeutsche Borse
HMWO LNHMWD LNWRD FPHMWO SWH4ZJ GY & GR
HMWO.LHMWD.LWRD.PAHMWO.SH4ZJ.DE
USD
GBPUSDEURUSDEUR
0.15%
IE00B4X9L533IE00B4X9L533IE00B4X9L533IE00B4X9L533DE000A1C9KL8
B5BD198B4X9L53B4YCZD7 B5W4MY2B4VBPV5
Quarterly YesPhysical – Optimisation Replication
Compliant UK, FR, DE, IT, NL, ES, SW, CH, IE, AT
DEVELOPED MARKETS – SINGLE COUNTRY EXPOSURE
HSBC S&P 500 UCITS ETF
LSE GBPLSE USDNYSE Euronext ParisSIX Swiss USDDeutsche Borse
HSPX LNHSPD LNHHH FPHSPX SWH4ZF GY & GR
HSPX.LHSPD.LHHH.PAHSPX.SH4ZF.DE
USD
GBPUSDEURUSDEUR
0.09%
IE00B5KQNG97IE00B5KQNG97IE00B5KQNG97IE00B5KQNG97DE000A1C22M3
B5KQNG9 B64XYN7B5T03T5 B4Y3DG9 B54FQ74
Semi-annual Yes Physical – Replication Compliant UK, FR, DE, IT, NL, ES,
SW, CH, IE, AT
HSBC FTSE 100 UCITS ETF
LSE GBPNYSE Euronext ParisSIX Swiss USDDeutsche Borse
HUKX LNUKX FPHUKX SWH4ZB GY & GR
HUKX.LUKX.PAHUKX.SH4ZB.DE
GBP
GBPEURUSDEUR
0.07%
IE00B42TW061IE00B42TW061IE00B42TW061DE000A1C0BC5
B42TW06B4NQM28B55B529 B51D2P1
Semi-annual Yes Physical – Replication Compliant UK, FR, DE, IT, NL, ES,
SW, CH, IE
HSBC MSCI USA UCITS ETF
LSE GBPLSE USDNYSE Euronext ParisSIX Swiss USDDeutsche Borse
HMUS LNHMUD LNMUS FPHMUS SWH4ZD GY & GR
HMUS.LHMUD.LMUS.PAHMUS.SH4ZD.DE
USD
GBPUSDEURUSDEUR
0.30%
IE00B5WFQ436IE00B5WFQ436IE00B5WFQ436IE00B5WFQ436DE000A1C22K7
B5WFQ43 B3Z7TR6B57D976B5103K4 B4YRY80
Semi-annual Yes Physical – Replication Compliant UK, FR, DE, IT, NL, ES,
SW, CH, IE, AT
HSBC MSCI JAPAN UCITS ETF
LSE GBPLSE USDNYSE Euronext ParisSIX Swiss USDSIX Swiss JPY Deutsche Borse
HMJP LNHMJD LNMJP FPHMJP SWHMJPJPY SW H4ZC GY & GR
HMJP.LHMJD.LMJP.PAHMJP.SHMJPJPY.S H4ZC.DE
USD
GBPUSDEURUSDJPY EUR
0.19%
IE00B5VX7566IE00B5VX7566IE00B5VX7566IE00B5VX7566IE00B5VX7566 DE000A1C0BD3
B5VX756B4V1TC4B5LRD94B50ZTJ1 B7J4WR2 B4VZP39
Semi-annual Yes Physical – Replication Compliant UK, FR, DE, IT, NL, ES,
SW, CH, IE
HSBC FTSE 250 UCITS ETF LSE GBP HMCX LN HMCX.L GBP GBP 0.35% IE00B64PTF05 B64PTF0 Quarterly Yes Physical – Replication Compliant UK, FR, IE, NL, ES
HSBC Exchange Traded Fund (ETFs) Range
15
FUND NAME Stock Exchange
Bloomberg ticker
Reuters ticker
Base Currency1
Trading Currency2 OCF3 ISIN Sedol Dividends
UK Reporting Status4
