H SB C ETFs plc...HSBC MSCI INDONESIA UCITS ETF Schedules of Investments .....285 Statement of Financial ... Management Company and Global Distributor (effective 1 April 2019) Davy

HSBC ETFs plcInterim Report and Unaudited Financial Statements

For the Financial Period from 1 January 2019 to 30 June 2019

HSBC ETFs PLC >1<

Contents

Management and Administration .......................................................................................... 6

General Information ...................................................................................................................... 8

Investment Manager’s Report ................................................................................................21

HSBC FTSE 100 UCITS ETF

Schedules of Investments .................................................................................................................33

Statement of Financial Position .........................................................................................................39

Statement of Comprehensive Income ...............................................................................................40

Statement of Changes in Net Assets Attributable to

Holders of Redeemable Participating Shares ...................................................................................41

HSBC EURO STOXX 50 UCITS ETF






HSBC MSCI JAPAN UCITS ETF












HSBC S&P 500 UCITS ETF


Statement of Financial Position ........................................................................................................95




HSBC MSCI EUROPE UCITS ETF


Statement of Financial Position ......................................................................................................119

Statement of Comprehensive Income .............................................................................................120


Holders of Redeemable Participating Shares .................................................................................121

HSBC MSCI USA UCITS ETF

Statement of Investments ................................................................................................................122





HSBC ETFs PLC >2<

Contents (continued)

HSBC MSCI BRAZIL UCITS ETF

Schedules of Investments ...............................................................................................................145





HSBC MSCI PACIFIC ex JAPAN UCITS ETF






HSBC MSCI EM FAR EAST UCITS ETF






HSBC MSCI TURKEY UCITS ETF






HSBC MSCI WORLD UCITS ETF






HSBC MSCI CHINA UCITS ETF


Statement of Financial Position .......................................................................................................252




HSBC MSCI SOUTH AFRICA CAPPED UCITS ETF






HSBC MSCI CANADA UCITS ETF




Statement of Changes in Net Assets Attributable toHolders of Redeemable Participating Shares 267

HSBC ETFs PLC >3<


HSBC MSCI MEXICO CAPPED UCITS ETF






HSBC MSCI EM LATIN AMERICA UCITS ETF






HSBC MSCI INDONESIA UCITS ETF






HSBC MSCI MALAYSIA UCITS ETF






HSBC MSCI TAIWAN CAPPED UCITS ETF






HSBC MSCI KOREA UCITS ETF






HSBC FTSE EPRA/NAREIT DEVELOPED UCITS ETF






HSBC MSCI RUSSIA CAPPED UCITS ETF






HSBC ETFs PLC >4<


HSBC MSCI EMERGING MARKETS UCITS ETF






HSBC MSCI AC FAR EAST ex JAPAN UCITS ETF






HSBC ECONOMIC SCALE WORLDWIDE EQUITY UCITS ETF






HSBC MULTI FACTOR WORLDWIDE EQUITY UCITS ETF






HSBC MSCI China A Inclusion UCITS ETF






HSBC MSCI SAUDI ARABIA 20/35 CAPPED UCITS ETF






HSBC ETFs PLC



Cash Flow Statement ......................................................................................................................528

Notes to the Financial Statements .........................................................................................................529

HSBC ETFs PLC >5<


Schedules of Changes in Investments HSBC FTSE 100 UCITS ETF ................................................................................................................576

HSBC EURO STOXX 50 UCITS ETF ....................................................................................................577

HSBC MSCI JAPAN UCITS ETF ...........................................................................................................578

HSBC FTSE 250 UCITS ETF ................................................................................................................579

HSBC S&P 500 UCITS ETF ..................................................................................................................580

HSBC MSCI EUROPE UCITS ETF .......................................................................................................581

HSBC MSCI USA UCITS ETF ...............................................................................................................582

HSBC MSCI BRAZIL UCITS ETF ..........................................................................................................583

HSBC MSCI PACIFIC ex JAPAN UCITS ETF .......................................................................................584

HSBC MSCI EM FAR EAST UCITS ETF ..............................................................................................585

HSBC MSCI TURKEY UCITS ETF ........................................................................................................586

HSBC MSCI WORLD UCITS ETF .........................................................................................................587

HSBC MSCI CHINA UCITS ETF ..........................................................................................................588

HSBC MSCI SOUTH AFRICA CAPPED UCITS ETF ............................................................................589

HSBC MSCI CANADA UCITS ETF ......................................................................................................590

HSBC MSCI MEXICO CAPPED UCITS ETF .......................................................................................591

HSBC MSCI EM LATIN AMERICA UCITS ETF ...................................................................................592

HSBC MSCI INDONESIA UCITS ETF ...................................................................................................593

HSBC MSCI MALAYSIA UCITS ETF ...................................................................................................594

HSBC MSCI TAIWAN CAPPED UCITS ETF .........................................................................................595

HSBC MSCI KOREA UCITS ETF ..........................................................................................................596

HSBC FTSE EPRA/NAREIT DEVELOPED UCITS ETF ......................................................................597

HSBC MSCI RUSSIA CAPPED UCITS ETF ........................................................................................598

HSBC MSCI EMERGING MARKETS UCITS ETF ...............................................................................599

HSBC MSCI AC FAR EAST ex JAPAN UCITS ETF ............................................................................600

HSBC ECONOMIC SCALE WORLDWIDE EQUITY UCITS ETF .........................................................601

HSBC MULTI FACTOR WORLDWIDE EQUITY UCITS ETF ...............................................................602

HSBC MSCI CHINA A INCLUSION UCITS ETF ...................................................................................603

HSBC MSCI SAUDI ARABIA 20/35 CAPPED UCITS ETF ...................................................................604

HSBC ETFs PLC >6<

Management and Administration

Directors Paying Agent – Switzerland

Eimear Cowhey* (Irish) (Chairperson) HSBC Private Bank (Suisse) SA

Carmen Gonzalez-Calatayud** (Spanish) Quai des Bergues 9 - 17

Guillaume Rabault** (French) P.O. Box 2888

Feargal Dempsey* (Irish) CH-1211 Geneva 1

Vikramaaditya** (Indian) Switzerland

* Independent Non-Executive Directors and Secretary

members of the Audit Committee. Goodbody Secretarial Limited

** Non-Executive Director 25/28 North Wall Quay

IFSC

Depositary^ Dublin 1

HSBC France, Dublin Branch Ireland

1 Grand Canal Square

Grand Canal Harbour Registered Office

Dublin 2 (Registration number: 467896)

Ireland 25/28 North Wall Quay

IFSC

Registrar (Secondary Market) Dublin 1

Computershare Investor Services (Ireland) Limited Ireland

Heron House

Corrig Road Administrator

Sandyford Industrial Estate HSBC Securities Services (Ireland) DAC

Dublin 18 1 Grand Canal Square

Ireland Grand Canal Harbour

Dublin 2

Legal Advisers (As to Irish Law) Ireland

Arthur Cox

10 Earlsfort Terrace Independent Auditor

Dublin 2 KPMG

Ireland 1 Harbourmaster Place

IFSC

Investment Manager and UK Representative Dublin 1

HSBC Global Asset Management (UK) Limited Ireland

8 Canada Square

London E14 5HQ Registrar and Transfer Agent

United Kingdom (Primary Market)

HSBC Securities Services (Ireland) DAC

Swiss Representative 1 Grand Canal Square

HSBC Global Asset Management Grand Canal Harbour

(Switzerland) AG Dublin 2

Gartenstrasse 26 Ireland

CH-8002 Zurich

Switzerland Listing Sponsor

J&E Davy

Management Company and Global Distributor (effective 1 April 2019)

Davy House 49 Dawson Street

HSBC Investment Funds Luxembourg S.A. Dublin 2

16 Boulevard d’Avranches Ireland

L-1160 Luxembourg

Grand Duchy of Luxembourg

^ With effect from 1 April, 2019 HSBC Institutional Trust Services (Ireland) DAC merged with and into HSBC France and its business now operates from the Dublin Branch of HSBC France.

