hsbc etfs plc · 2018-07-12 · management and administration (continued) >6< hsbc etfs plc...

HSBC ETFs PLC Interim Report and Unaudited Financial Statements For the period from 1 January 2017 to 30 June 2017

Contents

HSBC ETFs PLC >1<

Management and Administration ................................................................................................. 5

General Information .............................................................................................................................. 7

Investment Manager’s Report ....................................................................................................... 13

Schedules of Investments

HSBC FTSE 100 UCITS ETF ........................................................................................................................... 24

HSBC EURO STOXX 50 UCITS ETF .............................................................................................................. 28

HSBC MSCI JAPAN UCITS ETF ...................................................................................................................... 32

HSBC S&P 500 UCITS ETF ............................................................................................................................. 40

HSBC MSCI EUROPE UCITS ETF .................................................................................................................. 54

HSBC MSCI USA UCITS ETF .......................................................................................................................... 70

HSBC MSCI BRAZIL UCITS ETF ..................................................................................................................... 85

HSBC MSCI PACIFIC ex JAPAN UCITS ETF .................................................................................................. 87

HSBC MSCI EM FAR EAST UCITS ETF ......................................................................................................... 93

HSBC MSCI TURKEY UCITS ETF ................................................................................................................... 107

HSBC MSCI WORLD UCITS ETF .................................................................................................................... 109

HSBC MSCI CHINA UCITS ETF ..................................................................................................................... 142

HSBC MSCI SOUTH AFRICA UCITS ETF ...................................................................................................... 147

HSBC MSCI CANADA UCITS ETF ................................................................................................................. 149

HSBC MSCI MEXICO CAPPED UCITS ETF .................................................................................................. 153

HSBC MSCI EM LATIN AMERICA UCITS ETF .............................................................................................. 155

HSBC MSCI INDONESIA UCITS ETF ............................................................................................................. 160

HSBC MSCI MALAYSIA UCITS ETF .............................................................................................................. 162

HSBC MSCI TAIWAN UCITS ETF .................................................................................................................. 165

HSBC MSCI KOREA UCITS ETF ..................................................................................................................... 169

HSBC MSCI RUSSIA CAPPED UCITS ETF ................................................................................................... 173

HSBC MSCI EMERGING MARKETS UCITS ETF .......................................................................................... 175

HSBC MSCI AC FAR EAST ex JAPAN UCITS ETF ....................................................................................... 196

Financial Statements

HSBC FTSE 100 UCITS ETF

Statement of Financial Position ................................................................................................................... 212

Statement of Comprehensive Income ......................................................................................................... 213

Statement of Changes in Net Assets ........................................................................................................... 214

HSBC EURO STOXX 50 UCITS ETF




HSBC MSCI JAPAN UCITS ETF




Contents (continued)

>2< HSBC ETFs PLC

Financial Statements (continued)

HSBC S&P 500 UCITS ETF




HSBC MSCI EUROPE UCITS ETF




HSBC MSCI USA UCITS ETF




HSBC MSCI BRAZIL UCITS ETF




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 S&P BRIC 40 UCITS ETF



HSBC MSCI CHINA UCITS ETF




HSBC MSCI SOUTH AFRICA UCITS ETF





HSBC ETFs PLC >3<


HSBC MSCI CANADA UCITS ETF




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 UCITS ETF




HSBC MSCI KOREA UCITS ETF




HSBC MSCI RUSSIA CAPPED UCITS ETF




HSBC MSCI EMERGING MARKETS UCITS ETF




HSBC MSCI AC FAR EAST ex JAPAN UCITS ETF





>4< HSBC ETFs PLC


HSBC ETFs PLC



Cash Flow Statement ................................................................................................................................... 285

Notes to the Financial Statements .................................................................................................................... 286

Supplemental Information 348

Disclosure of Remuneration Policy ........................................................................................... 355

Management and Administration

HSBC ETFs PLC >5<

Directors Company Secretary Eimear Cowhey* (Irish) (Chairperson) Goodbody Secretarial Limited Peter Blessing* (Irish) 25/28 North Wall Quay Melissa McDonald** (British) IFSC *Independent Non-Executive Directors and members of the Audit Committee.

Dublin 1 Ireland

**Non-Executive Director Registered Office Depositary (Registration number: 467896) HSBC Institutional Trust Services (Ireland) DAC 25/28 North Wall Quay 1 Grand Canal Square IFSC Grand Canal Harbour Dublin 1 Dublin 2 Ireland Ireland Administrator Registrar (Secondary Market) HSBC Securities Services (Ireland) DAC Computershare Investor Services (Ireland) Limited 1 Grand Canal Square Heron House Grand Canal Harbour Corrig Road Dublin 2 Sandyford Industrial Estate Ireland Dublin 18 Ireland Registrar and Transfer Agent (Primary Market) Legal Advisers (As to Irish Law) HSBC Securities Services (Ireland) DAC Arthur Cox 1 Grand Canal Square 10 Earlsfort Terrace Grand Canal Harbour Dublin 2 Dublin 2 Ireland Ireland Promoter, Distributor, UK Representative Independent Auditor and Investment Manager KPMG HSBC Global Asset Management (UK) Limited 1 Harbourmaster Place 8 Canada Square IFSC London E14 5HQ Dublin 1 United Kingdom Ireland Swiss Representative Sponsor HSBC Global Asset Management J&E Davy (Switzerland) Limited Davy House Gartenstrasse 26 49 Dawson Street P.O Box Dublin 2 CH-8002 Zurich Ireland Switzerland Paying Agent – Germany Paying Agent – Sweden HSBC Trinkaus & Burkhardt AG Skandinaviska Enskilda Banken AB Königsallee 21/23 through its entity Custody Services 40212 Düsseldorf SEB Merchant Banking Custody Services Germany Global Funds RB6 Paying Agent – Switzerland Rissneleden 110 HSBC Private Bank (Suisse) SA SE-106 40 Stockholm Quai des Bergues 9 - 17 Sweden P.O. Box 2888 CH-1211 Geneva 1 Paying Agent – France Switzerland CACEIS Bank 1/3 Place Valhubert Paying Agent – Austria 75013 Paris Erste Bank der Oesterreichischen Sparkassen AG France Graben 21, 1010 Wien Österreich

Management and Administration (continued)

>6< HSBC ETFs PLC

Authorised Participants Jane Street Financial HSBC Global Markets 20 Fenchurch Street 8 Canada Square London EC3M 3BY London E14 5HQ United Kingdom United Kingdom Flow Traders B.V Commerzbank Jacob Bontiusplaats 9 30 Gresham St 1018 LL Amsterdam London EC2V 3PG Netherlands United Kingdom Virtu Financial Morgan Stanley Whitaker Square 25 Cabot Square Sir John Rogerson’s Quay Canary Wharf Grand Canal Dock London E14 4QA Dublin 2 United Kingdom Ireland Bank of America Merrill Lynch 2 King Edward Street London EC1A 1HQ United Kingdom Susquehanna Europe International Centre Memorial Road IFSC Dublin 1 Ireland

RBC Capital Markets

1 Queenhithe

Thames Court

London EC4V 3DQ

United Kingdom

Optiver VOF

Strawinskylaan 3095

2nd Floor

Amsterdam 1077 ZX

Netherlands

Societe Generale SA

29 Boulevard Haussmann

75009 Paris

France

General Information

HSBC ETFs PLC >7<

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 2015 (the "Central Bank UCITS Regulations"), (together “the UCITS Regulations”). The objective of the Company is the collective investment in transferable securities and/or 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 of Ireland, 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 27 Funds in operation as at 30 June 2017 (the HSBC S&P BRIC 40 UCITS ETF ceased investment activities on 27 April 2016). Each of the Sub-Funds, through the listing of their shares on one or more listing stock exchanges, is an exchange traded fund ("ETF"). The Company had no employees as at 30 June 2017.

General Information (continued)

>8< HSBC ETFs PLC

Stock Exchange Listing The details of the various stock exchange listings for each of the Sub-Funds are listed below. Sub-Funds Primary Listing Secondary Listing HSBC FTSE 100 UCITS ETF London Stock Exchange NYSE Euronext – Paris,

Deutsche Börse and SIX Swiss HSBC EURO STOXX 50 UCITS ETF London Stock Exchange NYSE Euronext - Paris,

Deutsche Börse, Six Swiss and Borsa Italiana

HSBC MSCI JAPAN UCITS ETF London Stock Exchange NYSE Euronext - Paris, Deutsche Börse, Six Swiss and Borsa Italiana

HSBC S&P 500 UCITS ETF London Stock Exchange NYSE Euronext - Paris, Deutsche Börse, Six Swiss and Borsa Italiana

HSBC MSCI EUROPE UCITS ETF London Stock Exchange NYSE Euronext – Paris, Deutsche Börse and SIX Swiss

HSBC MSCI USA UCITS ETF London Stock Exchange NYSE Euronext – Paris, Deutsche Börse and SIX Swiss

HSBC MSCI BRAZIL UCITS ETF London Stock Exchange NYSE Euronext – Paris, Deutsche Börse and SIX Swiss

HSBC MSCI PACIFIC ex JAPAN UCITS ETF London Stock Exchange NYSE Euronext – Paris, Deutsche Börse and SIX Swiss

HSBC MSCI EM FAR EAST UCITS ETF London Stock Exchange NYSE Euronext – Paris, Deutsche Börse and SIX Swiss

HSBC MSCI TURKEY UCITS ETF London Stock Exchange NYSE Euronext – Paris, SIX Swiss and Deutsche Börse

HSBC MSCI WORLD UCITS ETF London Stock Exchange NYSE Euronext - Paris, Deutsche Börse, Six Swiss and Borsa Italiana

HSBC MSCI CHINA UCITS ETF London Stock Exchange NYSE Euronext – Paris, SIX Swiss and Deutsche Börse

HSBC MSCI SOUTH AFRICA UCITS ETF London Stock Exchange NYSE Euronext – Paris, SIX Swiss and Deutsche Börse

HSBC MSCI CANADA UCITS ETF London Stock Exchange NYSE Euronext – Paris, SIX Swiss and Deutsche Börse

HSBC MSCI MEXICO CAPPED UCITS ETF London Stock Exchange SIX Swiss and Deutsche Börse HSBC MSCI EM LATIN AMERICA UCITS ETF London Stock Exchange NYSE Euronext – Paris, SIX

Swiss and Deutsche Börse HSBC MSCI INDONESIA UCITS ETF London Stock Exchange SIX Swiss and Deutsche Börse HSBC MSCI MALAYSIA UCITS ETF London Stock Exchange SIX Swiss and Deutsche Börse HSBC MSCI TAIWAN UCITS ETF London Stock Exchange SIX Swiss and Deutsche Börse HSBC MSCI KOREA UCITS ETF London Stock Exchange SIX Swiss and Deutsche Börse HSBC MSCI RUSSIA CAPPED UCITS ETF London Stock Exchange SIX Swiss and Deutsche Börse HSBC MSCI EMERGING MARKETS UCITS ETF

London Stock Exchange SIX Swiss, Deutsche Börse and Borsa Italiana


London Stock Exchange SIX Swiss and Deutsche Börse


HSBC ETFs PLC >9<

Total Expense Ratio The Total Expense Ratio (“TER”) for each Sub-Fund for the period from 1 January 2017 to 30 June 2017 is as follows:

Sub-Funds 30 June

2017 31 December

2016 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 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 UCITS ETF 0.60% 0.60% HSBC MSCI KOREA UCITS ETF 0.60% 0.60% 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 0.60% 0.60%


>10< HSBC ETFs PLC

Portfolio Turnover Rate* The Portfolio Turnover Rate (“PTR”)* for each Sub-Fund for the period from 1 January 2017 to 30 June 2017 is as follows:

Sub-Funds 30 June

2017 31 December

2016 HSBC FTSE 100 UCITS ETF 5.22% 14.36% HSBC EURO STOXX 50 UCITS ETF 4.49% 15.77% HSBC MSCI JAPAN UCITS ETF 3.40% 6.86% HSBC S&P 500 UCITS ETF 3.81% 10.13% HSBC MSCI EUROPE UCITS ETF 4.41% 10.02% HSBC MSCI USA UCITS ETF 4.06% 10.12% HSBC MSCI BRAZIL UCITS ETF 5.96% (29.19)% HSBC MSCI PACIFIC ex JAPAN UCITS ETF 4.54% 9.53% HSBC MSCI EM FAR EAST UCITS ETF 2.29% 12.32% HSBC MSCI TURKEY UCITS ETF 7.94% 7.34% HSBC MSCI WORLD UCITS ETF 2.62% 14.43% HSBC MSCI CHINA UCITS ETF 2.86% 27.22% HSBC MSCI SOUTH AFRICA UCITS ETF 7.54% 18.92% HSBC MSCI CANADA UCITS ETF 8.15% 8.23% HSBC MSCI MEXICO CAPPED UCITS ETF 1.79% 6.32% HSBC MSCI EM LATIN AMERICA UCITS ETF 4.30% 5.84% HSBC MSCI INDONESIA UCITS ETF 7.66% 4.69% HSBC MSCI MALAYSIA UCITS ETF 6.92% 3.77% HSBC MSCI TAIWAN UCITS ETF 3.42% 8.96% HSBC MSCI KOREA UCITS ETF 3.67% 10.35% HSBC MSCI RUSSIA CAPPED UCITS ETF 9.02% 14.87% HSBC MSCI EMERGING MARKETS UCITS ETF 0.14% 18.41% HSBC MSCI AC FAR EAST ex JAPAN UCITS ETF 3.73% 13.43% * PTR calculation includes equalisation.


HSBC ETFs PLC >11<

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:

Period ended 30 June 2017

Year ended 31 December 2016

Sub-Funds Benchmark Fund Benchmark Fund Benchmark

HSBC FTSE 100 UCITS ETF FTSE 100® Index 4.65% 4.69% 18.96% 19.07%

HSBC EURO STOXX 50 UCITS ETF EURO STOXX 50® Index 7.11% 6.71% 3.67% 3.07%

HSBC MSCI JAPAN UCITS ETF MSCI Japan Index 9.94% 9.92% 2.62% 2.61%

HSBC S&P 500 UCITS ETF S&P 500® Index 9.16% 9.01% 11.52% 11.23%

HSBC MSCI EUROPE UCITS ETF MSCI Europe Index 6.91% 6.68% 2.29% 2.03%

HSBC MSCI USA UCITS ETF MSCI USA Index 9.37% 9.21% 11.20% 10.89%

HSBC MSCI BRAZIL UCITS ETF MSCI Brazil Index 2.56% 2.69% 68.55% 68.71% HSBC MSCI PACIFIC ex JAPAN UCITS ETF MSCI Pacific ex Japan Index 13.44% 13.48% 7.88% 7.85%

HSBC MSCI EM FAR EAST UCITS ETF MSCI EM Far East Index 23.83% 23.57% 7.67% 7.45%

HSBC MSCI TURKEY UCITS ETF MSCI Turkey Index 32.24% 32.21% (8.54)% (8.46)%

HSBC MSCI WORLD UCITS ETF MSCI World Index 10.76% 10.66% 7.83% 7.51%

HSBC S&P BRIC 40 UCITS ETF* S&P BRIC 40® Index - - N/A 11.19%

HSBC MSCI CHINA UCITS ETF MSCI China Index 24.80% 24.86% 1.09% 0.90%

HSBC MSCI SOUTH AFRICA UCITS ETF MSCI South Africa Index 8.20% 8.04% 18.07% 17.91%

HSBC MSCI CANADA UCITS ETF MSCI Canada Index 3.19% 3.16% 24.48% 24.56% HSBC MSCI MEXICO CAPPED UCITS ETF MSCI Mexico Capped Index 24.43% 24.37% (9.07)% (9.16)% HSBC MSCI EM LATIN AMERICA UCITS ETF MSCI EM Latin America Index 9.73% 9.79% 32.36% 32.28%

HSBC MSCI INDONESIA UCITS ETF MSCI Indonesia Index 15.99% 16.01% 16.95% 16.96%

HSBC MSCI MALAYSIA UCITS ETF MSCI Malaysia Index 13.79% 13.86% (3.85)% (3.89)%

HSBC MSCI TAIWAN UCITS ETF MSCI Taiwan Index 21.53% 21.58% 18.46% 18.54%

HSBC MSCI KOREA UCITS ETF MSCI Korea Index 28.72% 28.78% 8.58% 8.75% HSBC MSCI RUSSIA CAPPED UCITS ETF MSCI Russia Capped Index (13.90)% (13.94)% 54.77% 54.88% HSBC MSCI EMERGING MARKETS UCITS ETF MSCI Emerging Markets Index 18.35% 18.43% 11.59% 11.56%


MSCI AC Far East ex Japan

Index 22.94% 23.10% 6.12% 6.21% * The Sub-Fund was fully redeemed on 27 April 2016.


>12< HSBC ETFs PLC

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) Limited, 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 period ended 30 June 2017 and as at 31 December 2016 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 2017, the following Sub-Funds satisfy the criterion for PEA Eligibility: % PEA Eligible Assets Sub-Funds 30 June 2017 31 December 2016 HSBC FTSE 100 UCITS ETF 98.97% 99.16% HSBC EURO STOXX 50 UCITS ETF 99.72% 99.72% HSBC MSCI EUROPE UCITS ETF 98.83% 99.47% All share classes issued by the Sub-Funds in operation at 30 June 2017 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 date 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 will make available to shareholders the reportable income information for the period ended 30 June 2017 that they require for their UK tax returns at www.etf.hsbc.com by 30 June 2017. 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. The Statement of the Chairperson The Board of Directors considers corporate governance matters and adherence to codes of best practice to be of utmost importance. As the Chairman of the Board, I believe that the Board has operated effectively throughout the period and that its role and its composition are well defined, appropriate and support the long-term development of the company.

https://www.gov.uk/government/publications/offshore-funds-list-of-reporting-funds

Investment Manager’s Report

HSBC ETFs PLC >13<

Market Context Global markets (MSCI World) rose during the first half of the year by 9.43% in US dollar terms, with performance driven by the momentum of global recovery, which was evident in both developed and emerging markets. In the US, strong quarterly earnings results overshadowed the Trump administration’s stalled legislative agenda. Yet optimism was bolstered by the earnings season, for which overall year-on-year growth rate reached its highest level in nearly six years. Within the Eurozone, performance was dominated by political developments and the indications of a shift towards tighter monetary policy. An equities rally was spurred by positive quarterly earnings data and, later, by Emmanuel Macron’s victory in the French presidential elections. However, European equities fell after the UK election outcome revealed a smaller majority for the Conservative government, raising uncertainty over the pending Brexit negotiations. In Japan, equities rose only in the second quarter. On the back of expectations for a strong earnings season, the market scaled peaks not seen since the height of the tech boom. In June, Japanese equities were further boosted by the Bank of Japan’s holding rates in place, while the Fed met expectations by raising interest rates for the second time this year. In China, stocks fell early in the quarter on disappointing economic data but, midway through the period, gained a recovery momentum. Markets were further cheered by the late June decision of benchmarking firm MSCI to include Chinese A-shares into its emerging market index. In India, equities rose solidly over the quarter, with much of the outperformance was due to the introduction of a country-wide goods and services tax. Elsewhere, Brazil's markets were shaken by leaked recordings of President Michel Temer’s acknowledgement of bribery payments made by meatpacking firm JBS to former speaker of the House Eduardo Cunha.

Investment Manager’s Report (continued)

>14< HSBC ETFs PLC

HSBC ETFs PLC Performance to 30 June 2017

ETFS

Performance 1 Jan- 30 June

2017 Fund Performance

(Gross)

Performance 1 Jan- 30 June

2017 Fund

Benchmark Performance

Sub-Fund vs Benchmark

Sub-Fund vs Benchmark

(Since inception)

Tracking Error

(Gross)

Developed Countries

HSBC FTSE 100 UCITS ETF 4.65% 4.69% (0.04%) (0.56%) 0.05%

HSBC EURO STOXX 50 UCITS ETF 7.11% 6.71% 0.40% 8.27% 0.13%

HSBC MSCI JAPAN UCITS ETF 9.94% 9.92% 0.02% 0.00% 0.08%

HSBC S&P 500 UCITS ETF 9.16% 9.01% 0.15% 5.05% 0.05%

HSBC MSCI EUROPE UCITS ETF 6.91% 6.68% 0.23% 4.36% 0.10%

HSBC MSCI USA UCITS ETF 9.37% 9.21% 0.16% 5.35% 0.06% HSBC MSCI PACIFIC EX JAPAN UCITS ETF 13.44% 13.48% (0.04%) (0.02%) 0.08%

HSBC MSCI WORLD UCITS ETF 10.76% 10.66% 0.10% 1.21% 0.36%

HSBC MSCI CANADA UCITS ETF 3.19% 3.16% 0.03% 0.58% 0.07%

Emerging Countries

HSBC MSCI BRAZIL UCITS ETF 2.56% 2.69% (0.13%) (0.44%) 0.12%

HSBC MSCI EM FAR EAST UCITS ETF 23.83% 23.57% 0.26% 1.17% 0.42%

HSBC MSCI TURKEY UCITS ETF 32.24% 32.21% 0.03% 0.07% 0.12%

HSBC MSCI CHINA UCITS ETF 24.80% 24.86% (0.06%) 0.77% 0.58%

HSBC MSCI SOUTH AFRICA UCITS ETF 8.20% 8.04% 0.16% 1.12% 0.15% HSBC MSCI MEXICO CAPPED UCITS ETF 24.43% 24.37% 0.06% 0.55% 0.08% HSBC MSCI EM LATIN AMERICA UCITS ETF 9.73% 9.79% (0.06%) 0.03% 0.20%

HSBC MSCI INDONESIA UCITS ETF 15.99% 16.01% (0.02%) 0.14% 0.06%

HSBC MSCI MALAYSIA UCITS ETF 13.79% 13.86% (0.07%) 0.11% 0.09%

HSBC MSCI TAIWAN UCITS ETF 21.53% 21.58% (0.05%) (0.25%) 0.08%

HSBC MSCI KOREA UCITS ETF 28.72% 28.78% (0.06%) (0.93%) 0.51% HSBC MSCI RUSSIA CAPPED UCITS ETF (13.90%) (13.94%) 0.04% (0.24%) 0.25% HSBC MSCI EMERGING MARKETS UCITS ETF 18.35% 18.43% (0.08%) 1.35% 0.63% HSBC MSCI AC FAR EAST EX JAPAN UCITS ETF 22.94% 23.10% (0.16%) (0.29%) 0.39%


HSBC ETFs PLC >15<

HSBC ETFs PLC Performance to 30 June 2017

ETFS

NAV (30/06/2017) FUND CCY

NAV (31/12/2016) FUND CCY NAV Variation

HSBC FTSE 100 UCITS ETF GBP 139,193,598 GBP 135,172,782

4,020,816

HSBC EURO STOXX 50 UCITS ETF EUR 112,976,692 EUR 85,558,735

27,417,957

HSBC MSCI JAPAN UCITS ETF USD 209,894,074 USD 232,371,894 (22,477,820)

HSBC S&P 500 UCITS ETF USD 2,581,528,641 USD 2,264,222,286

317,306,355

HSBC MSCI EUROPE UCITS ETF EUR 184,910,264 EUR 199,167,278 (14,257,014)

HSBC MSCI USA UCITS ETF USD 166,176,382 USD 233,673,919 (67,497,537)

HSBC MSCI BRAZIL UCITS ETF USD 43,268,255 USD 12,180,625

31,087,630

HSBC MSCI PACIFIC ex JAPAN UCITS ETF USD 42,476,786 USD 38,122,038

4,354,748

HSBC MSCI EM FAR EAST UCITS ETF USD 34,231,255 USD 38,643,072 (4,411,817)

HSBC MSCI TURKEY UCITS ETF USD 6,521,658 USD 5,874,108

647,550

HSBC MSCI WORLD UCITS ETF USD 252,235,604 USD 128,084,597

124,151,007

HSBC MSCI CHINA UCITS ETF USD 188,403,859 USD 133,995,218 54,408,641

HSBC MSCI SOUTH AFRICA UCITS ETF USD 4,864,235 USD 3,415,103 1,449,132

HSBC MSCI CANADA UCITS ETF USD 34,048,039 USD 35,712,063 (1,664,024)

HSBC MSCI MEXICO CAPPED UCITS ETF USD 14,162,832 USD 9,863,680 4,299,152

HSBC MSCI EM LATIN AMERICA UCITS ETF USD 15,321,420 USD 14,089,671 1,231,749

HSBC MSCI INDONESIA UCITS ETF USD 29,538,200 USD 21,032,527 8,505,673

HSBC MSCI MALAYSIA UCITS ETF USD 3,617,963 USD 4,191,126 (573,163)

HSBC MSCI TAIWAN UCITS ETF USD 11,037,925 USD 9,257,635 1,780,290

HSBC MSCI KOREA UCITS ETF USD 10,345,031 USD 5,380,784 4,964,247

HSBC MSCI RUSSIA CAPPED UCITS ETF USD 63,958,255 USD 79,618,031 (15,659,776)

HSBC MSCI EMERGING MARKETS UCITS ETF USD 353,570,239 USD 258,769,533 94,800,035

HSBC MSCI AC FAR EAST ex JAPAN UCITS ETF USD 207,584,433 USD 165,934,557 41,649,876


>16< HSBC ETFs PLC

HSBC ETF Performance

to 30 June 2017

YTD ISIN Code Performance Attribution

Net Gross (explanation where gross tracking difference

is greater than 0.03)

HSBC FTSE 100 UCITS ETF 4.62 4.65 IE00B42TW061 Underperformance of 3bps is mainly explained by calculation methodology around dividend distributions (0.7bps) and rebalance costs (1.3bps).

FTSE 100 4.69 4.69

Differential (Tracking Difference) (0.07) (0.03)

HSBC Euro Stoxx 50 UCITS ETF 7.08 7.11 IE00B4K6B022 The outperformance is mainly explained by wins on withholding tax vs index in countries such as France, Spain & Germany.

DJ Euro Stoxx 50 6.71 6.71

Differential (Tracking Difference) 0.37 0.40

HSBC MSCI Japan UCITS ETF 9.83 9.94 IE00B5VX7566

MSCI Japan 9.92 9.92

Differential (Tracking Difference) (0.09) 0.02

HSBC S&P 500 UCITS ETF 9.11 9.16 IE00B5KQNG97 The outperformance is mainly explained by wins on withholding tax vs index.

S&P 500 9.01 9.01


HSBC MSCI EUROPE UCITS ETF 6.81 6.91 IE00B5BD5K76 The outperformance is mainly explained by wins on withholding tax vs index in countries such as France, Spain & Germany.

MSCI Europe 6.68 6.68


HSBC MSCI USA UCITS ETF 9.21 9.37 IE00B5WFQ436 The outperformance is mainly explained by wins on withholding tax vs index.

MSCI USA 9.21 9.21


HSBC MSCI BRAZIL UCITS ETF 2.26 2.56 IE00B5W34K94 The 13bps of underperformance is due to a combination of a cash drag in a rising market and dividends which are subject to 25% tax rather than 15% in the index. Capital gains tax have also been charged to the fund.

MSCI BRAZIL 2.69 2.69



HSBC ETFs PLC >17<


to 30 June 2017


Net Gross (explanation where gross tracking difference is greater than 0.03)

HSBC MSCI PACIFIC EX JAPAN UCITS ETF 13.21 13.44 IE00B5SG8Z57 Underperformance is due to trading costs and imperfectly tracking futures.

MSCI PACIFIC 13.48 13.48


HSBC MSCI EM FAR EAST UCITS ETF 23.46 23.83 IE00B5LP3W10 Performance deviation is due to the optimisation of the basket portfolio.

MSCI EM FAR EAST 23.57 23.57


HSBC MSCI TURKEY UCITS ETF 31.84 32.24 IE00B5BRQB73

MSCI TURKEY 32.21 32.21


HSBC MSCI WORLD UCITS ETF 10.68 10.76 IE00B4X9L533 Performance deviation is due to the optimisation of the basket portfolio and withholding tax impact.

MSCI WORLD 10.66 10.66


HSBC MSCI CHINA UCITS ETF 24.43 24.80 IE00B44T3H88 Underperformance is due to trading costs and imperfectly tracking futures.

MSCI CHINA 24.86 24.86


HSBC MSCI SOUTH AFRICA UCITS ETF 7.88 8.20 IE00B57S5Q22 Fund benefitted from withholding tax vs index and gained 4bps from a previously bankrupt stock, Phoenix Bank, which resumed trading.

MSCI SOUTH AFRICA 8.04 8.04


HSBC MSCI CANADA UCITS UCITS ETF 3.01 3.19 IE00B51B7Z02

MSCI CANADA 3.16 3.16


HSBC MSCI MEXICO CAPPED UCITS ETF 24.06 24.43 IE00B3QMYK80 Performance explained by a combination of wins on withholding tax and imperfectly tracking futures.

MSCI MEXICO 24.37 24.37



>18< HSBC ETFs PLC


to 30 June 2017


Net Gross (explanation where gross tracking difference is greater than 0.03)

HSBC MSCI EM LATIN AMERICA UCITS ETF 9.41 9.73 IE00B4TS3815 Performance explained by a combination of wins on withholding tax and imperfectly tracking futures and the weakening of BRL.

MSCI EM LATIN AMERICA 9.79 9.79


HSBC MSCI INDONESIA UCITS ETF 15.65 15.99 IE00B46G8275

MSCI INDONESIA 16.01 16.01


HSBC MSCI MALAYSIA UCITS ETF 13.45 13.79 IE00B3X3R831 Performance explained by a combination of cash drag and imperfectly tracking futures.

MSCI MALAYSIA 13.86 13.86


HSBC MSCI TAIWAN UCITS ETF 21.17 21.53 IE00B3S1J086 The underperformance of 5bps is largely due to a small cash drag on the fund in a rising market.

MSCI TAIWAN 21.58 21.58


HSBC MSCI KOREA UCITS ETF 28.34 28.72 IE00B3Z0X395 Tracking difference is attributable to the fund optimising out on cluster munitions stocks. MSCI KOREA 28.78 28.78


HSBC MSCI RUSSIA CAPPED UCITS ETF (14.16) (13.90) IE00B5LJZQ16 Performance deviation explained by imperfectly tracking futures.

MSCI RUSSIA CAPPED (13.94) (13.94)


HSBC MSCI EMERGING MARKETS UCITS ETF 18.12 18.35 IE00B5SSQT16 Performance deviation is due to the optimisation of the basket portfolio.

MSCI EMERGING MARKETS 18.43 18.43


HSBC MSCI AC FAR EAST EX JAPAN UCITS ETF 22.57 22.94 IE00BBQ2W338 Performance deviation is due to the optimisation of the basket portfolio.

MSCI AC FAR EAST EX JAPAN 23.10 23.10



HSBC ETFs PLC >19<

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 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 objective 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 including securities lending, 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 or any securities lending activities carried out by the Sub-Funds. The table on page 20-23 below compares the anticipated tracking error of the Sub-Funds against the actual realised tracking error of the Sub-Funds as at 30 June 2017. 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.


>20< HSBC ETFs PLC


to 30 June 2017

1 Year Tracking Error ISIN Code

Explanation of Divergence* (only significant divergence is explained)

Anticipated Tracking

Error

Realised Tracking

Error

HSBC FTSE 100 UCITS ETF IE00B42TW061

FTSE 100 0.060 0.060

Differential

HSBC Euro Stoxx 50 UCITS ETF IE00B4K6B022

DJ Euro Stoxx 50 0.107 0.107

Differential

HSBC MSCI Japan UCITS ETF IE00B5VX7566

MSCI Japan 0.073 0.073

Differential

HSBC S&P 500 UCITS ETF IE00B5KQNG97

S&P 500 0.091 0.091

Differential

HSBC MSCI EUROPE UCITS ETF IE00B5BD5K76

MSCI Europe 0.061 0.060

Differential

HSBC MSCI USA UCITS ETF IE00B5WFQ436

MSCI USA 0.090 0.089

Differential

HSBC MSCI BRAZIL UCITS ETF IE00B5W34K94

MSCI BRAZIL 0.120 0.119

Differential

HSBC MSCI PACIFIC EX JAPAN UCITS ETF IE00B5SG8Z57

MSCI PACIFIC 0.068 0.069

Differential


HSBC ETFs PLC >21<


to 30 June 2017




Error

Realised Tracking

Error

HSBC MSCI EM FAR EAST UCITS ETF IE00B5LP3W10

MSCI EM FAR EAST 0.269 0.269

Differential

HSBC MSCI TURKEY UCITS ETF IE00B5BRQB73

MSCI TURKEY 0.067 0.066

Differential

HSBC MSCI WORLD UCITS ETF IE00B4X9L533

MSCI WORLD 0.203 0.202

Differential

HSBC MSCI CHINA UCITS ETF IE00B44T3H88

MSCI CHINA 0.085 0.085

Differential


>22< HSBC ETFs PLC


to 30 June 2017




Error

Realised Tracking

Error

HSBC MSCI SOUTH AFRICA UCITS ETF IE00B57S5Q22

MSCI SOUTH AFRICA 0.118 0.116

Differential

HSBC MSCI CANADA UCITS ETF IE00B51B7Z02

MSCI CANADA 0.030 0.029

Differential

HSBC MSCI MEXICO CAPPED UCITS ETF IE00B3QMYK80

MSCI MEXICO 0.059 0.058

Differential

HSBC MSCI EM LATIN AMERICA UCITS ETF IE00B4TS3815

MSCI EM LATIN AMERICA 0.088 0.089

Differential

HSBC MSCI INDONESIA UCITS ETF IE00B46G8275

MSCI INDONESIA 0.059 0.056

Differential

HSBC MSCI MALAYSIA UCITS ETF IE00B3X3R831

MSCI MALAYSIA 0.083 0.083

Differential

HSBC MSCI TAIWAN UCITS ETF IE00B3S1J086

MSCI TAIWAN 0.050 0.049

Differential


HSBC ETFs PLC >23<


to 30 June 2017




Error

Realised Tracking

Error

HSBC MSCI KOREA UCITS ETF IE00B3Z0X395

MSCI KOREA 0.316 0.318

Differential

HSBC MSCI RUSSIA CAPPED UCITS ETF IE00B5LJZQ16

MSCI RUSSIA CAPPED 0.176 0.176

Differential

HSBC MSCI EMERGING MARKETS UCITS ETF IE00B5SSQT16

MSCI EMERGING MARKETS 0.249 0.251

Differential

HSBC MSCI AC FAR EAST ex JAPAN UCITS ETF IE00BBQ2W338

MSCI AC FAR EAST ex JAPAN 0.351 0.350

Differential

*Tracking error below anticipated level

Schedules of Investments


>24< HSBC ETFs PLC

As at 30 June 2017 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

Germany Consumer Services (31 December 2016: 0.30%)

32,304 TUI AG 361,482 0.26

361,482 0.26 Ireland

Consumer Services (31 December 2016: 1.68%) 6,136 Paddy Power 501,925 0.36

91,964 WPP 1,484,299 1.07

1,986,224 1.43 Healthcare (31 December 2016: 2.32%)

66,122 Shire 2,802,250 2.01

2,802,250 2.01 Industrial (31 December 2016: 2.66%)

62,102 CRH 1,697,869 1.22 6,605 DCC 461,690 0.33

69,858 Experian 1,100,264 0.79 17,610 Smurfit Kappa 421,936 0.30

3,681,759 2.64 Jersey

Basic Materials (31 December 2016: 0.33%) 6,927 Randgold Resources 471,382 0.34

471,382 0.34 Netherlands

Oil & Gas (31 December 2016: 10.26%) 611,370 Royal Dutch Shell 12,517,968 8.99

12,517,968 8.99 Switzerland

Basic Materials (31 December 2016: 1.78%) 865,779 Glencore International 2,486,517 1.79

2,486,517 1.79 Consumer Goods (31 December 2016: 0.19%)

14,484 Coca Cola Hellenic Bottling Company 327,049 0.23

327,049 0.23 Industrial (31 December 2016: 0.69%)

18,801 Wolseley 886,091 0.64

886,091 0.64 United Kingdom

Basic Materials (31 December 2016: 5.61%) 83,301 Anglo American 853,002 0.61 25,716 Antofagasta 205,599 0.15

154,441 BHP Billiton 1,816,226 1.31 9,422 Croda International 366,045 0.26

13,701 Fresnillo 203,597 0.15 14,111 Johnson Matthey 405,127 0.29 27,228 Mondi 548,372 0.39 89,434 Rio Tinto 2,899,450 2.08

7,297,418 5.24

Schedules of Investments (continued)

HSBC FTSE 100 UCITS ETF (continued)

HSBC ETFs PLC >25<



GBP % of Net

Asset Value

Equities (continued) United Kingdom (continued) Consumer Goods (31 December 2016: 16.17%)

25,829 Associated British Foods 758,339 0.54 74,362 Barratt Developments 419,029 0.30

137,660 British American Tobacco 7,205,124 5.18 32,797 Burberry Group 544,758 0.39

183,592 Diageo 4,164,785 2.99 127,478 GKN 415,578 0.30 70,915 Imperial Tobacco Group 2,445,504 1.76 22,813 Persimmon 511,467 0.37 46,244 Reckitt Benckiser Group 3,599,633 2.59

241,276 Taylor Wimpey 425,128 0.30 88,974 Unilever 3,696,870 2.66

24,186,215 17.38 Consumer Services (31 December 2016: 8.61%)

76,769 British Sky Broadcasting Group 763,084 0.55 13,340 Carnival 677,672 0.49

117,352 Compass Group 1,901,102 1.37 18,370 Easyjet 249,648 0.18 60,985 Informa 407,990 0.29 14,106 Intercontinental Hotels 601,903 0.43

124,867 International Consolidated Airlines Group 761,689 0.55 276,806 ITV 502,126 0.36 119,669 J Sainsbury 301,207 0.22 165,236 Kingfisher 496,865 0.35 120,740 Marks & Spencer Group 402,426 0.29 52,234 Merlin Entertainments 250,984 0.18 10,409 Next 401,371 0.29 60,966 Pearson 421,580 0.30 78,887 Reed Elsevier 1,309,524 0.94

606,573 TESCO 1,023,895 0.73 13,611 Whitbread 539,948 0.39

160,064 WM Morrison Supermarkets 386,074 0.28 11,399,088 8.19

Financial (31 December 2016: 22.12%) 70,742 3i Group 638,447 0.46 14,957 Admiral Group 299,589 0.22

301,458 Aviva 1,585,669 1.14 1,261,453 Barclays 2,557,596 1.84

76,343 British Land 462,257 0.33 102,250 Direct Line Insurance Group 363,397 0.26 58,932 Hammerson 338,564 0.24 18,179 Hargreaves Lansdown 236,691 0.17

1,490,647 HSBC Holdings 10,608,935 7.62 56,462 Land Securities Group 571,960 0.41

439,437 Legal & General Group 1,135,066 0.82



>26< HSBC ETFs PLC



GBP % of Net

Asset Value

Equities (continued)

United Kingdom (continued) Financial (31 December 2016: 22.12%) (continued)

5,300,753 Lloyds Banking Group 3,506,448 2.52 23,232 London Stock Exchange Group 847,039 0.61

353,008 Old Mutual 682,717 0.49 11,022 Provident Financial 268,165 0.19

192,081 Prudential 3,382,546 2.43 239,431 Royal Bank of Scotland 591,873 0.43 75,681 RSA Insurance Group 465,817 0.33

8,296 Schroders 257,508 0.18 102,061 Scottish Mortgage Investment Trust 408,040 0.29 74,076 Segro 362,380 0.26 38,709 St James's Place 457,540 0.33

200,187 Standard Chartered 1,555,853 1.12 146,318 Standard Life 583,955 0.42 139,417 Worldpay 438,885 0.32


29,057 Al Noor Hospitals Group 215,458 0.16 94,098 AstraZeneca 4,831,932 3.47 97,562 ConvaTec 311,418 0.22

359,036 GlaxoSmithKline 5,872,034 4.22 65,028 Smith & Nephew 861,621 0.62


36,915 Ashtead Group 586,579 0.42 37,370 Babcock International 329,043 0.24

236,446 BAE Systems 1,497,885 1.08 24,924 Bunzl 570,261 0.41

115,010 G4S 375,393 0.27 11,988 Intertek Group 505,534 0.36

136,610 Rentokil Initial 373,355 0.27 8,647,942 Rolls-Royce Holdings - -

122,006 Rolls-Royce 1,087,073 0.78 68,085 Royal Mail 286,774 0.20 29,394 Smiths Group 469,422 0.34

6,081,319 4.37 Oil & Gas (31 December 2016: 5.28%)

1,431,525 BP 6,338,793 4.55

6,338,793 4.55 Technology (31 December 2016: 0.66%)

16,487 Micro Focus International 374,420 0.27 80,337 Sage Group 552,719 0.40

927,139 0.67



HSBC ETFs PLC >27<



GBP % of Net

Asset Value


United Kingdom (continued) Telecommunications (31 December 2016: 4.62%)

622,188 BT Group 1,833,899 1.32 1,979,543 Vodafone Group 4,310,455 3.09

6,144,354 4.41 Utilities (31 December 2016: 4.18%)

408,001 Centrica 816,818 0.59 255,483 National Grid 2,431,687 1.75 17,541 Severn Trent 382,745 0.27 75,150 SSE 1,091,930 0.78 50,690 United Utilities Group 439,736 0.32

5,162,916 3.71

Total equities* (31 December 2016: 99.49%) 137,757,364 98.97 Futures (31 December 2016: 0.02%) - - Total financial assets at fair value through profit or loss 137,757,364 98.97

Financial liabilities at fair value through profit or loss

Futures (31 December 2016: Nil)

20 LIFFE FTSE 100 Index Future Sep 17 (39,088) (0.03)

Total futures (Notional amount: GBP1,448,500) (39,088) (0.03)

Other net assets 1,475,322 1.06

Net assets attributable to holders of redeemable participating shares 139,193,598 100.00

Analysis of Total Assets Fair Value

GBP % of Total

Assets * Transferable securities admitted to an official stock exchange listing 137,757,364 98.92 Other assets 1,506,153 1.08

Total assets 139,263,517 100.00

All equity positions (with the exception of the investment held in Rolls-Royce Holdings) and futures held by the Sub-Fund at 30 June 2017 and at 31 December 2016 are classified as Level 1. The investment in Rolls-Royce Holdings has been classified as Level 3. See Note 6 (d) for further details. The schedule of investments form an integral part of the financial statements.