Replication method UCITS IV Registration
HSBC MSCI CANADA UCITS ETF
LSE GBPLSE USDNYSE Euronext ParisSIX Swiss CAD SIX Swiss USDDeutsche Borse
HCAN LNHCAD LNHCAN FPHCANCAD SW HCAN SWH4ZR GY & GR
HCAN.LHCAD.LHCAN.PAHCANCAD.S HCAN.SH4ZR.DE
USD
GBPUSDEURCAD USDEUR
0.35%
IE00B51B7Z02IE00B51B7Z02IE00B51B7Z02IE00B51B7Z02 IE00B51B7Z02DE000A1JF7N6
B57JD27B51B7Z0 B4X4T87B5M79V7 B592VC0B4XWHP4
Semi-annual Yes Physical – Replication Compliant UK, FR, DE, IT, NL, ES,
SW, CH, IE
DEVELOPED MARKETS – PROPERTY
HSBC FTSE EPRA/NAREIT DEVELOPED UCITS ETF LSE GBPLSE USDDeutsche Borse
HPRO LNHPRD LNH4ZL GY & GR
HPROP.LHPRD.LH4ZL.DE
USDGBPUSDEUR
0.40%IE00B5L01S80IE00B5L01S80DE000A1JXC78
B5L01S8 B3LFHB4BDC7PY8
Quarterly Yes Physical – Replication Compliant
UK, FR, DE, IT, NL, ES, SW, IE
EMERGING MARKETS – REGIONAL EXPOSURE
HSBC MSCI EMERGING MARKETS UCITS ETF
LSE GBPLSE USDSIX Swiss USDDeutsche Borse
HMEF LNHMEM LNHMEF SWH410 GY & GR
HMEF.L HMEM.L HMEF.SH410.DE
USD
GBPUSDUSDEUR
0.40%
IE00B5SSQT16IE00B5SSQT16IE00B5SSQT16DE000A1JXC94
B5ZPRQ9 B5SSQT1 B5L27B9BDC7Q23
Quarterly YesPhysical – Optimisation Replication
Compliant UK, FR, DE, IT, NL, ES, SW, IE, CH, AT
HSBC MSCI EMERGING MARKETS UCITS ETF
LSE GBPLSE USDSIX Swiss USDDeutsche Borse
HMEF LNHMEM LNHMEF SWH410 GY & GR
HMEF.L HMEM.L HMEF.SH410.DE
USD
GBPUSDUSDEUR
0.40%
IE00B5SSQT16IE00B5SSQT16IE00B5SSQT16DE000A1JXC94
B5ZPRQ9 B5SSQT1 B5L27B9BDC7Q23
Quarterly YesPhysical – Optimisation Replication
Compliant UK, FR, DE, IT, NL, ES, SW, IE, CH, AT
HSBC MSCI EM FAR EAST UCITS ETF
LSE GBPLSE USDNYSE Euronext ParisSIX Swiss USDDeutsche Borse
HMFE LNHMFD LNMEM FPHMFE SWH4ZI GY & GR
HMFE.LHMFD.LMEM.PAHMFE.SH4ZI.DE
USD
GBPUSDEURUSDEUR
0.60%
IE00B5LP3W10IE00B5LP3W10IE00B5LP3W10IE00B5LP3W10DE000A1C22Q4
B5LP3W1B3XMR13 B5KTC94B59MNV3 B4TB4Y3
Semi-annual YesPhysical – Optimisation Replication
Compliant UK, FR, DE, IT, NL, ES, SW, CH, IE
HSBC MSCI EM LATIN AMERICA UCITS ETF
LSE GBPLSE USDNYSE Euronext ParisSIX Swiss USDDeutsche Borse
HMLA LNHMLD LNHMLA FPHMLA SWH4ZW GY & GR
HMLA.LHMLD.LHMLA.PAHMLA.SH4ZW.DE
USD
GBPUSDEURUSDEUR
0.60%
IE00B4TS3815IE00B4TS3815IE00B4TS3815IE00B4TS3815DE000A1JF7T3
B56T0F0B4TS381B4T3SB4B4RDC58B4PJFC6