HSBC ETFs PLC >7<

Management and Administration (continued)

Paying Agent – Sweden Jane Street Financial

Skandinaviska Enskilda Banken AB 20 Fenchurch Street

through its entity Custody Services SEB Merchant Banking Custody Services

London EC3M 3BY United Kingdom

Global Funds

RB6 Morgan Stanley

Rissneleden 110 25 Cabot Square

SE-10640 Stockholm Canary Wharf

Sweden London E14 4QA

United Kingdom

Paying Agent – France

CACEIS Bank Optiver VOF

1/3 Place Valhubert Strawinskylaan 3095

75013 Paris 2nd Floor

France Amsterdam 1077 ZX

Netherlands

Paying Agent – Austria

Erste Bank der Oesterreichischen Sparkassen AG RBC Capital Markets

Graben 21, 1010 Wien 1 Queenhithe

Österreich Thames Court

London EC4V 3DQ

Authorised Participants United Kingdom

Bank of America Merrill Lynch

2 King Edward Street Societe Generale SA

London EC1A 1HQ 29 Boulevard Haussmann

United Kingdom 75009 Paris

France

Bluefin Europe LLP

110 Bishopsgate Susquehanna Europe

London, EC2N 4AY International Centre

United Kindom Memorial Road

IFSC

Commerzbank Dublin 1

30 Gresham Street

London EC2V 3PG Virtu Financial

United Kingdom Whitaker Square

Sir John Rogerson’s Quay

Flow Traders B.V. Grand Canal Dock

Jacob Bontiusplaats 9 Dublin 2

1018 LL Amsterdam Ireland

Netherlands

Goldenberg Hehmeyer

32 Floor

25 Canada Square

London E14 5LQ

United Kingdom

HSBC Global Markets

8 Canada Square

London E14 5HQ

United Kingdom

IMC Trading B.V.

Strawinskylaan 377

Amsterdam 1077 XX

Netherland

HSBC ETFs PLC >8<

General Information

HSBC ETFs PLC (the “Company”) is an open-ended investment company with variable capital which was incorporated in Ireland on 27 February 2009 with registration number 467896 and authorised by the Central Bank of Ireland (the “Central Bank”) as an Undertaking for Collective Investment in Transferable Securities (“UCITS”) pursuant to the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2011 as amended (the “UCITS Regulations 2011”) and the Central Bank (Supervision and Enforcement) Act 2013 (Section 48 (1)) (Undertakings for Collective Investment In Transferable Securities) Regulations 2019 (the “Central Bank UCITS Regulations”), (together “the UCITS Regulations”). The objective of the Company is the collective investment in transferable securities and other liquid financial assets of capital raised from the public, operating on the principle of risk spreading in accordance with the UCITS Regulations. The Company is structured as an umbrella fund with segregated liability between sub-funds and comprises separate sub-funds (each a “Sub-Fund” and together the “Sub-Funds”), in that the Directors may from time to time, with the prior approval of the Central Bank, issue different series of shares representing separate portfolios of assets. The assets of each Sub-Fund will be invested in accordance with the investment objective and policies applicable to such Sub-Fund as disclosed in the prospectus of the Company (the “Prospectus”) and the relevant Sub-Fund supplement (the “Supplement”). The Company currently consists of 29 Sub-Funds in operation as at 30 June 2019 (31 December 2018: 28). Each of the Sub-Funds, through the listing of their shares on one or more stock exchanges, is an exchange traded fund (“ETF”).

HSBC ETFs PLC >9<

General Information (continued)

Stock Exchange Listing All of the sub-funds have a primary listing on the London Stock Exchange and a secondary listing as detailed below: Sub-Funds Secondary Listing


NYSE Euronext – Paris, Xetra Germany

and SIX Swiss

HSBC EURO STOXX 50 UCITS ETF

NYSE Euronext - Paris, Xetra Germany, SIX Swiss

and Borsa Italiana

HSBC MSCI JAPAN UCITS ETF


and Borsa Italiana

HSBC FTSE 250 UCITS ETF NYSE Euronext - Paris



and Borsa Italiana



and Borsa Italiana


NYSE Euronext – Paris,

Xetra Germany and SIX Swiss


NYSE Euronext – Paris,

Xetra Germany and SIX Swiss

HSBC MSCI PACIFIC ex JAPAN UCITS ETF


and Borsa Italiana



and Borsa Italiana


NYSE Euronext – Paris, SIX Swiss and Xetra

Germany



and Borsa Italiana



and Borsa Italiana



and Borsa Italiana


NYSE Euronext – Paris, SIX Swiss and Xetra

Germany

HSBC MSCI MEXICO CAPPED UCITS ETF SIX Swiss and Xetra Germany



and Borsa Italiana

HSBC MSCI INDONESIA UCITS ETF SIX Swiss, Xetra Germany and Borsa Italiana

HSBC MSCI MALAYSIA UCITS ETF SIX Swiss, Xetra Germany and Borsa Italiana

HSBC MSCI TAIWAN CAPPED UCITS ETF* SIX Swiss, Xetra Germany and Borsa Italiana

HSBC MSCI KOREA UCITS ETF SIX Swiss, Xetra Germany and Borsa Italiana

HSBC FTSE EPRA/NAREIT DEVELOPED UCITS ETF SIX Swiss, Xetra Germany and Borsa Italiana

HSBC MSCI RUSSIA CAPPED UCITS ETF SIX Swiss, Xetra Germany and Borsa Italiana

HSBC MSCI EMERGING MARKETS

UCITS ETF SIX Swiss, Xetra Germany and Borsa Italiana

HSBC MSCI AC FAR EAST ex JAPAN UCITS ETF SIX Swiss and Xetra Germany and Borsa Italiana

HSBC ECONOMIC SCALE WORLDWIDE

EQUITY UCITS ETF Xetra Germany and Borsa Italiana

HSBC MULTI FACTOR WORLDWIDE EQUITY

UCITS ETF SIX Swiss, Xetra Germany and Borsa Italiana

HSBC MSCI CHINA A INCLUSION UCITS ETF** SIX Swiss, Xetra Germany and Borsa Italiana

HSBC MSCI SAUDI ARABIA 20/35 CAPPED

UCITS ETF*** SIX Swiss

*Formerly known as HSBC MSCI TAIWAN UCITS ETF.

** The sub-fund was listed on London Stock Exchange on 27 July 2018.

*** The sub-fund was listed on London Stock Exchange on 1 May 2019.

HSBC ETFs PLC >10<


Total Expense Ratio The Total Expense Ratio (“TER”) for each Sub-Fund for the financial period from 1 January 2019 to 30 June 2019 is as follows:

Sub-Funds Financial Period ended

30 June 2019 Financial Year ended 31

December 2018

HSBC FTSE 100 UCITS ETF 0.07% 0.07%

HSBC EURO STOXX 50 UCITS ETF 0.05% 0.05%

HSBC MSCI JAPAN UCITS ETF 0.19% 0.19%


HSBC S&P 500 UCITS ETF 0.09% 0.09%

HSBC MSCI EUROPE UCITS ETF 0.20% 0.20%

HSBC MSCI USA UCITS ETF 0.30% 0.30%

HSBC MSCI BRAZIL UCITS ETF 0.60% 0.60%

HSBC MSCI PACIFIC ex JAPAN UCITS ETF 0.40% 0.40%

HSBC MSCI EM FAR EAST UCITS ETF 0.60% 0.60%

HSBC MSCI TURKEY UCITS ETF 0.60% 0.60%

HSBC MSCI WORLD UCITS ETF 0.15% 0.15%

HSBC MSCI CHINA UCITS ETF 0.60% 0.60%

HSBC MSCI SOUTH AFRICA CAPPED UCITS ETF 0.60% 0.60%

HSBC MSCI CANADA UCITS ETF 0.35% 0.35%

HSBC MSCI MEXICO CAPPED UCITS ETF 0.60% 0.60%

HSBC MSCI EM LATIN AMERICA UCITS ETF 0.60% 0.60%

HSBC MSCI INDONESIA UCITS ETF 0.60% 0.60%

HSBC MSCI MALAYSIA UCITS ETF 0.60% 0.60%

HSBC MSCI TAIWAN CAPPED UCITS ETF* 0.60% 0.60%

HSBC MSCI KOREA UCITS ETF 0.60% 0.60%

HSBC FTSE EPRA/NAREIT DEVELOPED UCITS ETF 0.40% 0.40%

HSBC MSCI RUSSIA CAPPED UCITS ETF 0.60% 0.60%

HSBC MSCI EMERGING MARKETS UCITS ETF 0.40% 0.40%

HSBC MSCI AC FAR EAST ex JAPAN UCITS ETF 0.45% 0.45%

HSBC ECONOMIC SCALE WORLDWIDE EQUITY UCITS ETF 0.25% 0.25%

HSBC MULTI FACTOR WORLDWIDE EQUITY UCITS ETF 0.25% 0.25%

HSBC MSCI CHINA A INCLUSION UCITS ETF**^ 0.30% 0.60%

HSBC MSCI SAUDI ARABIA 20/35 CAPPED UCITS ETF*** 0.50% -

* Formerly known as HSBC MSCI TAIWAN UCITS ETF.

** The sub-fund was listed on London Stock Exchange on 27 July 2018 and the TER for the financial period ended 31 December 2018 is presented for the period of operations of the Sub-fund.

*** The sub-fund was listed on London Stock Exchange on 1 May 2019 and the TER for the financial period ended 30 June 2019 is presented for the period of operations of the Sub-fund.