>28< HSBC ETFs PLC



EUR % of Net

Asset Value

Equities

Belgium Consumer Goods (31 December 2016: 3.27%)

35,866 Anheuser-Busch 3,468,601 3.07

3,468,601 3.07 Finland

Technology (31 December 2016: 1.20%) 282,230 Nokia 1,511,341 1.34

1,511,341 1.34 France

Basic Materials (31 December 2016: 1.85%) 18,823 Air Liquide 2,036,648 1.80


29,562 Danone 1,945,475 1.72 11,852 L'Oreal 2,161,805 1.92 13,143 LVMH Moet Hennessy Louis Vuitton 2,869,117 2.54


49,399 Vivendi 962,787 0.85

962,787 0.85 Financial (31 December 2016: 8.00%)

100,704 AXA 2,411,861 2.13 54,105 BNP Paribas 3,411,861 3.02 39,061 Societe Generale 1,840,164 1.63

4,822 Unibail-Rodamco 1,063,974 0.95


10,563 Cie Generale d'Optique Essilor International 1,176,718 1.04 55,467 Sanofi 4,645,916 4.11


25,140 Cie de St-Gobain 1,176,049 1.04 17,344 Safran 1,391,683 1.23 26,848 Schneider Electric 1,806,065 1.60 26,865 Vinci 2,007,621 1.78

6,381,418 5.65 Oil & Gas (31 December 2016: 5.54%)

121,696 Total 5,267,611 4.66

5,267,611 4.66 Telecommunications (31 December 2016: 1.30%)

96,827 France Telecom 1,344,927 1.19


84,029 GDF Suez 1,110,443 0.98

1,110,443 0.98


HSBC EURO STOXX 50 UCITS ETF (continued)

HSBC ETFs PLC >29<



EUR % of Net

Asset Value


Germany Basic Materials (31 December 2016: 7.33%)

44,417 BASF 3,601,775 3.19 39,991 Bayer 4,526,981 4.01


8,850 Adidas 1,484,588 1.31 15,604 Bayerische Motoren Werke 1,268,293 1.13 48,198 Daimler 3,054,307 2.71

8,853 Volkswagen 1,180,548 1.04

6,987,736 6.19 Financial (31 December 2016: 5.60%)

22,100 Allianz 3,810,040 3.37 90,054 Deutsche Bank 1,398,088 1.23

7,497 Muenchener Rueckversicherungs 1,323,595 1.17


19,778 Fresenius SE & Co KGaA 1,484,537 1.31


46,413 Deutsche Post 1,523,275 1.35 41,106 Siemens 4,947,107 4.37


48,259 SAP 4,413,286 3.91


153,844 Deutsche Telekom 2,418,428 2.14


106,445 E.ON 877,958 0.78

877,958 0.78 Ireland

Industrial (31 December 2016: 1.23%) 40,422 CRH 1,252,159 1.11

1,252,159 1.11 Italy

Financial (31 December 2016: 1.57%) 696,414 Intesa Sanpaolo 1,933,245 1.71

1,933,245 1.71 Oil & Gas (31 December 2016: 1.77%)

122,848 ENI 1,616,680 1.43


375,627 Enel 1,763,193 1.56

1,763,193 1.56



>30< HSBC ETFs PLC



EUR % of Net

Asset Value


Netherlands Consumer Goods (31 December 2016: 4.00%)

44,957 Koninklijke Philips Electronics 1,397,938 1.24 76,074 Unilever 3,675,896 3.25


61,963 Koninklijke Ahold Delhaize 1,037,261 0.92


187,866 ING Groep 2,836,777 2.51 2,836,777 2.51

Industrial (31 December 2016: 1.61%) 27,565 European Aeronautic Defence and Space 1,984,680 1.76


18,153 ASML Holding 2,071,257 1.83

2,071,257 1.83 Spain

Consumer Services (31 December 2016: 1.53%) 53,747 Industria De Diseno Textil 1,806,437 1.60


322,458 Banco Bilbao Vizcaya Argentaria 2,342,657 2.07 705,199 Banco Santander 4,084,513 3.62


215,659 Telefonica 1,949,126 1.73


286,224 Iberdrola 1,984,391 1.76 1,984,391 1.76

Total equities* (31 December 2016: 99.71%) 112,659,683 99.72

Futures (31 December 2016: 0.01%) - - Total financial assets at fair value through profit or loss 112,659,683 99.72


Futures (31 December 2016:Nil)

11 DTB Euro Stoxx 50 Future Sep 17 (11,970) (0.01)

Total futures (Notional amount: EUR 377,410) (11,970) (0.01)



HSBC ETFs PLC >31<


Fair Value

EUR % of Net

Asset Value

Total financial liabilities at fair value through profit or loss (11,970) (0.01)

Other net assets 328,979 0.29



EUR % of Total

Assets * Transferable securities admitted to an official stock exchange listing 112,659,683 99.70 Other assets 333,832 0.30

Total assets 112,993,515 100.00

All equity positions and futures held by the Fund at 30 June 2017 and at 31 December 2016 are classified as Level 1. See Note 6(d) for further details. The schedule of investments form an integral part of the audited financial statements.



>32< HSBC ETFs PLC



USD % of Net

Asset Value

Equities

Basic Materials (31 December 2016: 5.92%)

9,691 Air Water 178,020 0.08 81,807 Asahi Kasei 879,156 0.41 18,204 Daicel 226,335 0.11

6,743 Hitachi Chemical 201,042 0.10 13,862 Hitachi Metals 192,706 0.09 33,844 JFE Holdings 587,511 0.27 12,398 JSR 213,732 0.10 18,180 Kaneka 138,502 0.07 13,291 Kansai Paint 305,779 0.15 20,100 Kobe Steel 206,439 0.10 23,068 Kuraray 418,411 0.20

3,701 Maruichi Steel Tube 107,545 0.05 93,019 Mitsubishi Chemical Holdings 769,998 0.37 11,700 Mitsubishi Gas Chemical 247,308 0.12 59,706 Mitsui Chemicals 316,172 0.15 10,576 Nippon Paint 400,036 0.19 49,420 Nippon Steel 1,116,304 0.53

7,999 Nissan Chemical Industries 264,118 0.13 10,730 Nitto Denko 882,389 0.42 56,048 Oji Holdings 289,319 0.14 25,280 Shin-Etsu Chemical 2,291,534 1.09

101,919 Sumitomo Chemical 585,971 0.28 32,137 Sumitomo Metal Mining 429,170 0.20

8,508 Taiyo Nippon Sanso 95,484 0.05 12,200 Teijin 234,640 0.11 95,448 Toray Industries 798,770 0.38 38,037 Tosoh 389,646 0.19 13,766 Toyota Tsusho 412,269 0.20


2,156 ABC-Mart 126,835 0.06 11,493 Aisin Seiki 588,152 0.28 35,206 Ajinomoto 760,300 0.36 25,148 Asahi Group Holdings 946,295 0.45 10,305 Asics Corporation 190,949 0.09 12,988 Bandai Namco Holdings 442,720 0.21 42,284 Bridgestone 1,821,418 0.87

5,193 Calbee 204,050 0.10 12,628 Casio Computer 194,095 0.09

8,048 Coca-Cola West Japan 232,787 0.11 36,812 Daiwa House Industry 1,257,427 0.60 30,971 Denso 1,307,089 0.62 40,000 Fuji Heavy Industries 1,347,811 0.64

111,863 Honda Motor 3,050,447 1.45 9,634 Iida Group Holdings 160,424 0.08

71,504 Japan Tobacco 2,511,804 1.20


HSBC MSCI JAPAN UCITS ETF (continued)

HSBC ETFs PLC >33<



USD % of Net

Asset Value


Consumer Goods (31 December 2016: 24.52%) (continued) 14,404 JTEKT 210,496 0.10 32,177 Kao 1,910,688 0.91

9,499 Kikkoman 303,501 0.14 56,443 Kirin Holdings 1,149,858 0.55

7,316 Koito Manufacturing 376,348 0.18 6,067 Konami 336,936 0.16

31,041 Konica Minolta Holdings 257,478 0.12 1,970 Kose 215,129 0.10

14,583 Lion 301,887 0.14 14,562 Makita 538,493 0.26 36,932 Mazda Motor 515,391 0.25

7,940 Meiji Holdings 643,765 0.31 43,544 Mitsubishi Motors 286,780 0.14 10,898 NGK Spark Plug 231,713 0.11 22,150 Nikon 354,053 0.17

7,367 Nintendo 2,470,528 1.18 11,272 Nippon Meat Packers 342,594 0.16

150,900 Nissan Motor 1,501,479 0.72 12,760 Nisshin Seifun 209,525 0.10

3,782 Nissin Food Products 236,291 0.11 6,184 NOK 130,659 0.06

143,513 Panasonic 1,946,545 0.93 5,898 Pola Orbis Holdings 155,481 0.07 2,207 Rinnai 205,654 0.10

11,249 Sega Sammy Holdings 151,375 0.07 26,467 Sekisui Chemical 473,702 0.23 39,093 Sekisui House 688,720 0.33 97,101 Sharp 360,370 0.17

4,811 Shimano 761,299 0.36 24,702 Shiseido 878,069 0.42 82,125 Sony 3,132,678 1.50

9,189 Stanley Electric 277,240 0.13 49,029 Sumitomo Electric Industries 754,896 0.36 11,969 Sumitomo Rubber Industries 201,969 0.10

9,039 Suntory Beverage And Food 419,932 0.20 22,342 Suzuki Motor 1,059,833 0.50

5,752 Toyo Suisan Kaisha 220,384 0.10 4,281 Toyoda Gosei 102,072 0.05

10,556 Toyota Industries 555,233 0.26 169,571 Toyota Motor 8,893,573 4.24 26,150 Unicharm 656,776 0.32

5,717 Yakult Honsha 389,240 0.19 10,865 Yamaha 375,189 0.18 18,145 Yamaha Motor 467,998 0.22

8,594 Yamazaki Baking 171,253 0.08 7,715 Yokohama Rubber 154,836 0.07

51,120,512 24.36



>34< HSBC ETFs PLC



USD % of Net

Asset Value


Consumer Services (31 December 2016: 10.25%) 39,675 Aeon 602,752 0.29 75,458 All Nippon Airways 262,182 0.12

4,662 Benesse Holdings 175,925 0.08 9,374 Central Japan Railway 1,527,572 0.73

34,503 Dai Nippon Printing 383,230 0.18 6,854 DeNA 153,477 0.07

14,020 Dentsu 670,055 0.32 7,704 Don Quijote 292,088 0.14

21,516 East Japan Railway 2,057,578 0.98 5,313 FamilyMart 304,046 0.14 3,448 Fast Retailing 1,148,310 0.55

15,155 Hakuhodo DY Holdings 201,105 0.10 15,703 Hankyu 564,615 0.27 21,781 Isetan Mitsukoshi Holdings 218,275 0.10 15,637 J Front Retailing 239,927 0.11

7,762 Japan Airlines 239,989 0.11 9,155 Kakaku 131,426 0.06

31,269 Keihan Electric Railway 198,701 0.09 30,473 Keikyu 366,945 0.17 37,603 Keio 314,585 0.15

9,000 Keisei Electric Railway 240,299 0.11 117,383 Kintetsu 452,357 0.22

3,234 Lawson 226,230 0.11 12,911 Marui Group 190,287 0.09

4,379 McDonald's Holdings 167,973 0.08 59,604 Nagoya Railroad 277,968 0.13

5,208 Nitori Holdings 697,119 0.33 19,163 Odakyu Electric Railway 386,466 0.18 14,185 Oriental Land 960,480 0.46

7,149 Park24 181,715 0.09 60,525 Rakuten 712,122 0.34

1,551 Ryohin Keikaku 387,474 0.18 2,930 Sankyo 99,353 0.05

12,232 Seibu Holdings 226,111 0.11 48,979 Seven & I Holdings 2,017,398 0.96

1,438 Shimamura 176,103 0.08 13,681 So-Net 376,848 0.18 12,573 Start Today 309,401 0.15

4,803 Sundrug 179,108 0.09 19,621 Takashimaya 186,675 0.09 62,563 Tobu Railway 341,324 0.17

7,389 Toho 227,536 0.11 68,844 Tokyu 525,092 0.26

2,374 Tsuruha Holdings 252,063 0.12



HSBC ETFs PLC >35<



USD % of Net

Asset Value


Consumer Services (31 December 2016: 10.25%) (continued) 14,221 USS 282,623 0.14 10,673 West Japan Railway 753,835 0.36 40,906 Yamada Denki 203,147 0.10


25,949 Acom 118,475 0.06 7,304 Aeon Financial Service 154,583 0.07 7,386 Aeon Mall 145,406 0.07

76,805 Aozora Bank 292,564 0.14 19,726 Bank of Kyoto 186,094 0.09 45,545 Chiba Bank 329,954 0.16 10,415 Chugoku Bank 155,724 0.07 80,318 Concordia Financial Group 405,021 0.19 10,246 Credit Saison 200,069 0.10 70,089 Dai-ichi Life Insurance 1,264,110 0.60

93 Daiwa House Residential Investment Corporation 220,912 0.11 107,698 Daiwa Securities Group 638,175 0.30 50,542 Fukuoka Financial Group 240,205 0.11 26,625 Hachijuni Bank 168,954 0.08 32,084 Hiroshima Bank 142,202 0.07 19,311 Hulic Co Ltd 197,132 0.09 33,806 Japan Exchange Group 612,275 0.29 26,327 Japan Post Bank 336,937 0.16 29,162 Japan Post Holdings 361,800 0.17

54 Japan Prime Realty Investment 187,193 0.09 81 Japan Real Estate Investment 402,981 0.19

166 Japan Retail Fund Investment 306,559 0.15 22,684 Kyushu Financial Group 143,138 0.07 65,147 Mebuki Financial Group Inc 242,359 0.12 81,360 Mitsubishi Estate 1,515,906 0.72

782,878 Mitsubishi UFJ Financial Group 5,259,134 2.51 29,207 Mitsubishi UFJ Lease & Finance 159,604 0.08 58,002 Mitsui Fudosan 1,383,716 0.66

1,567,703 Mizuho Financial Group 2,865,844 1.37 30,875 MS&AD Insurance Group Holdings 1,037,044 0.49

87 Nippon Building Fund 444,446 0.21 105 Nippon Prologis REIT 223,718 0.11

22,950 NKSJ Holdings 886,259 0.42 236,058 Nomura Holding 1,414,751 0.67

8,108 Nomura Real Estate Holdings 159,043 0.08 245 Nomura Real Estate Master Fund 335,142 0.16

86,072 ORIX 1,332,906 0.64 143,082 Resona Holdings 787,613 0.38 13,138 SBI Holdings 177,964 0.08 38,742 Seven Bank 138,611 0.07



>36< HSBC ETFs PLC



USD % of Net

Asset Value


Financial (31 December 2016: 17.53%) (continued) 107,270 Shinsei Bank 187,121 0.09 33,549 Shizuoka Bank 303,064 0.14 11,240 Sony Financial Holdings 191,468 0.09 87,323 Sumitomo Mitsui Financial Group 3,403,234 1.62 21,502 Sumitomo Mitsui Trust Holdings 769,104 0.37 23,138 Sumitomo Realty & Development 713,538 0.34 11,274 Suruga Bank 273,121 0.13 35,439 T&D Holdings 539,186 0.26 44,318 Tokio Marine Holdings 1,834,488 0.87 13,355 Tokyo Tatemono 174,960 0.08 33,406 Tokyu Fudosan Holdings 197,415 0.09

199 United Urban Investment Corporation 284,260 0.14 12,873 Yamaguchi Financial Group 155,470 0.07


12,154 Alfresa Holdings 234,405 0.11 140,007 Astellas Pharma 1,712,706 0.82 14,507 Chugai Pharmaceutical 542,915 0.26

6,250 Cyberdyne 83,159 0.04 36,871 Daiichi Sankyo 868,615 0.41 10,363 Dainippon Sumitomo Pharma 141,389 0.07 17,350 Eisai 958,141 0.46

3,986 Hisamitsu Pharmaceutical 190,857 0.09 16,841 Kyowa Hakko Kirin 312,809 0.15 11,033 Medipal Holdings 204,046 0.10

3,713 Miraca Holdings 166,880 0.08 14,571 Mitsubishi Tanabe Pharma 336,653 0.16 18,877 Olympus 688,819 0.33 26,729 ONO Pharmaceutical 583,061 0.28 25,383 Otsuka Holdings 1,082,098 0.52 23,759 Santen Pharmaceutical 322,256 0.15 19,256 Shionogi 1,072,653 0.51

4,702 Suzuken 156,092 0.07 10,136 Sysmex Corporation 605,309 0.29

2,051 Taisho Pharmaceutical Holdings 156,070 0.07 46,242 Takeda Pharmaceutical 2,349,551 1.12 20,983 Terumo 826,360 0.39


12,884 Alps Electric 371,522 0.18 22,057 Amada 254,806 0.12 13,074 Asahi Glass 550,374 0.26 16,196 Daikin Industries 1,653,330 0.79

4,554 Daito Trust Construction 709,080 0.34 1,865 Disco 297,444 0.14



HSBC ETFs PLC >37<



USD % of Net

Asset Value


Industrial (31 December 2016: 21.18%) (continued) 12,602 Fanuc 2,428,767 1.16 36,352 Fuji Electric 191,531 0.09

9,258 Hamamatsu Photonics 284,266 0.14 16,719 Hino Motors 185,552 0.09

2,075 Hirose Electric 295,848 0.14 314,195 Hitachi 1,927,786 0.92

7,000 Hitachi Construction Machinery 174,875 0.08 3,530 Hoshizaki Electric 319,195 0.15

25,337 Hoya 1,315,332 0.63 100,548 IHI 341,842 0.16 35,848 Isuzu Motors 442,198 0.21 97,285 ITOCHU 1,445,075 0.69

3,035 Japan Airport Terminal 116,014 0.06 13,476 JGC 218,523 0.10 58,244 Kajima 491,414 0.23 15,025 Kamigumi 157,524 0.08 97,748 Kawasaki Heavy Industries 288,825 0.14

6,324 Keyence 2,777,022 1.32 60,023 Komatsu 1,524,881 0.73 68,578 Kubota 1,152,020 0.55

6,640 Kurita Water Industries 180,833 0.09 20,865 Kyocera 1,208,150 0.58 10,401 Kyushu Railway Company 337,412 0.16 17,297 LIXIL Group 432,425 0.21

3,178 Mabuchi Motor 158,108 0.08 106,994 Marubeni 691,138 0.33 24,986 Minebea 401,386 0.19 17,867 Misumi 408,034 0.19 98,193 Mitsubishi 2,058,942 0.98

125,619 Mitsubishi Electric 1,806,136 0.86 208,336 Mitsubishi Heavy Industries 852,553 0.41

7,239 Mitsubishi Materials 219,051 0.10 110,942 Mitsui & Co 1,585,238 0.76 74,769 Mitsui Osk Lines 219,596 0.10 12,447 Murata Manufacturing 1,890,978 0.90

7,367 Nabtesco 214,073 0.10 17,034 NGK Insulators 339,437 0.16 15,504 Nidec 1,588,208 0.76

5,487 Nippon Electric Glass 199,487 0.10 53,655 Nippon Express 335,702 0.16

105,196 Nippon Yusen 195,674 0.09 25,084 NSK 313,215 0.15 42,079 Obayashi 494,717 0.24 12,477 Omron 541,344 0.26 71,658 Recruit Holdings 1,231,502 0.59



>38< HSBC ETFs PLC



USD % of Net

Asset Value


Industrial (31 December 2016: 21.18%) (continued) 13,648 Secom 1,035,504 0.49 16,359 Shimadzu 311,281 0.15 35,880 Shimizu 380,323 0.18

3,722 SMC 1,131,242 0.54 4,641 Sohgo Security Services 209,002 0.10

77,230 Sumitomo 1,004,897 0.47 37,949 Sumitomo Heavy Industries 250,269 0.12 78,539 Taiheiyo Cement 285,889 0.13 66,887 Taisei 610,770 0.29

8,424 TDK 554,053 0.26 7,865 THK 222,594 0.11

34,098 Toppan Printing 373,876 0.17 260,885 Toshiba 631,084 0.30

9,204 Toto 351,417 0.17 10,595 Toyo Seikan Group Holding 178,784 0.08 22,728 Yamato Holdings 460,891 0.22 16,428 Yaskawa Electric 348,123 0.16 14,796 Yokogawa Electric 237,163 0.11

46,395,547 22.10 Oil & Gas (31 December 2016: 0.87%)

5,677 Idemitsu Kosan 161,175 0.08 61,596 Inpex 592,607 0.28

200,346 JX Holdings 874,954 0.42 12,190 Showa Shell Sekiyu 113,047 0.05


15,282 Brother Industries 352,672 0.17 69,360 Canon 2,355,623 1.12 26,762 FUJIFILM Holdings 962,251 0.46

127,832 Fujitsu 941,788 0.45 4,446 Hitachi High-Technologies 172,522 0.08 2,818 Line Corporation 97,185 0.05 2,924 Mixi 162,647 0.08

169,318 NEC 449,063 0.21 12,722 Nexon Company 251,360 0.12

8,529 Nomura Research Institute 335,892 0.16 41,025 NTT Data 456,401 0.22

4,227 Obic 259,579 0.12 2,519 Oracle Japan 163,435 0.08 3,392 Otsuka 210,415 0.10

46,001 Ricoh 406,132 0.19 6,144 Rohm 471,900 0.22

18,129 Seiko Epson 403,207 0.19 10,202 Tokyo Electron 1,376,489 0.66

7,752 Trend Micro 399,467 0.19 92,275 Yahoo Japan 401,588 0.19

10,629,616 5.06



HSBC ETFs PLC >39<



USD % of Net

Asset Value

Equities (continued) Telecommunications (31 December 2016: 5.85%)

1,381 Hikari Tsushin 145,278 0.07 119,240 KDDI 3,157,164 1.50 44,970 Nippon Telegraph & Telephone 2,125,229 1.01 90,062 NTT DoCoMo 2,125,707 1.02 53,661 Softbank 4,344,554 2.07


41,753 Chubu Electric Power 554,613 0.26 17,998 Chugoku Electric Power 198,465 0.09

9,495 Electric Power Development 234,755 0.11 45,623 Kansai Electric Power 628,149 0.30 27,742 Kyushu Electric Power 336,775 0.16

121,512 Osaka Gas 496,927 0.24 24,436 Toho Gas 177,898 0.09 29,330 Tohoku Electric Power 405,911 0.19 94,016 Tokyo Electric Power 387,410 0.19

126,850 Tokyo Gas 659,652 0.31 4,080,555 1.94


Futures (31 December 2016: 0.01%)

106 Mini Topix Index Future Sep 17** 5,285 -

Total futures (Notional amount: USD 1,520,283 ) 5,285 -

Total financial assets at fair value through profit or loss 208,335,222 99.26




USD % of Total

Assets * Transferable securities admitted to an official stock exchange listing 208,329,937 99.19 ** Financial derivative instruments dealt in on a regulated market 5,285 - Other assets 1,702,965 0.81

Total assets 210,038,187 100.00

All equity positions and futures held by the Fund at 30 June 2017 and at 31 December 2016 are classified as Level 1. See Note 6 (d) for further details. The schedule of investments form an integral part of the audited financial statements.



>40< HSBC ETFs PLC

As at 30 June 2017

Transferable securities admitted to official stock exchange listing


USD % of Net

Asset Value Equities

Bermuda

Consumer Services (31 December 2016: 0.04%) 7,621 Signet Jewelers 481,952 0.02

481,952 0.02 Financial (31 December 2016: Nil)

39,125 IHS Markit 1,723,065 0.07

1,723,065 0.07 Ireland

Financial (31 December 2016: 0.14%) 16,540 Willis Towers Watson 2,405,908 0.10 30,783 XL Group 1,348,295 0.05


12,275 Mallinckrodt 550,042 0.02 17,644 Perrigo 1,332,474 0.05


77,529 Accenture 9,588,786 0.37 17,129 Allegion Public Limited Company 1,389,504 0.05 36,533 Ingersoll-Rand 3,338,750 0.13

14,317,040 0.55 Netherlands

Basic Materials (31 December 2016: 0.15%) 41,705 Lyondell Basell Industries 3,519,484 0.14


43,910 Nielsen Holdings 1,697,561 0.07

1,697,561 0.07 Switzerland

Financial (31 December 2016: 0.31%) 57,362 ACE 8,339,287 0.32


43,476 TE Connectivity 3,420,691 0.13

3,420,691 0.13 Oil & Gas (31 December 2016: 0.02%)

44,230 Transocean 364,012 0.01

364,012 0.01 United Kingdom

Oil & Gas (31 December 2016: Nil) 57,306 TechnipFMC 1,558,723 0.06

1,558,723 0.06 United States

Basic Materials (31 December 2016: 2.02%) 26,738 Air Products & Chemicals 3,825,138 0.14 13,331 Albemarle 1,406,953 0.05 70,052 Arconic 1,586,678 0.06


HSBC S&P 500 UCITS ETF (continued)

HSBC ETFs PLC >41<

As at 30 June 2017



USD % of Net

Asset Value Equities (continued)

United States (continued) Basic Materials (31 December 2016: 2.02%) (continued)

11,061 Avery Dennison 977,460 0.04 29,515 CF Industries Holdings 825,239 0.03

138,181 Dow Chemical 8,715,075 0.34 106,593 DuPont 8,603,121 0.33 17,767 Eastman Chemical 1,492,250 0.06 32,468 Ecolab 4,310,127 0.17 15,735 FMC 1,149,441 0.04

162,285 Freeport-McMoRan Copper & Gold 1,949,042 0.08 9,573 International Flavors & Fragrances 1,292,355 0.05

50,308 International Paper 2,847,936 0.11 40,296 Mosaic 919,958 0.04 65,326 Newmont Mining 2,115,909 0.08 38,982 Nucor 2,255,888 0.09 32,095 PPG Industries 3,529,166 0.14 35,167 Praxair 4,661,386 0.18


84,646 Activision Blizzard 4,873,070 0.19 243,030 Altria Group 18,098,444 0.70 69,931 Archer-Daniels-Midland 2,893,745 0.11 24,114 BorgWarner 1,021,469 0.04 20,519 Brown-Forman 997,223 0.04 23,338 Campbell Soup 1,217,077 0.05 31,568 Church & Dwight 1,637,748 0.06 15,491 Clorox 2,064,021 0.08 33,427 Coach 1,582,434 0.06

478,007 Coca-Cola 21,438,614 0.83 109,040 Colgate-Palmolive 8,083,135 0.31 52,187 ConAgra Foods 1,866,207 0.07 21,189 Constellation Brands 4,104,945 0.16 57,795 Coty 1,084,234 0.04 32,785 Delphi Automotive 2,873,605 0.11 40,708 DR Horton 1,407,276 0.05 22,527 Dr Pepper Snapple Group 2,052,435 0.08 38,066 Electronic Arts 4,024,338 0.16 27,123 Estee Lauder Cos 2,603,266 0.10

482,451 Ford Motor 5,398,627 0.21 14,295 Garmin 729,474 0.03 71,236 General Mills 3,946,474 0.15

168,151 General Motors 5,873,514 0.23 18,026 Genuine Parts 1,672,092 0.06 29,044 Goodyear Tire & Rubber 1,015,378 0.04 42,459 Hanesbrands 983,350 0.04 22,180 Harley-Davidson 1,198,164 0.05 13,573 Hasbro 1,513,525 0.06



>42< HSBC ETFs PLC

As at 30 June 2017



USD % of Net


United States (continued)

Consumer Goods (31 December 2016: 9.99%) (continued) 17,113 Hershey 1,837,423 0.07 32,163 Hormel Foods 1,097,080 0.04 14,431 JM Smucker 1,707,620 0.07 30,426 Kellogg 2,113,390 0.08 43,500 Kimberly-Clark 5,616,285 0.22 73,166 Kraft Heinz 6,265,936 0.24 16,230 Leggett & Platt 852,562 0.03 24,564 Lennar 1,309,752 0.05 40,071 LKQ 1,320,339 0.05 41,006 Mattel 882,859 0.03 13,780 McCormick & Co 1,343,688 0.05 18,164 Michael Kors Holdings 658,445 0.03

7,537 Mohawk Industries 1,821,618 0.07 22,159 Molsonors Brewing 1,913,208 0.07

189,353 Mondelez International 8,178,156 0.32 53,955 Monsanto 6,386,114 0.25 54,352 Monster Beverage 2,700,207 0.11 58,970 Newell Rubbermaid 3,161,971 0.12

163,730 NIKE 9,660,070 0.38 177,015 PepsiCo 20,443,462 0.79 191,940 Philip Morris International 22,543,353 0.87 319,915 Procter & Gamble 27,880,592 1.08 32,043 Pulte Group 786,015 0.03

9,272 PVH 1,061,644 0.04 5,726 Ralph Lauren 422,579 0.02

102,403 Reynolds American 6,660,291 0.26 9,137 Snap-on 1,443,646 0.06

21,718 Stanley Black & Decker 3,056,374 0.12 35,622 Tyson Foods 2,231,006 0.09 42,240 Under Armour 885,416 0.03 40,656 VF 2,341,786 0.09

9,356 Whirlpool 1,792,797 0.07


8,837 Advance Auto Parts 1,030,306 0.04 15,022 Alaska Air Group 1,348,375 0.05 49,117 Amazon.Com 47,545,256 1.84 61,922 American Airlines Group 3,115,915 0.12 21,543 AmerisourceBergen 2,036,460 0.08

6,519 AutoNation 274,841 0.01 3,555 AutoZone 2,027,985 0.08

15,852 Bed Bath & Beyond 481,901 0.02 33,072 Best Buy 1,896,018 0.07 39,709 Cardinal Health 3,094,125 0.12 23,612 CarMax 1,488,973 0.06



HSBC ETFs PLC >43<

As at 30 June 2017



USD % of Net



Consumer Services (31 December 2016: 13.63%) (continued) 51,030 Carnival com 3,346,037 0.13 26,549 Casa Ley** 26,945 - 50,848 CBS 3,243,085 0.13 26,650 Charter Communications 8,977,053 0.35

3,631 Chipotle Mexican Grill 1,510,859 0.06 586,698 Comcast 22,834,286 0.88 53,956 Costco Wholesale 8,629,183 0.33

131,477 CVS Caremark 10,578,639 0.41 14,586 Darden Restaurants 1,319,158 0.05 89,775 Delta Air Lines 4,824,509 0.19 46,129 Discovery Communications 1,173,725 0.05 27,668 Dish Network 1,736,444 0.07 35,065 Dollar General 2,527,836 0.10 28,327 Dollar Tree 1,980,624 0.08

122,607 eBay 4,281,436 0.17 14,572 Expedia 2,170,499 0.08 15,328 Foot Locker 755,364 0.03 26,116 Gap 574,291 0.02 28,448 H&R Block 879,328 0.03 24,240 Hilton Worldwide Holdings 1,499,244 0.06

149,691 Home Depot 22,962,599 0.89 49,490 Interpublic Group of Companies 1,217,454 0.05

125,970 Johnson Controls 5,462,059 0.21 20,425 Kohl's 789,835 0.03

115,727 Kroger 2,698,754 0.10 29,091 Limited Brands 1,567,714 0.06

105,870 Lowe's Cos 8,208,101 0.32 35,024 Macy's 813,958 0.03 39,147 Marriott International 3,926,836 0.15

101,317 McDonald's 15,517,712 0.60 27,418 McKesson 4,511,358 0.17 53,225 NetFlix 7,952,347 0.31 65,670 News Corp 909,035 0.04 12,462 Nordstrom 596,057 0.02 28,882 Omnicom Group 2,394,318 0.09 11,702 O'Reilly Automotive 2,559,695 0.10