Quarterly Yes Physical – Replication Compliant UK, FR, DE, IT, NL, ES,
SW, CH, IE
HSBC MSCI AC FAR EAST EX JAPAN UCITS ETF
LSE GBP LSE USD Deutsche BorseSIX Swiss USD
HMAF LN HMAD LN H411 GY & GRHMAF SW
HMAF.L HMAD.L H411.DEHMAF.S
USD
GBP USD EUR USD
0.60%
IE00BBQ2W338 IE00BBQ2W338 DE000A1W2EK4IE00BBQ2W338
BBR6WH8 BBQ2W33 BDC7Q34BKRC9F6
Accumulated YesPhysical – Optimisation Replication
Compliant UK, FR, DE, IT, NL, SW, CH, IE, AT
EMERGING MARKETS – SINGLE COUNTRY EXPOSURE
HSBC MSCI RUSSIA CAPPED UCITS ETF
LSE GBPLSE USDSIX Swiss USDDeutsche Borse
HRUB LNHRUD LNHRUB SWH4ZM GY & GR
HRUB.LHRUD.LHRUB.SH4ZM.DE
USD
GBPUSDUSDEUR
0.60%
IE00B5LJZQ16IE00B5LJZQ16IE00B5LJZQ16DE000A1JXC86
B62NTH8B5LJZQ1 B60XPB6BDC7Q12
Semi-annual Yes Physical – Replication Compliant UK, FR, DE, IT, NL, ES,
SW, CH, IE, AT
HSBC MSCI CHINA UCITS ETF
LSE GBPLSE USDNYSE Euronext ParisSIX Swiss USDDeutsche Borse
HMCH LNHMCD LNCNY FPHMCH SWH4ZP GY & GR
HMCH.LHMCD.LCNY.PAHMCH.SH4ZP.DE
USD
GBPUSDEURUSDEUR
0.60%
IE00B44T3H88IE00B44T3H88IE00B44T3H88IE00B44T3H88DE000A1JF7LO
B44T3H8B40S3X5 B4KRT78B3T97G3B3T3XS9
Semi-annual Yes Physical – Replication Compliant UK, FR, DE, IT, NL, ES,
SW, CH, IE
HSBC MSCI TAIWAN UCITS ETF
LSE GBPLSE USDSIX Swiss USDDeutsche Borse
HTWN LNHTWD LNHTWN SWH4ZU GY & GR
HTNT.LHTWD.LHTWN.SH4ZU.DE
USD
GBPUSDUSDEUR
0.60%
IE00B3S1J086IE00B3S1J086IE00B3S1J086DE000A1JF7R7
B430TV8B3S1J08B3SLK27B44JV85
Semi-annual Yes Physical – Replication) Compliant UK, FR, DE, IT, NL, ES,
SW, CH, IE
16
FUND NAME Stock Exchange
Bloomberg ticker
Reuters ticker
Base Currency1
Trading Currency2 OCF3 ISIN Sedol Dividends
UK Reporting Status4
Replication method UCITS IV Registration
HSBC MSCI CANADA UCITS ETF
LSE GBPLSE USDNYSE Euronext ParisSIX Swiss CAD SIX Swiss USDDeutsche Borse
HCAN LNHCAD LNHCAN FPHCANCAD SW HCAN SWH4ZR GY & GR
HCAN.LHCAD.LHCAN.PAHCANCAD.S HCAN.SH4ZR.DE
USD
GBPUSDEURCAD USDEUR
0.35%
IE00B51B7Z02IE00B51B7Z02IE00B51B7Z02IE00B51B7Z02 IE00B51B7Z02DE000A1JF7N6
B57JD27B51B7Z0 B4X4T87B5M79V7 B592VC0B4XWHP4
Semi-annual Yes Physical – Replication Compliant UK, FR, DE, IT, NL, ES,
SW, CH, IE
DEVELOPED MARKETS – PROPERTY
HSBC FTSE EPRA/NAREIT DEVELOPED UCITS ETF LSE GBPLSE USDDeutsche Borse