^ Effective from 1 April 2019, the TER of the Sub-Fund was reduced from 0.60% to 0.30%.

HSBC ETFs PLC >11<


Portfolio Turnover Rate* The Portfolio Turnover Rate (“PTR”)* for each Sub-Fund for the financial period from 1 January 2019 to 30 June 2019 is as follows:

Sub-Funds Financial Period ended

30 June 2019 Financial Year ended 31

December 2018


HSBC EURO STOXX 50 UCITS ETF 3.19% 19.69%

HSBC MSCI JAPAN UCITS ETF 4.10% 7.61%


HSBC S&P 500 UCITS ETF 2.08% 8.98%

HSBC MSCI EUROPE UCITS ETF 3.21% 9.91%

HSBC MSCI USA UCITS ETF 3.05% 5.13%

HSBC MSCI BRAZIL UCITS ETF 10.33% 10.89%

HSBC MSCI PACIFIC ex JAPAN UCITS ETF 4.98% 9.46%

HSBC MSCI EM FAR EAST UCITS ETF 7.67% 15.13%

HSBC MSCI TURKEY UCITS ETF 10.27% 37.43%

HSBC MSCI WORLD UCITS ETF 1.99% 10.23%

HSBC MSCI CHINA UCITS ETF 12.32% 24.66%

HSBC MSCI SOUTH AFRICA CAPPED UCITS ETF 4.77% 19.06%

HSBC MSCI CANADA UCITS ETF 5.15% 9.30%

HSBC MSCI MEXICO CAPPED UCITS ETF 1.47% 6.38%

HSBC MSCI EM LATIN AMERICA UCITS ETF 10.06% 7.69%

HSBC MSCI INDONESIA UCITS ETF 3.86% 14.57%

HSBC MSCI MALAYSIA UCITS ETF 6.78% 16.89%

HSBC MSCI TAIWAN CAPPED UCITS ETF** 5.48% 8.63%

HSBC MSCI KOREA UCITS ETF 2.23% 8.41%

HSBC FTSE EPRA/NAREIT DEVELOPED UCITS ETF 4.81% 19.02%

HSBC MSCI RUSSIA CAPPED UCITS ETF 8.25% 9.82%

HSBC MSCI EMERGING MARKETS UCITS ETF 7.72% 7.33%

HSBC MSCI AC FAR EAST ex JAPAN UCITS ETF 5.04% 11.60%

HSBC ECONOMIC SCALE WORLDWIDE EQUITY UCITS ETF 35.97% 34.87%

HSBC MULTI FACTOR WORLDWIDE EQUITY UCITS ETF 83.03% 154.66%

HSBC MSCI CHINA A INCLUSION UCITS ETF*** 23.77% 12.71%

HSBC MSCI SAUDI ARABIA 20/35 CAPPED UCITS ETF^ 9.09% N/A

* PTR calculation includes equalisation.

** Formerly known as HSBC MSCI TAIWAN UCITS ETF.

*** The sub-fund was listed on 27 July 2018. Accordingly, the PTR for the financial year ended 31 December 2018 was calculated from 27 July 2018 to 31 December 2018.

^ The sub-fund was listed on 1 May 2019. Accordingly, the PTR is calculated from 1 May 2019 to 30 June 2019.

HSBC ETFs PLC >12<


Sub-Fund Performance Data The percentage total return of one share of each Sub-Fund, as calculated in accordance with the Swiss Funds Association guidelines is as follows:

Sub-Funds Benchmark

Financial Period ended

30 June 2019

Fund Benchmark

Financial Year ended

31 December 2018

Fund Benchmark

HSBC FTSE 100 UCITS ETF FTSE 100® Index 13.06% 13.14% (8.76%) (8.73%) HSBC EURO STOXX 50 UCITS ETF EURO STOXX 50® Index 19.49% 18.91% (11.89%) (12.46%) HSBC MSCI JAPAN UCITS ETF MSCI Japan Index 8.33% 8.44% (13.45%) (13.44%) HSBC FTSE 250 UCITS ETF FTSE 250® Index 12.71% 12.97% (13.37%) (13.25%) HSBC S&P 500 UCITS ETF S&P 500® Index 18.27% 18.18% (4.52%) (4.94%) HSBC MSCI EUROPE UCITS ETF MSCI Europe Index 16.96% 16.73% (10.60%) (10.94%) HSBC MSCI USA UCITS ETF MSCI USA Index 18.44% 18.44% (4.66%) (5.04%) HSBC MSCI BRAZIL UCITS ETF MSCI Brazil Index 14.79% 15.63% (1.08%) (0.65%) HSBC MSCI PACIFIC ex JAPAN UCITS ETF MSCI Pacific ex Japan Index 17.78% 18.03% (10.25%) (10.30%) HSBC MSCI EM FAR EAST UCITS ETF MSCI EM Far East Index 10.02% 10.43% (16.50%) (16.84%) HSBC MSCI TURKEY UCITS ETF MSCI Turkey Index (0.72%) (0.42%) (41.21%) (41.40%) HSBC MSCI WORLD UCITS ETF MSCI World Index 17.09% 16.98% (8.20%) (8.71%) HSBC MSCI CHINA UCITS ETF MSCI China Index 12.61% 12.97% (18.76%) (18.88%) HSBC MSCI SOUTH AFRICA CAPPED UCITS ETF

MSCI South Africa Capped Index 11.14% 11.31% (24.52%) (24.76%)

HSBC MSCI CANADA UCITS ETF MSCI Canada Index 20.83% 21.01% (17.19%) (17.20%) HSBC MSCI MEXICO CAPPED UCITS ETF MSCI Mexico Capped Index 6.50% 6.69%

(15.41%) (15.53%)


MSCI EM Latin America Index 11.96% 12.50%

(6.29%) (6.14%)

HSBC MSCI INDONESIA UCITS ETF MSCI Indonesia Index 8.53% 8.90%

(10.36%) (10.33%)

HSBC MSCI MALAYSIA UCITS ETF MSCI Malaysia Index 1.20% 1.49% (6.04%) (6.03%) HSBC MSCI TAIWAN CAPPED UCITS ETF* MSCI Taiwan Capped Index 9.58% 9.92% (8.91%) (8.93%) HSBC MSCI KOREA UCITS ETF MSCI Korea Index 3.52% 3.90% (20.90%) (20.94%) HSBC FTSE EPRA/NAREIT DEVELOPED UCITS ETF

FTSE EPRA/NAREIT Developed Index 14.52% 14.51%

(4.95%) (5.63%)

HSBC MSCI RUSSIA CAPPED UCITS ETF MSCI Russia Capped Index 31.77% 31.96%

(0.88%) (1.06%)


MSCI Emerging Markets Index 10.63% 10.94%

(14.74%) (14.85%)

HSBC MSCI AC FAR EAST ex JAPAN UCITS ETF

MSCI AC Far East ex Japan Index 11.39% 11.57%

(15.11%) (15.53%)

HSBC ECONOMIC SCALE WORLDWIDE EQUITY UCITS ETF MSCI AC World Net 13.45% 17.00%

(11.26%) (10.01%)

HSBC MULTI FACTOR WORLDWIDE EQUITY UCITS ETF MSCI AC World Net 13.32% 16.23%

(9.76%) (9.42%)

HSBC MSCI CHINA A INCLUSION UCITS ETF **

MSCI China A Inclusion Index 26.94% 27.23%

N/A

N/A

HSBC MSCI SAUDI ARABIA 20/35 CAPPED UCITS ETF***

MSCI Saudi Arabia 20/35 Capped Index N/A N/A N/A N/A


** The sub-fund was listed on 27 July 2018.

*** The sub-fund was listed 1 May 2019.

HSBC ETFs PLC >13<


Sub-Fund Performance Data (continued) Past performance is not an indication of current or future performance and the performance data does not take account of commissions and costs incurred on the creation and redemption of shares. The Prospectus, Sub-Fund Supplements, key investor information documents in respect of the Sub-Funds, Articles of Association of the Company, annual and semi-annual reports of the Company, as well as a list of the purchases and sales on the account of the Sub-Funds can be obtained free of charge by Swiss investors from the representative of the Company in Switzerland, HSBC Global Asset Management (Switzerland) AG, Gartenstrasse 26, P.O Box, CH-8002 Zurich, Switzerland. Plan d'Epargne en Actions (“PEA”) Eligibility For the purpose of eligibility requirements of Article L-221-31 of the French Monetary and Financial Code, the relevant Sub-Funds must at all times during the financial period ended 30 June 2019 and 31 December 2018 be invested in more than 75% of PEA eligible assets. PEA eligible assets are defined as equity or equity equivalent securities, which have their registered office in a country which is a member of the EU or the European Economic Area. As at 30 June 2019, the following Sub-Funds satisfy the criteria for PEA Eligibility: % PEA Eligible Assets Sub-Funds 30 June 2019 31 December 2018 HSBC FTSE 100 UCITS ETF 95.73% 91.15% HSBC EURO STOXX 50 UCITS ETF 99.41% 99.43% HSBC FTSE 250 UCITS ETF 89.37% 88.74% HSBC MSCI EUROPE UCITS ETF 82.23% 82.73% All share classes issued by the Sub-Funds in operation at 30 June 2019 have UK Reporting Fund status, either from 1 January 2010 or the launch of the relevant share class concerned. As and when new Sub-Funds are launched, UK Reporting Fund applications will be made to HM Revenue & Customs accordingly.