137,682 PayPal Holdings 7,389,393 0.29 26,549 PDC Contingent** 1,296 -

6,057 Priceline.com 11,329,740 0.44 48,811 Ross Stores 2,817,859 0.11 20,339 Royal Caribbean Cruises 2,221,629 0.09 11,520 Scripps Networks Interactive 786,931 0.03 76,956 Southwest Airlines 4,782,046 0.19 76,335 Staples 768,693 0.03

179,133 Starbucks 10,445,245 0.40



>44< HSBC ETFs PLC

As at 30 June 2017



USD % of Net



Consumer Services (31 December 2016: 13.63%) (continued) 63,324 Sysco 3,187,097 0.12 70,255 Target 3,673,634 0.14 13,247 Tiffany & Co 1,243,496 0.05 95,787 Time Warner 9,617,973 0.37 79,424 TJX Cos 5,732,030 0.22 14,586 Tractor Supply 790,707 0.03 13,620 TripAdvisor 520,284 0.02

194,412 Twenty-First Century Fox 5,481,703 0.21 7,704 Ulta Salon Cosmetic 2,213,667 0.09

36,323 United Continental Holdings 2,733,306 0.11 42,779 Viacom 1,436,091 0.06

104,979 Walgreens Boots Alliance 8,220,905 0.32 188,522 Wal-Mart Stores 14,267,345 0.55 180,956 Walt Disney 19,226,575 0.74 39,145 Whole Foods Market 1,648,396 0.06 12,554 Wyndham Worldwide 1,260,547 0.05

9,572 Wynn Resorts 1,283,797 0.05 46,386 Yum! Brands 3,421,431 0.13


6,857 Affiliated Managers 1,137,302 0.04 50,843 Aflac 3,949,484 0.15 10,708 Alexandria Real Estate Equities 1,289,993 0.05 44,701 Allstate 3,953,356 0.15 98,154 American Express 8,268,493 0.32

111,166 American International Group 6,950,098 0.27 54,144 American Tower 7,164,334 0.28 18,448 Ameriprise Financial 2,348,246 0.09 32,645 Aon 4,340,153 0.17 18,892 Apartment Investment & Management 811,789 0.03

7,606 Assurant 788,666 0.03 16,794 AvalonBay Communities 3,227,303 0.13

1,239,085 Bank of America 30,060,202 1.16 130,213 Bank of New York Mellon 6,643,467 0.26 98,878 BB&T 4,490,050 0.17

235,094 Berkshire Hathaway 39,817,871 1.54 15,227 BlackRock 6,432,037 0.25 18,486 Boston Properties 2,274,148 0.09 59,179 Capital One Financial 4,889,369 0.19 11,175 CBOE Holdings 1,021,395 0.04 35,876 CBRE Group 1,305,886 0.05

149,250 Charles Schwab 6,411,780 0.25 41,607 Chicago Mercantile Exchange 5,210,861 0.20 23,179 Cincinnati Financial 1,679,319 0.07

345,174 Citigroup 23,085,237 0.89



HSBC ETFs PLC >45<

As at 30 June 2017



USD % of Net



Financial (31 December 2016: 18.48%) (continued) 60,793 Citizens Financial Group 2,169,094 0.08 21,362 Comerica 1,564,553 0.06 44,634 Crown Castle REIT 4,471,434 0.17 20,505 Digital Realty Trust 2,316,040 0.09 49,913 Discover Financial Services 3,104,089 0.12 33,118 E*Trade Financial 1,259,478 0.05 14,651 Equifax 2,013,340 0.08 44,814 Equity Residential 2,950,106 0.11

7,947 Essex Property 2,044,525 0.08 4,788 Everest Re Group 1,218,977 0.05

14,836 Extra Space Storage 1,157,208 0.04 8,669 Federal Realty Investment Trust 1,095,675 0.04

94,661 Fifth Third Bancorp 2,457,400 0.10 16,026 First Horizon National Corporation** - - 40,940 Franklin Resources 1,833,703 0.07 21,326 Gallagher (Arthur J) 1,220,914 0.05 69,506 General Growth Properties 1,637,561 0.06 45,703 Goldman Sachs 10,141,496 0.39 47,801 Hartford Financial Services Group 2,512,899 0.10 56,014 HCP 1,790,207 0.07 89,745 Host Hotels & Resorts 1,639,641 0.06

132,339 Huntington Bancshares 1,789,223 0.07 73,487 Intercontinental Exchange 4,844,263 0.19 49,673 Invesco 1,747,993 0.07 29,022 Iron Mountain Inc 997,196 0.04

443,431 JPMorgan Chase & Co 40,529,593 1.57 132,217 KeyCorp 2,477,747 0.10 49,775 Kimco Realty 913,371 0.04 38,122 Leucadia National 997,272 0.04 27,945 Lincoln National 1,888,523 0.07 33,358 Loews 1,561,488 0.06 19,262 M&T Bank 3,119,481 0.12 15,142 Macerich 879,145 0.03 63,509 Marsh & McLennan Cos 4,951,162 0.19

117,984 Mastercard 14,329,157 0.56 133,531 MetLife 7,336,193 0.28 13,883 Mid-America Apartment Communities 1,462,991 0.06 20,231 Moody's 2,461,708 0.10

175,912 Morgan Stanley 7,838,639 0.30 13,968 NASDAQ OMX Group 998,572 0.04 33,544 Navient Corporation 558,508 0.02 26,143 Northern Trust 2,541,361 0.10 39,528 People's United Financial 698,064 0.03 60,482 PNC Financial Services Group 7,552,387 0.29 32,810 Principal Financial Group 2,102,137 0.08



>46< HSBC ETFs PLC

As at 30 June 2017



USD % of Net



Financial (31 December 2016: 18.48%) (continued) 70,429 Progressive 3,105,215 0.12 65,187 ProLogis 3,822,566 0.15 53,494 Prudential Financial 5,784,841 0.22 19,616 Public Storage 4,090,524 0.16 15,443 Raymond James Financial 1,238,837 0.05 33,076 Realty Income 1,825,134 0.07 17,876 Regency Centers 1,119,753 0.04

144,521 Regions Financial 2,115,787 0.08 31,965 S&P Global 4,666,570 0.18 39,734 Simon Property Group 6,427,372 0.25 12,021 SL Green Realty 1,271,822 0.05 43,877 State Street 3,937,083 0.15 61,282 SunTrust Banks 3,475,915 0.13 98,746 Synchrony Financial 2,944,606 0.11 29,935 T Rowe Price Group 2,221,476 0.09 13,821 Torchmark 1,057,307 0.04 35,557 Travelers Cos 4,499,027 0.17 32,199 UDR 1,254,795 0.05 29,007 Unum 1,352,596 0.05

196,886 US Bancorp 10,222,321 0.40 43,343 Ventas 3,011,472 0.12

231,386 Visa 21,699,379 0.84 21,360 Vornado Realty Trust 2,005,704 0.08

556,982 Wells Fargo & Co 30,862,373 1.20 45,011 Welltower 3,369,073 0.13 61,291 Western Union 1,167,594 0.05 95,185 Weyerhaeuser 3,188,698 0.13 23,443 Zions Bancorporation 1,029,382 0.04


213,543 Abbott Laboratories 10,380,325 0.40 200,382 Abbvie 14,529,699 0.56 40,799 Aetna 6,194,512 0.24 27,151 Alexion Pharmaceuticals 3,303,462 0.13

8,829 Align Tech 1,325,409 0.05 41,311 Allergan 10,042,291 0.39 90,959 Amgen 15,665,869 0.61 32,441 Anthem 6,103,125 0.24

8,844 Bard 2,795,677 0.11 59,376 Baxter International 3,594,623 0.14 27,793 Becton Dickinson and Co 5,422,692 0.21 26,521 Biogen Idec 7,196,739 0.28

167,529 Boston Scientific 4,643,904 0.18 206,549 Bristol-Myers Squibb 11,508,910 0.45 96,176 Celgene 12,490,377 0.48



HSBC ETFs PLC >47<

As at 30 June 2017



USD % of Net



Healthcare (31 December 2016: 12.65%) (continued) 20,473 Centene Corporation 1,635,383 0.06 31,395 Cigna 5,255,209 0.20

5,860 Cooper Companies 1,403,001 0.05 19,883 DaVita 1,287,623 0.05 27,950 Dentsply Sirona 1,812,278 0.07 25,998 Edwards Lifesciences 3,074,004 0.12

120,015 Eli Lilly & Co 9,877,235 0.38 76,328 Express Scripts 4,872,780 0.19

164,797 Gilead Sciences 11,664,332 0.45 36,856 HCA Holdings 3,213,843 0.12

9,897 Henry Schein 1,811,349 0.07 33,828 Hologic 1,535,115 0.06 18,111 Humana 4,357,869 0.17 10,540 IDEXX Laboratories 1,701,367 0.07 17,748 Illumina 3,079,633 0.12 21,433 Incyte Genomics Inc 2,698,629 0.10

4,609 Intuitive Surgical 4,311,120 0.17 334,368 Johnson & Johnson 44,233,543 1.71 12,181 Laboratory Corporation of America Holdings 1,877,579 0.07

168,852 Medtronic 14,985,615 0.58 343,781 Merck & Co 22,032,924 0.85 56,394 Mylan 2,189,215 0.08 14,353 New Amethyst 899,503 0.03 11,845 Patterson Cos 556,123 0.02

746,270 Pfizer 25,067,209 0.97 17,223 Quest Diagnostics 1,914,509 0.07

9,423 Regeneron Pharms 4,628,012 0.18 37,961 Stryker 5,268,228 0.20 48,101 Thermo Fisher Scientific 8,392,181 0.33

119,836 UnitedHealth Group 22,219,991 0.86 10,799 Universal Health 1,318,342 0.05 10,684 Varian Medical Systems 1,102,482 0.05 30,668 Vertex Pharmaceuticals 3,952,185 0.16

9,674 Waters 1,778,468 0.07 24,579 Zimmer Holdings 3,155,944 0.13 59,931 Zoetis 3,738,496 0.15


76,009 3M 15,824,314 0.61 6,428 Acuity Brands 1,306,684 0.05

39,280 Agilent Technologies 2,329,697 0.09 7,175 Alliance Data Systems 1,841,751 0.07

35,324 Ametek 2,139,575 0.08 36,885 Amphenol 2,722,851 0.11 54,964 Automatic Data Processing 5,631,611 0.22



>48< HSBC ETFs PLC

As at 30 June 2017



USD % of Net



Industrial (31 December 2016: 10.45%) (continued) 42,084 Ball 1,776,366 0.07 71,912 Boeing 14,220,598 0.55 76,905 Caterpillar 8,264,211 0.32 17,286 CH Robinson Worldwide 1,187,202 0.05 10,607 Cintas 1,336,906 0.05

114,882 CSX 6,267,962 0.24 21,638 Cummins 3,510,116 0.14 74,979 Danaher 6,327,478 0.25 39,596 Deere & Co 4,893,670 0.19 24,015 Dover 1,926,483 0.07 60,942 Eaton 4,743,116 0.18 86,654 Emerson Electric 5,166,311 0.20 21,790 Expeditors International of Washington 1,230,699 0.05 43,423 Fastenal 1,890,203 0.07 30,284 FedEx 6,581,622 0.25 40,227 Fidelity National Information Services 3,435,386 0.13 26,878 Fiserv 3,288,255 0.13 16,808 FLIR Systems 582,565 0.02 25,172 Flowserve 1,168,736 0.05 24,245 Fluor 1,109,936 0.04 44,302 Fortive 2,806,532 0.11 25,103 Fortune Brands Home & Security 1,637,720 0.06

1,090,214 General Electric 29,446,680 1.14 18,540 Global Payments 1,674,533 0.06

8,364 Grainger 1,509,953 0.06 97,009 Honeywell International 12,930,330 0.50 41,477 Illinois Tool Works 5,941,580 0.23 21,686 Jacobs Engineering Group 1,179,502 0.05

9,949 JB Hunt Transport Services 909,140 0.04 12,558 Kansas City Southern 1,314,195 0.05 12,280 L3 Communications 2,051,742 0.08

7,775 Martin Marietta Materials 1,730,560 0.07 51,034 Masco 1,950,009 0.08

3,246 Mettler Toledo International 1,910,401 0.07 35,841 Norfolk Southern 4,361,850 0.17 23,086 Northrop Grumman 5,926,407 0.23 49,494 PACCAR 3,268,584 0.13 19,033 Parker Hannifin 3,041,854 0.12 38,626 Paychex 2,199,364 0.09 27,357 Pentair 1,820,335 0.07 13,018 PerkinElmer 887,047 0.03 30,038 Quanta Services 988,851 0.04 38,560 Raytheon 6,226,669 0.24 28,635 Republic Services 1,824,909 0.07 16,277 Robert Half International 780,157 0.03



HSBC ETFs PLC >49<

As at 30 June 2017



USD % of Net



Industrial (31 December 2016: 10.45%) (continued) 18,486 Rockwell Automation 2,993,993 0.12 23,909 Rockwell Collins 2,512,358 0.10 14,417 Roper Industries 3,337,968 0.13 23,799 Sealed Air 1,065,243 0.04

9,917 Sherwin-Williams 3,480,470 0.13 9,586 Stericycle 731,604 0.03

20,411 Total System Services 1,188,941 0.05 7,618 TransDigm Group 2,048,252 0.08

101,753 Union Pacific 11,081,919 0.43 85,148 United Parcel Service 9,416,517 0.36 13,786 United Rentals 1,553,820 0.06 95,770 United Technologies 11,694,475 0.45 21,216 Verisk Analytics 1,789,994 0.07 16,057 Vulcan Materials 2,034,101 0.08 49,939 Waste Management 3,663,026 0.14 30,848 WestRock 1,747,848 0.07 29,989 Xylem 1,662,290 0.06

271,026,027 10.50 Oil & Gas (31 December 2016: 7.28%)

68,249 Anadarko Petroleum 3,094,410 0.12 46,590 Apache 2,233,059 0.09 52,510 Baker Hughes 2,862,320 0.11 56,829 Cabot Oil & Gas 1,425,271 0.06 89,338 Chesapeake Energy 444,010 0.02

234,214 Chevron 24,435,547 0.95 11,417 Cimarex Energy 1,073,312 0.04 18,108 Concho Resources 2,200,665 0.09

152,793 ConocoPhillips 6,716,780 0.26 63,293 Devon Energy 2,023,477 0.08 70,745 EOG Resources 6,403,837 0.25 20,432 EQT 1,197,111 0.05

524,499 Exxon Mobil 42,342,804 1.64 106,564 Halliburton 4,551,348 0.18 12,776 Helmerich & Payne 694,248 0.03 31,913 Hess 1,400,023 0.05

236,194 Kinder Morgan 4,525,477 0.18 101,697 Marathon Oil 1,205,109 0.05 64,480 Marathon Petroleum 3,374,238 0.13 17,153 Murphy Oil 439,631 0.02 46,282 National Oilwell Varco 1,524,529 0.06 22,227 Newfield Exploration 632,580 0.02 53,871 Noble Energy 1,524,549 0.06 97,755 Occidental Petroleum 5,852,592 0.23 57,712 Phillips 4,772,205 0.18 20,786 Pioneer Natural Resources 3,317,030 0.13



>50< HSBC ETFs PLC

As at 30 June 2017



USD % of Net



Oil & Gas (31 December 2016: 7.28%) (continued) 21,786 Range Resources 504,782 0.02

171,708 Schlumberger 11,305,255 0.43 18,628 Tesoro 1,743,581 0.06 56,698 Valero Energy 3,824,847 0.14

100,585 Williams Cos 3,045,714 0.11


60,929 Adobe Systems 8,617,798 0.33 89,707 Advanced Micro Devices 1,119,543 0.04 20,994 Akamai Technologies 1,045,711 0.04 73,753 Alphabet Inc 67,793,173 2.63 45,177 Analog Devices 3,514,771 0.14

9,969 Ansys 1,213,028 0.05 649,536 Apple 93,546,175 3.62 136,926 Applied Materials 5,656,413 0.22 23,397 Autodesk 2,358,886 0.09 49,455 Broadcom 11,525,488 0.45 36,843 CA Inc 1,269,978 0.05 36,345 Cerner 2,415,852 0.09

617,572 Cisco Systems 19,330,004 0.75 18,527 Citrix Systems 1,474,379 0.06 74,282 Cognizant Technology Solutions 4,932,325 0.19

122,791 Corning 3,689,870 0.14 16,726 CSRA Inc 531,051 0.02 35,274 DXC Technology 2,706,221 0.10 10,597 Equinix 4,547,809 0.18

8,308 F5 Networks 1,055,614 0.04 292,592 FaceBook 44,175,540 1.71 11,097 Gartner 1,370,590 0.05 18,743 Harris 2,044,486 0.08

206,946 Hewlett Packard 3,433,234 0.13 208,183 HP Inc 3,639,039 0.14 582,995 Intel 19,670,251 0.76 106,590 International Business Machines 16,396,740 0.64 30,980 Intuit 4,114,454 0.16 46,344 Juniper Networks 1,292,071 0.05 18,958 KLA-Tencor 1,734,847 0.07 19,567 LAM Research 2,767,361 0.11 27,515 Microchip Technology 2,123,608 0.08

126,752 Micron Technology 3,784,815 0.15 956,307 Microsoft 65,918,242 2.55 19,737 Motorola Solutions 1,711,987 0.07 35,260 NetApp 1,412,163 0.05 73,273 NVIDIA 10,592,345 0.41

371,682 Oracle 18,636,135 0.72



HSBC ETFs PLC >51<

As at 30 June 2017



USD % of Net


United States (continued) Technology (31 December 2016: 17.56%) (continued)

15,386 Qorvo 974,242 0.04 181,857 QUALCOMM 10,042,144 0.39 22,032 Red Hat 2,109,564 0.08 82,024 Salesforce.com 7,103,278 0.28 35,934 Seagate Technology 1,392,443 0.05 23,048 Skyworks Solutions 2,211,456 0.09 75,146 Symantec 2,122,875 0.08 18,514 Synopsys 1,350,226 0.05

122,979 Texas Instruments 9,460,774 0.37 11,838 VeriSign 1,100,460 0.04 35,255 Western Digital 3,123,593 0.12 18,853 Xerox 541,647 0.02 30,868 Xilinx 1,985,430 0.08


760,363 AT&T 28,688,496 1.11 65,435 CenturyLink 1,562,588 0.06 35,684 Level 3 Comms 2,116,061 0.08

504,188 Verizon Communications 22,517,036 0.88


80,695 AES 896,521 0.03 26,985 Alliant Energy 1,083,987 0.04 29,245 Ameren 1,598,824 0.06 59,959 American Electric Power 4,165,352 0.16 21,880 American Water Works 1,705,546 0.07 51,872 CenterPoint Energy 1,420,255 0.06 33,381 CMS Energy 1,543,871 0.06 41,692 Consolidated Edison 3,369,547 0.13 83,548 Dominion Resources 6,402,283 0.25 22,089 DTE Energy 2,336,795 0.09 86,623 Duke Energy 7,240,817 0.28 39,915 Edison International 3,120,954 0.12 21,439 Entergy 1,645,872 0.06 38,208 Eversource Energy 2,319,608 0.09

113,738 Exelon 4,102,530 0.16 52,533 FirstEnergy 1,531,862 0.06 60,578 NextEra Energy 8,488,795 0.33 37,666 NiSource 955,210 0.04 37,435 NRG Energy 644,631 0.02 24,662 ONEOK 1,286,370 0.05 62,170 PG&E 4,126,223 0.16 13,383 Pinnacle West Capital 1,139,696 0.04 83,955 PPL 3,245,700 0.13 61,105 Public Service Enterprise Group 2,628,126 0.10



>52< HSBC ETFs PLC

As at 30 June 2017



USD % of Net



Utilities (31 December 2016: 3.42%) (continued) 17,239 SCANA 1,155,185 0.04 30,666 Sempra Energy 3,457,592 0.13

130,194 Southern 6,233,689 0.25 44,172 Wec Energy Group 2,711,277 0.11 62,312 Xcel Energy 2,858,875 0.12

83,415,993 3.24

Total equities* (31 December 2016: 99.65%) 2,574,237,751 99.72

Warrants

93,057 American International Group Warrants - -

Total warrants - -

Total financial assets at fair value through profit or loss 2,574,237,751 99.72



55 CME S&P 500 E-Mini Index Future Sep 17 (24,305) -

Total futures (Notional amount: USD6,657,750) (24,305) -

Total financial liabilities at fair value through profit or loss (24,305) -


Net assets attributable to holders of redeemable participating shares 2,581,528,641 100.00



HSBC ETFs PLC >53<


USD % of Total

Assets * Transferable securities admitted to an official stock exchange listing 2,574,209,510 99.72 ** Transferable securities other than those referred above 28,241 - Other assets 52,104,877 0.28

Total assets 2,626,342,628 100.00

All equity positions (with the exception of the investment held in First Horizon National Corporation, Casa Ley and PDC Contingent) and futures held by the Sub-Fund at 30 June 2017 and at 31 December 2016 are classified as Level 1. See Note 6 (d) for further details. Investment in First Horizon National Corporation, Casa Ley, PDC Contingent and warrants held at year end were classified as Level 3. See Note 6(d) for further details. The schedule of investments form an integral part of the audited financial statements.



>54< HSBC ETFs PLC



EUR % of Net

Asset Value

Equities

Austria Basic Materials (31 December 2016: 0.06%)

2,681 Voestalpine 109,385 0.06


7,058 Erste Group Bank 236,620 0.13 3,542 Raiffeisen Bank International 78,279 0.04


1,746 Andritz AG 92,085 0.05

92,085 0.05 Oil & Gas (31 December 2016: 0.07%)

3,514 OMV 159,659 0.09

159,659 0.09 Belgium

Basic Materials (31 December 2016: 0.18%) 1,760 Solvay 206,800 0.12 2,254 Umicore 137,269 0.07

344,069 0.19 Consumer Goods (31 December 2016: 1.04%)

18,202 Anheuser-Busch 1,760,315 0.95


1,436 Colruyt 66,236 0.03 1,246 Telenet Group Holding 68,717 0.04


4,574 Ageas 161,279 0.08 1,880 Groupe Bruxelles Lambert 158,465 0.09 6,004 KBC Groep 398,726 0.22

718,470 0.39 Healthcare (31 December 2016: 0.10%)

2,984 UCB 179,726 0.10

179,726 0.10 Telecommunications (31 December 2016: 0.06%)

3,602 Belgacom 110,329 0.06

110,329 0.06 Denmark

Consumer Goods (31 December 2016: 0.38%) 2,540 Carlsberg 237,601 0.13 2,365 Christian Hansen Holding 150,615 0.08 2,654 Pandora 216,853 0.12


17,904 Danske Bank 602,979 0.33 2,764 Tryg 52,938 0.02

655,917 0.35


HSBC MSCI EUROPE UCITS ETF (continued)

HSBC ETFs PLC >55<



EUR % of Net

Asset Value


Denmark (continued) Healthcare (31 December 2016: 1.24%)

2,823 Coloplast 206,551 0.11 1,358 Genmab 253,700 0.14 1,656 Lundbeck 81,385 0.04

43,965 Novo Nordisk 1,648,610 0.89 5,437 Novozymes 208,339 0.11 2,926 William Demant Holding 66,312 0.04


247 AP Moeller - Maersk 426,965 0.23 4,485 DSV 241,291 0.13 3,893 ISS A/S 133,885 0.07

802,141 0.43 Oil & Gas (31 December 2016: 0.18%)

5,297 Vestas Windsystems 428,176 0.23 428,176 0.23

Telecommunications (31 December 2016: 0.05%) 19,390 TDC 98,737 0.05

98,737 0.05 Utilities (31 December 2016: 0.04%)

3,494 DONG Energy 138,115 0.07

138,115 0.07 Finland

Basic Materials (31 December 2016: 0.25%) 13,154 Stora Enso 148,772 0.08 12,676 UPM-Kymmene 316,393 0.17


2,731 Nokian Renkaat 98,971 0.05


10,699 Sampo 480,064 0.26 480,064 0.26

Healthcare (31 December 2016: 0.06%) 2,422 Orion oyj 135,390 0.07


8,077 Kone 359,750 0.20 2,695 Metso 81,820 0.04 3,541 Wartsilap 183,247 0.10

624,817 0.34 Oil & Gas (31 December 2016: 0.06%)

3,065 Neste Oil 105,712 0.06

105,712 0.06 Technology (31 December 2016: 0.36%)

139,672 Nokia 747,944 0.40

747,944 0.40



>56< HSBC ETFs PLC



EUR % of Net

Asset Value

Equities (continued) Finland (continued)

Telecommunications (31 December 2016: 0.06%) 3,402 Elisa 115,430 0.06


10,346 Fortum 142,051 0.08

142,051 0.08 France

Basic Materials (31 December 2016: 0.64%) 9,308 Air Liquide 1,007,126 0.54 1,591 Arkema 148,647 0.09


1,296 Christian Dior 324,453 0.18 4,094 Cie Generale des Etablissements Michelin 476,542 0.26

14,127 Danone 929,698 0.50 505 Hermes International 218,488 0.12

6,029 L'Oreal 1,099,690 0.59 6,674 LVMH Moet Hennessy Louis Vuitton 1,456,934 0.79 5,082 Pernod-Ricard 595,865 0.32

11,522 Peugeot 201,232 0.11 524 Remy Cointreau SA 53,579 0.03

4,246 Renault 336,496 0.18 537 SEB 84,443 0.05 686 Societe BIC 71,276 0.04

5,724 Valeo 337,659 0.18


4,548 Accor 186,673 0.10 13,472 Carrefour 298,405 0.16

1,354 Casino Guichard Perrachon 70,218 0.04 4,067 Eutelsat Communications 90,938 0.05 1,777 JCDecaux 51,035 0.03 1,813 Kering 540,637 0.30 2,824 Lagardere SCA 78,084 0.04 4,865 Publicis Groupe 317,733 0.17 2,198 Sodexo 248,814 0.13

24,643 Vivendi 480,292 0.26


46,432 AXA 1,112,046 0.60 26,860 BNP Paribas 1,693,792 0.92

4,102 CNP Assurances 80,625 0.04 27,246 Credit Agricole 383,760 0.21

985 Eurazeo 64,705 0.03 798 Fonciere Des Regions 64,814 0.04 959 Gecina 131,719 0.07



HSBC ETFs PLC >57<



EUR % of Net

Asset Value

Equities (continued) France (continued) Financial (31 December 2016: 3.00%) (continued)

798 ICADE 58,653 0.03 5,225 Klepierre 187,499 0.10

22,236 Natixis Banques Populai 130,681 0.07 4,135 SCOR 143,526 0.08

18,364 Societe Generale 865,128 0.47 2,379 Unibail-Rodamco 524,926 0.28

684 Wendel 88,646 0.05


4,967 Cie Generale d'Optique Essilor International 553,324 0.30 262 Eurofins Scientific 129,205 0.07 900 Ipsen 107,865 0.06

27,779 Sanofi 2,326,769 1.26


714 Aeroports de Paris 100,888 0.05 3,660 Alstom 112,033 0.06

20,565 Bollore 81,869 0.04 5,096 Bouygues 188,144 0.10 6,249 Bureau Veritas 121,074 0.07

11,961 Cie de St-Gobain 559,536 0.30 59 Dassault Aviation 72,130 0.04

5,313 Edenred 121,296 0.07 1,759 Eiffage 139,946 0.08

11,186 Groupe Eurotunnel 104,455 0.06 863 Imerys 65,717 0.04

6,398 Legrand 391,878 0.21 7,138 Rexel 102,252 0.06 7,486 Safran 600,677 0.32

13,471 Schneider Electric 906,194 0.49 2,513 Thales 236,825 0.13

12,006 Vinci 897,208 0.48 4,858 Zodiac Aerospace 115,378 0.06

4,917,500 2.66 Oil & Gas (31 December 2016: 1.60%)

56,479 Total 2,444,694 1.32


2,259 AtoS 277,631 0.15 3,884 Cap Gemini 351,424 0.19 3,076 Dassault Systemes 241,435 0.13

623 Iliad 129,023 0.07 1,425 Ingenico 113,273 0.06


47,747 France Telecom 663,206 0.36

663,206 0.36



>58< HSBC ETFs PLC



EUR % of Net

Asset Value

Equities (continued) France (continued)

Utilities (31 December 2016: 0.44%) 13,124 EDF 124,442 0.07 40,798 GDF Suez 539,146 0.29

8,807 Suez Environnement 142,806 0.08 11,375 Veolia Environnement 210,438 0.11

1,016,832 0.55 Germany

Basic Materials (31 December 2016: 3.13%) 21,982 BASF 1,782,520 0.96 19,754 Bayer 2,236,153 1.21

3,659 Brennt 185,438 0.10 2,666 Covestro 168,518 0.09 3,824 Evonik Industries 107,015 0.06 1,645 Fuchs Petrolub 78,425 0.04 4,574 K+S 102,549 0.06 2,186 Lanxess 144,910 0.08 4,445 Linde 736,981 0.40 2,925 Symrise 181,409 0.10


4,506 Adidas 755,882 0.41 9,216 Bayerische Motoren Werke 737,320 0.40 2,391 Beiersdorf 220,068 0.12 2,633 Continental 497,505 0.27

23,044 Daimler 1,460,298 0.78 6,733 Henkel AG & Co KGaA 775,279 0.42 1,517 Hugo Boss AG 92,992 0.05 3,637 Porsche Automobil Holding 178,904 0.10 3,977 Schaeffler 49,872 0.03 5,217 Volkswagen 697,549 0.38


1,162 Axel Springer 61,121 0.03 5,530 Deutsche Lufthansa 110,185 0.06 4,258 Metro 125,845 0.07 5,533 Prosieben Sat.1 Media 202,729 0.11

10,537 TUI AG 134,284 0.07 2,663 Zalando 106,547 0.06


10,937 Allianz 1,885,539 1.02 25,221 Commerzbank 263,055 0.14 11,160 Deutsche Annington 387,977 0.21 49,515 Deutsche Bank 768,720 0.42

4,619 Deutsche Boerse 426,888 0.23 8,387 Deutsche Wohnen 280,881 0.15



HSBC ETFs PLC >59<



EUR % of Net

Asset Value

Equities (continued) Germany (continued) Financial (31 December 2016: 2.42%) (continued)

1,442 Hannover Rueckversicherung 151,338 0.08 3,854 Muenchener Rueckversicherungs 680,424 0.37


5,147 Fresenius Medical Care & Co KGaA 433,223 0.23 9,934 Fresenius SE & Co KGaA 745,646 0.40 3,068 Merck KGaA 324,441 0.18


23,759 Deutsche Post 779,770 0.43 986 Fraport AG Frankfurt Airport Services Worldwide 76,218 0.04

4,331 GEA Group 155,180 0.08 3,562 HeidelbergCement 301,523 0.16

462 Hochtief 74,105 0.04 842 MAN 79,039 0.04

2,004 Osram 139,779 0.08 18,275 Siemens 2,199,396 1.19

8,738 ThyssenKrupp 217,358 0.12


27,141 Infineon Technologies 501,701 0.27 23,478 SAP 2,147,063 1.16

2,937 United Internet 141,402 0.08 2,790,166 1.51

Telecommunications (31 December 2016: 0.77%) 78,351 Deutsche Telekom 1,231,678 0.67 17,622 Telefonica Deutschland Holding 77,061 0.04


52,678 E.ON 434,488 0.23 3,257 Innogy SE 112,253 0.06

12,401 RWE 216,335 0.12

763,076 0.41 Ireland

Consumer Goods (31 December 2016: 0.15%) 3,763 Kerry Group 283,467 0.15

283,467 0.15 Consumer Services (31 December 2016: 0.48%)

1,895 Paddy Power 177,126 0.10 30,654 WPP 563,468 0.30


651,792 Bank of Ireland 149,912 0.08 149,912 0.08



>60< HSBC ETFs PLC



EUR % of Net

Asset Value


Ireland (continued) Healthcare (31 December 2016: 0.67%)

21,650 Shire 1,044,954 0.57


19,938 CRH 617,620 0.33 2,110 DCC 167,972 0.09

22,557 Experian 404,613 0.22 3,874 Ryanair Holdings 69,577 0.04

1,259,782 0.68 Italy

Consumer Goods (31 December 2016: 0.23%) 25,598 Fiat Chrysler Automobiles 236,270 0.13

4,021 Luxottica Group 203,664 0.11


29,865 Assicurazioni Generali 430,355 0.23 23,702 Fondiaria Sai Spa 45,295 0.02

325,926 Intesa Sanpaolo 900,761 0.49 13,464 Mediobanca 116,329 0.06 12,515 Poste Italiane 75,027 0.05 47,904 Unicredit 783,230 0.42

2,350,997 1.27 Healthcare (31 December 2016: Nil)

2,503 Recordati 88,906 0.05


10,870 Atlantia 267,837 0.14 9,590 Finmeccanica 139,535 0.08 4,927 Prysmian 126,870 0.07

534,242 0.29 Oil & Gas (31 December 2016: 0.58%)

60,883 ENI 801,220 0.43 14,430 Saipem 46,666 0.03


413,604 Telecom Italia 310,733 0.17


194,651 Enel 913,692 0.49 54,456 Snam SpA 207,804 0.11 33,673 Terna Rete Elettrica Nazionale 159,139 0.09

1,280,635 0.69 Jersey

Basic Materials (31 December 2016: 0.10%) 2,226 Randgold Resources 172,517 0.09

172,517 0.09



HSBC ETFs PLC >61<



EUR % of Net

Asset Value

Equities (continued) Luxembourg

Basic Materials (31 December 2016: 0.29%) 15,897 ArcelorMittal 315,714 0.17 11,276 Tenaris 153,917 0.08


937 RTL Group 61,945 0.03 8,653 SES 177,603 0.10


1,566 Millicom International Cellular 81,002 0.04

81,002 0.04 Netherlands

Basic Materials (31 December 2016: 0.34%) 6,035 Akzo Nobel 459,203 0.25 4,309 Koninklijke DSM 274,225 0.15


2,939 Ferrari 220,866 0.12 5,514 Heineken 469,407 0.25 2,391 Heineken Holding 191,878 0.10

22,331 Koninklijke Philips Electronics 694,382 0.38 38,914 Unilever 1,880,324 1.02


30,665 Koninklijke Ahold 513,332 0.28 23,118 Reed Elsevier 416,124 0.23

7,171 Wolters Kluwer 265,793 0.14


8,987 ABN AMRO 208,588 0.11 41,706 Aegon 186,468 0.10

2,554 EXOR Holding 121,034 0.07 92,824 ING Groep 1,401,642 0.76

7,212 NN Group 224,437 0.12 2,142,169 1.16

Healthcare (31 December 2016: 0.08%) 5,249 Qiagen 152,877 0.08


3,585 Aercap Holdings 145,940 0.08 24,254 CNH Industrial 240,478 0.13 13,874 European Aeronautic Defence and Space 998,928 0.54

1,896 Gemalto 99,635 0.05 2,122 Koninklijke Boskalis Westminster 60,339 0.03 1,703 Koninklijke Vopak 69,142 0.04 2,848 Randstad Holding 145,590 0.08

1,760,052 0.95



>62< HSBC ETFs PLC



EUR % of Net

Asset Value


Netherlands (continued) Oil & Gas (31 December 2016: 2.96%)

194,743 Royal Dutch Shell 4,541,363 2.46


8,935 ASML Holding 1,019,484 0.55 8,280 NXP Semiconductors 794,569 0.43


11,546 Altice 233,241 0.13 81,142 Koninklijke KPN 227,279 0.12

460,520 0.25 Norway

Basic Materials (31 December 2016: 0.18%) 32,121 Norsk Hydro 155,596 0.08

4,183 Yara International 137,303 0.08


8,914 Marine Harvest 133,328 0.07


3,934 Schibsted 79,203 0.04


23,364 DNB 347,257 0.19 4,774 Gjensidige Forsikring 71,205 0.04


19,362 Orkla 171,956 0.09

171,956 0.09 Oil & Gas (31 December 2016: 0.27%)

27,153 Statoil 393,341 0.21


17,831 Telenor 258,488 0.14

258,488 0.14 Portugal

Consumer Services (31 December 2016: 0.05%) 6,027 Jeronimo Martins 103,001 0.06

103,001 0.06 Financial (31 December 2016: Nil)

48,824 Banco Espirito Santo - -

- - Oil & Gas (31 December 2016: 0.10%)

11,907 Galp Energia 157,827 0.09


56,213 EDP - Energias de Portugal 160,938 0.09

160,938 0.09



HSBC ETFs PLC >63<



EUR % of Net

Asset Value

Equities (continued) Spain

Consumer Goods (31 December 2016: 0.04%) 14,910 Distribuidora Internacional de Alimentacion 81,274 0.04


26,107 Industria De Diseno Textil 877,456 0.47


160,066 Banco Bilbao Vizcaya Argentaria 1,162,879 0.63 127,689 Banco de Sabadell 227,159 0.12 348,355 Banco Santander 2,017,672 1.09 24,118 Bankia 102,067 0.06 16,101 Bankinter 129,855 0.07 85,890 CaixaBank 359,020 0.19 25,381 Mapfre 77,615 0.04