HPRO LNHPRD LNH4ZL GY & GR
HPROP.LHPRD.LH4ZL.DE
USDGBPUSDEUR
0.40%IE00B5L01S80IE00B5L01S80DE000A1JXC78
B5L01S8 B3LFHB4BDC7PY8
Quarterly Yes Physical – Replication Compliant
UK, FR, DE, IT, NL, ES, SW, IE
EMERGING MARKETS – REGIONAL EXPOSURE
HSBC MSCI EMERGING MARKETS UCITS ETF
LSE GBPLSE USDSIX Swiss USDDeutsche Borse
HMEF LNHMEM LNHMEF SWH410 GY & GR
HMEF.L HMEM.L HMEF.SH410.DE
USD
GBPUSDUSDEUR
0.40%
IE00B5SSQT16IE00B5SSQT16IE00B5SSQT16DE000A1JXC94
B5ZPRQ9 B5SSQT1 B5L27B9BDC7Q23
Quarterly YesPhysical – Optimisation Replication
Compliant UK, FR, DE, IT, NL, ES, SW, IE, CH, AT
HSBC MSCI EMERGING MARKETS UCITS ETF
LSE GBPLSE USDSIX Swiss USDDeutsche Borse
HMEF LNHMEM LNHMEF SWH410 GY & GR
HMEF.L HMEM.L HMEF.SH410.DE
USD
GBPUSDUSDEUR
0.40%
IE00B5SSQT16IE00B5SSQT16IE00B5SSQT16DE000A1JXC94
B5ZPRQ9 B5SSQT1 B5L27B9BDC7Q23
Quarterly YesPhysical – Optimisation Replication
Compliant UK, FR, DE, IT, NL, ES, SW, IE, CH, AT
HSBC MSCI EM FAR EAST UCITS ETF
LSE GBPLSE USDNYSE Euronext ParisSIX Swiss USDDeutsche Borse
HMFE LNHMFD LNMEM FPHMFE SWH4ZI GY & GR
HMFE.LHMFD.LMEM.PAHMFE.SH4ZI.DE
USD
GBPUSDEURUSDEUR
0.60%
IE00B5LP3W10IE00B5LP3W10IE00B5LP3W10IE00B5LP3W10DE000A1C22Q4
B5LP3W1B3XMR13 B5KTC94B59MNV3 B4TB4Y3
Semi-annual YesPhysical – Optimisation Replication
Compliant UK, FR, DE, IT, NL, ES, SW, CH, IE
HSBC MSCI EM LATIN AMERICA UCITS ETF
LSE GBPLSE USDNYSE Euronext ParisSIX Swiss USDDeutsche Borse
HMLA LNHMLD LNHMLA FPHMLA SWH4ZW GY & GR
HMLA.LHMLD.LHMLA.PAHMLA.SH4ZW.DE
USD
GBPUSDEURUSDEUR
0.60%
IE00B4TS3815IE00B4TS3815IE00B4TS3815IE00B4TS3815DE000A1JF7T3
B56T0F0B4TS381B4T3SB4B4RDC58B4PJFC6
Quarterly Yes Physical – Replication Compliant UK, FR, DE, IT, NL, ES,
SW, CH, IE
HSBC MSCI AC FAR EAST EX JAPAN UCITS ETF
LSE GBP LSE USD Deutsche BorseSIX Swiss USD
HMAF LN HMAD LN H411 GY & GRHMAF SW
HMAF.L HMAD.L H411.DEHMAF.S
USD
GBP USD EUR USD
0.60%
IE00BBQ2W338 IE00BBQ2W338 DE000A1W2EK4IE00BBQ2W338
BBR6WH8 BBQ2W33 BDC7Q34BKRC9F6
Accumulated YesPhysical – Optimisation Replication
Compliant UK, FR, DE, IT, NL, SW, CH, IE, AT
EMERGING MARKETS – SINGLE COUNTRY EXPOSURE
HSBC MSCI RUSSIA CAPPED UCITS ETF
LSE GBPLSE USDSIX Swiss USDDeutsche Borse