Details of the distributing share classes that have UK Reporting Fund status can be found on the HM Revenue & Customs’ (“HMRC”) website at www.hmrc.gov.uk. At the da te of these financial statements the precise location of this HMRC report is: https://www.gov.uk/government/publications/offshore-funds-list-of-reporting-funds The Company made available to shareholders the reportable income information for the financial period ended 30 June 2019 that they require for their UK tax returns at www.etf.hsbc.com by 30 June 2019. If investors do not have access to the internet they can apply in writing for a copy of this information to HSBC ETFs PLC, 25/28 North Wall Quay, IFSC, Dublin 1, Ireland.

https://www.gov.uk/government/publications/offshore-funds-list-of-reporting-fundshttp://www.etf.hsbc.com/

HSBC ETFs PLC >14<


Supplemental information 1. Exchange Rates

The following average exchange rates were used to translate income and expenses into the presentation currency (USD) at 30 June 2019 and 30 June 2018.

30 June 2019 30 June 2018 Euro 0.88460 0.82892 Pound Sterling 0.77068 0.72896 The following Exchange rates were used to translate assets and liabilities into the functional currency (EUR) at 30 June 2019 and 31 December 2018.

30 June 2019 31 December 2018 Danish Krone 7.46370 7.46242 Norwegian Kroner 9.70947 9.89871 Pound Sterling 0.89479 0.89757 Swedish Krona 10.56602 10.13499 Swiss Franc 1.11033 1.12692 United States Dollar 1.13880 1.14315 The following Exchange rates were used to translate assets and liabilities into the functional currency (GBP) at 30 June 2019 and 31 December 2018.

30 June 2019 31 December 2018 Euro 1.11758 1.11411 United States Dollar 1.27270 1.27360 Chinese Yuan Renminbi 8.74727 8.75008 Japanese Yen 137.12072 139.73300

The following exchange rates were used to translate assets and liabilities into the functional currency (USD) at 30 June 2019 and 31 December 2018.

30 June 2019 31 December 2018 Australian Dollar 1.42501 1.42046 Brazilian Real 3.83265 3.87575 Canadian Dollar 1.30675 1.36580 Chilean Peso 678.95000 694.00000 Chinese Yuan Renminbi 6.87300 6.87035 Colombian Peso 3,207.00000 3,247.50000 Czech Koruna 22.34285 22.51410 Danish Krone 6.55400 6.52795 Egyptian Pound 16.69500 17.92000 Euro 0.87812 0.87478 Hong Kong Dollar 7.81250 7.82935 Hungarian Forint 283.43435 280.62810 Indonesian Rupiah 14,127.50000 14,380.00000 Israeli New Shekel 3.56655 3.73675 Japanese Yen 107.74000 109.71500 Korean Won 1,154.65000 1,115.80000 Malaysian Ringgit 4.13250 4.13250 Mexican Peso 19.21165 19.69375 New Zealand Dollar 1.48887 1.49131 Norwegian Kroner 8.52605 8.65915 Pakistani Rupee 159.75000 138.80000 Peruvian Nuevo Sol 3.28795 3.37850

HSBC ETFs PLC >15<


Supplemental information (continued) 1. Exchange Rates (continued) 30 June 2019 31 December 2018 Philippine Peso 51.23500 52.58500 Polish Zloty 3.72920 3.75675 Pound Sterling 0.78573 0.78518 Qatari Riyal 3.64125 3.64125 Russian Rouble 63.07500 69.37250 Singapore Dollar 1.35295 1.36300 South African Rand 14.10125 14.38500 Swedish Krona 9.27820 8.86585 Swiss Franc 0.97500 0.98580 Taiwan Dollar 31.05950 30.73700 Thai Baht 30.66750 32.56000 Turkish Lira 5.78400 5.31990 UAE Dirham 3.67315 3.67315 Saudi Riyal 3.75025 - 2. Comparative net asset value Funds NAV

Per Share 30 June 2019

Total NAV

30 June 2019

HSBC FTSE 100 UCITS ETF GBP 74.87 198,400,449 HSBC EURO STOXX 50 UCITS ETF EUR 36.89 140,551,985

HSBC MSCI JAPAN UCITS ETF USD 31.73 169,797,760

HSBC FTSE 250 UCITS ETF GBP 18.69 38,878,447

HSBC S&P 500 UCITS ETF USD 29.68 2,972,603,463

HSBC MSCI EUROPE UCITS ETF EUR 13.43 127,557,815 HSBC MSCI USA UCITS ETF USD 28.26 39,564,705 HSBC MSCI EM FAR EAST UCITS ETF USD 45.00 19,348,915

HSBC MSCI BRAZIL UCITS ETF USD 22.09 37,700,446

HSBC MSCI PACIFIC ex JAPAN UCITS ETF USD 14.37 33,200,918

HSBC MSCI TURKEY UCITS ETF USD 2.31 9,240,267

HSBC MSCI WORLD UCITS ETF USD 21.82 945,894,866 HSBC MSCI CHINA UCITS ETF USD 7.96 396,083,461 HSBC MSCI SOUTH AFRICA CAPPED UCITS ETF USD 49.04 3,677,726

HSBC MSCI CANADA UCITS ETF USD 17.50 28,872,090

HSBC MSCI MEXICO CAPPED UCITS ETF USD 32.65 7,346,077

HSBC MSCI EM LATIN AMERICA UCITS ETF USD 28.48 17,090,406 HSBC MSCI INDONESIA UCITS ETF USD 87.12 47,915,167 HSBC MSCI MALAYSIA UCITS ETF USD 35.38 4,616,810

HSBC MSCI TAIWAN CAPPED UCITS ETF* USD 36.35 14,538,650

HSBC MSCI KOREA UCITS ETF USD 45.47 9,547,932

HSBC FTSE EPRA/NAREIT DEVELOPED UCITS ETF USD 24.54 147,226,598

HSBC MSCI RUSSIA CAPPED UCITS ETF USD 12.54 71,173,278 HSBC MSCI EMERGING MARKETS UCITS ETF USD 10.74 248,202,384 HSBC MSCI AC FAR EAST ex JAPAN UCITS ETF USD 45.42 320,212,044 HSBC ECONOMIC SCALE WORLDWIDE EQUITY

USD 17.13 426,779,142 UCITS ETF HSBC MULTI FACTOR WORLDWIDE EQUITY

USD 19.17 361,116,442 UCITS ETF HSBC MSCI CHINA A INCLUSION UCITS ETF** USD 9.58 175,116,442 HSBC MSCI SAUDI ARABIA 20/35 CAPPED UCITS ETF*** USD 17.24 15,513,309


** The sub-fund was launched and listed on the London Stock Exchange on 27 July 2018.

*** The sub-fund was launched and listed on the London Stock Exchange on 1 May 2019.

HSBC ETFs PLC >16<


Supplemental information (continued) 2. Comparative net asset value (continued) Funds NAV