7,139 Grifols 174,085 0.09


16,591 Abertis Infraestructuras 269,106 0.15 11,114 ACS Actividades de Construccion y Servicios 191,856 0.10

1,604 Aena 274,043 0.15 10,502 Amadeus IT Holding 549,780 0.30 11,717 Ferrovial 227,720 0.12

1,512,505 0.82 Oil & Gas (31 December 2016: 0.21%)

5,705 Gamesa 106,654 0.06 58,323 Repsol 395,779 0.21


108,511 Telefonica 980,722 0.53


5,363 Enagas 131,662 0.07 7,401 Endesa 149,278 0.08 8,383 Gas Natural SDG 171,768 0.09

139,144 Iberdrola 964,685 0.53 10,237 Red Electrica 187,286 0.10

1,604,679 0.87 Sweden

Basic Materials (31 December 2016: 0.09%) 6,482 Boliden 154,907 0.08


5,606 Electrolux 160,895 0.09 15,083 Essity AB 361,395 0.20



>64< HSBC ETFs PLC



EUR % of Net

Asset Value

Equities (continued) Sweden (continued) Consumer Goods (31 December 2016: 0.42%) (continued)

9,869 Husqvarna 85,866 0.04 4,428 Swedish Match 136,568 0.07


22,722 Hennes & Mauritz 495,773 0.27 1,889 ICA Gruppen 61,579 0.03


3,889 Industrivarden 81,661 0.04 10,901 Investor 460,062 0.25

5,517 Kinnevik 147,903 0.08 904 Lundbergs 62,490 0.03

72,694 Nordea Bank 810,060 0.44 36,354 Skandinaviska Enskilda Banken 385,079 0.21 36,549 Svenska Handelsbanken 458,191 0.25 21,673 Swedbank 462,521 0.25


4,778 Getinge 81,901 0.04


7,014 Alfa Laval 125,698 0.07 23,987 Assa Abloy 461,537 0.25 25,340 Atlas Copco 820,075 0.44

6,142 Hexagon 255,703 0.14 27,019 Sandvik 372,142 0.20

7,419 Securitas 109,511 0.06 8,078 Skanska 167,857 0.09 9,026 SKF 160,159 0.09

37,194 Volvo 555,202 0.30

3,027,884 1.64 Oil & Gas (31 December 2016: 0.05%)

4,469 Lundin Petroleum 75,304 0.04 75,304 0.04

Technology (31 December 2016: 0.23%) 73,458 Telefonaktiebolaget LM Ericsson 460,066 0.25


8,607 Tele2 AB 78,912 0.04 61,709 TeliaSonera 248,824 0.14

327,736 0.18 Switzerland

Basic Materials (31 December 2016: 1.29%) 193 EMS Chemie Holdings 124,927 0.07 221 Givaudan 388,079 0.21

292,827 Glencore International 957,798 0.52

1,470,804 0.80



HSBC ETFs PLC >65<



EUR % of Net

Asset Value


Switzerland (continued) Consumer Goods (31 December 2016: 3.79%)

51 Barry Callebaut 61,541 0.03 12,493 Cie Financiere Richemont 903,592 0.49

4,330 Coca Cola Hellenic Bottling Company 111,350 0.06 27 Lindt & Spruengli 305,782 0.17

74,346 Nestle 5,680,188 3.07 2,065 Swatch Group 322,020 0.17


839 Dufry Group 120,675 0.07


1,191 Baloise Holding 161,599 0.09 56,153 Credit Suisse Group 712,549 0.39

5,315 Julius Baer Group 245,495 0.13 924 Pargesa Holding 61,713 0.03 411 Partners Group Holding 223,703 0.12 761 Swiss Life Holding 225,461 0.12

1,696 Swiss Prime Site 135,245 0.07 7,756 Swiss Re 622,398 0.34

87,555 UBS 1,301,804 0.70 3,606 Zurich Financial Services 921,434 0.50


1,761 Lonza Group 334,224 0.18 53,345 Novartis 3,897,403 2.11 16,784 Roche Holding 3,752,493 2.03

1,264 Sonova Holding 180,183 0.10 228 Straumann Holdings 113,869 0.06

1,166 Vifor Pharma 112,837 0.06 8,391,009 4.54

Industrial (31 December 2016: 1.86%) 47,704 ABB 1,034,225 0.55

3,862 Adecco 257,762 0.14 886 Geberit 362,756 0.20

10,894 Holcim 547,569 0.29 1,293 Kuehne + Nagel International 189,408 0.10 1,456 Schindler Holding 268,633 0.15

131 SGS 278,492 0.15 51 Sika 287,627 0.16

6,053 Wolseley 324,898 0.18


15,220 STMicroelectronics 191,315 0.10


615 Swisscom 260,527 0.14

260,527 0.14



>66< HSBC ETFs PLC



EUR % of Net

Asset Value

Equities (continued) United Kingdom

Basic Materials (31 December 2016: 1.67%) 31,881 Anglo American 371,801 0.20

9,341 Antofagasta 85,053 0.05 50,548 BHP Billiton 677,001 0.37

3,129 Croda International 138,444 0.07 5,278 Fresnillo 89,324 0.05 4,598 Johnson Matthey 150,342 0.08 8,722 Mondi 200,057 0.11

29,614 Rio Tinto 1,093,423 0.59


8,463 Associated British Foods 282,982 0.15 23,743 Barratt Developments 152,373 0.08

3,075 Berkeley Group Holdings 113,011 0.06 44,404 British American Tobacco Malaysia 2,646,879 1.44 10,369 Burberry Group 196,148 0.11

5,156 Coca-Cola 183,296 0.10 60,166 Diageo 1,554,419 0.84 40,611 GKN 150,779 0.08 22,945 Imperial Tobacco Group 901,149 0.49

7,322 Persimmon 186,958 0.10 15,894 Reckitt Benckiser Group 1,409,011 0.76 11,138 Tate & Lyle 83,974 0.05 77,088 Taylor Wimpey 154,693 0.08 30,674 Unilever 1,451,509 0.78


24,498 British Sky Broadcasting Group 277,329 0.15 4,478 Carnival ord 259,075 0.14

23,423 Carphone Warehouse 75,653 0.04 37,838 Compass Group 698,106 0.38

3,844 Easyjet 59,495 0.03 4,268 Intercontinental Hotels 207,408 0.11

15,224 International Consolidated Airlines Group 105,792 0.06 86,704 ITV 179,124 0.10 38,471 J Sainsbury 110,280 0.06 53,136 Kingfisher 181,970 0.10 38,590 Marks & Spencer Group 146,483 0.08 16,814 Merlin Entertainments 92,012 0.05

3,519 Next 154,538 0.08 19,453 Pearson 153,199 0.08 25,795 Reed Elsevier 487,665 0.26

195,647 TESCO 376,118 0.20 4,353 Whitbread 196,666 0.11

52,985 WM Morrison Supermarkets 145,549 0.08

3,906,462 2.11



HSBC ETFs PLC >67<



EUR % of Net

Asset Value


United Kingdom (continued) Financial (31 December 2016: 6.67%)

23,086 3i Group 237,287 0.13 22,033 Aberdeen Asset Management 75,781 0.04

4,764 Admiral Group 108,675 0.06 97,220 Aviva 582,398 0.31

406,027 Barclays 937,549 0.50 23,192 British Land 159,930 0.09 22,038 Capital Shopping Centres 67,540 0.04 32,578 Direct Line Insurance Group 131,862 0.07 18,774 Hammerson 122,836 0.07

6,230 Hargreaves Lansdown 92,380 0.05 473,059 HSBC Holdings 3,834,339 2.07 15,591 Investec 101,832 0.06 18,779 Land Securities Group 216,651 0.12

142,513 Legal & General Group 419,235 0.23 1,707,805 Lloyds Banking Group 1,286,608 0.69

7,490 London Stock Exchange Group 311,012 0.17 117,089 Old Mutual 257,900 0.14

3,513 Provident Financial 97,342 0.05 61,687 Prudential 1,237,175 0.67 83,764 Royal Bank of Scotland 235,822 0.13 24,206 RSA Insurance Group 169,680 0.09

2,975 Schroders 105,169 0.06 23,383 Segro 130,276 0.07 12,500 St James's Place 168,270 0.09 78,610 Standard Chartered 695,807 0.37 46,921 Standard Life 213,269 0.12 47,866 Worldpay 171,609 0.09


8,734 Al Noor Hospitals Group 73,757 0.04 30,218 AstraZeneca 1,767,195 0.96 28,022 ConvaTec 101,868 0.06

116,970 GlaxoSmithKline 2,178,730 1.17 3,440 Hikma Pharmaceuticals 57,591 0.03

21,186 Smith & Nephew 319,700 0.17



76,036 BAE Systems 548,585 0.30 7,968 Bunzl 207,627 0.11

15,482 Capita 121,926 0.07 57,105 Cobham 84,286 0.05 37,141 G4S 138,064 0.07

6,444 IMI 87,700 0.05 3,862 Intertek Group 185,479 0.10



>68< HSBC ETFs PLC



EUR % of Net

Asset Value


United Kingdom (continued) Industrial (31 December 2016: 1.40%) (continued)

18,502 Meggitt 100,490 0.05 39,606 Rolls-Royce 401,899 0.22

3,183,782 Rolls Royce Holdings - - 21,492 Royal Mail 103,096 0.06

9,464 Smiths Group 172,131 0.09 5,946 Travis Perkins 98,529 0.05 5,070 Weir Group 99,950 0.05

2,625,203 1.42 Oil & Gas (31 December 2016: 1.57%)

465,884 BP 2,349,436 1.27 6,146 Petrofac 30,938 0.02


23,355 Auto Trader Group 101,075 0.06 25,639 Sage Group 200,894 0.11


202,622 BT Group 680,172 0.37 10,738 Inmarsat 94,104 0.05

636,159 Vodafone Group 1,577,619 0.86


131,362 Centrica 299,511 0.16 82,256 National Grid 891,644 0.48

5,593 Severn Trent 138,988 0.08 23,992 SSE 397,018 0.21 16,198 United Utilities Group 160,033 0.09

1,887,194 1.02



3 Swiss Market Index Future Sep 17 1,227 -

Total futures** (Notional amount: EUR 244,065) 1,227 -




HSBC ETFs PLC >69<


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

EUR % of Net

Asset Value


32 Euro Stoxx 50 Future Sep 17 (32,350) (0.02) 4 OBX Index Future Jul 17 (597) - 6 SSE OMXS30 Index Future Jul 17 (2,275) - 7 ICF FTSE 100 Index Future Sep 17 (14,686) (0.01)

(49,908) (0.03)

Total futures (Notional amount: EUR1,801,463) (49,908) (0.03)





EUR % of Total


Total assets 185,474,216 100.00

All equity positions (with the exception of the investment held in Banco Espirito Santo and Rolls-Royce

Holdings) and futures held by the Fund at 30 June 2016 and at 31 December 2015 are classified as Level 1. The investments in Banco Espirito Santo and Rolls-Royce Holdings have been classified as Level 3. See Note 6(d) for further details.

The schedule of investments form an integral part of the audited financial statements.



>70< HSBC ETFs PLC



USD % of Net

Asset Value

Equities Basic Materials (31 December 2016: 2.22%)

1,627 Air Products & Chemicals 232,759 0.14 844 Albemarle 89,076 0.05

3,892 Arconic Inc 88,154 0.05 672 Avery Dennison 59,385 0.04

1,593 Axalta Coating Systems 51,040 0.03 1,086 Celanese 103,105 0.06 1,739 CF Industries Holdings 48,622 0.03 9,129 Dow Chemical 575,766 0.35 1,094 Eastman Chemical 91,885 0.06 2,003 Ecolab 265,898 0.16 6,535 EI du Pont de Nemours & Co 527,440 0.32 1,014 FMC 74,073 0.05

10,161 Freeport-McMoRan Copper & Gold 122,034 0.07 586 International Flavors & Fragrances 79,110 0.05

2,960 International Paper 167,566 0.10 2,588 Lyondell Basell Industries 218,401 0.13 2,417 Mosaic 55,180 0.03 3,961 Newmont Mining 128,297 0.08 2,383 Nucor 137,904 0.08 1,920 PPG Industries 211,123 0.13 2,156 Praxair 285,778 0.17 1,759 Steel Dynamics 62,990 0.04

529 WR Grace and Co 38,093 0.02 3,713,679 2.24

Consumer Goods (31 December 2016: 10.36%) 5,294 Activision Blizzard 304,776 0.18

14,878 Altria Group 1,107,965 0.67 4,257 Archer-Daniels-Midland 176,155 0.11

644 Autoliv 70,711 0.04 1,591 BorgWarner 67,395 0.04 1,500 Brown-Forman 72,900 0.04 1,072 Bunge 79,971 0.05 1,350 Campbell Soup 70,403 0.04 1,934 Church & Dwight 100,336 0.06

958 Clorox 127,644 0.08 2,088 Coach 98,846 0.06

31,012 Coca-Cola 1,390,888 0.84 6,328 Colgate-Palmolive 469,095 0.28 3,295 ConAgra Foods 117,829 0.07 1,330 Constellation Brands 257,661 0.16 3,628 Coty Inc 68,061 0.04 2,034 Delphi Automotive 178,280 0.11 2,610 DR Horton 90,228 0.05 1,416 Dr Pepper Snapple Group 129,012 0.08 2,331 Electronic Arts 246,433 0.15 1,688 Estee Lauder Cos 162,014 0.10

27,956 Ford Motor 312,828 0.19


HSBC MSCI USA UCITS ETF (continued)

HSBC ETFs PLC >71<



USD % of Net

Asset Value

Equities (continued) Consumer Goods (31 December 2016: 10.36%) (continued)

918 Garmin 46,846 0.03 4,451 General Mills 246,585 0.15

10,254 General Motors 358,172 0.22 1,120 Genuine Parts 103,891 0.06 1,822 Goodyear Tire & Rubber 63,697 0.04 2,850 Hanesbrands 66,006 0.04 1,346 Harley-Davidson 72,711 0.04

848 Hasbro 94,560 0.06 1,106 Hershey 118,751 0.07 2,747 HIS 120,978 0.07 2,131 Hormel Foods 72,688 0.04

553 Ingredion 65,923 0.04 872 JM Smucker 103,184 0.06

7,664 Johnson Controls 332,311 0.20 1,963 Kellogg 136,350 0.08 2,689 Kimberly-Clark 347,177 0.21 4,582 Kraft Heinz 392,402 0.24

529 Lear Corporation 75,160 0.05 999 Leggett & Platt 52,477 0.03

1,530 Lennar 81,580 0.05 2,322 LKQ 76,510 0.05

725 Lululemon Athletica 43,261 0.03 2,474 Mattel 53,265 0.03

847 McCormick & Co 82,591 0.05 1,191 Michael Kors Holdings 43,174 0.03

586 Middleby Corporation 71,205 0.04 472 Mohawk Industries 114,078 0.07

1,423 Molsonors Brewing 122,862 0.07 11,769 Mondelez International 508,303 0.31

3,314 Monsanto 392,245 0.24 3,140 Monster Beverage 155,995 0.09 3,599 Newell Rubbermaid 192,978 0.12 9,968 NIKE 588,112 0.35

26 NVR 62,676 0.04 10,910 PepsiCo 1,259,996 0.76 11,734 Philip Morris International 1,378,158 0.83

454 Polaris Industries 41,872 0.02 19,362 Procter & Gamble 1,687,398 1.01

2,131 Pulte Group 52,273 0.03 606 PVH 69,387 0.04 437 Ralph Lauren 32,251 0.02

6,472 Reynolds American 420,939 0.25 549 Snap-on 86,742 0.05 193 Spectrum Brands Holdings 24,133 0.01

1,301 Stanley Black & Decker 183,090 0.11 973 Tesla Motors 351,847 0.21



>72< HSBC ETFs PLC



USD % of Net

Asset Value

Equities (continued) Consumer Goods (31 December 2016: 10.36%) (continued)

1,152 Toll Brothers 45,516 0.03 2,188 Tyson Foods 137,034 0.08 2,670 Under Armour 55,955 0.03 2,611 VF 150,394 0.09

555 Wabco Holding 70,768 0.04 562 Whirlpool 107,690 0.07


549 Advance Auto Parts 64,008 0.04 3,064 Amazon.Com 2,965,952 1.78

52 Amerco 19,035 0.01 904 American Airlines Group 45,489 0.03

1,204 AmerisourceBergen 113,814 0.07 452 AutoNation 19,056 0.01 214 AutoZone 122,078 0.07

1,076 Bed Bath & Beyond 32,710 0.02 2,102 Best Buy 120,508 0.07 2,389 Cardinal Health 186,151 0.11 1,415 CarMax 89,230 0.05 2,642 Carnival com 173,236 0.10 5,316 Casa Ley** 5,395 - 2,770 CBS 176,671 0.11 1,639 Charter Communications 552,097 0.33

191 Chipotle Mexican Grill 79,475 0.05 35,913 Comcast 1,397,734 0.84

3,315 Costco Wholesale 530,168 0.32 7,719 CVS Caremark 621,071 0.37

910 Darden Restaurants 82,300 0.05 1,383 Delta Air Lines 74,322 0.04

678 Dick's Sporting Goods 27,005 0.02 2,764 Discovery Communications 70,345 0.04 1,702 Dish Network 106,818 0.06 2,159 Dollar General 155,642 0.09 1,773 Dollar Tree 123,968 0.07

365 Domino's Pizza 77,208 0.05 7,734 eBay 270,071 0.16

924 Expedia 137,630 0.08 965 Foot Locker 47,555 0.03

1,797 Gap 39,516 0.02 1,569 H&R Block 48,498 0.03 1,496 Hilton Worldwide Holdings 92,528 0.06 9,192 Home Depot 1,410,053 0.85 3,017 Interpublic Group of Companies 74,218 0.04 1,313 Kohl's 50,774 0.03 7,004 Kroger 163,333 0.10 2,957 Las Vegas Sands 188,923 0.11



HSBC ETFs PLC >73<



USD % of Net

Asset Value

Equities (continued) Consumer Services (31 December 2016: 13.27%) (continued)

792 Liberty Broadband Corp 68,706 0.04 6,350 Liberty Global 199,630 0.12 3,200 Liberty Interactive 78,528 0.05 2,193 Liberty Media 91,643 0.06 1,816 Limited Brands 97,864 0.06 6,544 Lowe's Cos 507,356 0.31 2,239 Macy's 52,034 0.03 2,474 Marriott International 248,167 0.15 6,260 McDonald's 958,782 0.58 1,587 McKesson 261,125 0.16

309 Mercadolibre 77,522 0.05 3,430 MGM Resorts International 107,325 0.06 3,242 NetFlix 484,387 0.29 2,786 News Corp 38,168 0.02 2,642 Nielsen Holdings 102,140 0.06

911 Nordstrom 43,573 0.03 1,788 Omnicom Group 148,225 0.09

700 O'Reilly Automotive 153,118 0.09 8,622 PayPal Holdings 462,743 0.28 5,316 PDC Contingent** 259 -

373 Priceline.com 697,704 0.42 683 Rollins 27,805 0.02

2,959 Ross Stores 170,823 0.10 1,297 Royal Caribbean Cruises 141,671 0.09 1,530 Sabre 33,308 0.02

635 Scripps Networks Interactive 43,377 0.03 451 Signet Jewelers 28,521 0.02

11,975 Sirius XM Holdings 65,503 0.04 1,244 Southwest Airlines 77,302 0.05 4,676 Staples 47,087 0.03

10,997 Starbucks 641,235 0.39 4,187 Sysco 210,732 0.13 3,987 Target 208,480 0.13

931 Tiffany & Co 87,393 0.05 5,923 Time Warner 594,728 0.36 4,940 TJX Cos 356,520 0.21

958 Tractor Supply 51,933 0.03 864 TripAdvisor 33,005 0.02

11,201 Twenty First Century Fox 315,867 0.19 443 Ulta Salon Cosmetic 127,292 0.08 576 United Continental Holdings 43,344 0.03 290 Vail Resorts Com USD0.01 58,821 0.04 586 VCA Antech 54,094 0.03

2,612 Viacom 87,685 0.05 6,936 Walgreens Boots Alliance 543,158 0.33

11,654 Wal-Mart Stores 881,975 0.53



>74< HSBC ETFs PLC



USD % of Net

Asset Value

Equities (continued) Consumer Services (31 December 2016: 13.27%) (continued)

11,928 Walt Disney 1,267,350 0.76 2,531 Whole Foods Market 106,580 0.06

778 Wyndham Worldwide 78,119 0.05 613 Wynn Resorts 82,216 0.05

2,505 Yum! Brands 184,769 0.11


3,527 ACE 512,755 0.31 425 Affiliated Managers 70,491 0.04

3,017 Aflac 234,361 0.14 2,588 AGNC Investment 55,099 0.03

758 Alexandria Real Estate Equities 91,316 0.05 115 Alleghany 68,402 0.04

2,874 Allstate 254,177 0.15 3,382 Ally Financial 70,684 0.04 5,849 American Express 492,720 0.30

537 American Financial Group 53,362 0.03 7,364 American International Group 460,397 0.28 3,281 American Tower 434,142 0.26 1,187 Ameriprise Financial 151,093 0.09 7,627 Annaly Capital Management 91,905 0.06 2,027 Aon 269,490 0.16

925 Arch Capital Group 86,293 0.05 415 Assurant 43,031 0.03 766 Athene Holding 38,001 0.02

1,035 AvalonBay Communities 198,896 0.12 618 Axis Capital Holdings 39,960 0.02

75,664 Bank of America 1,835,609 1.10 7,883 Bank of New York Mellon 402,191 0.24 6,078 BB&T 276,002 0.17 9,353 Berkshire Hathaway 1,584,118 0.95

915 BlackRock 386,505 0.23 1,155 Boston Properties 142,088 0.09

644 Camden Property Trust 55,068 0.03 3,601 Capital One Financial 297,515 0.18

732 CBOE Holdings 66,905 0.04 2,285 CBRE Group 83,174 0.05 9,039 Charles Schwab 388,315 0.23 2,548 Chicago Mercantile Exchange 319,112 0.19 1,186 Cincinnati Financial 85,926 0.05 1,041 CIT Group 50,697 0.03

20,901 Citigroup 1,397,859 0.84 3,850 Citizens Financial Group 137,368 0.08 3,961 Colony NorthStar REIT 55,810 0.03 1,330 Comerica 97,409 0.06 2,726 Crown Castle REIT 273,091 0.16



HSBC ETFs PLC >75<



USD % of Net

Asset Value

Equities (continued) Financial (31 December 2016: 18.92%) (continued)

1,209 Digital Realty Trust 136,557 0.08 2,872 Discover Financial Services 178,610 0.11 2,646 Duke Realty 73,956 0.04 2,045 E*Trade Financial 77,771 0.05 1,044 East West Bancorp 61,158 0.04

831 Eaton Vance 39,323 0.02 930 Equifax 127,801 0.08 586 Equinix 251,488 0.15

2,754 Equity Residential 181,296 0.11 492 Essex Property 126,577 0.08 300 Everest Re Group 76,377 0.05 948 Extra Space Storage 73,944 0.04 537 Federal Realty Investment Trust 67,871 0.04

5,670 Fifth Third Bancorp 147,193 0.09 1,158 First Republic Bank 115,916 0.07 2,502 Franklin Resources 112,065 0.07 1,359 Gallagher (Arthur J) 77,803 0.05 4,575 General Growth Properties 107,787 0.06 2,699 Goldman Sachs 598,908 0.36 2,825 Hartford Financial Services Group 148,510 0.09 3,551 HCP 113,490 0.07 5,534 Host Hotels & Resorts 101,106 0.06 8,112 Huntington Bancshares 109,674 0.07 4,476 Intercontinental Exchange 295,058 0.18 3,074 Invesco 108,174 0.07 1,913 Iron Mountain Inc 65,731 0.04

329 Jones Lang Lasalle 41,125 0.02 27,270 JPMorgan Chase & Co 2,492,478 1.50

8,041 KeyCorp 150,688 0.09 3,132 Kimco Realty 57,472 0.03 2,399 Leucadia National 62,758 0.04 1,077 Liberty Property Trust 43,845 0.03 1,664 Lincoln National 112,453 0.07 2,173 Loews 101,718 0.06 1,072 M&T Bank 173,610 0.10

987 Macerich 57,305 0.03 577 Macquarie Group 45,237 0.03 104 Markel 101,489 0.06

3,881 Marsh & McLennan Cos 302,563 0.18 7,312 Mastercard 888,042 0.53 6,993 MetLife 384,195 0.23

848 Mid-America Apartment Communities 89,362 0.05 1,330 Moody's 161,834 0.10

10,798 Morgan Stanley 481,159 0.29 684 MSCI 70,445 0.04 864 NASDAQ OMX Group 61,767 0.04



>76< HSBC ETFs PLC



USD % of Net

Asset Value


1,096 National Retail Properties 42,854 0.03 2,217 Navient Corporation 36,913 0.02 3,549 New York Community Bancorp 46,598 0.03 1,617 Northern Trust 157,189 0.10 2,445 People's United Financial 43,179 0.03 3,659 PNC Financial Services Group 456,899 0.28 2,159 Principal Financial Group 138,327 0.08 4,367 Progressive 192,541 0.12 3,997 ProLogis 234,384 0.14 3,332 Prudential Financial 360,322 0.22 1,187 Public Storage 247,525 0.15

952 Raymond James Financial 76,369 0.05 1,921 Realty Income 106,001 0.06 1,121 Regency Centers 70,219 0.04 9,166 Regions Financial 134,190 0.08

474 Reinsurance Group of America 60,857 0.04 301 RenaissanceRe Holdings 41,854 0.03

2,001 S&P Global 292,126 0.18 952 SBA Communications Corporation 128,425 0.08

1,024 SEI Investments 55,071 0.03 404 Signature Bank 57,986 0.04

2,410 Simon Property Group 389,842 0.24 758 SL Green Realty 80,196 0.05

2,888 State Street 259,140 0.16 3,804 SunTrust Banks 215,763 0.13

382 SVB Financial Group 67,152 0.04 6,174 Synchrony Financial 184,109 0.11 1,830 T Rowe Price Group 135,804 0.08 2,016 TD Ameritrade Holding 86,668 0.05

930 Torchmark 71,145 0.04 2,134 Travelers Cos 270,015 0.16 2,023 UDR 78,836 0.05 1,845 Unum 86,032 0.05

12,970 US Bancorp 673,402 0.41 2,646 Ventas 183,844 0.11 7,376 VEREIT 60,041 0.04

14,017 Visa 1,314,514 0.79 1,273 Vornado Realty Trust 119,535 0.07 1,412 Voya Financial 52,089 0.03

36,230 Wells Fargo & Co 2,007,504 1.21 2,716 Welltower 203,293 0.12 3,738 Western Union 71,209 0.04 5,792 Weyerhaeuser 194,032 0.12

981 Willis Towers Watson 142,696 0.09 729 WR Berkley 50,425 0.03



HSBC ETFs PLC >77<



USD % of Net

Asset Value


1,982 XL Group 86,812 0.05 794 Zillow Group 38,914 0.02

1,468 Zions Bancorporation 64,460 0.04 31,272,327 18.82

Healthcare (31 December 2016: 12.74%) 13,017 Abbott Laboratories 632,756 0.38 12,355 Abbvie 895,861 0.54

2,646 Aetna 401,742 0.24 1,683 Alexion Pharmaceuticals 204,771 0.12

557 Align Tech 83,617 0.05 1,144 Alkermes 66,318 0.04 2,523 Allergan 613,316 0.37 5,648 Amgen 972,755 0.59 1,998 Anthem 375,884 0.23

546 Bard 172,596 0.10 3,676 Baxter International 222,545 0.13 1,707 Becton Dickinson and Co 333,053 0.20 1,644 Biogen Idec 446,116 0.27 1,298 Biomarin Pharmaceutical 117,884 0.07

10,253 Boston Scientific 284,213 0.17 12,619 Bristol-Myers Squibb 703,131 0.42

5,877 Celgene 763,246 0.46 1,329 Centene 106,161 0.06 1,930 Cigna 323,063 0.19

358 Cooper Companies 85,712 0.05 1,138 DaVita 73,697 0.04 1,733 DENTSPLY Inetrnational 112,368 0.07

622 Dexcom 45,499 0.03 1,597 Edwards Lifesciences 188,829 0.11 7,508 Eli Lilly & Co 617,908 0.37 4,536 Express Scripts 289,578 0.17

10,024 Gilead Sciences 709,499 0.43 2,208 HCA Holdings 192,538 0.12

615 Henry Schein 112,557 0.07 2,053 Hologic 93,165 0.06 1,130 Humana 271,901 0.16

669 IDEXX Laboratories 107,990 0.07 1,101 Illumina 191,046 0.12 1,286 Incyte Genomics Inc 161,920 0.10

294 Intuitive Surgical 274,999 0.17 443 Jazz Pharmaceuticals 68,887 0.04

20,544 Johnson & Johnson 2,717,766 1.64 756 Laboratory Corporation of America Holdings 116,530 0.07 851 Mallinckrodt 38,133 0.02 701 Mednax 42,319 0.03

10,510 Medtronic 932,762 0.56



>78< HSBC ETFs PLC



USD % of Net

Asset Value

Equities (continued) Healthcare (31 December 2016: 12.74%) (continued)

20,837 Merck & Co 1,335,443 0.80 3,424 Mylan 132,920 0.08

866 New Amethyst 54,272 0.03 644 Patterson Cos 30,236 0.02

1,072 Perrigo Co Ltd 80,957 0.05 45,718 Pfizer 1,535,668 0.92

1,061 Quest Diagnostics 117,941 0.07 1,101 Quintiles Transnational 98,540 0.06

586 Regeneron Pharms 287,808 0.17 1,079 Resmed 84,022 0.05

730 Seattle Genetics 37,770 0.02 2,520 Stryker 349,726 0.21

328 Teleflex 68,145 0.04 269 Tesaro 37,622 0.02

3,028 Thermo Fisher Scientific 528,295 0.32 333 United Therapeutics 43,200 0.03

7,283 UnitedHealth Group 1,350,414 0.81 672 Universal Health 82,038 0.05 699 Varian Medical Systems 72,130 0.04

1,874 Vertex Pharmaceuticals 241,502 0.15 604 Waters 111,039 0.07

1,502 Zimmer Holdings 192,857 0.12 3,678 Zoetis 229,434 0.14


4,630 3M 963,920 0.58 4,686 Accenture 579,564 0.35

368 Acuity Brands 74,807 0.05 865 AGCO 58,292 0.03

2,443 Agilent Technologies 144,894 0.09 690 Allegion Public Limited Company 55,973 0.03 370 Alliance Data Systems 94,975 0.06

2,098 Ametek 127,076 0.08 2,319 Amphenol 171,189 0.10 1,793 Aramark Holdings Corporation 73,477 0.04

701 Arrow Electronics 54,972 0.03 3,437 Automatic Data Processing 352,155 0.21

963 Avnet 37,441 0.02 2,526 Ball 106,622 0.06 4,530 Boeing 895,807 0.54 2,315 Brixmor Property Group 41,392 0.02

882 Broadridge Financial Solutions 66,644 0.04 4,645 Caterpillar 499,152 0.30 1,070 CH Robinson Worldwide 73,488 0.04

688 Cintas 86,716 0.05 243 CoStar Group 64,055 0.04



HSBC ETFs PLC >79<



USD % of Net

Asset Value

Equities (continued) Industrial (31 December 2016: 11.37%) (continued)

1,018 Crown Holdings 60,734 0.04 7,021 CSX 383,066 0.23 1,358 Cummins 220,295 0.13 4,796 Danaher 404,734 0.24 2,245 Deere & Co 277,460 0.17 1,444 Dover 115,838 0.07 3,688 Eaton 287,037 0.17 5,220 Emerson Electric 311,216 0.19 1,358 Expeditors International of Washington 76,700 0.05 2,672 Fastenal 116,312 0.07 1,902 FedEx 413,362 0.25 2,455 Fidelity National Information Services 209,657 0.13 1,602 Fiserv 195,989 0.12

697 FleetCor Technologies 100,514 0.06 4,133 Flextronics International 67,409 0.04 1,053 FLIR Systems 36,497 0.02 1,416 Flowserve 65,745 0.04 1,387 Fluor 63,497 0.04 1,925 FNFV Group 86,298 0.05 2,417 Fortive 153,117 0.09 1,540 Fortune Brands Home & Security 100,470 0.06

66,846 General Electric 1,805,510 1.09 1,155 Global Payments 104,320 0.06

518 Grainger 93,515 0.06 1,464 HD Supply Holdings 44,842 0.03 5,639 Honeywell International 751,622 0.45

453 Huntington Ingalls Industies 84,330 0.05 554 Idex Corporation 62,608 0.04

2,524 Illinois Tool Works 361,563 0.22 2,210 Ingersoll-Rand 201,972 0.12 1,244 Jacobs Engineering Group 67,661 0.04

675 JB Hunt Transport Services 61,682 0.04 806 Kansas City Southern 84,348 0.05 586 L3 Technologies 97,909 0.06 278 Lennox International 51,052 0.03 504 Manpower 56,272 0.03 466 Martin Marietta Materials 103,722 0.06

3,087 Masco 117,954 0.07 212 Mettler Toledo International 124,770 0.07

2,175 Norfolk Southern 264,697 0.16 1,345 Northrop Grumman 345,275 0.21 1,205 Norwegian Cruise Line Holdings 65,419 0.04 2,960 PACCAR 195,478 0.12

715 Packaging Corp of America 79,644 0.05 1,155 Parker Hannifin 184,592 0.11 2,445 Paychex 139,218 0.08



>80< HSBC ETFs PLC



USD % of Net

Asset Value


1,667 Pentair 110,922 0.07 2,360 Raytheon 381,093 0.23 2,009 Republic Services 128,034 0.08

987 Robert Half International 47,307 0.03 1,117 Rockwell Automation 180,909 0.11 1,458 Rockwell Collins 153,207 0.09

873 Roper Industries 202,126 0.12 1,447 Sealed Air 64,768 0.04 1,773 Sensata Technologies 75,743 0.05

628 Sherwin-Williams 220,403 0.13 1,535 Smith Group 86,467 0.05

615 Stericycle 46,937 0.03 2,672 TE Connectivity 210,233 0.13 1,216 Total System Services 70,832 0.04

489 TransDigm Group 131,477 0.08 1,853 Trimble Navigation 66,097 0.04 6,128 Union Pacific 667,400 0.40 5,189 United Parcel Service 573,852 0.34

765 United Rentals 86,223 0.05 5,989 United Technologies 731,317 0.44 1,211 Vantiv 76,705 0.05 1,202 Verisk Analytics 101,413 0.06

987 Vulcan Materials 125,033 0.08 930 Wabtec Corporation 85,095 0.05

1,963 Waste Connections 126,456 0.08 3,561 Waste Management 261,199 0.16 1,902 WestRock 107,767 0.07 1,810 Xylem 100,328 0.06

19,137,876 11.52 Oil & Gas (31 December 2016: 7.20%)

4,189 Anadarko Petroleum 189,929 0.11 1,547 Antero Resources 33,431 0.02 2,817 Apache 135,019 0.08 3,017 Baker Hughes 164,457 0.10 3,534 Cabot Oil & Gas 88,633 0.05 1,477 Cheniere Energy 71,945 0.04

14,339 Chevron 1,495,988 0.90 701 Cimarex Energy 65,901 0.04

1,101 Concho Resources 133,805 0.08 9,319 ConocoPhillips 409,663 0.25

672 Continental Resources 21,726 0.01 329 Core Laboratories 33,318 0.02

3,696 Devon Energy 118,161 0.07 673 Diamondback k Energy 59,769 0.04

4,362 EOG Resources 394,848 0.24 1,318 EQT 77,222 0.05



HSBC ETFs PLC >81<



USD % of Net

Asset Value

Equities (continued) Oil & Gas (31 December 2016: 7.20%) (continued)

31,337 Exxon Mobil 2,529,836 1.52 6,551 Halliburton 279,793 0.17

786 Helmerich & Payne 42,711 0.03 2,139 Hess 93,838 0.06 1,311 HollyFrontier 36,013 0.02

15,056 Kinder Morgan 288,473 0.17 6,277 Marathon Oil 74,382 0.04 4,041 Marathon Petroleum 211,466 0.13 1,216 Murphy Oil 31,166 0.02 2,846 National Oilwell Varco 93,747 0.06 1,491 Newfield Exploration 42,434 0.03 3,446 Noble Energy 97,522 0.06 5,790 Occidental Petroleum 346,647 0.21 1,461 OGE Energy 50,828 0.03 1,624 Parsley Energy 45,066 0.03 3,294 Phillips 272,381 0.16 1,284 Pioneer Natural Resources 204,901 0.12 1,060 Plains GP Holdings 27,730 0.02 1,764 Range Resources 40,872 0.02