HRUB LNHRUD LNHRUB SWH4ZM GY & GR
HRUB.LHRUD.LHRUB.SH4ZM.DE
USD
GBPUSDUSDEUR
0.60%
IE00B5LJZQ16IE00B5LJZQ16IE00B5LJZQ16DE000A1JXC86
B62NTH8B5LJZQ1 B60XPB6BDC7Q12
Semi-annual Yes Physical – Replication Compliant UK, FR, DE, IT, NL, ES,
SW, CH, IE, AT
HSBC MSCI CHINA UCITS ETF
LSE GBPLSE USDNYSE Euronext ParisSIX Swiss USDDeutsche Borse
HMCH LNHMCD LNCNY FPHMCH SWH4ZP GY & GR
HMCH.LHMCD.LCNY.PAHMCH.SH4ZP.DE
USD
GBPUSDEURUSDEUR
0.60%
IE00B44T3H88IE00B44T3H88IE00B44T3H88IE00B44T3H88DE000A1JF7LO
B44T3H8B40S3X5 B4KRT78B3T97G3B3T3XS9
Semi-annual Yes Physical – Replication Compliant UK, FR, DE, IT, NL, ES,
SW, CH, IE
HSBC MSCI TAIWAN UCITS ETF
LSE GBPLSE USDSIX Swiss USDDeutsche Borse
HTWN LNHTWD LNHTWN SWH4ZU GY & GR
HTNT.LHTWD.LHTWN.SH4ZU.DE
USD
GBPUSDUSDEUR
0.60%
IE00B3S1J086IE00B3S1J086IE00B3S1J086DE000A1JF7R7
B430TV8B3S1J08B3SLK27B44JV85
Semi-annual Yes Physical – Replication) Compliant UK, FR, DE, IT, NL, ES,
SW, CH, IE
17
FUND NAME Stock Exchange
Bloomberg ticker
Reuters ticker
Base Currency1
Trading Currency2 OCF3 ISIN Sedol Dividends
UK Reporting Status4
Replication method UCITS IV Registration
HSBC MSCI MALAYSIA UCITS ETF
LSE GBPLSE USDSIX Swiss USDDeutsche Borse
HMYR LNHMYD LNHMYR SWH4ZV GY & GR
HMYRM.LHMYD.LHMYR.SH4ZV.DE
USD
GBPUSDUSDEUR
0.60%
IE00B3X3R831IE00B3X3R831IE00B3X3R831DE000A1JF7S5
B4885P3B3X3R83B3RSM78B3SR8W1
Semi-annual Yes Physical – Replication Compliant UK, FR, DE, IT, NL, ES,
SW, CH, IE
HSBC MSCI INDONESIA UCITS ETF
LSE GBPLSE USDSIX Swiss USDDeutsche Borse
HIDR LNHIDD LNHIDR SWH4ZT GY & GR
HIDRI.LHIDD.LHIDR.SH4ZT.DE
USD
GBPUSDUSDEUR
0.60%
IE00B46G8275IE00B46G8275IE00B46G8275DE000A1JF7Q9
B40Y0X2B46G827B3X4ZQ0B3V0C58
Semi-annual Yes Physical – Replication Compliant UK, FR, DE, IT, NL, ES,
SW, CH, IE
HSBC MSCI KOREA UCITS ETF
LSE GBPLSE USDSIX Swiss USDDeutsche Borse
HKOR LNHKOD LNHKOR SWH4Z9 GY & GR
HKOR.LHKOD.LHKOR.SH4Z9.DE
USD
GBPUSDUSDEUR
0.60%
IE00B3Z0X395IE00B3Z0X395IE00B3Z0X395DE000A1JXC60
B3QHF77B3Z0X39B3SSPB2 BDC7PX7
Semi-annual Yes Physical – Replication Compliant UK, FR, DE, IT, NL, ES,
SW, CH, IE
HSBC MSCI BRAZIL UCITS ETF
LSE GBPLSE USDNYSE Euronext ParisSIX Swiss USDDeutsche Borse
HBRL LNHMBR LNHBZ FPHBRL SWH4ZG GY & GR