Per Share 31 December 2018

Total NAV

31 December 2018 HSBC FTSE 100 UCITS ETF GBP 67.52 173,873,426 HSBC EURO STOXX 50 UCITS ETF EUR 31.20 115,762,040 HSBC MSCI JAPAN UCITS ETF USD 29.74 218,661,384 HSBC FTSE 250 UCITS ETF GBP 16.73 34,808,387 HSBC S&P 500 UCITS ETF USD 25.31 2,489,530,817 HSBC MSCI EUROPE UCITS ETF EUR 11.61 133,572,169 HSBC MSCI USA UCITS ETF USD 24.04 27,644,577 HSBC MSCI EM FAR EAST UCITS ETF USD 41.50 28,223,264 HSBC MSCI BRAZIL UCITS ETF USD 19.44 33,184,237 HSBC MSCI PACIFIC ex JAPAN UCITS ETF USD 12.42 32,425,463 HSBC MSCI TURKEY UCITS ETF USD 2.33 10,029,689 HSBC MSCI WORLD UCITS ETF USD 18.81 646,234,146 HSBC MSCI CHINA UCITS ETF USD 7.13 338,655,797 HSBC MSCI SOUTH AFRICA CAPPED UCITS ETF USD 44.54 3,340,293 HSBC MSCI CANADA UCITS ETF USD 14.64 26,343,005 HSBC MSCI MEXICO CAPPED UCITS ETF USD 30.95 8,511,935 HSBC MSCI EM LATIN AMERICA UCITS ETF USD 25.70 15,417,519 HSBC MSCI INDONESIA UCITS ETF USD 81.30 58,738,035 HSBC MSCI MALAYSIA UCITS ETF USD 35.45 4,625,864 HSBC MSCI TAIWAN UCITS ETF USD 33.84 6,767,793 HSBC MSCI KOREA UCITS ETF USD 43.96 6,154,627 HSBC FTSE EPRA/NAREIT DEVELOPED UCITS ETF USD 21.74 147,855,806 HSBC MSCI RUSSIA CAPPED UCITS ETF USD 9.88 62,020,061 HSBC MSCI EMERGING MARKETS UCITS ETF USD 9.79 232,133,870 HSBC MSCI AC FAR EAST ex JAPAN UCITS ETF USD 40.97 317,500,429 HSBC ECONOMIC SCALE WORLDWIDE EQUITY UCITS ETF USD 15.31 381,457,060 HSBC MULTI FACTOR WORLDWIDE EQUITY UCITS ETF USD 17.05 269,965,090 HSBC MSCI CHINA A INCLUSION UCITS ETF* USD 7.57 7,951,898 *The sub-fund was launched and listed on the London Stock Exchange on 27 July 2018.

HSBC ETFs PLC >17<


Supplemental information (continued) 2. Comparative net asset value (continued) Funds NAV

Per Share 30 June 2018

Total NAV

30 June 2018 HSBC FTSE 100 UCITS ETF GBP 76.98 162,421,003 HSBC EURO STOXX 50 UCITS ETF EUR 35.98 126,289,381 HSBC MSCI JAPAN UCITS ETF USD 33.79 234,854,804 HSBC FTSE 250 UCITS ETF GBP 20.04 41,679,742 HSBC S&P 500 UCITS ETF USD 27.38 3,049,015,329 HSBC MSCI EUROPE UCITS ETF EUR 13.22 158,674,869 HSBC MSCI USA UCITS ETF USD 26.10 62,647,811 HSBC MSCI EM FAR EAST UCITS ETF USD 16.49 28,140,562 HSBC MSCI BRAZIL UCITS ETF USD 13.85 36,157,024 HSBC MSCI PACIFIC ex JAPAN UCITS ETF USD 47.55 37,086,531 HSBC MSCI TURKEY UCITS ETF USD 2.93 5,563,626 HSBC MSCI WORLD UCITS ETF USD 20.87 566,734,644 HSBC MSCI CHINA UCITS ETF USD 8.70 367,692,189 HSBC MSCI SOUTH AFRICA CAPPED UCITS ETF* USD 50.67 3,800,469 HSBC MSCI CANADA UCITS ETF USD 17.33 33,791,525 HSBC MSCI MEXICO CAPPED UCITS ETF USD 35.99 10,796,182 HSBC MSCI EM LATIN AMERICA UCITS ETF USD 24.82 14,890,688 HSBC MSCI INDONESIA UCITS ETF USD 74.15 45,228,777 HSBC MSCI MALAYSIA UCITS ETF USD 36.86 4,809,838 HSBC MSCI TAIWAN UCITS ETF USD 37.14 11,143,087 HSBC MSCI KOREA UCITS ETF USD 50.62 10,629,552 HSBC FTSE EPRA/NAREIT DEVELOPED UCITS ETF

USD 23.49 138,579,603

HSBC MSCI RUSSIA CAPPED UCITS ETF USD 10.35 179,010,993 HSBC MSCI EMERGING MARKETS UCITS ETF USD 10.88 264,465,424 HSBC MSCI AC FAR EAST ex JAPAN UCITS ETF USD 46.05 287,798,451 HSBC ECONOMIC SCALE WORLDWIDE EQUITY UCITS ETF USD 16.88 420,279,255 HSBC MULTI FACTOR WORLDWIDE EQUITY UCITS ETF USD 19.11 249,201,811

* Formerly known as HSBC MSCI SOUTH AFRICA UCITS ETF.

3. Soft Commission Neither the Company nor the Investment Manager has entered into any soft commission arrangements with respect to the Company for the period end (31 December 2018: Nil). 4. Securities Lending There were no securities lending transactions during the period (31 December 2018: Nil).

5. Directed Brokerage Services There were no brokerage fees accrued or paid to the Authorised Participants during the financial period ended 30 June 2019 (31 December 2018: Nil).

HSBC ETFs PLC >18<


Supplemental information (continued) 6. Significant events during the financial period

The following Sub-Funds were listed on Borsa Italiana stock exchange on 16 January 2019: MSCI EUROPE UCITS ETF MSCI PACIFIC ex JAPAN UCITS ETF MSCI EM FAR EAST UCITS ETF MSCI CHINA UCITS ETF MSCI SOUTH AFRICA UCITS ETF MSCI EM LATIN AMERICA UCITS ETF MSCI INDONESIA UCITS ETF MSCI TAIWAN UCITS ETF MSCI MALAYSIA UCITS ETF MSCI KOREA UCITS ETF FTSE EPRA/NAREIT DEVELOPED UCITS ETF MSCI RUSSIA CAPPED UCITS ETF MSCI AC FAR EAST ex JAPAN UCITS ETF HSBC MULTI-FACTOR WORLDWIDE EQUITY UCITS ETF HSBC MSCI CHINA A INCLUSION UCITS ETF

HSBC MSCI SAUDI ARABIA 20/35 CAPPED UCITS ETF was authorised by the Central Bank as a Sub-Fund of the Company on 15 January 2019. Accordingly, the Sub-Fund was launched and listed on the London Stock Exchange on 1 May 2019. The Sub-Fund was listed on SIX Swiss on 17 June 2019. The Company had been a self-managed UCITS investment company since its establishment on 27 February 2009. A determination was made by the Directors to appoint HSBC Investment Funds Luxembourg S.A. (the “Management Company”) as Management Company and Global Distributor of the Company in order to rationalise and enhance the governance of the Company. Accordingly, the Management Company was appointed as the Management Company of the Company on 1 April 2019. From this date onwards, it is the responsibility of the Management Company to pay the TER of the Company. If the Sub-Funds’ expenses exceed the TER, in relation to operating the funds, the Management Company will cover any shortfall from its own assets.

The Management Company has been established under the laws of the Grand Duchy of Luxembourg in the form of a “Société Anonyme” and has its registered office at 16, boulevard d’Avranches, L-1160 Luxembourg, Grand Duchy of Luxembourg. As at the appointment of the Management Company in this capacity, the Company ceased to be a self-managed UCITS investment company.

The Depositary merged with and into HSBC France on 1 April 2019 and its business operates from the Dublin Branch of HSBC France. An updated prospectus was issued on 1 April 2019 to reflect the below changes: - Additional risk factor disclosure in relation to cross-class liability risk.

- Changes to the composition of the Board of the Company.

- Information on Liquidity Risk Management policy.

- Updates to the section entitled “European Benchmark Regulations”.

- Updates to the list of Recognised Markets at Schedule I.

- New share classes for a number of Sub-Funds of the Company.

HSBC ETFs PLC >19<


Supplemental information (continued)

6. Significant events during the financial period (continued)

The Supplements for HSBC FTSE 100 UCITS ETF, HSBC MSCI Russia UCITS ETF, HSBC S&P 500 UCITS ETF, HSBC MSCI USA UCITS ETF and HSBC Multifactor Worldwide UCITS ETF were updated on 17 May 2019 to extend the dealing deadline for placing subscription and redemption requests for each of these Sub-Funds. Shareholders of these Sub-Funds were notified in advance of this change in dealing times. At an Extraordinary General Meeting of the Company held on the 24 May 2019, shareholders voted upon and passed a resolution to change the investment objective of the HSBC MSCI Taiwan UCITS ETF to replicate the performance of the MSCI Taiwan Capped Index previously the MSCI Taiwan index, effective 6 June 2019 (the “Effective Date”) As of the Effective Date, the name of the HSBC MSCI Taiwan UCITS ETF was changed to HSBC MSCI Taiwan Capped UCITS ETF to better reflect the change of the investment objective of the Sub-Fund. There were no other significant events which occurred during the period.