10,518 Schlumberger 692,505 0.42 1,620 Targa Resources Partners 73,224 0.04 3,331 TechnipFMC 90,603 0.05 1,116 Tesoro 104,458 0.06 3,369 Valero Energy 227,273 0.14 7,154 Weatherford Internation 27,686 0.02 6,253 Williams Cos 189,341 0.11


3,787 Adobe Systems 535,633 0.32 6,157 Advanced Micro Devices 76,839 0.05 1,301 Akamai Technologies 64,803 0.04 4,602 Alphabet 4,228,987 2.54 2,756 Analog Devices 214,417 0.13

650 Ansys 79,092 0.05 39,640 Apple 5,708,953 3.44

8,153 Applied Materials 336,800 0.20 332 Arista Networks 49,730 0.03

1,502 Autodesk 151,432 0.09 3,035 Broadcom 707,307 0.43 2,445 CA Inc 84,279 0.05 2,060 Cadence Design System 68,989 0.04

987 CDK Global 61,253 0.04 1,171 CDW 73,223 0.04 2,274 Cerner 151,153 0.09

37,855 Cisco Systems 1,184,861 0.71 1,175 Citrix Systems 93,507 0.06



>82< HSBC ETFs PLC



USD % of Net

Asset Value

Equities (continued) Technology (31 December 2016: 17.35%) (continued)

4,562 Cognizant Technology Solutions 302,917 0.18 1,403 CommScope Holding 53,356 0.03 7,248 Corning 217,802 0.13 1,657 Dell Technologies 101,259 0.06 2,122 DXC Technology 162,800 0.10

499 F5 Networks 63,403 0.04 17,785 FaceBook 2,685,179 1.62

2,518 First Data Corporation 45,828 0.03 1,072 Fortinet 40,136 0.02

661 Gartner 81,640 0.05 1,134 Harris 123,697 0.07

12,507 Hewlett Packard 207,491 0.12 12,829 HP 224,251 0.13 35,699 Intel 1,204,484 0.72

6,821 International Business Machines 1,049,274 0.63 1,856 Intuit 246,495 0.15

563 Jack Henry & Associates 58,479 0.04 2,801 Juniper Networks 78,092 0.05 1,187 KLA-Tencor 108,622 0.07 1,217 LAM Research 172,120 0.10 1,035 Leidos Holdings 53,499 0.03 3,252 Marvell Technology Group 53,723 0.03 2,143 Maxim Integrated Products 96,221 0.06 1,628 Microchip Technology 125,649 0.08 7,908 Micron Technology 236,133 0.14

55,733 Microsoft 3,841,676 2.31 1,215 Motorola Solutions 105,389 0.06 2,076 NetApp 83,144 0.05 2,069 Nuance Communications 36,021 0.02 4,059 NVIDIA 586,769 0.35

23,695 Oracle 1,188,067 0.71 672 Palo Alto Networks 89,920 0.05 924 Qorvo 58,508 0.04

11,140 QUALCOMM 615,151 0.37 1,335 Red Hat 127,826 0.08 4,975 Salesforce.com 430,835 0.26 2,211 Seagate Technology 85,676 0.05 1,233 Servicenow 130,698 0.08 1,391 Skyworks Solutions 133,466 0.08 1,017 Splunk 57,857 0.03 1,243 SS&C Technologies Holdings 47,744 0.03 4,592 Symantec 129,724 0.08 1,130 Synopsys 82,411 0.05 7,531 Texas Instruments 579,360 0.35 4,528 Twitter 80,915 0.05

765 Veeva Systems 46,902 0.03



HSBC ETFs PLC >83<



USD % of Net

Asset Value

Equities (continued) Technology (31 December 2016: 17.35%) (continued)

743 VeriSign 69,069 0.04 515 Vmware 45,026 0.03

2,177 Western Digital 192,882 0.12 935 Workday Incorporation 90,695 0.06

1,606 Xerox 46,140 0.03 1,899 Xilinx 122,144 0.07


46,419 AT&T 1,751,389 1.05 4,072 CenturyLink 97,239 0.06 2,301 Level 3 Comms 136,449 0.08 5,758 Sprint 47,273 0.03 2,188 T-Mobile 132,637 0.08

30,759 Verizon Communications 1,373,697 0.83 1,297 Zayo Group Holdings 40,077 0.02


5,015 AES 55,717 0.03 1,725 Alliant Energy 69,293 0.04 1,836 Ameren 100,374 0.06 3,684 American Electric Power 255,927 0.15 1,387 American Water Works 108,117 0.07

815 Atmos Energy 67,604 0.04 3,107 CenterPoint Energy 85,070 0.05 2,095 CMS Energy 96,894 0.06 2,288 Consolidated Edison 184,916 0.11 4,848 Dominion Resources 371,502 0.22 1,387 DTE Energy 146,731 0.09 5,258 Duke Energy 439,516 0.26 2,431 Edison International 190,080 0.11 1,360 Entergy 104,407 0.06 2,388 Eversource Energy 144,975 0.09 6,998 Exelon 252,418 0.15 3,294 FirstEnergy 96,053 0.06 3,618 NextEra Energy 506,990 0.31 2,560 NiSource 64,922 0.04 1,594 ONEOK 83,143 0.05 3,838 PG&E 254,728 0.15

815 Pinnacle West Capital 69,405 0.04 5,477 PPL 211,741 0.13 3,797 Public Service Enterprise Group 163,309 0.10 1,037 SCANA 69,489 0.04 1,901 Sempra Energy 214,338 0.13 7,460 Southern 357,185 0.22 1,297 UGI Corporation 62,788 0.04 2,369 Wec Energy Group 145,409 0.09



>84< HSBC ETFs PLC



USD % of Net

Asset Value

Equities (continued) Utilities (31 December 2016: 3.35%) (continued)

1,158 Westar Energy 61,397 0.04 4,047 Xcel Energy 185,676 0.11

5,220,114 3.14


Warrants

99,758 American International Group Warrants - -

Total warrants - -




9 CME S&P 500 E-Mini Index Future Sep 17** (5,525) -

Total futures (Notional amount: USD1,089,450) (5,525) -





USD % of Total

Assets * Transferable securities admitted to an official stock exchange listing 165,063,756 99.29 ** Transferable securities other than those referred above 5,654 - Other assets 1,180,735 0.71

Total assets 166,250,145 100.00

All equity positions (with the exception of the investment held in Casa Ley and PDC Contingent) and futures held by the Sub- Fund at 30 June 2017 and as at 31 December 2016 are classified as Level 1. See Note 6(d) for further details. Warrants held at year end were classified as Level 3. The schedule of investments form an integral part of the audited financial statements.



HSBC ETFs PLC >85<



USD % of Net

Asset Value


23,997 Braskem 247,702 0.57 87,069 Cia Siderurgica Nacional 188,683 0.44 34,764 Fibria Celulose 354,749 0.82

127,651 Gerdau 396,062 0.91 56,234 Suzano Papel e Celulose 242,027 0.56

447,702 Vale 3,749,335 8.67


657,158 Ambev 3,631,650 8.39 62,346 BRF - Brasil Foods 737,633 1.70 22,686 Cosan SA Industria e Comercio 236,771 0.55 48,441 Hypermarcas 406,447 0.94

114,039 JBS 224,757 0.52 14,133 M Dias Branco 210,294 0.49 23,994 Natura Cosmeticos 186,115 0.43


22,023 Cia Brasileira de Distribuicao Grupo Pao de Acucar 433,049 1.00 192,432 Kroton Educational 863,643 2.00 23,271 Localiza Rent a Car 317,116 0.73

127,304 Lojas Americanas 523,494 1.21 98,571 Lojas Renner 814,570 1.88 32,254 Raia Drogasil 682,511 1.58


553,412 Banco Bradesco 4,680,696 10.82 119,794 Banco do Brasil 968,982 2.24 57,921 Banco Santander Brasil 437,041 1.01 97,557 BB Seguridade Participacoes 843,585 1.95

287,922 BM&FBovespa 1,716,278 3.97 115,473 BR Malls Participacoes 416,480 0.96 170,291 Cielo 1,264,365 2.92 450,236 Itau Unibanco 4,993,940 11.54 551,405 Itausa - Investimentos Itau 1,501,146 3.47 11,825 Multiplan Empreendimentos Imobiliarios 233,127 0.54 15,762 Porto Seguro 145,620 0.34 31,021 Qualicorp 268,710 0.62 24,674 Sul America 131,813 0.30


36,934 Odontoprev 129,867 0.30


168,880 CCR 861,412 1.99 43,346 Duratex 106,885 0.25 92,743 Embraer 423,512 0.98


HSBC MSCI BRAZIL UCITS ETF (continued)

>86< HSBC ETFs PLC



USD % of Net

Asset Value

Equities (continued) Industrial (31 December 2016: 5.08%)

82,122 Klabin SA 402,276 0.93 78,611 Weg 419,955 0.97

111,788 Rumo Logistica Operadora Multimodal 291,848 0.67 2,505,888 5.79

Oil & Gas (31 December 2016: 10.99%) 546,534 Petrobras 2,040,482 4.72 414,939 Petroleo Brasileiro 1,653,118 3.82


62,317 Telefonica Brasil 844,498 1.95 117,936 Tim Participacoes 348,478 0.81


61,667 Centrais Eletricas Brasileiras 268,981 0.62 104,878 Cia Energetica de Minas Gerais 255,765 0.59 14,291 CIA Paranaense De Energia 105,805 0.24 35,433 CPFL Energia 283,507 0.65 42,232 EDP - Energias do Brasil SA 180,871 0.42 22,690 Engie Brasil 232,293 0.54 27,642 Equatorial Energia 452,016 1.04 47,607 Sabesp 454,912 1.05 25,700 Transmissora Alianca de Energia Eletrica 170,958 0.40 50,409 Ultrapar Participacoes 1,179,418 2.73

3,584,526 8.28






USD % of Total


Total assets 43,308,941 100.00

All equity positions held by the Sub-Fund at 30 June 2017 and at 31 December 2016 are classified as Level 1. See Note 6 (d) for further details. The schedule of investments form an integral part of the financial statements.



HSBC ETFs PLC >87<



USD % of Net

Asset Value

Equities

Australia

Basic Materials (31 December 2016: 7.90%) 62,406 Alumina 91,908 0.22 81,880 BHP Billiton NPV 1,462,125 3.44 14,598 Bluescope Steel 147,918 0.35 39,692 Fortescue Metals Group 158,927 0.37 43,013 Incitec Pivot 112,507 0.26 19,547 Newcrest Mining 302,269 0.71

9,590 Orica 152,122 0.36 10,814 Rio Tinto 524,817 1.24

135,725 South32 279,009 0.66


14,600 Coca-Cola Amatil 103,366 0.24 18,818 Treasury Wine Estates 189,956 0.45


13,837 Aristocrat Leisure 239,444 0.56 10,213 Crown 96,200 0.23

1,586 Domino's Pizza Enterprises 63,357 0.15 1,416 Flight Centre 41,599 0.10

14,074 Harvey Norman Holdings 41,239 0.10 11,625 Qantas Airways 51,005 0.12 21,294 Tabcorp Holdings 71,378 0.17 33,695 Tatts Group 108,035 0.25 28,832 Wesfarmers 887,277 2.09 32,841 Woolworths 643,370 1.51


75,405 AMP 300,186 0.71 4,936 ASX 202,976 0.48

74,852 Australia & New Zealand Banking Group 1,648,965 3.88 9,875 Bank of Queensland 86,729 0.20

12,050 Bendigo and Adelaide Bank 102,412 0.24 14,574 Challenger 149,128 0.35 43,931 Commonwealth Bank of Australia 2,790,471 6.57 11,839 Computershare 128,407 0.30 25,927 Dexus Property Group 188,532 0.44 45,612 Goodman Group 275,345 0.65 45,908 GPT Group 168,674 0.40 60,358 Insurance Australia Group 313,898 0.74 14,120 Lend Lease Group 180,332 0.42

8,243 Macquarie Group 559,567 1.32 70,211 Medibank Private 150,795 0.36 94,459 Mirvac Group 154,329 0.36 68,208 National Australia Bank 1,548,118 3.64


HSBC MSCI PACIFIC ex JAPAN UCITS ETF (continued)

>88< HSBC ETFs PLC



USD % of Net

Asset Value


Australia (continued) Financial (31 December 2016: 32.58%) (continued)

34,968 QBE Insurance Group 316,770 0.75 135,739 Scentre Group 421,680 0.99 61,655 Stockland 207,141 0.49 32,893 Suncorp Group 373,917 0.88 85,784 Vicinity Centres 169,108 0.40 50,330 Westfield Group 310,003 0.73 85,574 Westpac Banking 2,002,662 4.72


1,464 Cochlear 174,564 0.41 11,611 CSL 1,229,325 2.89 44,235 Healthscope 74,986 0.18

3,606 Ramsay Health Care 203,576 0.48 10,083 Sonic Healthcare 187,321 0.44


29,526 Amcor 367,123 0.86 52,308 Aurizon Holdings 215,058 0.51 29,888 Boral 159,333 0.38 40,500 Brambles 302,268 0.71

2,480 CIMIC Group 73,885 0.17 8,424 Seek 109,266 0.26

28,105 Sydney Airport 152,846 0.36 52,321 Transurban Group 475,574 1.12

1,855,353 4.37 Oil & Gas (31 December 2016: 2.92%)

28,408 APA Group 199,818 0.47 6,649 Caltex Australia 161,215 0.38

44,743 Origin Energy 235,436 0.56 47,800 Santos 111,095 0.26 19,330 Woodside Petroleum 442,885 1.04


1,343 REA Group 68,402 0.16


106,124 Telstra 350,030 0.82 9,366 TPG Telecom Limited 40,950 0.10


17,133 AGL Energy 335,118 0.79 45,930 Ausnet Services 61,125 0.14

396,243 0.93



HSBC ETFs PLC >89<



USD % of Net

Asset Value


Hong Kong

Consumer Goods (31 December 2016: 0.79%) 54,726 First Pacific 40,380 0.10

150,182 Li & Fung 54,636 0.13 35,040 Techtronic Industries 161,141 0.38 18,917 Yue Yuen Industrial Holdings 78,513 0.18


59,906 Galaxy Entertainment Group 363,743 0.86 6,282 Melco Crown Entertainment 141,031 0.33

24,219 MGM China Holdings 53,858 0.13 37,639 MTR 211,906 0.50 61,730 Sands China 282,695 0.66 31,840 Shangri-La Asia 54,002 0.13 50,479 SJM Holdings 53,218 0.12

205,435 WH Group 207,371 0.49 39,535 Wynn Macau 92,375 0.22


307,371 AIA Group 2,246,285 5.29 31,007 Bank of East Asia 133,260 0.31 94,341 BOC Hong Kong Holdings 451,375 1.06 67,818 Cheung Kong Property Holdings 531,236 1.25 68,844 CK Hutchison Holdings 864,248 2.04

22,564 Hang Lung Group 93,361 0.22 51,598 Hang Lung Properties 128,888 0.30 19,496 Hang Seng Bank 407,829 0.96 30,602 Henderson Land Development 170,720 0.40 29,652 Hong Kong Exchanges and Clearing 766,517 1.81 29,991 Hongkong Land Holdings 220,734 0.52 15,990 Hysan Development 76,299 0.18 16,533 Kerry Properties 56,123 0.13 56,419 Link REIT 429,297 1.01

148,139 New World Development 188,057 0.44 79,810 Sino Land 130,862 0.31 36,909 Sun Hung Kai Properties 542,303 1.28 29,828 Swire Properties 98,389 0.23 20,749 Wheelock & Co 156,552 0.37


16,894 Cheung Kong Infrastructure Holdings 141,965 0.33 5,463 Jardine 350,725 0.83 5,647 Jardine Strategic 235,423 0.56

39,331 NWS Holdings 77,388 0.18 12,693 Swire Pacific 123,980 0.29 30,921 Wharf Holdings 256,274 0.60 58,694 Yangzijiang Shipbuilding Holdings 50,729 0.12

1236484 2.91



>90< HSBC ETFs PLC



USD % of Net

Asset Value


Hong Kong (continued)

Technology (31 December 2016: 0.17%) 6,765 ASM Pacific Technology 91,425 0.21


96,518 HKT Trust 126,606 0.30 107,585 PCCW 61,190 0.14


41,866 CLP Holdings 442,984 1.04 213,979 HK & China Gas 402,387 0.95 67,582 HK Electric Investments 62,159 0.15 35,367 Power Assets Holdings 312,377 0.73

1,219,907 2.87 Ireland Industrial (31 December 2016: 0.48%)

11,239 James Hardie Industries 176,728 0.42

176,728 0.42 New Zealand Healthcare (31 December 2016: 0.14%)

10,198 Ryman Healthcare 61,901 0.15


24,289 Auckland International Airport 126,803 0.30 17,693 Fletcher Building 103,509 0.24

230,312 0.54 Oil & Gas (31 December 2016: 0.48%)

34,938 Oil Search 182,770 0.43


46,720 Telecom 129,308 0.30


18,242 Contact Energy 69,589 0.16 32,671 Meridian Energy 69,612 0.17 17,785 Mighty River Power 43,234 0.10

182,435 0.43 Singapore Consumer Goods (31 December 2016: 0.46%)

178,602 Golden Agri-Resources 48,644 0.12 40,812 Wilmar International 99,299 0.23


10,384 City Developments 80,924 0.19 54,990 ComfortDelGro 91,860 0.22

154,164 Genting Singapore PLC 121,486 0.29



HSBC ETFs PLC >91<



USD % of Net

Asset Value


Singapore (continued) Consumer Services (31 December 2016: 1.36%) (continued)

2,519 Jardine Cycle & Carriage 81,140 0.19 13,765 Singapore Airlines 101,174 0.24 40,807 Singapore Press Holdings 95,731 0.22


63,343 Ascendas Real Estate Investment Trust 120,075 0.28 52,886 CapitaCommercial Trust 63,762 0.15 65,383 CapitaLand 166,206 0.39 63,229 CapitaMall Trust 90,698 0.21 45,489 DBS Group Holdings 685,218 1.61 67,927 Global Logistic Properties 141,098 0.33

132,292 Hutchison Port Holdings Trust 56,886 0.13 80,187 Oversea-Chinese Banking 628,404 1.48 20,491 Singapore Exchange 109,238 0.26 61,698 Suntec Real Estate Investment Trust 83,797 0.20 33,590 United Overseas Bank 564,042 1.33 12,590 UOL Group 69,861 0.17


37,077 Keppel 169,383 0.40 17,080 SATS 63,390 0.15 24,990 SembCorp Industries 55,902 0.13 39,803 Singapore Technologies Engineering 106,384 0.25


208,149 Singapore Telecommunications 588,081 1.39 15,451 StarHub 30,524 0.07

618,605 1.46

Total equities* (31 December 2016: 99.01%) 41,948,649 98.76 Futures** (31 December 2016: 0.02%)

3 SFE SPI 200 Future Sep 17 1,553 - 2 SGX MSCI Singapore Index ETS Future Jul 17 167 -

Total futures** (Notional amount: USD 377,048) 1,720 -




>92< HSBC ETFs PLC



USD % of Net

Asset Value

Financial liabilities at fair value through profit or loss Futures** (31 December 2016: nil)

1 HKG H-Shares China Enterprises Future Jul 17 (980) -

Total futures** (Notional amount: USD 65,299) (980) -

Total financial liabilities at fair value through profit or loss (980) -




USD % of Total

Assets * Transferable securities admitted to an official stock exchange listing 41,948,649 98.67 ** Financial derivative instruments dealt in on a regulated market 1,720 - Other assets 561,598 1.33

Total assets 42,511,967 100.00

All equity positions and futures held by the Sub-Fund at 30 June 2017 and at 31 December 2016 are classified as Level 1. See Note 6(d) for further details. The schedule of investments form an integral part of the financial statements.



HSBC ETFs PLC >93<



USD % of Net

Asset Value

Equities

China Basic Materials (31 December 2016: 0.39%)

12,533 Aluminum Corporation of China 6,422 0.02 50,338 China Coal Energy 24,374 0.07 29,897 China Shenhua Energy 66,562 0.20

2,919 Jiangxipper Copper 4,794 0.01 2,937 Sinopec Shanghai Petrochemical 1,573 -

25,079 Yanzhou Coal Mining 22,488 0.07 6,936 Zijin Mining Group 2,292 0.01


12,714 Alibaba Group Holding 1,791,403 5.23 16,786 Anta Sports Products 55,477 0.16 32,718 AviChina Industry & Technology 19,195 0.06 23,112 China Huishan Dairy** - - 35,209 Dongfeng Motor Group 41,630 0.12 44,573 Great Wall Automobiles 55,042 0.16 35,427 Guangzhou Automobile Group 62,173 0.18

9,076 Hengan International Group 66,967 0.20 9,500 Minth 40,281 0.12 6,109 Shenzou International Group 40,145 0.12

21,997 Tingyi Cayman Islands Holding 26,093 0.08 5,200 Tsingtao Brewery 23,014 0.06

57,563 Want Want China Holding 38,860 0.11


41,600 Air China 42,898 0.12 126,918 Alibaba Pictures 21,136 0.06

3,814 Ctrip Com International 205,422 0.60 1,443 New Oriental Education & Technology 101,717 0.30

330 TAL Education 40,362 0.12 4,159 Vipshop Holdings 43,877 0.13 4,694 Yum China Holding 185,084 0.54


267,684 Agricultural Bank of China 126,530 0.37 922,053 Bank of China 452,378 1.32 129,156 China Citic Bank 79,084 0.23 944,469 China Construction Bank 731,964 2.14 40,421 China Evergrande Group 72,594 0.21 24,786 China Galaxy Securities 22,225 0.06 13,189 China Huarong Asset Management 5,119 0.01 90,727 China Life Insurance 277,186 0.81 50,345 China Merchants Bank 151,878 0.45 76,468 China Minsheng Banking 76,307 0.22 31,179 China Pacific Insurance Group 127,409 0.37 17,146 China Taiping Insurance Holdings 43,445 0.13


HSBC MSCI EM FAR EAST UCITS ETF (continued)

>94< HSBC ETFs PLC



USD % of Net

Asset Value

Equities (continued) China (continued) Financial (31 December 2016: 11.79%) (continued)

8,524 China Vanke 24,131 0.07 21,649 CITIC Securities 44,760 0.13 65,569 Country Garden Holdings 76,014 0.22 17,163 Far East Horizon 14,972 0.04 14,971 GF Securities 30,071 0.09 17,680 Guangzhou R&F Properties 27,495 0.08 28,711 Haitong Securities 46,415 0.14 10,857 Huatai Secutiries Co Ltd 20,861 0.06

860,870 Industrial & Commercial Bank of China 581,159 1.70 26,000 Longfor Properties 55,887 0.16

5,200 New China Life Insurance 26,445 0.08 87,196 People s Insurance Company Group of China 36,637 0.11 46,160 PICC Property & Casualty 77,106 0.23 61,530 Ping An Insurance 405,526 1.18 63,652 Sino-Ocean Land Holdings 31,147 0.09 32,500 Soho China 16,028 0.05 32,511 Sunac China Holdings 67,966 0.20


16,009 China Medical System Holdings 27,685 0.08 51,905 Shandong Weigao Group Medical Polymer 40,758 0.12

4,715 Shanghai Pharmaceuticals Holding 14,043 0.04 82,000 Sihuan Pharmaceutical Holdings Group 34,349 0.10 17,488 Sinopharm Group 79,079 0.23


770 58 Com 33,965 0.10 8,245 AAC Technologies Holdings 103,083 0.30

20,736 Anhui Conch Cement 72,118 0.21 21,086 Beijing Capital International Airport 29,712 0.09

6,556 Byd 40,227 0.12 131,966 China Cinda Asset Management 49,193 0.14 53,037 China Communications Construction 68,348 0.20 41,600 China National Building Material 24,726 0.07 19,705 China Railway Construction 25,696 0.08 67,326 China Railway Group 53,040 0.15 48,282 CSR Corporation Limited 43,418 0.13 32,317 Fosun International 50,505 0.15 41,775 Fullshare Holdings Ltd 16,696 0.05 46,800 Shanghai Electric Group 22,481 0.06

5,118 Sunny Optical Tech Group 45,893 0.13 28,312 Zhejiang Expressway 36,993 0.11

6,686 Zhuzhou CSR Times Electric 32,803 0.10 748,897 2.19



HSBC ETFs PLC >95<



USD % of Net

Asset Value

Equities (continued) China (continued) Oil & Gas (31 December 2016: 2.68%)

65,268 CGN Power 18,227 0.05 7,762 China Conch Venture Holdings 14,218 0.04

17,200 China Gas Holdings 34,724 0.10 49,400 China Longyuan Power Group 35,944 0.11

261,077 China Petroleum & Chemical 203,673 0.59 199,164 CNOOC 218,134 0.64 244,762 PetroChina 149,871 0.44


16,556 Alibaba Health Information Technology 7,889 0.02 1,102 Autohome 49,987 0.15 3,062 Baidu 547,669 1.60

158,019 Hanergy Thin Film Power Group** - - 7,002 JD.com 274,618 0.80

12,986 Kingsoft 33,852 0.10 75,084 Lenovo Group 47,418 0.14

424 Momo 15,671 0.05 907 NetEase 272,671 0.80

40,301 Semiconductor Manufacturing International 46,721 0.14 437 Sina Com 37,132 0.11

64,099 Tencent Holdings 2,292,520 6.69 17,752 Travelsky Technology 52,302 0.15

363 Weibo 24,129 0.07 358 YY 20,775 0.06

14,768 ZTE 35,263 0.10 3,758,617 10.98

Telecommunications (31 December 2016: 0.33%) 201,633 China Telecom 95,826 0.28


11,401 ENN Energy Holdings 68,787 0.20 62,114 Huaneng Power International 43,126 0.13

111,913 0.33 Hong Kong

Basic Materials (31 December 2016: 0.09%) 28,600 Nine Dragons Paper Holdings 38,102 0.11


71,531 Belle International Holdings 56,444 0.17 39,592 Brilliance China Automotive Holdings 72,120 0.21 40,262 China Mengniu Dairy 78,910 0.23 65,000 Geely Automobile Holdings 140,217 0.41 16,183 Haier Electronics Group 42,083 0.12

389,774 1.14



>96< HSBC ETFs PLC



USD % of Net

Asset Value

Equities (continued) Hong Kong (continued) Consumer Services (31 December 2016: 0.13%)

179,544 GOME Electrical Appliances Holding 22,079 0.06 15,600 Sun Art Retail Group 12,430 0.04


14,000 China Everbright 30,488 0.09 42,723 China Everbright International 53,305 0.16 37,222 China Overseas Land & Investment 108,951 0.32 35,744 China Resources Land 104,168 0.30 67,600 Franshion Properties China 27,883 0.08 24,539 Shimao Property Holdings 41,996 0.12


31,906 CSPC Pharmaceutical 46,593 0.14 54,600 Sino Biopharmaceutical 48,260 0.14


7,800 Beijing Enterprises Holdings 37,619 0.11 64,005 Beijing Enterprises Water Group 49,686 0.15 17,522 China Merchants Holdings International 48,594 0.15 20,188 China Resources Enterprise 50,946 0.15 26,857 China State Construction International Holdings 45,963 0.13 50,864 Citic Pacific 76,494 0.22 12,706 COSCO Pacific 14,909 0.04 10,400 Shanghai Industrial Holdings 30,774 0.09

354,985 1.04 Oil & Gas (31 December 2016: 0.11%)

41,600 Kunlun Energy 35,277 0.10


71,418 China Mobile 757,961 2.21 67,693 China Unicom Hong Kong 100,588 0.30


11,646 China Power International Development 4,133 0.01 5,137 China Resources Gas Group 17,537 0.05

30,655 China Resources Power Holdings 60,160 0.18 96,858 GCL-Poly Energy Holdings 10,546 0.03 45,985 Guangdong Investment 63,383 0.19

155,759 0.46 Indonesia

Basic Materials (31 December 2016: 0.08%) 174,200 Adaro Energy 20,652 0.06


251,913 Astra International 168,698 0.50 100,461 Charoen Pokphand Indonesia 23,970 0.07

6,521 Gudang Garam 38,311 0.11



HSBC ETFs PLC >97<



USD % of Net

Asset Value


Indonesia (continued) Consumer Goods (31 December 2016: 1.22%) (continued)

110,582 Hanjaya Mandala Sampoerna 31,862 0.09 70,200 Indofood Sukses Makmur 45,299 0.13 20,538 Unilever Indonesia 75,202 0.22


27,277 Matahari Department Store 29,012 0.08 102,595 Media Nusantara Citra 14,164 0.05


116,504 Bank Central Asia 158,660 0.46 98,980 Bank Mandiri 94,691 0.28 79,281 Bank Negara Indonesia Persero 39,261 0.11

127,102 Bank Rakyat Indonesia Persero 145,437 0.43 24,844 Bumi Serpong Damai 3,411 0.01

430,605 PT Lippo Karawaci 21,324 0.06


282,968 Kalbe Farma 34,502 0.10


23,400 Indocement Tunggal Prakarsa 32,394 0.09 52,000 Semen Gresik Persero 39,017 0.11 27,337 United Tractors 56,305 0.17


44,997 Tower Bersama Infrastructure 22,959 0.07


545,235 Telekomunikasi Indonesia 184,916 0.54


148,328 Perusahaan Gas Negara 25,041 0.07

25,041 0.07 Malaysia

Basic Materials (31 December 2016: 0.21%) 38,329 Petronas Chemicals Group 63,396 0.19


1,206 British American Tobacco Malaysia 12,199 0.04 16,300 Felda Global Ventures Holdings 6,493 0.02 10,656 IOI 11,047 0.03

2,097 Kuala Lumpur Kepong 12,154 0.03 9,100 PPB Group 36,377 0.11 1,142 UMW Holdings 1,588 -

79,858 0.23



>98< HSBC ETFs PLC



USD % of Net

Asset Value

Equities (continued) Malaysia (continued) Consumer Services (31 December 2016: 0.38%)

20,508 AirAsia 15,527 0.04 35,454 Genting 77,719 0.23 31,856 Genting Malaysia 40,816 0.12


30,094 AMMB Holdings 34,212 0.10 23,410 CIMB Group Holdings 35,884 0.10

8,834 Hong Leong Bank 32,227 0.10 41,868 Malayan Banking 93,925 0.27 31,484 Public Bank Berhad 149,035 0.44 20,763 RHB Capital 24,475 0.07 15,928 RHB Capital** - -


542 Hartalega Holdings 932 - 26,860 IHH Healthcare 35,979 0.11


28,600 Gamuda 36,644 0.11 39,000 IJM 31,435 0.10 15,909 Malaysia Airports Holdings 31,724 0.09 14,257 MISC 24,777 0.07 29,577 Sime Darby 65,456 0.19

190,036 0.56 Oil & Gas (31 December 2016: 0.16%)

64,481 Dialog Group 28,841 0.08 37,737 Sapurakencana Petroleum 13,978 0.05


36,167 Maxis 46,761 0.14 46,761 0.14

Telecommunications (31 December 2016: 0.25%) 32,486 Axiata Group 36,553 0.11 32,552 DiGi.Com 37,916 0.11

561 Telekom Malaysia 869 -


43,793 IOI Properties Group 22,444 0.07 11,786 Petronas Gas 50,904 0.15 40,386 Tenaga Nasional 133,032 0.38 30,977 YTL 10,536 0.03

216,916 0.63 Philippines

Basic Materials (31 December 2016: Nil) 130,996 DMCI 36,604 0.11

36,604 0.11



HSBC ETFs PLC >99<



USD % of Net

Asset Value

Equities (continued) Philippines (continued) Consumer Goods (31 December 2016: 0.20%)

23,368 JG Summit Holdings 37,511 0.11 7,516 Universal Robina 24,264 0.07


5,284 Jollibee Foods 21,362 0.06 3,392 SM Investments 53,979 0.16


89,714 Ayala Land 70,672 0.21 14,329 Bank of the Philippine Islands 29,533 0.09 12,628 BDO Unibank 31,032 0.09

1,183 GT Capital Holdings 28,367 0.08 257,463 Megaworld Corporation 21,940 0.06

8,976 Metropolitan Bank & Trust 15,565 0.05 2,883 Security Bank 12,398 0.04

65,000 SM Prime Holdings 42,509 0.12


34,677 Aboitiz Equity Ventures 52,332 0.15 31,502 Alliance Global Group 8,927 0.03

1,866 Ayala 31,433 0.09 5,200 International Container Terminal 10,078 0.03


1,417 Philippine Long Distance Telephone 50,491 0.15


174,460 Energy Development 20,917 0.06 196,474 Metro Pacific 24,880 0.07

45,797 0.13 South Korea

Basic Materials (31 December 2016: 1.84%) 1,456 Hanwha Chemical 38,431 0.11

180 Honam Petrochemical 54,119 0.16 839 Hyundai Steel 45,611 0.13 135 Korea Zinc 53,804 0.16 142 Kumho Petro Chemical 9,122 0.03 476 LG Chem 121,065 0.35 244 OCI Company 19,129 0.06 830 Pohang Iron Steel 208,198 0.61


818 Amorepacific 155,903 0.46 170 CJ 28,156 0.08 100 CJ CheilJedang 31,596 0.09 605 Coway 54,993 0.16



>100< HSBC ETFs PLC



USD % of Net

Asset Value


South Korea (continued) Consumer Goods (31 December 2016: 4.30%) (continued)

826 Hankook Tire 45,915 0.13 46 Hanssem 7,398 0.02

47,144 Huaneng Renewables Corp Ltd 14,554 0.04 853 Hyundai Mobis 186,383 0.54

2,469 Hyundai Motor 304,316 0.89 3,291 Kia Motors 109,877 0.32 1,407 KT & G 143,879 0.43 1,283 LG Electronics 89,933 0.26

128 LG Household & Healthcare 111,202 0.33 212 N C Soft 70,318 0.21

40 Orion** 27,898 0.08


60 BGF Retail 5,297 0.02 1,319 Cheil Communications 21,212 0.06

324 E-Mart 66,406 0.19 265 Hotel Shilla 13,225 0.04 244 Hyundai Department Store 23,565 0.07

1,681 Kangwon Land 51,202 0.15 797 Korean Airlines 26,958 0.08 146 Lotte Shopping 38,728 0.11 114 Shinsegae Co Ltd 22,867 0.07


3,998 BS Financial Group 38,263 0.11 3,725 Daewoo Securities 35,975 0.11 2,817 DGB Financial Group 29,053 0.08

770 Dongbu Insurance 45,763 0.13 3,083 Hana Financial Holdings 121,930 0.36

59 Hyundai Marine & Fire Insurance 2,029 0.01 1,505 Industrial Bank of Korea 18,744 0.05 3,999 KB Financial Group 201,671 0.59

624 Korea Investment Holdings 38,231 0.11 2,090 Korea Life Insurance 12,714 0.04

792 Samsung Card 27,031 0.08 433 Samsung Fire & Marine 106,533 0.31 787 Samsung Life Insurance 80,478 0.24 996 Samsung Securities 35,952 0.11

4,593 Shinhan Financial Group 197,907 0.58 3,880 Woori Bank 62,567 0.18 1,959 Woori Investment & Security 25,426 0.07


1,082 Celltrion 108,848 0.32 75 Hanmi Pharmaceuticals 24,450 0.07

363 HANMI Science 26,777 0.08



HSBC ETFs PLC >101<



USD % of Net

Asset Value


South Korea (continued) Healthcare (31 December 2016: 0.51%) (continued)

100 Medytox 48,945 0.14 57 Samsung Biologics 14,547 0.04

138 Yuhan Corporation 29,671 0.09


922 Cheil Industries 119,264 0.34 551 Daelim Industrial 42,861 0.13 823 GS Engineering and Construction 21,903 0.06 371 Hyosung 54,313 0.16 204 Hyudai Glovis 27,993 0.08 936 Hyundai Development 38,409 0.11

1,108 Hyundai Engineering & Construction 44,595 0.13 468 Hyundai Heavy Industries 72,195 0.21

99 Hyundai Robotics 33,443 0.10 73 KCC 27,850 0.08

293 KEPCO Plant Service & Engineering 11,306 0.03 409 Korea Aerospace Industries 20,376 0.06

1,000 LG 67,561 0.20 822 Samsung Electro Mechanics 73,281 0.21

4,299 Samsung Heavy Industries 46,779 0.14 721 Samsung SDI 108,073 0.32 948 SK Networks 5,178 0.02

815,380 2.38 Oil & Gas (31 December 2016: 0.66%)

714 Doosan Heavy Industries & Construction 13,074 0.04 622 GS Holdings 37,076 0.11 794 SK Innovation 109,993 0.32 620 S-Oil 51,371 0.15


232 Daum Kakao 20,581 0.07 2,641 LG Display 85,637 0.25

347 Naver 254,150 0.74 10 Netmarble Games 1,355 -

1,321 Samsung Electronics 2,652,137 7.75 365 Samsung SDS 58,858 0.17 422 SK C&C 102,535 0.30

6,414 Sk hynix 377,838 1.10


1,887 LG Uplus 25,729 0.08 1,239 SK Telecom 31,805 0.09


2,798 Korea Electric Power 99,776 0.29

99,776 0.29



>102< HSBC ETFs PLC



USD % of Net

Asset Value


Taiwan Basic Materials (31 December 2016: 1.69%)