HBRL.LHMBR.LHBZ.PAHBRL.SH4ZG.DE
USD
GBPUSDEURUSDEUR
0.60%
IE00B5W34K94IE00B5W34K94IE00B5W34K94IE00B5W34K94DE000A1C22N1
B431M67B5W34K9B5MSL81B5NNMW6B4YBZ89
Semi-annual Yes Physical – Replication Compliant UK, FR, DE, IT, NL, ES,
SW, CH, IE
HSBC MSCI MEXICO CAPPED UCITS ETF
LSE GBPLSE USDSIX Swiss USDDeutsche Borse
HMEX LNHMED LNHMEX SWH4ZS GY & GR
HMEX.LHMEDC.LHMEX.SH4ZS.DE
USD
GBPUSDUSDEUR
0.60%
IE00B3QMYK80IE00B3QMYK80IE00B3QMYK80DE000A1JF7P1
B3VQZM4B3QMYK8 B3T7V76B444WR6
Semi-annual Yes Physical – Replication Compliant UK, FR, DE, IT, NL, ES,
SW, CH, IE
HSBC MSCI SOUTH AFRICA UCITS ETF
LSE GBPLSE USDNYSE Euronext ParisSIX Swiss USDDeutsche Borse
HZAR LNHZAD LNHZAR FPHZAR SWH4ZQ GY & GR
HZAR.LHZAD.LHZAR.PAHZAR.SH4ZQ.DE
USD
GBPUSDEURUSDEUR
0.60%
IE00B57S5Q22IE00B57S5Q22IE00B57S5Q22IE00B57S5Q22DE000A1JF7M8
B4WN004B57S5Q2B5WJDW2B3QH9F3B3XV3W3
Semi-annual Yes Physical – Replication Compliant UK, FR, DE, IT, NL, ES,
SW, CH, IE
HSBC MSCI TURKEY UCITS ETF
LSE GBPLSE USDNYSE Euronext ParisSIX Swiss USDDeutsche Borse
HTRY LNHTRD LNHTR FPHTRY SWH4ZK GY & GR
HTRY.LHTRD.LHTR.PAHTRY.SH4ZK.DE
USD
GBPUSDEURUSDEUR
0.60%
IE00B5BRQB73IE00B5BRQB73IE00B5BRQB73IE00B5BRQB73DE000A1H49V6
B57QMP4B5BRQB7B50S183B5BCP15B5V7Y02
Semi-annual Yes Physical – Replication Compliant UK, FR, DE, IT, NL, ES,
SW, CH, IE
GLOBAL MARKETS – BROAD EXPOSURE
HSBC ESI WORLDWIDE EQUITY UCITS ETFLSE GBPLSE USD
HEWA LNHEWD LN
HEWA.L HEWD.L USD GBP
USD 0.25% IE00BKZG9Y92IE00BKZG9Y92
BKZG9Z0 BKZG9Y9 Quarterly Yes Replication Compliant UK
HSBC WORLDWIDE EQUITY UCITS ETFLSE GBPLSE USD
HWWA LNHWWD LN
HWWA.LHWWD.L USD GBP
USD 0.25% IE00BKZGB098IE00BKZGB098
BKZGB10BKZGB09 Quarterly Yes Optimisation Compliant UK
1. The currency in which the ETF is valued and the dividends are published. 2. The currency in which the ETF is traded in the relevant exchange. 3. Ongoing Charges Figure. 4. HSBC FTSE 100 UCITS ETF and the HSBC EURO STOXX 50 UCITS ETF had UK distributor status for the period from their launch until 31 December 2009. After this UK Reporting Fund status came into effect. All of our ETFs now have UK Reporting Fund status from 1 January 2010 or from the date of their launch if later.