HSBC ETFs PLC >20<


Supplemental information (continued) Disclosure of Remuneration Policy in the General Information The Management Company has implemented a remuneration policy pursuant to Directive 2014/91/EU of the European Parliament and of the Council of 23 July 2014 amending Directive 2009/65/EC on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) as regards to depositary functions, remuneration policies and sanctions (the “UCITS V Directive”), which was transposed into Luxembourg law on 1 June 2016 by way of the Luxembourg law of 10 May 2016. The remuneration policy, which has been approved by the Management Company’s board of directors, includes measures to avoid conflicts of interest and seeks to promote sound and effective risk management and that neither encourage risk taking which is inconsistent with the risk profile and instrument of incorporation of the Company nor impair compliance with the Management Company’s duty to act in the best interest of the Company. The remuneration policy, which describes how remuneration and benefits are determined, is available at www.global.assetmanagement.hsbc.com/about-us/governance-structure, or on request from the Management Company. The annual review of the remuneration policy, including a review of the existing remuneration structure as well as implementation of the regulatory requirements and compliance with them, was completed during the year and no irregularities were identified. Furthermore, there were no material changes made to the remuneration policy in the past financial year.

Neither the Management Company nor the Company pay any remuneration to the identified staff of any

delegate.

HSBC ETFs PLC >21<

Investment Manager’s Report

Market Commentary 2019

Asset class performance has been very robust year-to-date, with both equities and fixed income asset classes delivering strong, positive returns, precisely because fears of a continuing sluggish global economy did not materialise. Indeed, the reverse has been true. The macroeconomic backdrop has been better than expected, relative to consensus forecasts, with the evidence now suggesting that what happened last year, especially in Q4, was a ‘cyclical slowdown’, from which activity is now slowly recovering.

More importantly though, investor confidence was boosted by the US Federal Reserve’s ‘pivot’ at the start of the year to a more accommodative stance. Markets are now expecting rate cuts, not rate hikes. Moreover, the Fed was not the only central bank to ‘pivot’ and, as result, we’re now back to a world of policy accommodation.

HSBC ETFs PLC >22<

Investment Manager’s Report (continued)

HSBC ETF Performance to 30 June 2019

ETFS

Performance 1 Jan- 30 June

2019 Fund Performance

(Gross)


2019 Fund Benchmark

Performance


2019 Sub-Fund vs Benchmark

Sub-Fund vs

Benchmark (Since

inception)

Performance 1 Jan- 30

June 2019 Tracking

Error (Gross

Developed Countries

HSBC FTSE 100 UCITS ETF 13.06% 13.14% (0.08%) (0.86%) 0.05%

HSBC EURO STOXX 50 UCITS ETF 19.49% 18.91% 0.58% 11.05% 0.13%

HSBC MSCI JAPAN UCITS ETF 8.33% 8.44% (0.11%) (0.05%) 0.08%

HSBC FTSE 250 UCITS ETF 12.71% 12.97% (0.26%) (2.82%) 0.08%

HSBC S&P 500 UCITS ETF 18.27% 18.18% 0.09% 8.61% 0.07%

HSBC MSCI EUROPE UCITS ETF 16.96% 16.73% 0.23% 6.16% 0.09%

HSBC MSCI USA UCITS ETF 18.44% 18.44% (0.00%) 9.01% 0.07%

HSBC MSCI PACIFIC EX JAPAN UCITS

ETF 17.78% 18.03% (0.26%) 0.08% 0.07%

HSBC MSCI WORLD UCITS ETF 17.09% 16.98% 0.11% 3.54% 0.33%

HSBC MSCI CANADA UCITS ETF 20.83% 21.01% (0.17%) 0.69% 0.06%

HSBC FTSE EPRA/NAREIT

DEVELOPED UCITS ETF 14.52% 14.51% 0.01% 5.16% 0.14%

Emerging Countries

HSBC MSCI BRAZIL UCITS ETF 14.79% 15.63% (0.84%) (1.58%) 0.14%

HSBC MSCI EM FAR EAST UCITS ETF 10.02% 10.43% (0.41%) 1.62% 0.40%

HSBC MSCI TURKEY UCITS ETF (0.72%) (0.42%) (0.30%) 0.19% 0.15%

HSBC MSCI CHINA UCITS ETF 12.61% 12.97% (0.35%) 0.93% 0.59%

HSBC MSCI SOUTH AFRICA CAPPED

UCITS ETF 11.14% 11.31% (0.17%) 1.82% 0.14%

HSBC MSCI MEXICO CAPPED

UCITS ETF 6.50% 6.69% (0.19%) 0.75% 0.08%

HSBC MSCI EM LATIN AMERICA

UCITS ETF 11.96% 12.50% (0.54%) (0.38%) 0.19%

HSBC MSCI INDONESIA UCITS ETF 8.53% 8.90% (0.36%) 0.06% 0.06%

HSBC MSCI MALAYSIA UCITS ETF 1.20% 1.49% (0.29%) 0.09% 0.08%

HSBC MSCI TAIWAN CAPPED UCITS ETF* 9.58% 9.92% (0.34%) (0.28%) 0.07%

HSBC MSCI KOREA UCITS ETF 3.52% 3.90% (0.37%) (0.85%) 0.45%

HSBC MSCI RUSSIA CAPPED

UCITS ETF 31.77% 31.96% (0.19%) 0.07% 0.23%

HSBC MSCI EMERGING MARKETS

UCITS ETF 10.63% 10.94% (0.31%) 1.86% 0.56%

HSBC MSCI AC FAR EAST EX JAPAN

UCITS ETF 11.39% 11.57% (0.17%) 0.50% 0.35%

HSBC MSCI CHINA A INCLUSION

UCITS ETF** 26.94% 27.23% (0.29%) N/A N/A

HSBC MSCI SAUDI ARABIA 20/35

CAPPED UCITS ETF*** N/A N/A N/A N/A N/A

Developed and Emerging Countries

HSBC ECONOMIC SCALE WORLDWIDE

EQUITY UCITS ETF 13.45% 17.00% (3.55%) (7.40%) 3.58%

HSBC MULTIFACTOR WORLDWIDE

EQUITY UCITS ETF 13.32% 16.23% (2.91%) (4.59%) 0.94%



*** The sub-fund was listed on 1 May 2019.

HSBC ETFs PLC >23<


HSBC ETF Performance (continued) to 30 June 2019

ETFS

NAV (30/06/2019) FUND CCY

NAV (31/12/2018) FUND CCY NAV Variation

HSBC FTSE 100 UCITS ETF GBP 198,400,449 GBP 173,873,426 24,527,023

HSBC EURO STOXX 50 UCITS ETF EUR 140,551,985 EUR 115,762,040 24,789,945

HSBC MSCI JAPAN UCITS ETF USD 169,797,760 USD 218,661,384 (48,863,624)

HSBC FTSE 250 UCITS ETF GBP 38,878,447 GBP 34,808,387 4,070,060

HSBC S&P 500 UCITS ETF USD 2,972,603,463 USD 2,489,530,817 483,072,646

HSBC MSCI EUROPE UCITS ETF EUR 127,557,815 EUR 133,572,169 (6,014,354)

HSBC MSCI USA UCITS ETF USD 39,564,705 USD 27,644,577 11,920,128

HSBC MSCI BRAZIL UCITS ETF USD 37,700,446 USD 33,184,237 4,516,209

HSBC MSCI PACIFIC ex JAPAN UCITS ETF USD 33,200,918 USD 32,425,463 775,455

HSBC MSCI EM FAR EAST UCITS ETF USD 19,348,915 USD 28,223,264 (8,874,349)

HSBC MSCI TURKEY UCITS ETF USD 9,240,267 USD 10,029,689 (789,422)

HSBC MSCI WORLD UCITS ETF USD 945,894,866 USD 646,234,146 299,660,720

HSBC MSCI CHINA UCITS ETF USD 396,083,461 USD 338,655,797 57,427,664

HSBC MSCI SOUTH AFRICA CAPPED UCITS ETF USD 3,677,726 USD 3,340,293 337,433

HSBC MSCI CANADA UCITS ETF USD 28,872,090 USD 26,343,005 2,529,085

HSBC MSCI MEXICO CAPPED UCITS ETF USD 7,346,077 USD 8,511,935 (1,165,858)

HSBC MSCI EM LATIN AMERICA UCITS ETF USD 17,090,406 USD 15,417,519 1,672,887

HSBC MSCI INDONESIA UCITS ETF USD 47,915,167 USD 58,738,035 (10,822,868)

HSBC MSCI MALAYSIA UCITS ETF USD 4,616,810 USD 4,625,864 (9,054)

HSBC MSCI TAIWAN CAPPED UCITS ETF* USD 14,538,650 USD 6,767,793 7,770,857

HSBC MSCI KOREA UCITS ETF USD 9,547,932 USD 6,154,627 3,393,305

HSBC FTSE EPRA/NAREIT DEVELOPED UCITS ETF USD 147,226,598 USD 147,855,806 (629,208)

HSBC MSCI RUSSIA CAPPED UCITS ETF USD 71,173,278 USD 62,020,061 9,153,217

HSBC MSCI EMERGING MARKETS UCITS ETF USD 248,202,384 USD 232,133,870 16,068,514

HSBC MSCI AC FAR EAST ex JAPAN UCITS ETF USD 320,212,044 USD 317,500,429 2,711,615

HSBC ECONOMIC SCALE WORLDWIDE EQUITY

USD 426,779,142 USD 381,457,060 45,322,082 UCITS ETF


UCITS ETF USD 361,116,442 USD 269,965,090 91,151,352

HSBC MSCI CHINA A INCLUSION UCITS ETF** USD 175,718,071 USD 7,951,898 167,766,173


UCITS ETF*** USD 15,513,309 - 15,513,309



***The sub-fund was listed on 1 May 2019.

HSBC ETFs PLC >24<


HSBC ETF Performance To 30 June 2019

YTD

ISIN Code

Performance Attribution

Net Gross

(explanation where gross tracking difference

is greater than 0.03)


FTSE 100

Differential (Tracking Difference)

13.06

13.14

(0.08)

13.10

13.14

(0.04)

IE00B42TW061

Predominant driver of underperformance is stamp duty on UK

purchases.