147,509 China Steel 120,015 0.35 34,356 Formosa Chemicals & Fibre 107,857 0.31 43,520 Formosa Plastics 132,620 0.39 48,544 Nan Ya Plastics 120,482 0.35 23,244 Taiwan Fertilizer 30,908 0.09


22,346 Cheng Shin Rubber Industry 47,527 0.14 75,068 China Airlines 22,777 0.07

2,614 Eclat Textile Company 31,880 0.09 42,212 Eva Airways 20,884 0.06 61,242 Far Eastern New Century 49,827 0.15

303 Feng Tay Enterprise 1,339 - 3,400 Giant Manufacturing 19,448 0.06 1,175 Largan Precision 187,336 0.55 5,475 Merida Industry 29,337 0.09

33,000 Pou Chen 45,671 0.13 61,932 Uni-President Enterprises 124,190 0.36 15,600 Yulon Motor 14,000 0.04


3,218 Hotai Motor 40,304 0.12 7,952 President Chain Store 71,495 0.21


80,795 Cathay Financials Holding 133,065 0.39 7,258 Chailease Holding 20,233 0.06

85,540 Chang Hwa Commercial Bank 49,069 0.14 166,052 China Development Financials Holding 48,200 0.14 58,175 China Life Insurance/Taiwan 57,946 0.17

184,136 Chinatrust Financial Holding 120,760 0.35 104,221 E.Sun Financial Holding 64,067 0.19 126,389 First Financial Holding 84,550 0.25 74,709 Fubon Financials Holding 118,989 0.35

101,569 Hua Nan Financials Holdings 58,931 0.17 105,030 Mega Financial Holding 87,352 0.26 15,452 Shin Kong Financial Holding 4,114 0.01

170,297 SinoPac Financial Holdings 52,063 0.15 110,537 Taishin Financial Holding 50,327 0.14 44,519 Taiwan Cooperative Financial Holding 23,635 0.07

139,881 Yuanta Financials Holding 61,618 0.18


2,254 OBI Pharma 17,857 0.05 2,592 TaiMed Biologics 15,721 0.05

33,578 0.10



HSBC ETFs PLC >103<



USD % of Net

Asset Value

Equities (continued) Taiwan (continued) Industrial (31 December 2016: 2.39%)

28,967 Asia Cement 24,853 0.07 6,280 Catcher Technology 75,042 0.22

20,728 Delta Electronics 113,452 0.33 60,996 Evergreen Marine 30,979 0.09

2,651 Hiwin Technologies 17,909 0.05 169,582 Hon Hai Precision Industry 652,239 1.91 22,983 Taiwan Cement 26,594 0.08

941,068 2.75 Oil & Gas (31 December 2016: 0.09%)

8,454 Formosa Petrochemical 29,180 0.09


54,572 Acer 28,614 0.09 66,399 Advanced Semiconductor Engineering 85,236 0.25

3,518 Advantech 24,922 0.08 7,482 Asustek Computer 70,713 0.21

121,400 AU Optronics 55,472 0.16 72,800 Compal Electronics 49,060 0.14 16,315 Foxconn Technology 49,235 0.14 10,183 HTC 24,303 0.07 96,624 Innolux Crop 50,504 0.15 34,180 Inventec 27,865 0.08 31,287 Lite-On Technology 51,425 0.15 18,054 MediaTek 154,604 0.45

429 Micro-Star 997 - 5,946 Novatek Microelectronics 24,042 0.07

22,991 Pegatron 72,026 0.21 2,023 Phison Electronics 24,972 0.07

10,040 Powertech Technology 30,991 0.09 33,655 Quanta Computer 79,657 0.23 34,918 Siliconware Precision Industries 56,417 0.16 22,240 Synnex Technology International 24,930 0.07

280,951 Taiwan Semiconductor Manufacturing 1,925,650 5.63 4,808 Transcend Information 16,122 0.05

174,281 United Microelectronics 84,505 0.25 45,175 Wistron 45,962 0.13 17,544 WPG Holdings 23,415 0.07


39,181 Asia Pacific Telecom 14,104 0.04 44,200 Chunghwa Telecom 156,923 0.45 17,420 Far EasTone Telecommunicationcations 44,380 0.13 13,822 Taiwan Mobile 52,026 0.15

267,433 0.77



>104< HSBC ETFs PLC



USD % of Net

Asset Value


Thailand Basic Materials (31 December 2016: 0.24%)

15,970 Banpu 7,804 0.02 17,326 Indorama Ventures 19,381 0.05

158,860 IRPC 25,019 0.07 13,459 PTT Global Chemical 27,140 0.08


41,883 Charoen Pokphand Foods 30,577 0.09


37,527 BEC World 23,199 0.06 64,395 CP ALL 118,952 0.35

114,279 Home Product Center 32,295 0.09 21,094 Minor International 24,994 0.07


17,058 BTS Group Holdigns 4,268 0.01 23,499 Central Pattana 47,904 0.14


39,000 Bangkok Dusit Medical Services 22,043 0.06 4,345 Bumrungrad Hospital 21,936 0.07


39,390 Airports of Thailand 54,789 0.16 86,624 Bangkok Expressway 18,997 0.05

4,934 Berli Jucker 6,935 0.02 3,653 Siam Cement 53,983 0.16

134,704 0.39 Oil & Gas (31 December 2016: 0.80%)

12,445 PTT 135,551 0.39 22,338 PTT Exploration & Production 56,716 0.17 17,184 Thai Oil 39,963 0.11


14,854 Advanced Info Service 77,615 0.23 209,524 True Corporation 38,241 0.11

115,856 0.34




HSBC ETFs PLC >105<



USD % of Net

Asset Value Warrants (31 December 2016: 0.02%)

Unrealised gain on contracts for difference

6,630 Bangkok Bank 3,343 0.01

22,400 Kasikorn Bank 13,132 0.04 18,607 Siam Commercial Bank 5,842 0.02

22,317 0.07

Total unrealised gain on contracts for difference*** (31 December 2016: 0.01%) 22,317 0.07




1 H-Shares Index Futures Jul 17 (980) - 3 MSCI Taiwan Index Future Jul 17 (1,800) (0.01)

(2,780) (0.01)

Total futures (Notional amount: USD 180,889) (2,780) (0.01)

Unrealised loss on contracts for difference

114,000 Bank of Communications (4,572) (0.01) 44 Krung Thai Bank (2) -

(4,574) (0.01)

Total unrealised loss on contracts for difference(31 December 2016: (0.03%)) (4,574) (0.01)






>106< HSBC ETFs PLC


USD % of Total

Assets * Transferable securities admitted to an official stock exchange listing 33,616,492 98.33 ** Transferable securities other than those referred above 27,898 0.08 *** OTC financial derivative instruments 22,317 0.07 Other assets 520,273 1.52

Total assets 34,186,980 100.00

With the exception of the Contracts for Differences, all equity positions (with the exception of the investment held in China Huishan Dairy and Hanergy Thin Film Power Group) and futures held by the Fund at 30 June 2017 and 31 December 2016 have been classified as Level 1. The Contracts for Differences have been classified as Level 2. The investment in China Huishan Dairy, Hanergy Thin Film Power Group,Orion and RHB Capital has been classified as Level 3 as at 30 June 2017. See Note 6(d) for further details. The schedule of investments form an integral part of the financial statements.



HSBC ETFs PLC >107<



USD % of Net

Asset Value

Equities Basic Materials (31 December 2016: 6.68% )

165,077 Eregli Demir ve Celik Fabrikalari TAS 330,384 5.07 79,591 Petkim Petrokimya 136,924 2.10

467,308 7.17 Consumer Goods (31 December 2016: 14.92% )

24,436 Anadolu Efes Biracilik Ve Malt Sanayii 151,504 2.33 27,887 Arcelik 206,309 3.17

8,998 Coca-Cola Icecek 103,146 1.58 8,275 Ford Otomotiv Sanayi 100,920 1.55

14,739 Tofas Turk Otomobil Fabrikasi 120,923 1.85 84,602 Turk Sise Ve Cam Fabrikalari 110,479 1.69 18,147 Ulker Biskuvi Sanayi 114,367 1.75

907,648 13.92 Consumer Services (31 December 2016: 9.08% )

25,059 BIM Birlesik Magazalar 464,181 7.12 65,088 Turk Hava Yollari 148,744 2.28

612,925 9.40 Financial (31 December 2016: 53.63% )

259,407 Akbank TAS 721,690 11.06 224,033 Emlak Konut Gayrimenkul Yatirim Ortakligi 186,983 2.87 108,265 Haci Omer Sabanci Holding 335,932 5.16 89,704 KOC Holding 412,034 6.32

272,377 Turkiye Garanti Bankasi 757,000 11.61 73,695 Turkiye Halk Bankasi 275,110 4.22

185,711 Turkiye Is Bankasi 392,769 6.02 88,434 Turkiye Vakiflar Bankasi 162,430 2.49

102,514 Yapi ve Kredi Bankasi 130,669 2.00

3,374,617 51.75 Industrial (31 December 2016: 1.58% )

19,276 Tav Havalimanlari Holding 103,260 1.58

103,260 1.58 Oil & Gas (31 December 2016: 6.10% )

14,764 Tupras Turkiye Petrol Rafinerileri 424,158 6.50

424,158 6.50 Technology (31 December 2016: Nil )

23,582 Aselsan 146,344 2.24

146,344 2.24 Telecommunications (31 December 2016: 7.82% )

61,904 Turk Telekomunikasyon 109,659 1.68 103,763 Turkcell Iletisim Hizmetleri 341,110 5.23

450,769 6.91



HSBC MSCI TURKEY UCITS ETF (continued)

>108< HSBC ETFs PLC



USD % of Net

Asset Value


10 IST BIST 30 Futures Aug 17** 305 -

Total futures (Notional amount: USD35,691 ) 305 -





USD % of Total

Assets * Transferable securities admitted to an official stock exchange listing 6,487,029 99.42 ** Financial derivative instruments dealt in on a regulated market 305 - Other assets 37,536 0.58

Total assets 6,524,870 100.00




HSBC ETFs PLC >109<



USD % of Net

Asset Value

Equities

Australia Basic Materials (31 December 2016: 0.43%)

100,845 Alumina 148,518 0.06 25,794 BHP Billiton 460,601 0.18 20,426 Incitec Pivot 53,427 0.02

6,481 Newcrest Mining 100,220 0.04 3,487 Rio Tinto 169,228 0.07

39,793 South32 81,802 0.03


11,277 Treasury Wine Estates 113,834 0.05


2,812 Aristocrat Leisure 48,661 0.02 34,787 Tatts Group 111,536 0.04

8,858 Wesfarmers 272,596 0.11 12,480 Woolworths 244,489 0.10


707 ASX 29,073 0.01 20,275 Australia & New Zealand Banking Group 446,652 0.18 13,445 Commonwealth Bank of Australia 854,018 0.34 20,393 Goodman Group 123,106 0.05 23,839 GPT Group 87,588 0.04

2,706 Macquarie Group 183,694 0.07 26,350 Medibank Private Ltd 56,593 0.02 22,838 National Australia Bank 518,354 0.21

6,463 QBE Insurance Group 58,547 0.02 54,646 Scentre Group 169,761 0.07 22,830 Stockland 76,701 0.03 19,893 Suncorp Group 226,137 0.09 25,248 Westfield Group 155,512 0.06 21,802 Westpac Banking 510,225 0.20


3,927 CSL 415,775 0.16


23,429 Aurizon Holdings 96,326 0.04 12,715 Brambles 94,897 0.04

2,166 Seek 28,095 0.01 5,142 Sydney Airport 27,964 0.01

14,641 Transurban Group 133,080 0.05

380,362 0.15 Oil & Gas (31 December 2016: 0.09%)

11,030 Origin Energy 58,039 0.02 10,385 Santos 24,136 0.01

5,688 Woodside Petroleum 130,322 0.05

212,497 0.08


HSBC MSCI WORLD UCITS ETF (continued)

>110< HSBC ETFs PLC



USD % of Net

Asset Value


Australia (continued)

Technology (31 December 2016: 0.05%) 2,914 REA Group 148,416 0.06


5,248 Telstra 17,309 0.01 7,491 TPG Telecom Limited 32,752 0.01


1,587 AGL Energy Limited 31,041 0.01

31,041 0.01 Austria Basic Materials (31 December 2016: 0.03%)

1,586 Voestalpine 73,804 0.03 73,804 0.03 Financial (31 December 2016: 0.03%)

2,410 Erste Group Bank 92,151 0.04 92,151 0.04 Belgium Consumer Goods (31 December 2016: 0.27%)

5,957 Anheuser-Busch 657,072 0.26


381 Colruyt 20,043 0.01 20,043 0.01 Financial (31 December 2016: 0.08%)

704 Ageas 28,312 0.01 2,375 KBC Groep 179,892 0.07


4,086 Belgacom 142,745 0.06

142,745 0.06 Bermuda Consumer Services (31 December 2016: 0.01%)

175 Signet Jewelers 11,067 -

11,067 - Financial (31 December 2016: 0.03%)

2,183 IHS Markit 96,139 0.04 1,019 XL Group 44,632 0.02

140,771 0.06 Industrial (31 December 2016: Nil)

467 Norwegian Cruise Line Holdings 25,353 0.01

25,353 0.01 Canada Basic Materials (31 December 2016: 0.33%)

1,286 Agnico-Eagle Mines 57,908 0.02 1,168 Agrium 105,702 0.04 9,211 Barrick Gold 146,318 0.06



HSBC ETFs PLC >111<



USD % of Net

Asset Value


Canada (continued) Basic Materials (31 December 2016: 0.33%) (continued)

6,397 Goldcorp 82,358 0.03 7,168 Kinross Gold 29,087 0.01 7,050 Potash Corp of Saskatchewan 114,813 0.05 6,334 Silver Wheaton 125,636 0.05 2,442 Teck Resources 42,270 0.02 4,172 Yamana Gold 10,055 -


4,338 Magna International 200,650 0.08 4,116 Saputo 130,734 0.05


1,990 Alimentation Couche-Tard 95,248 0.04 1,256 Canadian Tire 142,708 0.06

856 Dollarama 81,672 0.03 1,561 George Weston 141,099 0.05


5,810 Bank of Montreal 425,986 0.17 10,104 Bank of Nova Scotia 606,925 0.24

6,039 Brookfield Asset Management 236,640 0.09 4,018 Canadian Imperial Bank of Commerce 326,062 0.13

59 Fairfax Financial Holdings 25,532 0.01 1,971 Franco-Nevada 142,008 0.06 3,164 Great West Lifeco 85,635 0.03

916 Industrial Alliance Insurance & Financial Services 39,681 0.01 17,222 Manulife Financial 322,374 0.13 11,675 Royal Bank of Canada 846,476 0.34

2,677 Sun Life Financial 95,561 0.04 14,851 Toronto-Dominion Bank 747,296 0.30


2,442 Valeant Pharmaceuticals International 42,383 0.02


9,400 CAE 161,841 0.06 6,747 Canadian National Railway 546,638 0.22

757 Canadian Pacific Railway 121,620 0.05 1,180 SNC-Lavalin Group 50,945 0.02 1,638 Waste Connections 105,520 0.04

986,564 0.39 Oil & Gas (31 December 2016: 0.73%)

9,868 Canadian Natural Resources 284,331 0.11 7,549 Cenovus Energy 55,570 0.02 3,374 Crescent Point Energy 25,772 0.01



>112< HSBC ETFs PLC



USD % of Net

Asset Value


Canada (continued)

Oil & Gas (31 December 2016: 0.73%) (continued) 9,051 Enbridge 360,033 0.15 6,059 Encana 53,233 0.02 4,644 Prairiesky Royalty 105,596 0.04

14,507 Suncor Energy 423,246 0.17 3,839 Tourmaline Oil 82,414 0.03 7,345 TransCanada 349,633 0.14


4,548 Blackberry 45,385 0.02 374 Constellation Software 195,369 0.08

5,014 Open Text 158,022 0.06 398,776 0.16 Telecommunications (31 December 2016: 0.05%)

3,076 Rogers Communications 145,072 0.06 145,072 0.06 Utilities (31 December 2016: 0.01%)

1,062 Fortis 37,273 0.01

37,273 0.01 Cayman Islands Consumer Services (31 December 2016: 0.13%)

27,856 CK Hutchison Holdings 349,696 0.14 349,696 0.14 Financial (31 December 2016: 0.09%)

24,545 Cheung Kong Property Holdings 192,268 0.08 192,268 0.08 Denmark Consumer Goods (31 December 2016: 0.08%)

640 Carlsberg 68,282 0.03 1,248 Christian Hansen Holding 90,650 0.04

945 Pandora 88,066 0.03


4,544 Danske Bank 174,544 0.07


2,208 Coloplast 184,260 0.07 493 Genmab 105,046 0.04

11,567 Novo Nordisk 494,704 0.20 704 Novozymes 30,768 0.01


110 AP Moeller - Maersk 220,884 0.09 1,579 DSV 96,889 0.04

618 ISS A/S 24,241 0.01

342,014 0.14



HSBC ETFs PLC >113<



USD % of Net

Asset Value


Denmark (continued)

Oil & Gas (31 December 2016: 0.07%) 2,313 Vestas Windsystems 213,247 0.08

213,247 0.08 Telecommunications (31 December 2016: Nil)

3,263 TDC 18,951 0.01

18,951 0.01 Finland Basic Materials (31 December 2016: 0.16%)

13,568 Stora Enso 175,022 0.07 8,046 UPM-Kymmene 229,054 0.09


1,298 Nokian Renkaat 53,651 0.02 53,651 0.02 Financial (31 December 2016: 0.01%)

593 Sampo 30,348 0.01 30,348 0.01 Industrial (31 December 2016: 0.04%)

2,001 Wartsilap 118,106 0.05


26,937 Nokia 164,522 0.07


1,461 Elisa 56,539 0.02


8,870 Fortum 138,902 0.06

138,902 0.06 France Basic Materials (31 December 2016: 0.18%)

3,633 Air Liquide 448,339 0.18


884 Cie Generale des Etablissements Michelin 117,360 0.05 5,313 Danone 398,792 0.16

121 Hermes International 59,709 0.02 2,266 L'Oreal 471,410 0.19 1,814 LVMH Moet Hennessy Louis Vuitton 451,653 0.18 1,091 Pernod-Ricard 145,899 0.06 5,599 Peugeot 111,530 0.04 1,004 Remy Cointreau SA 117,088 0.05 1,297 Renault 117,234 0.05

363 SEB 65,105 0.02 1,268 Valeo 85,312 0.03

2,141,092 0.85



>114< HSBC ETFs PLC



USD % of Net

Asset Value


France (continued) Consumer Services (31 December 2016: 0.25%)

4,255 Carrefour 107,495 0.04 435 Kering 147,949 0.06

1,298 Publicis Groupe 96,687 0.04 10,355 Vivendi 230,185 0.09


14,065 AXA 384,202 0.15 7,609 BNP Paribas 547,263 0.22 7,925 Credit Agricole 127,312 0.05

616 Gecina 96,499 0.04 961 Klepierre 39,332 0.01

13,877 Natixis Banques Populai 93,018 0.04 6,023 Societe Generale 323,624 0.13

435 Unibail-Rodamco 109,473 0.04


1,033 Cie Generale d'Optique Essilor International 131,250 0.05 8,869 Sanofi 847,277 0.34


2,354 Cie de St-Gobain 125,597 0.05 506 Eiffage 45,915 0.02

11,393 Groupe Eurotunnel 121,341 0.05 1,826 Legrand 127,562 0.05 2,179 Safran 199,417 0.08 5,403 Schneider Electric 414,544 0.16 1,464 Thales 157,359 0.06 2,353 Vinci 200,554 0.08

1,392,289 0.55 Oil & Gas (31 December 2016: 0.38%)

17,445 Total 861,237 0.34


446 AtoS 62,517 0.02 816 Cap Gemini 84,209 0.03

1,262 Dassault Systemes 112,976 0.04 417 Iliad 98,499 0.04


17,382 France Telecom 275,370 0.11


4,643 EDF 50,213 0.02 7,772 GDF Suez 117,142 0.05 7,837 Veolia Environnement 165,362 0.06

332,717 0.13



HSBC ETFs PLC >115<



USD % of Net

Asset Value


Germany

Basic Materials (31 December 2016: 0.82%) 7,518 BASF 695,319 0.28 6,540 Bayer 844,381 0.33 2,747 Fuchs Petrolub 149,370 0.06 1,004 K+S 25,673 0.01

883 Lanxess 66,761 0.03 1,666 Linde 315,046 0.12


1,563 Adidas 299,044 0.12 3,293 Bayerische Motoren Werke 305,274 0.12

229 Continental 49,351 0.02 7,021 Daimler 507,454 0.20 1,138 Henkel AG & Co KGaA 151,640 0.06 1,139 Hugo Boss AG 79,634 0.03 1,814 Porsche Automobil Holding 101,772 0.04 1,344 Volkswagen 204,412 0.08


2,930 Deutsche Lufthansa 66,585 0.03 1,755 Zalando 80,087 0.03


3,442 Allianz 676,803 0.27 4,426 Commerzbank 52,651 0.02

933 Deutsche Annington 36,995 0.01 13,510 Deutsche Bank 239,222 0.09

1,344 Deutsche Boerse 141,671 0.06 5,172 Deutsche Wohnen 197,555 0.08 1,268 Hannover Rueckversicherung 151,781 0.06 1,695 Muenchener Rueckversicherungs 341,312 0.14


1,067 Fresenius Medical Care & Co KGaA 102,432 0.04 2,104 Fresenius SE & Co KGaA 180,123 0.07


4,984 Deutsche Post 186,565 0.08 491 GEA Group 20,065 0.01

1,667 HeidelbergCement 160,945 0.06 945 Osram 75,177 0.03

4,605 Siemens 632,106 0.25 2,047 ThyssenKrupp 58,076 0.02


10,678 Infineon Technologies 225,125 0.09



>116< HSBC ETFs PLC



USD % of Net

Asset Value


Germany (continued)

Technology (31 December 2016: 0.36%) (continued) 7,078 SAP 738,259 0.29

646 United Internet 35,473 0.02 998,857 0.40 Telecommunications (31 December 2016: 0.15%)

19,806 Deutsche Telekom 355,111 0.14 355,111 0.14 Utilities (31 December 2016: 0.05%)

8,048 E.ON 75,710 0.03 4,661 RWE 92,739 0.04

168,449 0.07 Hong Kong Consumer Goods (31 December 2016: 0.02%)

57,271 Li & Fung 20,835 0.01 11,351 Yue Yuen Industrial Holdings 47,111 0.02


10,469 Galaxy Entertainment Group 63,567 0.03


75,698 AIA Group 553,205 0.22 52,300 Hang Lung Properties 130,642 0.06

1,532 Hang Seng Bank 32,047 0.01 8,658 Hong Kong Exchanges and Clearing 223,813 0.09

15,172 Kerry Properties 51,503 0.02 29,100 Link REIT 221,425 0.09 84,398 New World Development 107,140 0.04 50,193 Sino Land 82,300 0.03 15,351 Sun Hung Kai Properties 225,552 0.09


5,042 CK Infrastructure Holdings 42,369 0.01 279 Jardine Matheson Holdings 17,912 0.01

31,025 NWS Holdings 61,045 0.02 3,477 Swire Pacific 33,962 0.01 7,805 Wharf Holdings 64,688 0.03

55,231 Yangzijiang Shipbuilding Holdings 47,736 0.02 267,712 0.10 Technology (31 December 2016: 0.01%)

2,962 ASM Pacific Technology 40,030 0.02


198,110 PCCW 112,677 0.04


2,456 CLP Holdings 25,987 0.01



HSBC ETFs PLC >117<



USD % of Net

Asset Value


Hong Kong (continued) Utilities (31 December 2016: 0.06%) (continued)

32,637 HK & China Gas 61,374 0.03 87,443 HK Electric 80,426 0.03 11,010 Power Assets Holdings 97,245 0.04

265,032 0.11 Ireland Consumer Goods (31 December 2016: 0.06%)

2,002 Kerry Group 172,007 0.07


528 Paddy Power 56,289 0.02 7,782 WPP 163,150 0.07


157,389 Bank of Ireland 41,287 0.02 710 Willis Towers 103,277 0.04


1,315 Alkermes 76,231 0.03 2,287 Allergan 555,947 0.22 1,020 Jazz Pharmaceuticals 158,610 0.06 9,601 Medtronic 852,089 0.34 5,569 Shire 306,571 0.12


3,293 Accenture 407,278 0.16 4,174 CRH 147,461 0.06

768 DCC 69,732 0.03 6,774 Experian 138,586 0.05 1,814 Ingersoll-Rand 165,781 0.07 1,967 James Hardie Industries 30,930 0.01

959,768 0.38 Israel Basic Materials (31 December 2016: Nil)

466 Frutarom 32,596 0.01


18,939 Bank Leumi Le Israel 92,098 0.04 4,368 Mizrahi Tefahot Bank 79,482 0.03


4,220 Teva Pharm 140,188 0.06


1,227 Check Point Software 133,841 0.05

133,841 0.05



>118< HSBC ETFs PLC



USD % of Net

Asset Value


Israel (continued) Telecommunications (31 December 2016: 0.04%)

1,434 Nice Systems 114,976 0.05

114,976 0.05 Italy Consumer Goods (31 December 2016: 0.07%)

9,131 Fiat Chrysler Automobiles 96,125 0.04 1,255 Luxottica Group 72,500 0.03


6,479 Assicurazioni Generali 106,484 0.04 54,469 Intesa Sanpaolo 172,458 0.07

4,350 Mediobanca 42,866 0.02 15,798 Unicredit 294,601 0.11


5,642 Prysmian 165,701 0.07

165,701 0.07 Oil & Gas (31 December 2016: 0.09%)

13,290 ENI 199,478 0.08 199,478 0.08 Telecommunications (31 December 2016: 0.05%)

131,289 Telecom Italia 120,991 0.05


74,517 Enel 398,945 0.16 22,545 Snam SpA 98,123 0.04 18,879 Terna Rete Elettrica Nazionale 101,762 0.04

598,830 0.24 Japan Basic Materials (31 December 2016: 0.48%)

5,317 Asahi Kasei 57,140 0.02 3,112 JFE Holdings 54,022 0.02 6,246 Kansai Paint 143,698 0.06 3,837 Kobe Steel 39,408 0.02 3,642 Maruichi Steel Tube 105,831 0.04 7,844 Mitsubishi Chemical Holdings 64,932 0.03 1,814 Nippon Paint 68,614 0.03 6,890 Nippon Steel 155,632 0.06 1,265 Nissan Chemical Industries 41,769 0.02 1,878 Nitto Denko 154,439 0.06 2,530 Shin-Etsu Chemical 229,335 0.09 5,463 Toyota Tsusho 163,608 0.06

1,278,428 0.51



HSBC ETFs PLC >119<



USD % of Net

Asset Value


Japan (continued) Consumer Goods (31 December 2016: 2.03%)

505 ABC-Mart 29,709 0.01 3,112 Aisin Seiki 159,256 0.06 1,973 Ajinomoto 42,608 0.02 1,887 Asahi Group Holdings 71,006 0.03 3,763 Bridgestone 162,094 0.07 2,002 Calbee 78,665 0.03 2,843 Daiwa House Industry 97,111 0.04 4,426 Denso 186,793 0.08 5,969 Fuji Heavy Industries 201,127 0.08

12,615 Honda Motor 344,005 0.14 5,671 Japan Tobacco 199,212 0.08 3,147 Kao 186,871 0.07 1,051 Kikkoman 33,580 0.01 5,289 Kirin Holdings 107,748 0.04 1,345 Konami 74,696 0.03 9,445 Konica Minolta Holdings 78,344 0.03

757 Kose 82,666 0.03 2,360 Makita 87,271 0.03 7,050 Mazda Motor 98,384 0.04

580 Meiji Holdings 47,026 0.02 6,904 Nikon 110,356 0.04

712 Nintendo 238,770 0.09 24,116 Nissan Motor 239,958 0.10 18,879 Panasonic 256,066 0.10

3,839 Sega Sammy Holdings 51,660 0.02 416 Shimano 65,828 0.03

2,254 Shiseido 80,122 0.03 10,103 Sony 385,381 0.15

5,394 Sumitomo Electric Industries 83,051 0.03 3,839 Suzuki Motor 182,110 0.07

16,637 Toyota Motor 872,569 0.35 2,558 Unicharm 64,246 0.03

494 Yakult Honsha 33,634 0.01 5,031,923 1.99 Consumer Services (31 December 2016: 1.13%)

8,829 Aeon 134,132 0.05 44,210 All Nippon Airways 153,610 0.06

1,878 Benesse Holdings 70,868 0.03 818 Central Japan Railway 133,300 0.05

14,059 Dai Nippon Printing 156,156 0.06 757 Don Quijote 28,701 0.01

3,433 East Japan Railway 328,298 0.13 258 Fast Retailing 85,923 0.04

3,763 Kakaku 54,020 0.02 18,866 Keihan Electric Railway 119,885 0.05



>120< HSBC ETFs PLC



USD % of Net

Asset Value


Japan (continued)

Consumer Services (31 December 2016: 1.13%) (continued) 8,682 Keikyu 104,546 0.04

35,257 Kintetsu 135,869 0.06 4,045 McDonald's Holdings 155,162 0.06 1,389 Nitori Holdings 185,925 0.07 3,075 Oriental Land 208,211 0.08 2,342 Park24 59,530 0.02 3,779 Rakuten 44,463 0.02

405 Ryohin Keikaku 101,178 0.04 7,307 Seven & I Holdings 300,968 0.12 4,983 So-Net 137,259 0.06 7,841 USS 155,829 0.06


7,138 Dai-ichi Life Insurance 128,739 0.05 12 Daiwa House Residential Investment Corporation 28,505 0.01

25,395 Daiwa Securities Group 150,481 0.06 21,168 Hachijuni Bank 134,325 0.05

6,070 Japan Exchange Group 109,936 0.05 6 Japan Prime Realty Investment 20,799 0.01

59 Japan Retail Fund Investment 108,958 0.04 12,451 Mitsubishi Estate 231,987 0.09 85,441 Mitsubishi UFJ Financial Group 573,966 0.23

6,246 Mitsui Fudosan 149,007 0.06 154,276 Mizuho Financial Group 282,025 0.11

3,147 MS&AD Insurance Group Holdings 105,703 0.04 6 Nippon Building Fund 30,651 0.01

10 Nippon Prologis REIT 21,307 0.01 5,398 NKSJ Holdings 208,454 0.08

23,101 Nomura Holding 138,450 0.06 8,195 ORIX 126,907 0.05

14,376 Resona Holdings 79,134 0.03 5,983 SBI Holdings 81,044 0.03

33,374 Seven Bank 119,405 0.05 10,103 Sumitomo Mitsui Financial Group 393,744 0.16

6,246 Sumitomo Realty & Development 192,617 0.08 6,598 T&D Holdings 100,385 0.04 3,763 Tokio Marine Holdings 155,765 0.06 1,842 Tokyo Tatemono 24,132 0.01


16,997 Astellas Pharma 207,924 0.08 2,619 Cyberdyne Inc 34,847 0.01 2,373 Eisai 131,047 0.05 3,112 Olympus 113,556 0.05 3,146 ONO Pharmaceutical 68,626 0.03



HSBC ETFs PLC >121<



USD % of Net

Asset Value


Japan (continued)

Healthcare (31 December 2016: 0.49%) (continued) 1,266 Otsuka Holdings 53,971 0.02 1,643 Shionogi 91,523 0.04

828 Sysmex Corporation 49,447 0.02 6,187 Takeda Pharmaceutical 314,361 0.13 2,089 Terumo 82,270 0.03


3,734 Asahi Glass 157,190 0.06 2,762 Daikin Industries 281,952 0.11 1,256 Fanuc 242,067 0.10

31,557 Hitachi 193,622 0.08 3,112 Hitachi Construction Machinery 77,745 0.03 1,320 Hoya 68,526 0.03 9,533 Isuzu Motors 117,593 0.05

10,103 ITOCHU 150,070 0.06 3,839 JGC 62,252 0.03

25,805 Kawasaki Heavy Industries 76,248 0.03 370 Keyence 162,476 0.06

8,195 Komatsu 208,194 0.08 12,451 Kubota 209,160 0.08

1,909 Kyocera 110,537 0.04 1,679 Mabuchi Motor 83,532 0.03

12,451 Marubeni 80,428 0.03 12,615 Mitsubishi 264,515 0.10 18,674 Mitsubishi Electric 268,493 0.11 31,165 Mitsubishi Heavy Industries 127,534 0.05 14,476 Mitsui & Co 206,846 0.08

857 Murata Manufacturing 130,197 0.05 1,028 NGK Insulators 20,485 0.01 1,227 Nidec 125,692 0.05 1,249 Nippon Electric Glass 45,409 0.02

21,714 Nippon Yusen 40,390 0.02 3,066 Recruit Holdings 52,692 0.02 1,521 Secom 115,402 0.05

170 SMC 51,669 0.02 741 Sohgo Security Services 33,370 0.01

10,690 Sumitomo 139,096 0.06 12,451 Sumitomo Heavy Industries 82,113 0.03

1,584 TDK 104,181 0.04 28,874 Toshiba 69,847 0.03

4,159,523 1.65 Oil & Gas (31 December 2016: 0.08%)

7,513 Inpex 72,282 0.03 27,391 JX Holdings 119,622 0.05

191,904 0.08



>122< HSBC ETFs PLC



USD % of Net

Asset Value


Japan (continued) Technology (31 December 2016: 0.47%)

6,110 Brother Industries 141,004 0.06 8,829 Canon 299,853 0.12 3,763 FUJIFILM Holdings 135,302 0.05

20,129 Fujitsu 148,298 0.06 3,284 Hitachi High-Technologies 127,432 0.05 3,958 Nomura Research Institute 155,875 0.06

945 Oracle Japan 61,312 0.02 33 Rohm 2,535 -

1,256 Tokyo Electron 169,464 0.07 967 Trend Micro 49,830 0.02


16,178 KDDI 428,351 0.17 4,250 Nippon Telegraph & Telephone 200,850 0.08

13,744 NTT DoCoMo 324,396 0.13 5,898 Softbank 477,520 0.19


5,922 Chubu Electric Power 78,663 0.03 4,879 Chugoku Electric Power 53,801 0.02 7,436 Kansai Electric Power 102,381 0.04 5,659 Kyushu Electric Power 68,698 0.03

23,651 Osaka Gas 96,722 0.04 14,623 Toho Gas 106,458 0.04

9,293 Tokyo Electric Power 38,294 0.02 26,246 Tokyo Gas 136,486 0.05

681,503 0.27 Jersey Basic Materials (31 December 2016: 0.05%)

1,477 Randgold Resources 130,557 0.05

130,557 0.05 Luxembourg Basic Materials (31 December 2016: 0.02%)

3,000 Tenaris 46,706 0.02


3,252 SES 76,129 0.03


945 Millicom International Cellular 55,751 0.02

55,751 0.02



HSBC ETFs PLC >123<



USD % of Net

Asset Value


Macau

Consumer Services (31 December 2016: 0.06%) 32,256 Sands China 147,718 0.06

147,718 0.06 Netherlands Basic Materials (31 December 2016: 0.17%)

2,548 Akzo Nobel 221,127 0.09 2,266 Koninklijke DSM 164,477 0.06 1,139 Lyondell Basell Industries 96,120 0.04


1,201 Ferrari 102,941 0.04 472 Heineken 45,829 0.02

9,842 Koninklijke Philips Electronics 349,050 0.14 1,464 Mobileye 91,939 0.03 9,956 Unilever 548,689 0.22

1,138,448 0.45 Consumer Services (31 December 2016: 0.16)

11,916 Koninklijke Ahold 227,510 0.09 2,207 Reed Elsevier 45,309 0.02 2,110 Wolters Kluwer 89,199 0.03


10,981 Aegon 55,997 0.03 551 EXOR Holding 29,782 0.01

33,584 ING Groep 578,394 0.23 909 NN Group 32,264 0.01


3,792 Qiagen 125,965 0.05


1,078 Aercap Holdings 50,052 0.02 10,443 CNH Industrial 118,095 0.05

3,732 European Aeronautic Defence and Space 306,470 0.12 1,321 Gemalto 79,175 0.03 2,493 Koninklijke Vopak 115,442 0.05 1,755 Randstad Holding 102,325 0.04

771,559 0.31 Oil & Gas (31 December 2016: 0.60%)

49,504 Royal Dutch Shell 1,317,134 0.52


1,814 ASML Holding 236,068 0.09 1,299 NXP Semiconductors 142,176 0.06

378,244 0.15



>124< HSBC ETFs PLC



USD % of Net

Asset Value


Netherlands (continued) Telecommunications (31 December 2016: 0.04%)

2,438 Altice 56,172 0.02 15,844 Koninklijke KPN 50,617 0.02

106,789 0.04 New Zealand Healthcare (31 December 2016: 0.01%)