18
FUND NAME Stock Exchange
Bloomberg ticker
Reuters ticker
Base Currency1
Trading Currency2 OCF3 ISIN Sedol Dividends
UK Reporting Status4
Replication method UCITS IV Registration
HSBC MSCI MALAYSIA UCITS ETF
LSE GBPLSE USDSIX Swiss USDDeutsche Borse
HMYR LNHMYD LNHMYR SWH4ZV GY & GR
HMYRM.LHMYD.LHMYR.SH4ZV.DE
USD
GBPUSDUSDEUR
0.60%
IE00B3X3R831IE00B3X3R831IE00B3X3R831DE000A1JF7S5
B4885P3B3X3R83B3RSM78B3SR8W1
Semi-annual Yes Physical – Replication Compliant UK, FR, DE, IT, NL, ES,
SW, CH, IE
HSBC MSCI INDONESIA UCITS ETF
LSE GBPLSE USDSIX Swiss USDDeutsche Borse
HIDR LNHIDD LNHIDR SWH4ZT GY & GR
HIDRI.LHIDD.LHIDR.SH4ZT.DE
USD
GBPUSDUSDEUR
0.60%
IE00B46G8275IE00B46G8275IE00B46G8275DE000A1JF7Q9
B40Y0X2B46G827B3X4ZQ0B3V0C58
Semi-annual Yes Physical – Replication Compliant UK, FR, DE, IT, NL, ES,
SW, CH, IE
HSBC MSCI KOREA UCITS ETF
LSE GBPLSE USDSIX Swiss USDDeutsche Borse
HKOR LNHKOD LNHKOR SWH4Z9 GY & GR
HKOR.LHKOD.LHKOR.SH4Z9.DE
USD
GBPUSDUSDEUR
0.60%
IE00B3Z0X395IE00B3Z0X395IE00B3Z0X395DE000A1JXC60
B3QHF77B3Z0X39B3SSPB2 BDC7PX7
Semi-annual Yes Physical – Replication Compliant UK, FR, DE, IT, NL, ES,
SW, CH, IE
HSBC MSCI BRAZIL UCITS ETF
LSE GBPLSE USDNYSE Euronext ParisSIX Swiss USDDeutsche Borse
HBRL LNHMBR LNHBZ FPHBRL SWH4ZG GY & GR
HBRL.LHMBR.LHBZ.PAHBRL.SH4ZG.DE
USD
GBPUSDEURUSDEUR
0.60%
IE00B5W34K94IE00B5W34K94IE00B5W34K94IE00B5W34K94DE000A1C22N1
B431M67B5W34K9B5MSL81B5NNMW6B4YBZ89
Semi-annual Yes Physical – Replication Compliant UK, FR, DE, IT, NL, ES,
SW, CH, IE
HSBC MSCI MEXICO CAPPED UCITS ETF
LSE GBPLSE USDSIX Swiss USDDeutsche Borse
HMEX LNHMED LNHMEX SWH4ZS GY & GR
HMEX.LHMEDC.LHMEX.SH4ZS.DE
USD
GBPUSDUSDEUR
0.60%
IE00B3QMYK80IE00B3QMYK80IE00B3QMYK80DE000A1JF7P1
B3VQZM4B3QMYK8 B3T7V76B444WR6
Semi-annual Yes Physical – Replication Compliant UK, FR, DE, IT, NL, ES,
SW, CH, IE
HSBC MSCI SOUTH AFRICA UCITS ETF
LSE GBPLSE USDNYSE Euronext ParisSIX Swiss USDDeutsche Borse
HZAR LNHZAD LNHZAR FPHZAR SWH4ZQ GY & GR
HZAR.LHZAD.LHZAR.PAHZAR.SH4ZQ.DE
USD
GBPUSDEURUSDEUR
0.60%
IE00B57S5Q22IE00B57S5Q22IE00B57S5Q22IE00B57S5Q22DE000A1JF7M8
B4WN004B57S5Q2B5WJDW2B3QH9F3B3XV3W3
Semi-annual Yes Physical – Replication Compliant UK, FR, DE, IT, NL, ES,
SW, CH, IE
HSBC MSCI TURKEY UCITS ETF
LSE GBPLSE USDNYSE Euronext ParisSIX Swiss USDDeutsche Borse
HTRY LNHTRD LNHTR FPHTRY SWH4ZK GY & GR
HTRY.LHTRD.LHTR.PAHTRY.SH4ZK.DE
USD
GBPUSDEURUSDEUR
0.60%
IE00B5BRQB73IE00B5BRQB73IE00B5BRQB73IE00B5BRQB73DE000A1H49V6
B57QMP4B5BRQB7B50S183B5BCP15B5V7Y02
Semi-annual Yes Physical – Replication Compliant UK, FR, DE, IT, NL, ES,
SW, CH, IE
GLOBAL MARKETS – BROAD EXPOSURE
HSBC ESI WORLDWIDE EQUITY UCITS ETFLSE GBPLSE USD
HEWA LNHEWD LN
HEWA.L HEWD.L USD GBP
USD 0.25% IE00BKZG9Y92IE00BKZG9Y92
BKZG9Z0 BKZG9Y9 Quarterly Yes Replication Compliant UK
HSBC WORLDWIDE EQUITY UCITS ETFLSE GBPLSE USD
HWWA LNHWWD LN
HWWA.LHWWD.L USD GBP
USD 0.25% IE00BKZGB098IE00BKZGB098
BKZGB10BKZGB09 Quarterly Yes Optimisation Compliant UK