HSBC Euro Stoxx 50 UCITS ETF

DJ Euro Stoxx 50


19.49

18.91

0.58

19.52

18.91

0.61

IE00B4K6B022

Performance explained by favourable withholding tax rates

applicable to the fund as compared to the benchmark.

HSBC MSCI Japan UCITS ETF

MSCI Japan


8.33

8.44

(0.11)

8.43

8.44

(0.01)

IE00B5VX7566

Within tolerance band.


FTSE 250


12.71

12.97

(0.26)

12.90

12.97

(0.07)

IE00B64PTF05

Predominant driver of underperformance is stamp duty on UK

purchases.


S&P 500


18.27

18.18

0.09

18.32

18.18

0.14

IE00B5KQNG97




MSCI Europe


16.96

16.73

0.23

17.08

16.73

0.34

IE00B5BD5K76




MSCI USA


18.44

18.44

0.00

18.61

18.44

0.17

IE00B5WFQ436




MSCI BRAZIL


14.79

15.63

(0.84)

15.13

15.63

(0.50)

IE00B5W34K94

Performance driven by CGT.

HSBC ETFs PLC >25<



YTD

ISIN Code


Net Gross



HSBC MSCI PACIFIC EX JAPAN UCITS ETF

MSCI PACIFIC


17.78

18.03

(0.26)

18.01

18.03

(0.02) IE00B5SG8Z57


MSCI EM FAR EAST


10.02

10.43

(0.41)

10.34

10.43

(0.09) IE00B5LP3W10

Performance explained by fund optimization and imperfectly

tracking future.


MSCI TURKEY


(0.72)

(0.42)

(0.30)

(0.43)

(0.42)

(0.01) IE00B5BRQB73


MSCI WORLD


17.09

16.98

0.11

17.18

16.98

0.20 IE00B4X9L533

Mainly driven by WHT.


MSCI CHINA


12.61

12.97

(0.35)

12.94

12.97

(0.02) IE00B44T3H88


MSCI SOUTH AFRICA


11.14

11.31

(0.17)

11.47

11.31

0.16 IE00B57S5Q22

Outperformance can be explained by the fund benefiting from

wins on WHT (10%) vs the index (20%).


MSCI CANADA


20.83

21.01

(0.17)

21.04

21.01

0.04 IE00B51B7Z02

Performance mainly explained by the cash pull.


MSCI MEXICO


6.50

6.69

(0.19)

6.81

6.69

0.12 IE00B3QMYK80

Performance explained by a combination of wins on WHT and

imperfectly tracking future.

HSBC ETFs PLC >26<



YTD

ISIN Code


Net Gross




MSCI EM LATIN AMERICA


11.96

12.50

(0.50)

12.29

12.50

(0.20)

IE00B4TS3815

Primary drivers for underperformance are capital gains tax

and detrimental withholding tax rate versus index assumption.


MSCI INDONESIA


8.53

8.90

(0.36)

8.86

8.90

(0.04)

IE00B46G8275

Performance explained by imperfectly tracking future.


MSCI MALAYSIA


1.20

1.49

(0.29)

1.50

1.49

0.01

IE00B3X3R831

HSBC MSCI TAIWAN CAPPED UCITS ETF*

MSCI TAIWAN


9.58

9.92

(0.34)

9.90

9.92

(0.02)

IE00B3S1J086


MSCI KOREA


3.52

3.90

(0.37)

3.83

3.90

(0.07)

IE00B3Z0X395

Underperformance is explained by timing differences on

Korean dividends between the index and the Fund.

HSBC FTSE EPRA NAREIT DEVELOPED UCITS ETF

FTSE EPRA NAREIT DEVELOPED


14.52

14.51

0.01

14.75

14.51

0.23

IE00B5L01S80

Performance explained by wins on WHT as well as a

backdated WHT payment from 2018.


MSCI RUSSIA CAPPED


31.77

31.96

(0.19)

32.16

31.96

0.20

IE00BGHHCV04

Performance explained by a combination of wins on WHT and

imperfectly tracking future.


HSBC ETFs PLC >27<



YTD

ISIN Code


Net Gross




MSCI EMERGING MARKETS


10.63

10.94

(0.31)

10.85

10.94

(0.09)

IE00B5SSQT16


tracking future.

HSBC MSCI AC FAR EAST EX JAPAN UCITS ETF

MSCI AC FAR EAST EX JAPAN


11.39

11.57

(0.17)

11.64

11.57

0.08

IE00BBQ2W338


tracking future.

HSBC ECONOMIC SCALE WORLDWIDE EQUITY

UCITS ETF

MSCI AC WORLD


13.45

17.00

(3.55)

13.59

17.00

(3.41)

IE00BKZG9Y92

Fund follows a fundamentally weighted investment strategy.

Performance deviation explained by this.


UCITS ETF

MSCI AC WORLD


13.32

16.23

(2.91)

13.45

16.23

(2.77)

IE00BKZGB098

Fund follows a multi-factor investment strategy. Performance

deviation explained by this.

HSBC MSCI CHINA A INCLUSION UCITS ETF*

MSCI CHINA A INCLUSION


26.94

27.23

(0.29)

27.18

27.23

(0.05)

IE00BF4NQ904

The Fund was too small in January and February to hold any

future contract which resulted in a cash drag. Since then

performance has been affected by an imperfectly tracking

future contract.


UCITS ETF**

MSCI SAUDI ARABIA 20/35


N/A N/A IE00BGHHCV04

*The sub-fund was listed on 27 July 2018.

**The sub-fund was listed on 1 May 2019.

HSBC ETFs PLC >28<


Tracking Error

Realised tracking error is annualised standard deviation of the difference in monthly returns between a Sub-Fund and its benchmark index. Tracking error shows the consistency of returns relative to the benchmark index over a defined financial period of time.

Anticipated tracking error is based on the expected volatility of differences between the returns of a Sub-Fund and the returns of its benchmark index.

For physically replicating Sub-Funds, the investment management approach is to buy a portfolio of securities that as far as practicable consist of the securities that make up the benchmark index, in similar proportion to the weights presented in the benchmark index.

For non-replicating Sub-Funds, the investment management approach aims to match the main risk characteristics of the benchmark index by investing in a portfolio that is primarily made up of securities that represent the benchmark index. The aim is to generate a return which is as close as practicable to the total return of the index net of transaction costs and gross of fees and other costs.

Cash management, efficient portfolio management techniques, transaction costs from rebalancing and currency hedging can have an impact on tracking error as well as the return differential between a Sub-Fund and its benchmark index. Importantly, these impacts can be either positive or negative depending on the underlying circumstances.

In addition to the above, the Sub-Funds may also have a tracking error due to withholding tax suffered by the Sub-Funds on any income received from its investments. The level and quantum of tracking error arising due to withholding taxes depends on various factors such as any reclaims filed on behalf of the Sub-Funds with various tax authorities, any benefits obtained by the Sub-Funds under a tax treaty.

The table on page 29-32 below compares the anticipated tracking error of the Sub-Funds against the actual realised tracking error of the Sub-Funds as at 30 June 2019. An explanation of the difference is provided. The realised tracking error is annualised and calculated using data from the preceding 36 month observation period. Where a Sub-Fund has not been trading for 36 months, the annualised tracking error since inception has been presented.

HSBC ETFs PLC >29<



1 Year Tracking Error (“TE”)

ISIN Code Explanation of Divergence*

(only significant divergence is explained) Anticipated

Tracking Error

Realised

Tracking Error


FTSE 100

Differential

0.100 0.057 IE00B42TW061

HSBC Euro Stoxx 50 UCITS ETF

DJ Euro Stoxx 50

Differential

0.200 0.136 IE00B4K6B022

HSBC MSCI Japan UCITS ETF

MSCI Japan

Differential

0.100 0.039 IE00B5VX7566


FTSE 250

Differential

0.100 0.056 IE00B64PTF05


S&P 500

Differential 0.100 0.138 IE00B5KQNG97

The slighly elevated TE is due to S302 tax which bounced back in

August for a merger between AT&T and Time Warner corporate

action event, resulting in approximately 3bps. We are also seeing on

a daily basis more noise from the banned weapons and the munitions

optimisation impact which pushed TE level up.