5,835 Ryman Healthcare 35,418 0.01


6,698 Contact Energy 25,551 0.01 29,169 Meridian Energy 62,150 0.03 24,947 Mighty River Power 60,644 0.02

148,345 0.06 Norway Basic Materials (31 December 2016: 0.04%)

5,837 Norsk Hydro 32,249 0.01 1,530 Yara International 57,279 0.03


1,943 DNB 32,938 0.01 1,911 Gjensidige Forsikring 32,509 0.01


7,960 Orkla 80,630 0.03

80,630 0.03 Oil & Gas (31 December 2016: 0.08%)

10,091 Statoil 166,725 0.07


7,097 Telenor 117,342 0.05

117,342 0.05 Portugal Utilities (31 December 2016: 0.05%)

34,686 EDP - Energias de Portugal 113,263 0.04

113,263 0.04 Singapore Consumer Goods (31 December 2016: 0.02%)

18,206 Wilmar International 44,297 0.02


18,206 City Developments 141,882 0.06 50,136 Genting Singapore PLC 39,509 0.01

8,370 Singapore Press Holdings 19,635 0.01

201,026 0.08



HSBC ETFs PLC >125<



USD % of Net

Asset Value


Singapore (continued) Financial (31 December 2016: 0.25%)

31,659 CapitaLand 80,478 0.03 18,206 DBS Group Holdings 274,244 0.11 68,998 Hutchison Port Holdings Trust 29,669 0.01 14,517 Oversea-Chinese Banking 113,766 0.05 14,032 Singapore Exchange 74,805 0.03

6,077 United Overseas Bank 102,045 0.04


14,305 Keppel 65,350 0.03


2,356 Broadcom 549,066 0.22


19,848 Singapore Telecommunications 56,076 0.02

56,076 0.02 Spain Consumer Goods (31 December 2016: 0.03%)

14,347 Distribuidora Internacional de Alimentacion 89,197 0.04


4,850 Industria De Diseno Textil 185,919 0.07


42,412 Banco Bilbao Vizcaya Argentaria 351,430 0.14 31,644 Banco de Sabadell 64,207 0.03 87,577 Banco Santander 578,539 0.23 17,147 Bankinter 157,727 0.06 22,860 CaixaBank 108,985 0.04 16,912 Mapfre 58,986 0.02


2,963 Grifols 82,408 0.03


10,706 Abertis Infraestructuras 198,058 0.08 992 Aena 193,304 0.08

2,166 Amadeus IT Holding 129,327 0.05 1,311 Ferrovial 29,060 0.01

549,749 0.22 Oil & Gas (31 December 2016: 0.01%)

11,008 Repsol 86,631 0.03


38,765 Telefonica 399,601 0.16

399,601 0.16



>126< HSBC ETFs PLC



USD % of Net

Asset Value


Spain (continued)

Utilities (31 December 2016: 0.14%) 50,037 Iberdrola 395,664 0.16

395,664 0.16 Sweden Consumer Goods (31 December 2016: 0.08%)

3,839 Electrolux 125,667 0.05 1,786 Essity Aktiebolag 48,808 0.02 1,404 Swedish Match 49,388 0.02


9,780 Hennes & Mauritz 243,383 0.10


1,677 Investor 80,723 0.03 3,193 Kinnevik Investment 97,631 0.04

29,856 Nordea Bank 379,459 0.15 8,782 Skandinaviska Enskilda Banken 106,098 0.04 3,322 Svenska Handelsbanken 47,499 0.02 1,735 Swedbank 42,231 0.02


6,392 Getinge 124,967 0.05 124,967 0.05 Industrial (31 December 2016: 0.31%)

3,603 Alfa Laval 73,644 0.03 7,332 Assa Abloy 160,904 0.07 8,218 Atlas Copco 301,742 0.12 8,358 Sandvik 131,297 0.05 2,518 SKF 50,960 0.02

10,778 Volvo 183,498 0.07

902,045 0.36 Oil & Gas (31 December 2016: 0.07%)

7,065 Lundin Petroleum 135,779 0.05


25,160 Telefonaktiebolaget LM Ericsson 179,724 0.07


8,095 TeliaSonera 37,228 0.01

37,228 0.01 Switzerland Basic Materials (31 December 2016: 0.28%)

29 Givaudan 58,082 0.02 70,173 Glencore International 261,786 0.11

319,868 0.13



HSBC ETFs PLC >127<



USD % of Net

Asset Value


Switzerland (continued) Consumer Goods (31 December 2016: 0.90%)

5,028 Cie Financiere Richemont 414,778 0.16 7 Lindt & Spruengli 40,641 0.02

22,505 Nestle 1,961,095 0.78 130 Swatch Group 48,069 0.02

2,464,583 0.98 Consumer Services (31 December 2016: 0.01%) Financial (31 December 2016: 0.76%)

3,259 ACE 473,793 0.19 9,177 Credit Suisse Group 132,818 0.05 2,090 Julius Baer Group 110,103 0.05

323 Partners Group Holding 200,515 0.08 1,734 Swiss Re 158,706 0.06

31,520 UBS 534,522 0.21 877 Zurich Financial Services 255,595 0.10


304 Lonza Group 65,806 0.03 16,414 Novartis 1,367,762 0.54

4,643 Roche Holding 1,183,961 0.47 505 Sonova Holding 82,106 0.03 246 Vifor Pharma 27,152 0.01


18,051 ABB 446,351 0.18 347 Geberit 162,041 0.06

1,503 Holcim 86,164 0.03 293 Schindler Holding 62,079 0.03

53 SGS 128,508 0.05 7 Sika 45,027 0.02

3,147 TE Connectivity 247,606 0.10 2,548 Wolseley 155,987 0.06


4,752 STMicroelectronics 68,128 0.03 68,128 0.03 United Kingdom Basic Materials (31 December 2016: 0.48%)

10,443 Anglo American 138,905 0.06 4,811 Antofagasta 49,963 0.02

14,024 BHP Billiton 214,226 0.08 3,170 Croda International 159,971 0.06 3,669 Johnson Matthey 136,827 0.05 9,977 Rio Tinto 420,151 0.17

1,120,043 0.44



>128< HSBC ETFs PLC



USD % of Net

Asset Value


United Kingdom (continued) Consumer Goods (31 December 2016: 1.25%)

484 Associated British Foods 18,458 0.01 10,706 Barratt Developments 78,363 0.03

907 Berkeley Group Holdings 38,019 0.01 14,004 British American Tobacco Malaysia 952,090 0.38

3,880 Burberry Group 83,713 0.03 20,371 Diageo 600,265 0.24 14,975 GKN 63,413 0.02

8,342 Imperial Tobacco Group 373,674 0.15 2,640 Persimmon 76,883 0.03 4,790 Reckitt Benckiser Group 484,318 0.19

31,790 Taylor Wimpey 72,759 0.03 10,538 Unilever 568,750 0.23


14,493 British Sky Broadcasting Group 187,127 0.07 10,532 Compass Group 221,625 0.09 19,219 International Consolidated Airlines Group 152,324 0.06 58,031 ITV 136,738 0.05 13,672 Marks & Spencer Group 59,192 0.02

1,236 Nielsen Holdings 47,784 0.02 4,396 Pearson 39,486 0.02 1,873 Reed Elsevier 40,387 0.02

56,446 TESCO 123,765 0.05


4,781 3i Group 56,048 0.02 3,852 Admiral Group 100,221 0.04

19,542 Aviva 133,520 0.05 122,154 Barclays 321,707 0.13

3,529 British Land 27,756 0.01 15,320 Direct Line Insurance Group 70,724 0.03 10,455 Hammerson 78,020 0.03

7,286 Hargreaves Lansdown 123,223 0.05 123,093 HSBC Holdings 1,137,948 0.45

536 Investec 3,993 - 3,544 Land Securities Group 46,633 0.02

37,605 Legal & General Group 126,172 0.05 378,545 Lloyds Banking Group 325,267 0.13 30,590 Old Mutual 76,847 0.03

683 Provident Financial 21,585 0.01 22,458 Prudential 513,715 0.20 21,166 Royal Bank of Scotland 67,964 0.03

6,587 RSA Insurance Group 52,663 0.02 5,821 Segro 36,989 0.02

26,203 Standard Chartered 264,531 0.10

3,585,526 1.42



HSBC ETFs PLC >129<



USD % of Net

Asset Value


United Kingdom (continued) Healthcare (31 December 2016: 0.64%)

1,813 Al Noor Hospitals Group 17,462 0.01 9,275 AstraZeneca 618,652 0.25

36,768 GlaxoSmithKline 781,111 0.31 12,216 Smith & Nephew 210,251 0.08



19,345 BAE Systems 159,187 0.06 1,295 Bunzl 38,487 0.02

12,116 G4S 51,369 0.02 2,178 IMI 33,808 0.01 1,227 Intertek Group 67,211 0.03 7,308 Meggitt 45,271 0.02

11,118 Rolls-Royce 128,676 0.05 735,560 Rolls-Royce Holdings - -

2,295 Weir Group 51,603 0.02

790,524 0.31 Oil & Gas (31 December 2016: 0.35%)

129,081 BP 742,441 0.29 1,851 TechnipFMC 50,347 0.02


24,867 Auto Trader Group 122,744 0.05 5,188 Sage Group 46,364 0.02


44,561 BT Group 170,609 0.07 11,013 Inmarsat 110,080 0.04

159,677 Vodafone Group 451,640 0.18


64,332 Centrica 167,295 0.07 29,681 National Grid 366,958 0.14

3,575 SSE 67,474 0.03

601,727 0.24 United States Basic Materials (31 December 2016: 1.30%)

2,114 Air Products & Chemicals 302,429 0.12 1,877 Albemarle 198,099 0.08 3,081 Arconic 69,785 0.03 1,678 Celanese 159,309 0.06 2,645 CF Industries Holdings 73,954 0.03 9,073 Dow Chemical 572,234 0.23 1,004 Ecolab 133,281 0.05



>130< HSBC ETFs PLC



USD % of Net

Asset Value


United States (continued) Basic Materials (31 December 2016: 1.30%) (continued)

7,394 EI du Pont de Nemours & Co 596,770 0.24 7,685 Freeport-McMoRan Copper & Gold 92,297 0.04 1,357 International Flavors & Fragrances 183,195 0.07 2,529 International Paper 143,167 0.06 2,765 Newmont Mining 89,558 0.03 2,166 Nucor 125,346 0.05

798 PPG Industries 87,748 0.03 2,854 Praxair 378,298 0.15


3,934 Activision Blizzard 226,480 0.09 14,758 Altria Group 1,099,028 0.44

3,575 Archer-Daniels-Midland 147,934 0.06 789 BorgWarner 33,422 0.01 173 Bunge 12,906 0.01 593 Campbell Soup 30,925 0.01 872 Church & Dwight 45,239 0.02 352 Clorox 46,900 0.02

2,166 Coach 102,538 0.04 29,856 Coca-Cola 1,339,042 0.53

7,184 Colgate-Palmolive 532,550 0.21 1,109 ConAgra Foods 39,658 0.02

904 Constellation Brands 175,132 0.07 1,460 Coty 27,390 0.01

825 Delphi Automotive 72,311 0.03 2,790 DR Horton 96,450 0.04

619 Dr Pepper Snapple Group 56,397 0.02 1,817 Electronic Arts 192,093 0.08

469 Estee Lauder Cos 45,015 0.02 21,667 Ford Motor 242,454 0.10

2,786 Garmin 142,170 0.06 4,614 General Mills 255,616 0.10 6,187 General Motors 216,112 0.09 6,608 Hanesbrands 153,041 0.06 2,001 Harley-Davidson 108,094 0.04

554 Hasbro 61,777 0.02 712 Hormel Foods 24,286 0.01 435 Ingredion 51,856 0.02 198 JM Smucker 23,429 0.01 616 Kellogg 42,787 0.02

3,254 Kimberly-Clark 420,124 0.17 5,114 Kraft Heinz 437,963 0.17

791 Leggett & Platt 41,551 0.02 1,696 Lennar 90,431 0.04 1,080 LKQ 35,586 0.01

757 Lululemon Athletica 45,170 0.02



HSBC ETFs PLC >131<



USD % of Net

Asset Value


United States (continued) Consumer Goods (31 December 2016: 5.85%) (continued)

1,356 Mattel 29,195 0.01 562 McCormick & Co 54,801 0.02

1,579 Michael Kors Holdings 57,239 0.02 164 Middleby Corporation 19,928 0.01 378 Mohawk Industries 91,359 0.04

1,062 Molsonors Brewing 91,693 0.04 12,909 Mondelez International 557,540 0.22

3,851 Monsanto 455,804 0.18 2,965 Monster Beverage 147,301 0.06 2,341 Newell Rubbermaid 125,524 0.05

10,895 NIKE 642,805 0.25 10,708 PepsiCo 1,236,667 0.49 11,424 Philip Morris International 1,341,749 0.53

462 Polaris Industries 42,610 0.02 18,630 Procter & Gamble 1,623,605 0.64

2,345 Pulte Group 57,523 0.02 271 PVH 31,030 0.01

4,195 Reynolds American 272,843 0.11 414 Snap-on 65,412 0.02 430 Stanley Black & Decker 60,514 0.02

1,029 Tesla Motors 372,097 0.15 439 Toll Brothers 17,345 0.01

3,587 Tyson Foods 224,654 0.09 2,937 Under Armour 63,909 0.02 2,959 Under Armour 59,653 0.02

642 VF 36,979 0.01 640 Wabco Holding 81,606 0.03 945 Whirlpool 181,081 0.07


263 Advance Auto Parts 30,663 0.01 2,665 Amazon.Com 2,579,720 1.02 1,620 American Airlines Group 81,518 0.03

380 AmerisourceBergen 35,921 0.02 110 AutoZone 62,751 0.03

1,442 Bed Bath & Beyond 43,837 0.02 1,026 Cardinal Health 79,946 0.03

464 CarMax 29,260 0.01 3,192 Carnival com 209,299 0.08 4,434 CBS 282,801 0.11 1,228 Charter Communications 413,652 0.17

325 Chipotle Mexican Grill 135,233 0.05 35,075 Comcast 1,365,119 0.54

3,352 Costco Wholesale 536,085 0.21 8,430 CVS Caremark 678,278 0.27



>132< HSBC ETFs PLC



USD % of Net

Asset Value


United States (continued) Consumer Services (31 December 2016: 8.12%) (continued)

2,254 Darden Restaurants 203,852 0.08 1,147 Dollar General 82,687 0.03 2,733 Dollar Tree 191,091 0.08

10,307 eBay 359,920 0.14 1,227 Expedia 182,762 0.07 4,573 Gap 100,560 0.04

740 Hilton Worldwide Holdings 45,769 0.02 9,026 Home Depot 1,384,588 0.55 4,723 Johnson Controls 204,789 0.08 1,444 Kohl's 55,839 0.02 3,547 Kroger 82,716 0.03 2,559 Las Vegas Sands 163,495 0.06

12,532 Liberty Global 425,185 0.17 6,040 Liberty Interactive 148,222 0.06 3,110 Limited Brands 167,598 0.07 7,420 Lowe's Cos 575,273 0.23 3,587 Macy's 83,362 0.03 1,383 Marriott International 138,729 0.05 6,447 McDonald's 987,423 0.39 2,111 McKesson 347,344 0.14

161 Mercadolibre 40,392 0.02 2,000 MGM Resorts International 62,580 0.03 3,205 NetFlix 478,859 0.19 3,819 News Corp 52,320 0.02 1,589 Nordstrom 76,002 0.03

328 Omnicom Group 27,191 0.01 1,029 O'Reilly Automotive 225,083 0.09

10,095 PayPal Holdings 541,799 0.22 329 Priceline.com 615,401 0.25

1,409 Rollins 57,360 0.02 1,344 Ross Stores 77,589 0.03 1,855 Royal Caribbean Cruises 202,622 0.08

34,748 Sirius XM Holdings 190,072 0.08 2,910 Staples 29,304 0.01

11,797 Starbucks 687,883 0.27 1,645 Sysco 82,793 0.03 5,107 Target 267,045 0.11 2,120 Thomson Reuters 98,009 0.04

318 Tiffany & Co 29,851 0.01 6,456 Time Warner 648,247 0.26 4,368 TJX Cos 315,239 0.12

359 Tractor Supply 19,461 0.01 505 TripAdvisor 19,291 0.01

11,102 Twenty-First Century Fox 314,631 0.12 387 Ulta Salon Cosmetic 111,201 0.04



HSBC ETFs PLC >133<



USD % of Net

Asset Value


United States (continued) Consumer Services (31 December 2016: 8.12%) (continued)

354 VCA 32,678 0.01 1,667 Viacom 55,961 0.02 7,508 Walgreens Boots Alliance 587,951 0.23 9,163 Wal-Mart Stores 693,456 0.27

11,308 Walt Disney 1,201,475 0.48 3,087 Whole Foods Market 129,994 0.05

646 Wynn Resorts 86,642 0.03 1,762 Yum! Brands 129,965 0.05


4,263 Aflac 331,150 0.13 738 Alexandria Real Estate Equities 88,907 0.03

3,911 Allstate 345,889 0.14 2,119 Ally Financial 44,287 0.02 6,757 American Express 569,210 0.22 6,287 American International Group 393,063 0.16 2,360 American Tower 312,275 0.12 1,902 Ameriprise Financial 242,106 0.10 1,406 Aon 186,928 0.07

731 Arch Capital Group 68,195 0.03 506 Assurant 52,467 0.02 815 AvalonBay Communities 156,619 0.06

72,755 Bank of America 1,765,036 0.70 9,562 Bank of New York Mellon 487,853 0.19 6,023 BB&T 273,504 0.11 7,617 Berkshire Hathaway 1,290,091 0.51

669 BlackRock 282,592 0.11 564 Boston Properties 69,383 0.03

1,826 Camden Property Trust 156,141 0.06 2,707 Capital One Financial 223,652 0.09 3,324 CBRE Group 120,994 0.05 5,200 Charles Schwab 223,392 0.09 2,577 Chicago Mercantile Exchange 322,743 0.13

531 Cincinnati Financial 38,471 0.01 1,579 CIT Group 76,897 0.03

19,043 Citigroup 1,273,596 0.50 1,655 Citizens Financial Group 59,050 0.02 4,403 Colony NorthStar 62,038 0.02

916 Comerica 67,088 0.03 1,660 Crown Castle REIT 166,299 0.06

939 Digital Realty Trust 106,060 0.04 3,516 Discover Financial Services 218,660 0.09 5,788 Duke Realty 161,775 0.06 3,313 Eaton Vance 156,771 0.06

620 Equifax 85,200 0.03



>134< HSBC ETFs PLC



USD % of Net

Asset Value


United States (continued) Financial (31 December 2016: 11.06%) (continued)

593 Equinix 254,492 0.10 1,735 Equity Residential 114,215 0.04

331 Essex Property 85,156 0.03 108 Everest Re Group 27,496 0.01 882 Extra Space Storage 68,796 0.03

1,150 Federal Realty Investment Trust 145,349 0.06 5,571 Fifth Third Bancorp 144,623 0.06 2,589 Franklin Resources 115,961 0.05

962 General Growth Properties 22,665 0.01 2,905 Goldman Sachs 644,620 0.26 3,692 Hartford Financial Services Group 194,088 0.08 1,972 HCP 63,025 0.02 6,246 Host Hotels & Resorts 114,114 0.05 5,047 Intercontinental Exchange 332,698 0.13 5,483 Invesco 192,947 0.08 1,321 Iron Mountain 45,389 0.02

23,100 JPMorgan Chase & Co 2,111,340 0.84 2,466 KeyCorp 46,213 0.02 3,839 Kimco Realty 70,446 0.03 3,440 Liberty Property Trust 140,042 0.06 2,618 Lincoln National 176,924 0.07

358 M&T Bank 57,978 0.02 1,875 Macerich 108,863 0.04

66 Markel 64,407 0.03 2,531 Marsh & McLennan Cos 197,317 0.08 5,490 Mastercard 666,761 0.26 7,743 MetLife 425,400 0.17

969 Mid-America Apartment Communities 102,113 0.04 2,222 Moody's 270,373 0.11 8,019 Morgan Stanley 357,327 0.14

486 MSCI 50,053 0.02 1,205 National Retail Properties 47,116 0.02 5,437 Navient Corporation 90,526 0.04

10,209 New York Community Bancorp 134,044 0.05 1,268 Northern Trust 123,262 0.05 8,106 People's United Financial 143,152 0.06 4,230 PNC Financial Services Group 528,200 0.21 2,753 Principal Financial Group 176,385 0.07 3,164 Progressive 139,501 0.06 4,291 ProLogis 251,624 0.10 3,994 Prudential Financial 431,911 0.17

669 Public Storage 139,507 0.06 1,357 Realty Income 74,879 0.03 2,049 Regency Centers 128,349 0.05 1,930 Regions Financial 28,255 0.01



HSBC ETFs PLC >135<



USD % of Net

Asset Value


United States (continued) Financial (31 December 2016: 11.06%) (continued)

1,091 RenaissanceRe Holdings 151,704 0.06 1,854 S And P Global 270,665 0.11 1,415 SBA Communications 190,884 0.08 3,024 SEI Investments 162,631 0.06 2,607 Simon Property Group 421,708 0.17 2,765 State Street 248,103 0.10 3,880 SunTrust Banks 220,074 0.09 2,840 Synchrony Financial 84,689 0.03 1,415 T Rowe Price Group 105,007 0.04 2,901 Travelers Cos 367,064 0.15

13,067 US Bancorp 678,439 0.27 1,237 Ventas 85,947 0.03

13,869 Visa 1,300,635 0.52 1,030 Vornado Realty Trust 96,717 0.04

34,370 Wells Fargo & Co 1,904,442 0.76 1,147 Welltower 85,853 0.03 8,479 Western Union 161,525 0.06 8,549 Weyerhaeuser 286,392 0.11 2,323 WR Berkley 160,682 0.06 3,590 Zillow Group 175,946 0.07


12,270 Abbott Laboratories 596,445 0.24 12,527 Abbvie 908,333 0.36

2,722 Aetna 413,281 0.16 787 Alexion Pharmaceuticals 95,754 0.04

5,721 Amgen 985,328 0.39 2,474 Anthem 465,434 0.18

894 Bard 282,602 0.11 5,406 Baxter International 327,279 0.13

859 Becton Dickinson and Co 167,599 0.07 1,344 Biogen Idec 364,708 0.14

317 Biomarin Pharmaceutical 28,790 0.01 6,010 Boston Scientific 166,597 0.07

12,452 Bristol-Myers Squibb 693,825 0.28 6,160 Celgene 799,999 0.32

446 Centene 35,626 0.01 2,501 Cigna 418,642 0.17 2,502 DaVita 162,030 0.06

883 DENTSPLY International 57,254 0.02 1,356 Edwards Lifesciences 160,333 0.06 6,287 Eli Lilly & Co 517,420 0.21 5,702 Express Scripts 364,016 0.14 9,764 Gilead Sciences 691,096 0.27 1,141 HCA Holdings 99,495 0.04



>136< HSBC ETFs PLC



USD % of Net

Asset Value


United States (continued) Healthcare (31 December 2016: 7.14%) (continued)

741 Hologic 33,627 0.01 1,534 Humana 369,111 0.15

610 IDEXX Laboratories 98,466 0.04 1,475 Illumina 255,942 0.10 1,615 Incyte Genomics Inc 203,345 0.08

265 Intuitive Surgical 247,873 0.10 19,251 Johnson & Johnson 2,546,715 1.01

408 Laboratory Corporation of America Holdings 62,889 0.02 675 Mednax 40,750 0.02

20,452 Merck & Co 1,310,769 0.52 818 Mylan 31,755 0.01 208 New Amethyst 13,035 0.01 640 Patterson Cos 30,048 0.01

43,915 Pfizer 1,475,105 0.58 850 Quintiles Transnational 76,075 0.03 269 Regeneron Pharms 132,117 0.05

2,499 Resmed 194,597 0.08 1,403 Stryker 194,708 0.08 2,028 Thermo Fisher Scientific 353,825 0.14 7,140 UnitedHealth Group 1,323,899 0.52

374 Universal Health 45,658 0.02 945 Varian Medical Systems 97,515 0.04

1,617 Vertex Pharmaceuticals 208,383 0.08 1,322 Zimmer Holdings 169,745 0.07 3,265 Zoetis 203,671 0.08


4,651 3M 968,292 0.38 446 Acuity Brands 90,663 0.04

4,280 Agilent Technologies 253,847 0.10 120 Alliance Data Systems 30,803 0.01 907 Ametek 54,937 0.02 448 Amphenol 33,071 0.01

4,206 Automatic Data Processing 430,947 0.17 1,726 Avnet 67,107 0.03 4,158 Boeing 822,245 0.33 5,105 Caterpillar 548,583 0.22 1,092 CH Robinson Worldwide 74,999 0.03

558 Cintas 70,330 0.03 8,585 CSX 468,398 0.19 1,315 Cummins 213,319 0.08 5,198 Danaher 438,659 0.17 2,847 Deere & Co 351,861 0.14 1,702 Eaton 132,467 0.05 6,318 Emerson Electric 376,679 0.15



HSBC ETFs PLC >137<



USD % of Net

Asset Value


United States (continued) Industrial (31 December 2016: 6.25%) (continued)

1,767 Expeditors International of Washington 99,800 0.04 2,293 Fastenal 99,814 0.04 1,786 FedEx 388,151 0.15 3,516 Fidelity National Information Services 300,266 0.12

655 Fiserv 80,133 0.03 432 FleetCor Technologies 62,299 0.02

2,413 Flowserve 112,036 0.04 1,176 Fluor 53,837 0.02 3,727 FNFV Group 167,081 0.07 2,607 Fortive 165,153 0.07 1,964 Fortune Brands Home & Security 128,131 0.05

61,960 General Electric 1,673,540 0.66 817 Global Payments 73,791 0.03 241 Grainger 43,508 0.02

5,814 Honeywell International 774,948 0.31 604 Huntington Ingalls Industies 112,441 0.04

2,912 Illinois Tool Works 417,144 0.17 1,323 Jacobs Engineering Group 71,958 0.03

855 Kansas City Southern 89,476 0.04 1,344 Manpower 150,058 0.06

298 Martin Marietta Materials 66,329 0.03 2,282 Masco 87,195 0.03 2,531 Norfolk Southern 308,023 0.12 1,259 Northrop Grumman 323,198 0.13 1,820 PACCAR 120,193 0.05

415 Packaging Corp of America 46,227 0.02 876 Parker Hannifin 140,002 0.06 555 Paychex 31,602 0.01 505 Pentair 33,603 0.01

1,166 Raytheon 188,286 0.07 3,354 Robert Half International 160,757 0.06

327 Rockwell Automation 52,961 0.02 1,816 Rockwell Collins 190,825 0.07

288 Roper Industries 66,681 0.03 888 Sherwin-Williams 311,652 0.12

1,004 Smith Group 56,555 0.02 1,667 Stericycle 127,225 0.05

563 Total System Services 32,795 0.01 436 TransDigm Group 117,227 0.05

6,634 Union Pacific 722,509 0.29 5,634 United Parcel Service 623,064 0.25 1,529 United Rentals 172,334 0.07 5,688 United Technologies 694,562 0.28 2,409 Verisk Analytics 203,247 0.08

624 Vulcan Materials 79,048 0.03



>138< HSBC ETFs PLC



USD % of Net

Asset Value


United States (continued) Industrial (31 December 2016: 6.25%) (continued)

1,648 Waste Management 120,881 0.05 997 Xylem 55,264 0.02

15,623,017 6.19 Oil & Gas (31 December 2016: 4.58%)

3,022 Anadarko Petroleum 137,017 0.05 1,555 Antero Resources 33,604 0.01 3,076 Apache 147,433 0.06 4,203 Baker Hughes 229,106 0.09 3,647 Cabot Oil & Gas 91,467 0.04 2,489 Cheniere Energy 121,239 0.05

12,091 Chevron 1,261,454 0.50 766 Cimarex Energy 72,012 0.03 649 Concho Resources 78,873 0.03

9,237 ConocoPhillips 406,059 0.16 4,514 Devon Energy 144,313 0.06 1,028 Diamondback Energy 91,297 0.04 3,940 EOG Resources 356,649 0.14 1,417 EQT 83,022 0.03

26,824 Exxon Mobil 2,165,502 0.86 7,922 Halliburton 338,349 0.13 1,356 Helmerich & Payne 73,685 0.03 1,823 Hess 79,975 0.03

10,105 Kinder Morgan 193,612 0.08 5,025 Marathon Oil 59,546 0.02 4,104 Marathon Petroleum 214,762 0.09 3,939 National Oilwell Varco 129,751 0.05

58 Newfield Exploration 1,651 - 2,501 Noble Energy 70,778 0.03 5,759 Occidental Petroleum 344,791 0.14 4,661 OGE Energy 162,156 0.06 2,224 Parsley Energy 61,716 0.02 4,489 Phillips 371,195 0.15 1,148 Pioneer Natural Resources 183,198 0.07 1,434 Range Resources 33,226 0.01

10,332 Schlumberger 680,259 0.27 1,049 Targa Resources 47,415 0.02

464 Tesoro 43,430 0.02 4,028 Valero Energy 271,729 0.11 5,571 Weatherford Internation 21,560 0.01 4,017 Williams Cos 121,635 0.05


3,176 Adobe Systems 449,213 0.18 4,504 Advanced Micro Devices 56,210 0.02

908 Akamai Technologies 45,227 0.02



HSBC ETFs PLC >139<



USD % of Net

Asset Value



3,861 Alphabet 3,547,992 1.41 2,112 Analog Devices 164,314 0.07

36,279 Apple 5,224,902 2.07 5,894 Applied Materials 243,481 0.10 2,448 Autodesk 246,807 0.10 1,327 Cadence Design System 44,441 0.02 1,174 Cerner 78,036 0.03

37,358 Cisco Systems 1,169,305 0.46 1,092 Citrix Systems 86,901 0.03 3,440 Cognizant Technology Solutions 228,416 0.09

10,492 Corning 315,285 0.12 1,521 Dell Technologies 92,948 0.04 1,662 DXC Technology 127,509 0.05

764 F5 Networks 97,074 0.04 15,084 FaceBook 2,277,382 0.90

1,468 Harris 160,129 0.06 385 Henry Jack & Associates 39,990 0.02

30,001 Hewlett Packard 511,795 0.20 34,730 Intel 1,171,790 0.46

6,774 International Business Machines 1,042,044 0.41 1,667 Intuit 221,394 0.09 3,927 Juniper Networks 109,485 0.04 2,253 KLA-Tencor 206,172 0.08

499 LAM Research 70,574 0.03 3,235 Marvell Technology Group 53,442 0.02 2,812 Maxim Integrated Products 126,259 0.05 5,869 Micron Technology 175,248 0.07

50,578 Microsoft 3,486,342 1.38 2,677 NetApp 107,214 0.04 4,485 NVIDIA 648,352 0.26

23,518 Oracle 1,179,193 0.47 1,268 Palo Alto Networks 169,671 0.07

680 Qorvo 43,058 0.02 11,559 QUALCOMM 638,288 0.25

1,403 Red Hat 134,337 0.05 4,074 Salesforce.com 352,808 0.14 2,698 Seagate Technology 104,548 0.04 2,003 Servicenow 212,318 0.08

768 Skyworks Solutions 73,690 0.03 1,035 Splunk 58,881 0.02 8,361 Symantec 236,198 0.09 8,280 Texas Instruments 636,980 0.25 3,452 Twitter 61,687 0.02 1,108 VeriSign 103,000 0.04 2,559 Western Digital 226,727 0.09



>140< HSBC ETFs PLC



USD % of Net

Asset Value



850 Workday Incorporation 82,450 0.03 2,511 Xerox 72,141 0.03

345 Xilinx 22,190 0.01


43,829 AT&T 1,653,668 0.66 1,148 Level 3 Comms 68,076 0.03 2,049 Sprint 16,822 0.01

953 T-Mobile 57,771 0.02 29,353 Verizon Communications 1,310,905 0.52


2,880 Alliant Energy 115,690 0.05 915 Ameren 50,023 0.02

2,117 American Electric Power 147,068 0.06 1,055 American Water Works 82,237 0.03

728 Atmos Energy 60,388 0.02 6,786 CenterPoint Energy 185,801 0.07 1,403 CMS Energy 64,889 0.03 3,456 Consolidated Edison 279,314 0.11 5,492 Dominion Resources 420,852 0.17

761 DTE Energy 80,506 0.03 4,115 Duke Energy 343,973 0.14 1,412 Edison International 110,404 0.04

219 Entergy 16,813 0.01 1,111 Eversource Energy 67,449 0.03 9,281 Exelon 334,766 0.13 1,767 FirstEnergy 51,526 0.02 2,677 NextEra Energy 375,128 0.15 2,139 NiSource 54,245 0.02 3,487 ONEOK 181,882 0.07 3,428 PG&E 227,516 0.09

721 Pinnacle West Capital 61,400 0.02 3,516 PPL 135,929 0.05 2,078 Public Service Enterprise Group 89,375 0.04

697 SCANA 46,706 0.02 846 Sempra Energy 95,387 0.04

8,302 Southern 397,500 0.16 2,178 Wec Energy Group 133,686 0.05 1,108 Westar Energy 58,746 0.02 1,936 Xcel Energy 88,824 0.04

4,358,023 1.73




HSBC ETFs PLC >141<



USD % of Net

Asset Value


1 SFE SPI 200 Future Sep 17 518 -

26 OSE Mini Topix Index Future Sep 17 1,772 - 1 Swiss Market Index Future Sep 17 950 -

3,240 -

Total futures** (Notional amount: USD 574,016) 3,240 -

Total financial assets at fair value through profit or loss 248,181,241 98.39 Financial liabilities at fair value through profit or loss Futures (31 December 2016: Nil)

2 MSE S&P/TSX 60 Index Mini Future Sep 17 (1,336) - 16 EUX Euro Stoxx 50 Future Sep 17 (20,028) (0.01) 3 LIFFE FTSE 100 Index Future Sep 17 (7,989) -

22 CME S&P 500 E-Mini Index Future Sep 017 (11,390) -

Total futures (Notional amount: USD 3,639,914) (40,743) (0.01)





USD % of Total


Total assets 252,357,491 100.00

All equity positions (with the exception of the investment held in Rolls-Royce Holdings) and futures held by the Sub-Fund at 30 June 2017 and as at 31 December 2016 have been classified as Level 1. Rolls-Royce Holdings has been classified as Level 3. See Note 6 (d) for further details. The schedule of investments form an integral part of the audited financial statements.