1. The currency in which the ETF is valued and the dividends are published. 2. The currency in which the ETF is traded in the relevant exchange. 3. Ongoing Charges Figure. 4. HSBC FTSE 100 UCITS ETF and the HSBC EURO STOXX 50 UCITS ETF had UK distributor status for the period from their launch until 31 December 2009. After this UK Reporting Fund status came into effect. All of our ETFs now have UK Reporting Fund status from 1 January 2010 or from the date of their launch if later.
19
ContactFor more information, please contact us:
Email: [email protected]
Telephone: +44 (0) 207 024 0435
Website: www.assetmanagement.hsbc.com/passive
Important Information
For Professional Clients only and should not be distributed to or relied upon by Retail Clients.
The material contained herein is for information only and does not constitute investment advice or a recommendation to any reader of
this material to buy or sell investments.
This document 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 document 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.
The value of investments and any income from them can go down as well as up and investors may not get back the amount originally
invested. Where overseas investments are held the rate of currency exchange may also cause the value of such investments to
fluctuate. Investments in emerging markets are by their nature higher risk and potentially more volatile than those inherent in some
established markets. Stock market investments should be viewed as a medium to long term investment and should be held for at least
five years. Any performance information shown refers to the past and should not be seen as an indication of future returns. Some of
the ETFs invest predominantly in one geographic area; therefore any decline in the economy of this area may affect the prices and
value of the underlying assets.
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.
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Conduct Authority. Copyright © HSBC Global Asset Management (UK) Limited 2017. All rights reserved.
HSBC Index Tracker Investment Funds is an Open Ended Investment Company that is authorised in the UK by the Financial Conduct
Authority. The Authorised Corporate Director and Investment Manager is HSBC Global Asset Management (UK) Limited. All
applications are made on the basis of the HSBC Index Tracker Investment Funds prospectus, Key Investor Information Document (KIID),
Supplementary Information Document (SID) and most recent annual and semi annual report, which can be obtained upon request
free of charge from HSBC Global Asset Management (UK) Limited, 8, Canada Square, Canary Wharf, London, E14 5HQ, UK, or the
local distributors. Investors and potential investors should read and note the risk warnings in the prospectus and relevant KIID and
additionally, in the case of retail clients, the information contained in the supporting SID.
16WS0009/0616/FP17-2078. Expiry 21/11/2017