MSCI Europe

Differential

0.100 0.078 IE00B5BD5K76


MSCI USA

Differential 0.100 0.138 IE00B5WFQ436

The slighly elevated TE is due to S302 tax which bounced back in

August for a merger between AT&T and Time Warner corporate

action event, resulting in approximately 3bps. We are also seeing on

a daily basis more noise from the banned weapons and the munitions

optimisation impact which pushed TE level up.

HSBC ETFs PLC >30<






Tracking Error

Realised

Tracking Error


MSCI BRAZIL

Differential

0.200 0.205 IE00B5W34K94

HSBC MSCI PACIFIC EX JAPAN UCITS ETF

MSCI PACIFIC

Differential

0.100 0.067 IE00B5SG8Z57


MSCI EM FAR EAST

Differential

0.400 0.336 IE00B5LP3W10


MSCI TURKEY

Differential 0.200 0.263 IE00B5BRQB73

The slightly elevated TE is due to high credit interest rates in Turkey

(~20%) resulting in large interest payments to the Fund. The Fund

also disinvests for dividend distribution on the close of ex date - 1

whereas the performance methodology uses the close of ex date.


MSCI WORLD

Differential

0.400 0.223 IE00B4X9L533


MSCI CHINA

Differential

0.400 0.225 IE00B44T3H88


MSCI SOUTH AFRICA

Differential

0.400 0.095 IE00B57S5Q22


MSCI CANADA

Differential

0.100 0.047 IE00B51B7Z02

HSBC ETFs PLC >31<






Tracking Error

Realised

Tracking Error


MSCI MEXICO

Differential

0.100 0.085 IE00B3QMYK80


MSCI EM LATIN AMERICA

Differential

0.200 0.181 IE00B4TS3815


MSCI INDONESIA

Differential

0.200 0.078 IE00B46G8275


MSCI MALAYSIA

Differential

0.200 0.059 IE00B3X3R831

HSBC MSCI TAIWAN CAPPED UCITS ETF*

MSCI TAIWAN

Differential

0.100 0.070 IE00B3S1J086


MSCI KOREA

Differential

0.400 0.168 IE00B3Z0X395

HSBC FTSE EPRA NAREIT DEVELOPED UCITS ETF

FTSE EPRA NAREIT DEVELOPED

Differential

0.200 0.245 IE00B5L01S80

The TE is elevated on this Fund due to an index event error on the

merger of Brookfield Property (fund constituent) whereby the Fund

chose to sell out of the position ahead of the index event so as to

not incur the WHT of 30% and as such be in line with the index. The

index subsequently decided to apply a tax resulting in the Fund

outperforming the index by approximately 20bps. There was also

an adjustment to the index causing further volatility.


HSBC ETFs PLC >32<






Tracking Error

Realised Tracking

Error


MSCI RUSSIA CAPPED

Differential

0.200 0.151 IE00B5LJZQ16


MSCI EMERGING MARKETS

Differential

0.400 0.258 IE00B5SSQT16

HSBC MSCI AC FAR EAST EX JAPAN UCITS ETF

MSCI AC FAR EAST EX JAPAN

Differential

0.400 0.267 IE00BBQ2W338

HSBC ECONOMIC SCALE WORLDWIDE EQUITY UCITS ETF

MSCI AC WORLD**

Differential

N/A N/A IE00BKZG9Y92

HSBC MULTI FACTOR WORLDWIDE EQUITY UCITS ETF

MSCI AC WORLD**

Differential

N/A N/A IE00BKZGB098

HSBC MSCI CHINA A INCLUSION UCITS ETF^

MSCI CHINA A INCLUSION

Differential

0.500 N/A IE00BF4NQ904


UCITS ETF^^

MSCI SAUDI ARABIA 20/35

Differential

0.400 N/A IE00BGHHCV04

* Tracking error below anticipated level.

** Fund converted to active economic scale strategy. Fund no longer tracks the benchmark passively and performance deviation is explained by this.

^ The sub-fund was listed on 27 July 2018.

^^ The sub-fund was listed on 1 May 2019.

HSBC ETFs PLC >33<

Schedules of Investments

HSBC FTSE 100 UCITS ETF As at 30 June 2019

Transferable securities admitted to official stock exchange listing

Holdings Financial assets at fair value through profit or loss Fair Value

GBP % of Net

Asset Value

Equities

Bermuda

Financial (31 December 2018: 0.26%)

29,184 Hiscox Ltd 493,793 0.25

493,793 0.25

Germany

Consumer Services (31 December 2018: 0.28%)

45,620 TUI AG 352,369 0.18

352,369 0.18

Ireland


8,029 Paddy Power 475,959 0.24

128,080 WPP 1,268,248 0.64

1,744,207 0.88

Industrial (31 December 2018: 2.62%)

84,703 CRH 2,170,091 1.09

10,304 DCC 723,341 0.36

95,077 Experian 2,266,636 1.14

24,906 Smurfit Kappa 593,261 0.30

5,753,329 2.89

Isle Of Man


Netherlands

Oil & Gas (31 December 2018: 11.14%)

851,283 Royal Dutch Shell 21,932,637 11.05

21,932,637 11.05

Switzerland

Basic Materials (31 December 2018: 1.92%)

1,169,019 Glencore International 3,195,513 1.61

3,195,513 1.61

Consumer Goods (31 December 2018: 0.28%)

20,348 Coca Cola Hellenic Bottling Company 604,743 0.30

604,743 0.30

Industrial (31 December 2018: Nil)

24,316 Ferguson PLC 1,361,696 0.69

1,361,696 0.69

HSBC ETFs PLC >34<

Schedules of Investments (continued)

HSBC FTSE 100 UCITS ETF (continued) As at 30 June 2019



GBP % of Net

Asset Value

Equities (continued)

United Kingdom

Basic Materials (31 December 2018: 6.81%)

103,450 Anglo American 2,321,935 1.17

35,754 Antofagasta 332,369 0.17

217,863 BHP Group Plc 4,389,939 2.21

13,010 Croda International 666,112 0.34

57,271 Evraz Group 380,967 0.19

19,092 Fresnillo 166,139 0.08

19,898 Johnson Matthey 662,404 0.33

38,394 Mondi 687,253 0.35

115,211 Rio Tinto 5,622,873 2.84

15,229,991 7.68

Consumer Goods (31 December 2018: 15.23%)

36,422 Associated British Foods 897,074 0.45

105,620 Barratt Developments 604,780 0.30

12,546 Berkeley Group Holdings 468,091 0.24

239,148 British American Tobacco Malaysia 6,574,178 3.31

42,745 Burberry Group 795,912 0.40

244,737 Diageo 8,281,900 4.17

99,805 Imperial Tobacco Group 1,843,199 0.93

33,204 Persimmon 663,084 0.33

65,891 Reckitt Benckiser Group 4,094,467 2.06

341,037 Taylor Wimpey 537,986 0.28

114,132 Unilever 5,586,191 2.83

30,346,862 15.30


16,795 Carnival ord 584,298 0.29

166,020 Compass Group 3,132,797 1.58

130,585 Informa 1,090,385 0.55

19,058 Intercontinental Hotels 985,680 0.50

166,192 International Consolidated Airlines Group 792,570 0.40

390,331 ITV 421,557 0.21

170,168 J Sainsbury 333,444 0.17

37,774 JD Sports 221,507 0.11

221,186 Kingfisher 475,329 0.24

204,347 Marks & Spencer Group 430,559 0.22

13,690 Next 756,509 0.38

47,403 Ocado Group 553,193 0.28

HSBC ETFs PLC >35<

Schedules of Investments (continued)

HSBC FTSE 100 UCITS ETF (continued) As at 30 June 2019



GBP % of Net

Asset Value

Equities (continued)

United Kingdom (continued)

Consumer Services (31 December 2018: 9.07%) (continued)

81,667 Pearson 669,179 0.34

196,934 Reed Elsevier 3,760,455 1.90

1,013,526 TESCO 2,297,663 1.16

18,196 Whitbread 842,293 0.42

231,188 WM Morrison Supermarkets 465,613 0.23

17,813,031 8.98

Financial (31 December 2018: 20.82%)

99,775 3i Group 1,110,995 0.56

21,548 Admiral Group 475,780 0.24

409,149 Aviva 1,704,106 0.86

1,800,821 Barclays 2,697,630 1.36

98,618 British Land 530,959 0.27

144,186 Direct Line Insurance Group 478,409 0.24

28,274 Hargreaves Lansdown 542,578 0.27

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