>142< HSBC ETFs PLC



USD % of Net

Asset Value

Equities

China Basic Materials (31 December 2016: 1.64%)

562,470 Aluminum Corporation of China 288,208 0.15 296,643 China Coal Energy 143,639 0.08 484,690 China Shenhua Energy 1,079,097 0.57 178,089 Jiangxipper Copper 292,463 0.16 233,181 Nine Dragons Paper Holdings 310,651 0.16 498,441 Sinopec Shanghai Petrochemical 266,893 0.14 264,468 Yanzhou Coal Mining 237,147 0.13 818,176 Zijin Mining Group 270,404 0.14


152,739 Anta Sports Products 504,796 0.27 302,457 AviChina Industry & Technology 177,450 0.09 902,139 Belle International Holdings 711,870 0.38 431,258 Brilliance China Automotive Holdings 785,567 0.42 392,370 China Mengniu Dairy 769,013 0.41 123,400 Chongqing Changan Automobile 162817 0.09 565,640 China Huishan Dairy - - 97,078 Minth 411619 0.22

386,908 Dongfeng Motor Group 457463 0.24 72,111 Fuyao Glass Industry 276,197 0.15

697,270 Geely Automobile Holdings 1,504,144 0.80 442,042 Great Wall Automobiles 545,867 0.29 299,868 Guangzhou Automobile Group 526,256 0.28 179,187 Haier Electronics Group 465,960 0.24 103,101 Hengan International Group 760,732 0.40 79,939 Shenzou International Group 525,318 0.28




260,284 Air China 268,405 0.14 161,299 Alibaba Group Holding 22,727,029 12.06

1,799,419 Alibaba Pictures Group 299,655 0.16 259,089 China Southern Airline 219,048 0.12 53,228 Ctrip Com International 2,866,860 1.52

1,566,449 GOME Electrical Appliances Holding 192,634 0.10 19,089 New Oriental Education & Technology 1,345,584 0.71

340,127 Sun Art Retail Group 271,005 0.14 6,525 TAL Education Group 798,073 0.43

57,907 Vipshop Holdings 610,919 0.33 54,671 Yum China Holding 2,155,678 1.14

31,754,890 16.85


HSBC MSCI CHINA UCITS ETF (continued)

HSBC ETFs PLC >143<



USD % of Net

Asset Value

Equities (continued) China (continued) Financial (31 December 2016: 29.64%)

3,726,255 Agricultural Bank of China 1,761,349 0.93 11,329,533 Bank of China 5,558,495 2.95

1,273,455 China Citic Bank 779,755 0.41 12,000,524 China Construction Bank 9,300,408 4.94

132,189 China Everbright 287,866 0.15 391,835 China Everbright Bank 183,207 0.10 351,617 China Everbright International 438,708 0.23 585,983 China Evergrande Group 1,052,397 0.56 473,752 China Galaxy Securities 424,811 0.23 892,910 China Huarong Asset Management 346,575 0.18

1,061,226 China Life Insurance 3,242,222 1.72 556,523 China Merchants Bank 1,678,883 0.89 791,068 China Minsheng Banking 789,401 0.42 546,883 China Overseas Land & Investment 1,600,763 0.85 376,010 China Pacific Insurance Group 1,536,514 0.82 395,383 China Resources Land 1,152,248 0.61 230,653 China Taiping Insurance Holdings 584,429 0.31 168,780 China Vanke 477,815 0.25 358,440 Chongqing Rural Commercial Bank 241,977 0.13 324,925 CITIC Securities 671,789 0.36 761,682 Country Garden Holdings 883,016 0.46 281,721 Far East Horizon 245,761 0.13 532,688 Franshion Properties China 219,723 0.12 194,162 GF Securities 389,993 0.21 137,552 Guangzhou R&F Properties 213,910 0.11 461,944 Haitong Securities 746,784 0.40 232,904 Huatai Secutiries 447,522 0.24

10,521,442 Industrial & Commercial Bank of China 7,102,844 3.77 208,285 Longfor Properties 447,709 0.24 110,610 New China Life Insurance 562,511 0.30 995,596 People s Insurance Company Group of China 418,315 0.22 655,964 PICC Property & Casualty 1,095,731 0.58 743,497 Ping An Insurance 4,900,169 2.60 130,818 Shanghai Lujiazui 209,832 0.11 169,065 Shimao Property Holdings 289,339 0.15 428,638 Sino-Ocean Land Holdings 209,749 0.11 299,237 Soho China 147,578 0.08 275,766 Sunac China Holdings 576,510 0.31


144,459 3SBio 191,713 0.10 177,360 China Medical System Holdings 306,716 0.16 604,228 CSPC Pharmaceutical 882,373 0.47 268,649 Shandong Weigao Group Medical Polymer 210,956 0.11 69,008 Shanghai Fosun Pharmace 267,406 0.14



>144< HSBC ETFs PLC



USD % of Net

Asset Value

Equities (continued) China (continued)

Healthcare (31 December 2016: 1.86%) (continued) 98,305 Shanghai Pharmaceuticals Holding 292,782 0.16

540,802 Sihuan Pharmaceutical Holdings Group 226,534 0.12 634,256 Sino Biopharmaceutical 560,609 0.30 170,113 Sinopharm Group 769,234 0.41


105,986 AAC Technologies Holdings 1,325,088 0.70 176,076 Anhui Conch Cement 612,374 0.33 214,421 Beijing Capital International Airport 302,139 0.16 72,001 Beijing Enterprises Holdings 347,256 0.18

685,537 Beijing Enterprises Water Group 532,169 0.28 91,345 Byd 560,489 0.30

1,260,699 China Cinda Asset Management 469,949 0.25 631,430 China Communications Construction 813,710 0.43 187,235 China Merchants Holdings International 519,268 0.28 410,614 China National Building Material 244,061 0.13 281,306 China Railway Construction 366,837 0.19 570,037 China Railway Group 449,081 0.24 231,335 China Resources Enterprise 583,786 0.31 256,031 China State Construction International Holdings 438,173 0.23 829,744 Citic Pacific 1,247,839 0.66 236,572 COSCO Pacific 277,591 0.15 592,212 CSR Corporation Limited 532,550 0.28 367,549 Fosun International 574,409 0.30 979,445 Fullshare Holdings 391,454 0.21 91,046 Haitian International Holdings 255,418 0.14

174,276 Jiangsu Expressway 246,017 0.13 403,865 Shanghai Electric Group 194,005 0.10 69,732 Shanghai Industrial Holdings 206,343 0.11

178,500 Sinopec Engineering Group 160,975 0.09 101,692 Sunny Optical Tech Group 911,866 0.49 277,108 Weichai Power 242,802 0.13 204,490 Zhejiang Expressway 267,189 0.14 78,058 Zhuzhou CSR Times Electric 382,968 0.20

13,455,806 7.14 Oil & Gas (31 December 2016: 6.81%)

1,512,500 CGN Power 422,375 0.22 231,647 China Conch Venture Holdings 424,335 0.23 249,224 China Gas Holdings 503,144 0.27 452,523 China Longyuan Power Group 329,257 0.17 258,294 China Oilfield Services 207,126 0.11

3,638,609 China Petroleum & Chemical 2,838,567 1.51 2,546,966 CNOOC 2,789,560 1.48

687,014 Huaneng Renewables 212,094 0.11 460,499 Kunlun Energy 390,511 0.21

3,009,028 PetroChina 1,842,471 0.98 9,959,440 5.29



HSBC ETFs PLC >145<



USD % of Net

Asset Value

Equities (continued) China (continued) Technology (31 December 2016: 23.05%)

12,885 58.com 568,357 0.30 466,777 Alibaba Health Information Technology 222,433 0.12

7,455 Autohome 338,159 0.18 38,970 Baidu 6,970,174 3.70

341,053 China Communications Services 196,599 0.10 2,382,192 Hanergy Thin Film Power Group - -

93,536 JD.com 3,668,482 1.95 111,845 Kingsoft 291,560 0.15

1,029,772 Lenovo Group 650,331 0.35 12,496 Momo 461,852 0.25 11,347 NetEase 3,411,249 1.81

390,928 Semiconductor Manufacturing 453,202 0.24 8,087 Sina Com 687,152 0.36


4,700 Weibo 312,409 0.17 4,532 YY 262,992 0.14

102,359 ZTE 244,410 0.13


876,036 China Mobile 9,297,386 4.94 1,979,132 China Telecom 940,579 0.50

853,806 China Unicom Hong Kong 1,268,714 0.67


472,032 China Power International Development 167,493 0.09 126,871 China Resources Gas Group 433,118 0.23 274,267 China Resources Power Holdings 538,243 0.29 108,070 ENN Energy Holdings 652,037 0.35

1,855,611 GCL-Poly Energy Holdings 202,047 0.11 402,064 Guangdong Investment 554,184 0.29 603,312 Huaneng Power International 418,878 0.22

2,966,000 1.58

Total equities*(31 December 2016: 98.74%) 185,217,971 98.31


Unrealised gain on contracts for difference (31 December 2016: 0.02%)



>146< HSBC ETFs PLC



USD % of Net

Asset Value


Financial liabilitiess at fair value through profit or loss Futures

34 H-Shares Index Futures Jul 17 (30,667) (0.02)



1,244,408 Bank of Communications (144,364) (0.07)

Total unrealised loss on contracts for difference (31 December 2016: 0.09%)) (144,364) (0.07)





USD % of Total


Total assets 188,813,637 100.00

With the exception of the Contracts for Differences, all equity positions (with the exception of the investment held in Hanergy Thin Film Power Group and China Huishan Dairy) and futures held by the Sub-Fund at 30 June 2017 and 31 December 2016 have been classified as Level 1. The Contracts for Differences have been classified as Level 2 and investment in Hanergy Thin Film Group and China Huishan Dairy have been classified as Level 3. See Note 6(d) for further details. The schedule of investments form an integral part of the financial statements.



HSBC ETFs PLC >147<



USD % of Net

Asset Value

Equities Basic Materials (31 December 2016:6.59%)

855 Anglo American Platinum 19,560 0.40 6,469 AngloGold Ashanti 63,197 1.30 3,261 Exxaro Resources 23,146 0.48

13,018 Gold Fields 44,640 0.92 9,896 Impala Platinum Holdings 27,831 0.57 1,875 Mondi 48,528 1.00 8,815 Sappi 58,591 1.20

26,917 Sibanye Gold 30,917 0.63

316,410 6.50 Consumer Goods (31 December 2016:7.75%)

2,027 Pioneer Foods 20,955 0.43 47,179 Steinhoff International Holdings 241,431 4.97

2,587 Tiger Brands 72,639 1.49

335,025 6.89 Consumer Services (31 December 2016:31.85%)

3,304 Foschini Group 34,618 0.71 1,744 Massmart Holdings 14,043 0.29 3,841 Mr Price Group 45,731 0.94 6,949 Naspers 1,349,758 27.75 5,805 Pick n Pay Stores 26,144 0.54 6,827 Shoprite Holdings 103,886 2.13 3,052 Spar Group 35,898 0.74 7,005 Truworths International 38,226 0.79

15,768 Woolworths Holdings 74,192 1.52 1,722,496 35.41

Financial (31 December 2016:28.66%) 10,746 Barclays Africa Group 117,896 2.42

5,824 Brait 26,901 0.55 641 Capitec Bank Holdings 40,605 0.83

3,603 Coronation Fund Manager 17,926 0.37 5,637 Discovery Holdings 55,034 1.13

53,331 FirstRand 191,914 3.95 29,451 Fortress Income Fund 55,438 1.14 33,633 Growthpoint Properties 62,838 1.29

3,976 Hyprop Investments 35,428 0.73 4,329 Investec 31,883 0.66 2,057 Liberty Holdings 17,662 0.36

15,088 MMI Holdings 23,307 0.48 3,536 Nedbank Group 56,347 1.16 3,594 New Europe Property Investment 45,385 0.93 1,481 PSG Group 27,128 0.56

10,594 Rand Merchant Investment 31,525 0.65 79,467 Redefine Properties 63,804 1.31

4,486 Resilient Property 41,681 0.86 11,184 RMB Holdings 50,148 1.03 22,314 Sanlam 110,357 2.27 20,516 Standard Bank Group 225,539 4.64

1,328,746 27.32


HSBC MSCI SOUTH AFRICA UCITS ETF (continued)

>148< HSBC ETFs PLC



USD % of Net

Asset Value


Healthcare (31 December 2016:4.33%) 6,148 Aspen Pharmacare Holdings 134,714 2.77

20,710 Life Healthcare Group Holdings 40,543 0.83 16,347 Netcare 32,101 0.66

207,358 4.26 Industrial (31 December 2016:5.33%)

5,315 Bidvest Group 63,922 1.31 2,404 Imperial Holdings 29,540 0.61 8,386 Remgro 136,621 2.81

230,083 4.73 Oil & Gas (31 December 2016:5.78%)

8,773 Sasol 245,396 5.04

245,396 5.04 Technology (31 December 2016:2.15%)

5,315 Bid Corporation 121,378 2.50

121,378 2.50 Telecommunications (31 December 2016:7.47%)

26,871 MTN Group 234,000 4.81 4,232 Telkom 19,880 0.41 8,252 Vodacom Group 103,458 2.13

357,338 7.35

Total equities* (31 December 2016:99.91%) 4,864,230 100.00


Other net assets 5 -



USD % of Total


Total assets 4,866,969 100.00

All equity positions held by the Sub-Fund 30 June 2017 and at 31 December 2016 are classified as Level 1. See Note 6 (d) for further details. The schedule of investments form an integral part of the financial statements.



HSBC ETFs PLC >149<



USD % of Net

Asset Value


5,924 Agnico-Eagle Mines 266,756 0.78 3,631 Agrium 328,599 0.96

30,648 Barrick Gold 486,847 1.43 10,409 Cameco 94,656 0.28 18,138 First Quantum Minerals 153,210 0.45 22,449 Goldcorp 289,018 0.85 32,740 Kinross Gold 132,856 0.39

2,362 Methanex 104,123 0.30 22,081 Potash Corp of Saskatchewan 359,600 1.05 11,603 Silver Wheaton 230,148 0.68 14,913 Teck Resources 258,138 0.76 26,459 Turquoise Hill Resource 70,288 0.21

1,795 West fraser Timber 84,836 0.25 24,918 Yamana Gold 60,055 0.18


6,049 Gildan Activewear 185,611 0.54 1,286 Linamar 63,295 0.19 9,546 Magna International 441,540 1.30 5,607 Saputo 178,092 0.52


11,039 Alimentation Couche-Tard 528,362 1.55 1,762 Canadian Tire 200,201 0.59 2,873 Dollarama 274,115 0.81 4,559 Empire 77,651 0.23 1,346 George Weston 121,665 0.36 2,128 Jean Coutu Group 32,607 0.10 5,792 Loblaw 321,733 0.94 6,031 Metro 198,201 0.58 5,857 Restaurant Brands International 365,933 1.07

11,010 Shaw Communications 239,834 0.70 7,645 Thomson Reuters 353,435 1.04


17,025 Bank of Montreal 1,248,264 3.67 31,743 Bank of Nova Scotia 1,906,731 5.60 23,323 Brookfield Asset Management 913,920 2.68 11,307 Canadian Imperial Bank of Commerce 917,567 2.70

6,985 CI Financial 148,660 0.44 10,171 Element Financial Corporation 69,702 0.21

606 Fairfax Financial Holdings 262,245 0.77 4,159 First Capital Realty 63,280 0.19 4,687 Franco-Nevada 337,694 0.99 7,779 Great West Lifeco 210,543 0.62 3,664 H&R Real Estate Investment Trust 62,125 0.18 2,212 IGM Financial 68,504 0.20


HSBC MSCI CANADA UCITS ETF (continued)

>150< HSBC ETFs PLC



USD % of Net

Asset Value


2,791 Industrial Alliance Insurance & Financial Services 120,907 0.36 3,448 Intact Financial 260,080 0.76

51,888 Manulife Financial 971,277 2.85 8,953 National Bank Of Canada 375,920 1.10 9,260 Power Corp of Canada 210,912 0.62 6,565 Power Financial 168,182 0.49 4,191 RioCan Real Estate Investment Trust 77,676 0.23

38,770 Royal Bank of Canada 2,810,952 8.26 1,708 Smart Real Estate Investment 42,243 0.12

16,117 Sun Life Financial 575,332 1.69 48,862 Toronto-Dominion Bank 2,458,714 7.22


8,524 Valeant Pharmaceuticals International 147,941 0.43


50,825 Bombardier 92,359 0.27 7,061 CAE 121,571 0.36

19,975 Canadian National Railway 1,618,364 4.75 3,845 Canadian Pacific Railway 617,740 1.82 3,666 CCL Industries 185,205 0.54 4,421 Finning International 86,534 0.25 2,163 Onex 172,897 0.51 3,953 SNC-Lavalin Group 170,667 0.50

3,065,337 9.00 Oil & Gas (31 December 2016: 21.53%)

4,386 Altagas Income 100,236 0.29 9,276 Arc Resources 121,137 0.36

29,188 Canadian Natural Resources 841,006 2.47 26,842 Cenovus Energy 197,590 0.58 14,237 Crescent Point Energy 108,748 0.32 42,799 Enbridge 1,702,469 5.00 25,586 Encana 224,791 0.66

9,254 Husky Energy 104,889 0.31 7,802 Imperial Oil 227,085 0.67 9,689 Inter Pipeline 189,498 0.56 4,889 Keyera 153,668 0.45 4,330 Peyto Exploration and Develpoment 78,418 0.23 5,608 Prairiesky Royalty 127,515 0.37 6,447 Seven Generations Energy 110,255 0.32

43,838 Suncor Energy 1,278,988 3.76 5,993 Tourmaline Oil 128,655 0.38

22,779 TransCanada 1,084,313 3.19 8,248 Veresen Inc 116,477 0.34 2,951 Vermilion Energy 93,481 0.27

6,989,219 20.53



HSBC ETFs PLC >151<



USD % of Net

Asset Value


Technology (31 December 2016: 2.49%) 13,237 Blackberry 132,095 0.39

5,611 CGI 286,275 0.84 528 Constellation Software 275,815 0.81

6,913 Open Text 217,871 0.64 2,091 Shopify Inc 181,294 0.53


4,014 BCE 180,502 0.53 9,524 Rogers Communications 449,176 1.32 5,116 Telus 176,364 0.52


1,995 Atco 77,898 0.23 3,312 Canadian Utilities 106,269 0.31 1,379 Emera 51,191 0.15

10,551 Fortis 370,305 1.09 7,823 Hydro One 139,931 0.41

10,483 Pembina Pipeline 346,689 1.02 1,092,283 3.21




Futures(31 December 2016: Nil)

2 S&P TSX 60 Index Future Sep 17 (787) -

Total futures (Notional amount: USD 68,468) (787) -

Total financial liabilities at fair value through profit or loss (787) -





>152< HSBC ETFs PLC


USD % of Total


Total assets 36,552,056 100.00




HSBC ETFs PLC >153<



USD % of Net

Asset Value

Equities Basic Materials (31 December 2016: 11.07 %)

311,533 Grupo Mexico 879,017 6.21 11,361 Industrias Penoles 257,057 1.81 85,806 Mexichem 230,968 1.63

1,367,042 9.65 Consumer Goods (31 December 2016: 21.12 %)

35,979 Arca Continental 271,119 1.91 40,581 Coca-Cola Femsa 344,764 2.44

158,820 Fomento Economico Mexicano 1,568,567 11.08 17,675 Gruma 231,126 1.63

134,393 Grupo Bimbo 338,586 2.39 50,541 Grupo Lala 92,818 0.66

124,434 Kimberly-Clark de Mexico 263,996 1.86

3,110,976 21.97 Consumer Services (31 December 2016: 15.01 %)

15,294 El Puerto De Liverpool 120,976 0.86 199,702 Grupo Televisa 975,905 6.89 427,885 WalMart de Mexico 995,969 7.03

2,092,850 14.78 Financial (31 December 2016: 17.22 %)

212,254 Fibra Uno Administration 403,640 2.85 80,264 Gentera 120,752 0.85

149,227 Grupo Fin Santander 289,307 2.04 203,901 Grupo Financiero Banorte 1,299,915 9.18 189,642 Grupo Financiero Inbursa 324,806 2.30

2,438,420 17.22 Industrial (31 December 2016: 18.59 %)

250,405 Alfa 357,213 2.52 1,189,755 Cemex 1,120,752 7.91

16,971 Grupo Aeroportuario 359,040 2.54 29,157 Grupo Aeroportuario del Pacifico 329,253 2.32 37,072 Grupo Carso 156,544 1.11 63,731 OHL Mexico 92,253 0.65 18,632 Promotora y Operadora de Infraestructura 222,620 1.57

2,637,675 18.62 Telecommunications (31 December 2016: 14.97 %)

2,730,086 America Movil 2,202,199 15.55

2,202,199 15.55 Utilities (31 December 2016: 1.68 %)

43,768 Infraestructura Energetica Nova 233,956 1.65

233,956 1.65



HSBC MSCI MEXICO CAPPED UCITS ETF (continued)

>154< HSBC ETFs PLC



USD % of Net

Asset Value

Futures (31 December 2016: (0.01%))

3 IPC Index Future Sep 17** 1,304 0.01

Total futures (Notional amount: USD 83,413) 1,304 0.01





USD % of Total

Assets * Transferable securities admitted to an official stock exchange listing 14,083,118 99.35 ** Financial derivative instruments dealt on a regulated market 1,304 0.01 Other assets 90,176 0.64

Total assets 14,174,598 100.00




HSBC ETFs PLC >155<



USD % of Net

Asset Value

Equities

Brazil Basic Materials (31 December 2016: 6.62%)

4,484 Braskem 46,285 0.30 16,580 Cia Siderurgica Nacional 35,930 0.23

6,644 Fibria Celulose 67,799 0.44 24,190 Gerdau 75,054 0.49 10,824 Suzano Papel e Celulose 46,586 0.30 85,493 Vale SA 715,971 4.67


125,340 Ambev 692,666 4.52 11,911 BRF - Brasil Foods 140,922 0.92

4,238 Cosan SA Industria e Comercio 44,232 0.29 9,228 Hypermarcas 77,428 0.51

21,720 JBS 42,807 0.28 2,688 M Dias Branco 39,996 0.26 4,508 Natura Cosmeticos 34,967 0.23


4,131 Cia Brasileira de Distribuicao Grupo Pao de Acucar 81,230 0.53 36,696 Kroton Educational 164,693 1.07

4,403 Localiza Rent a Car 60,000 0.39 19,246 Lojas Americanas 81,323 0.53

4,890 Lojas Americanas 17,932 0.12 18,845 Lojas Renner 155,731 1.02

6,090 Raia Drogasil 128,867 0.84


105,473 Banco Bradesco 892,084 5.82 22,810 Banco do Brasil 184,504 1.20 11,125 Banco Santander Brasil 83,943 0.55 18,637 BB Seguridade Participacoes 161,156 1.05 54,885 BM&FBovespa 327,165 2.14 21,811 BR Malls Participacoes 78,666 0.51 32,484 Cielo 241,185 1.57 85,884 Itau Unibanco 952,611 6.22

4,122,589 Itau Unibanco Holding 36,647 0.24 105,167 Itausa - Investimentos Itau 286,307 1.87

2,178 Multiplan Empreendimentos Imobiliarios 42,939 0.28 3,028 Porto Seguro 27,975 0.18 5,906 Qualicorp 51,159 0.33 4,787 Sul America 25,573 0.17


6,976 Odontoprev 24,529 0.16

24,529 0.16


HSBC MSCI EM LATIN AMERICA UCITS ETF (continued)

>156< HSBC ETFs PLC



USD % of Net

Asset Value

Equities (continued) Brazil (continued) Industrial (31 December 2016: 2.95%)

32,130 CCR 163,887 1.07 8,418 Duratex 20,758 0.14

17,636 Embraer 80,535 0.53 15,621 Klabin SA 76,520 0.50 21,328 Rumo SA 55,682 0.36 15,013 Weg 80,202 0.52

477,584 3.12 Oil & Gas (31 December 2016: 6.32%)

104,165 Petrobras 388,899 2.54 79,135 Petroleo Brasileiro 315,274 2.06




11,939 Centrais Eletricas Brasileiras 52,079 0.34 20,164 Cia Energetica de Minas Gerais 49,174 0.32

2,762 CIA Paranaense De Energia 20,449 0.13 6,703 CPFL Energia 53,632 0.35 8,025 EDP - Energias do Brasil SA 34,370 0.22 4,342 Engie Brasil 44,452 0.29 5,269 Equatorial Energia 86,161 0.56 9,072 Sabesp 86,688 0.57 4,900 Transmissora Alianca de Energia Eletrica 32,595 0.21 9,631 Ultrapar Participacoes 225,336 1.47

684,936 4.47 Chile

Basic Materials (31 December 2016: 1.00%) 33,069 Empres CMPC 78,936 0.52

2,566 Sociedad Quimica y Minera de Chile 85,014 0.55


3,937 Cia Cervecerias Unidas 51,566 0.34 6,914 Embotelladora Andina 29,218 0.19


38,016 Cencosud 100,838 0.66 8,080 Latam Airlines 89,683 0.59

16,179 SACI Falabella 132,749 0.87


648,801 Banco De Chile 84,155 0.55 991 Banco de Credito e Inversiones 55,307 0.36

1,744,873 Banco Santander Chile 110,878 0.72 250,340 1.63



HSBC ETFs PLC >157<



USD % of Net

Asset Value

Equities (continued) Chile (continued) Oil & Gas (31 December 2016: 0.82%)

12,084 Empresas COPEC 131,779 0.86


4,041 ENTEL Chile 43,985 0.29


78,317 AES Gener SA 27,564 0.18 69,456 Aguas Andinas 40,640 0.27

210,193 Colbun 45,145 0.29 87,139 Empresa Nacional de Electricidad 65,571 0.43

1,300,028 Enersis 204,266 1.33

383,186 2.50 Colombia

Financial (31 December 2016: 2.06%) 18,111 Bancolombia 196,738 1.28 93,257 Grupo Aval Acciones 38,309 0.25

3,032 Grupo De Inv Suramerica 38,328 0.25 6,204 Grupo De Inv Suramericana 80,417 0.52


12,236 Cementos Argos 47,421 0.31 7,763 Inversiones Argos 52,701 0.34

100,122 0.65 Oil & Gas (31 December 2016: 0.43%)

131,422 Ecopetrol 59,364 0.39


10,297 Interconexion Electrica ESP 44,962 0.29

44,962 0.29 Mexico

Basic Materials (31 December 2016: 3.46%) 101,507 Grupo Mexico 286,411 1.87

3,706 Industrias Penoles 83,853 0.55 27,966 Mexichem 75,277 0.49

2,258 Southern Copper 78,195 0.51


11,630 Arca Continental 87,637 0.57 13,112 Coca-Cola Femsa 111,396 0.73 51,571 Fomento Economico Mexicano 509,335 3.32

5,725 Gruma 74,863 0.49 43,762 Grupo Bimbo 110,253 0.72 16,651 Grupo Lala 30,579 0.20 40,486 Kimberly-Clark de Mexico 85,894 0.56

1,009,957 6.59



>158< HSBC ETFs PLC



USD % of Net

Asset Value

Equities (continued) Mexico (continued) Consumer Services (31 December 2016: 3.98%)

5,032 El Puerto De Liverpool 39,803 0.26 64,951 Grupo Televisa 317,403 2.07

139,117 WalMart de Mexico 323,817 2.11


68,972 Fibra Uno Administration 131,163 0.86 26,384 Gentera 39,693 0.26 48,605 Grupo Fin Santander 94,231 0.62 66,320 Grupo Financiero Banorte 422,805 2.76 61,552 Grupo Financiero Inbursa 105,422 0.69


81,366 Alfa 116,072 0.76 386,891 Cemex 364,452 2.38

5,497 Grupo Aeroportuario 116,295 0.76 9,473 Grupo Aeroportuario del Pacifico 106,973 0.70

12,056 Grupo Carso 50,909 0.33 20,672 OHL Mexico 29,923 0.20

6,060 Promotora y Operadora de Infraestructura 72,406 0.47


887,676 America Movil 716,036 4.67


14,202 Infraestructura Energetica Nova 75,915 0.50

75,915 0.50 Peru

Basic Materials (31 December 2016: 0.40%) 5,054 Cia de Minas Buenaventura 58,121 0.38


1,805 Credicorp 323,799 2.11

323,799 2.11



3 MDX Mexico Bolsa Index Future Sep 17** 1,348 0.01





HSBC ETFs PLC >159<



USD % of Net

Asset Value


Futures (31 December 2016: (0.01%))




USD % of Total

Assets * Transferable securities admitted to an official stock exchange listing 15,235,641 99.36 ** Financial derivative instruments dealt in on a regulated market 1,348 0.01 Other assets 97,124 0.63

Total assets 15,334,113 100.00




>160< HSBC ETFs PLC



USD % of Net

Asset Value


3,684,313 Adaro Energy 436,782 1.48


5,181,224 Astra International 3,469,700 11.75 1,888,787 Charoen Pokphand Indonesia 450,673 1.53

123,153 Gudang Garam 723,532 2.45 597,049 Indofood CBP Sukses Makmur 394,225 1.33

1,123,696 Indofood Sukses Makmur 725,101 2.45 390,643 Unilever Indonesia 1,430,379 4.84


634,833 Matahari Department Store 675,202 2.29 1,461,653 Media Nusantara Citra 201,796 0.68 1,497,035 Surya Citra Media 290,926 0.98


2,524,418 Bank Central Asia 3,437,868 11.63 858,633 Bank Danamon Indonesia 330,182 1.12

2,389,027 Bank Mandiri 2,285,507 7.74 1,909,392 Bank Negara Indonesia Persero 945,563 3.20 2,841,439 Bank Rakyat Indonesia Persero 3,251,318 11.01 5,547,400 Pakuwon Jati 255,986 0.87 3,544,333 PT Lippo Karawaci 175,521 0.59 2,584,998 PT Summarecon Agung 250,208 0.85


5,399,311 Kalbe Farma 658,329 2.23


459,711 AKR Corporindo 225,070 0.76 1,970,574 Bumi Serpong Damai 270,580 0.92 2,381,812 Hanjaya Mandala Sampoerna 686,262 2.32

471,125 Indocement Tunggal Prakarsa 652,205 2.21 557,278 Jasa Marga Persero 223,706 0.76 759,054 Semen Gresik Persero 569,540 1.93 429,598 United Tractors 884,822 2.99

1,216,074 Waskita Karya Persero 211,689 0.72


522,012 Tower Bersama Infrastructure 266,343 0.90 266,343 0.90

Telecommunications (31 December 2016: 14.94%) 12,900,751 Telekomunikasi Indonesia 4,375,269 14.81

820,810 XL Axiata 210,014 0.71

4,585,283 15.52



HSBC ETFs PLC >161<



USD % of Net

Asset Value Utilities (31 December 2016: 2.10%)

2,792,249 Perusahaan Gas Negara 471,398 1.60

471,398 1.60



8 MSCI Indonesia Index Jul 17** 2,000 0.01






USD % of Total

Assets * Transferable securities admitted to an official stock exchange listing 29,435,696 99.59 ** Financial derivative instruments dealt on a regulated market 2,000 0.01 Other assets 119,549 0.40

Total assets 29,557,245 100.00




>162< HSBC ETFs PLC

As at 30 June 2017



GBP % of Net

Asset Value Equities Basic Materials (31 December 2016: 4.97%)

20,042 HAP Seng Consolidated Berhad 43,094 1.19 77,423 Petronas Chemicals Group 128,057 3.54


4,612 British American Tobacco Malaysia 46,651 1.29 47,017 Felda Global Ventures Holdings 18,730 0.52

7,674 Genting Plantations 19,737 0.55 72,973 IOI 75,648 2.09 15,443 Kuala Lumpur Kepong 89,507 2.47 15,215 PPB Group 60,823 1.68 15,031 UMW Holdings 20,905 0.58


48,502 AirAsia 36,721 1.01 50,398 Astro Malaysia Holdings 29,704 0.82 72,591 Genting 159,128 4.40 95,767 Genting Malaysia 122,702 3.40


32,427 Alliance Financial Group 29,083 0.80 53,509 AMMB Holdings 60,830 1.68

114,380 CIMB Group Holdings 175,328 4.85 20,922 Hong Leong Bank 76,325 2.11

7,394 Hong Leong Financial Group 28,938 0.80 115,020 Malayan Banking 258,032 7.13

93,911 Public Bank Berhad 444,544 12.29 25,783 RHB Capital 30,392 0.84 38,450 RHB Capital - -


21,153 Hartalega Holdings 36,367 1.01 66,463 IHH Healthcare 89,027 2.46


54,777 Gamuda 70,184 1.94 93,115 IJM 75,053 2.07 26,684 Malaysia Airports Holdings 53,211 1.47 43,169 MISC 75,021 2.07 76,746 Sime Darby 169,845 4.69 32,916 Westports Holdings 27,911 0.78

471,225 13.02 Oil & Gas (31 December 2016: 3.54%)

96,612 Dialog Group 43,212 1.19


HSBC MSCI MALAYSIA UCITS ETF (continued)

HSBC ETFs PLC >163<

As at 30 June 2017



GBP % of Net

Asset Value Equities (continued) Oil & Gas (31 December 2016: 3.54%) (continued)

7,919 Petronas Dagangan 44,459 1.23 125,611 Sapurakencana Petroleum 46,526 1.29


60,515 Maxis 78,240 2.16 78,240 2.16 Telecommunications (31 December 2016: 8.09%)

86,839 Axiata Group 97,709 2.70 100,377 DiGi.Com 116,917 3.23

36,334 Telekom Malaysia 56,287 1.56 270,913 7.49 Utilities (31 December 2016: 16.67%)

53,555 IOI Properties Group 27,447 0.76 22,277 Petronas Gas 96,215 2.66

109,405 Tenaga Nasional 360,380 9.96 140,783 YTL 47,883 1.32

65,680 YTL Power International 22,186 0.61

554,111 15.31



Financial liabilities at fair value through profit or loss Futures (31 December 2016: Nil)

1 MDE FTSE KLCI Future Jul 17 (215) (0.01)

Total futures (Notional amount: USD 20,588 ) (215) (0.01)

Total financial liabilities at fair value through profit or loss (215) (0.01)




HSBC MSCI MALAYSIA UCITS ETF (continued)

>164< HSBC ETFs PLC


GBP % of Total


Total assets 3,620,015 100.00

All equity positions (with the exception of the investment held in RHB Capital) and futures held by the Sub-Fund at 30 June 2017 and at 31 December 2016 are classified as Level 1. See Note 6 (d) for further details. The investment in RHB Capital has been classified as Level 3. See Note 6 (d) for further details. The schedule of investments form an integral part of the financial statements.



HSBC ETFs PLC >165<



USD % of Net

Asset Value

Equities


234,290 China Steel 190,621 1.73 55,175 Formosa Chemicals & Fibre 173,215 1.57 77,385 Formosa Plastics 235,818 2.14 89,695 Nan Ya Plastics 222,616 2.02 14,603 Taiwan Fertilizer 19,418 0.17


36,304 Cheng Shin Rubber Industry 77,215 0.70 49,353 China Airlines 14,975 0.14

3,528 Eclat Textile Company 43,027 0.39 38,021 Eva Airways 18,810 0.17 60,055 Far Eastern New Century 48,861 0.44

6,351 Feng Tay Enterprise 28,080 0.26 14,341 Formosa Taffeta 14,402 0.13

5,275 Giant Manufacturing 30,172 0.27 1,898 Largan Precision 302,607 2.74 3,949 Merida Industry 21,160 0.19

41,663 Pou Chen 57,660 0.52 10,643 Ruentex Industries 15,884 0.14 10,491 Standard Foods 28,176 0.26 35,499 Teco Electric and Machinery 34,134 0.31 90,155 Uni-President Enterprises 180,784 1.64 16,585 Yulon Motor 14,884 0.13


5,074 Hotai Motor 63,550 0.58 2,735 Nien Made Enterprise 30,344 0.27

10,974 President Chain Store 98,665 0.89 14,552 Ruentex Development 16,408 0.15


153,435 Cathay Financials Holding 252,699 2.29 19,505 Chailease Holding 54,372 0.49 83,898 Chang Hwa Commercial Bank 48,127 0.44

254,083 China Development Financials Holding 73,753 0.67 65,687 China Life Insurance/Taiwan 65,428 0.59

328,190 Chinatrust Financial Holding 215,233 1.95 155,963 E.Sun Financial Holding 95,875 0.87 167,575 First Financial Holding 112,102 1.01 124,091 Fubon Financials Holding 197,640 1.79 16,033 Highwealth Construction 26,564 0.24

128,468 Hua Nan Financials Holdings 74,538 0.68 203,092 Mega Financial Holding 168,910 1.53 153,943 Shin Kong Financial Holding 40,991 0.37


HSBC MSCI TAIWAN UCITS ETF (continued)

>166< HSBC ETFs PLC



USD % of Net

Asset Value


Taiwan (continued) Financial (31 December 2016: 16.95%) (continued)

190,900 SinoPac Financial Holdings 58,362 0.53 167,651 Taishin Financial Holding 76,330 0.69 66,924 Taiwan Business Bank 18,700 0.17

144,748 Taiwan Cooperative Financial Holding 76,847 0.70 190,175 Yuanta Financials Holding 83,772 0.76


2,071 OBI Pharma 16,407 0.15 3,000 TaiMed Biologics 18,195 0.16


43,799 Asia Cement 37,579 0.34 12,324 Catcher Technology 147,264 1.33 36,866 Delta Electronics 201,781 1.83 32,297 Evergreen Marine 16,403 0.15

3,837 Hiwin Technologies 25,921 0.23 292,660 Hon Hai Precision Industry 1,125,615 10.20 62,186 Taiwan Cement 71,958 0.65 31,000 Taiwan High Speed Rail 25,935 0.24

7,753 Zhen Ding Technology Holding 18,376 0.17 1,670,832 15.14

Oil & Gas (31 December 2016: 0.83%) 25,038 Formosa Petrochemical 86,423 0.78


54,787 Acer 28,726 0.26 122,786 Advanced Semiconductor Engineering 157,620 1.43


161,645 AU Optronics 73,861 0.67 9,902 Chicony Electronics 25,097 0.23

79,169 Compal Electronics 53,352 0.48 17,359 Foxconn Technology 52,385 0.48

2,700 Globalwafers 18,861 0.17 12,567 HTC 29,992 0.27

167,216 Innolux Crop 87,401 0.79 46,877 Inventec 38,217 0.35 39,423 Lite-On Technology 64,798 0.59 28,244 MediaTek 241,866 2.19 13,000 Micro-Star 30,214 0.27 13,000 Nanya Technology 23,419 0.21 10,863 Novatek Microelectronics 43,923 0.40 36,561 Pegatron 114,539 1.04

2,727 Phison Electronics 33,662 0.30



HSBC ETFs PLC >167<



USD % of Net

Asset Value


Taiwan (continued) Technology (31 December 2016: 44.89%) (continued)

12,467 Powertech Technology 38,483 0.35 50,414 Quanta Computer 119,323 1.08

8,465 Realtek Semiconductor 30,471 0.28 38,731 Siliconware Precision Industries 62,578 0.57 26,404 Synnex Technology International 29,598 0.27

462,097 Taiwan Semiconductor Manufacturing 3,167,233 28.69 3,666 Transcend Information 12,292 0.11

224,953 United Microelectronics 109,075 0.99 16,827 Vanguard International Semiconductors 33,189 0.30 46,433 Wistron 47,242 0.43 28,753 WPG Holdings 38,375 0.35


39,337 Asia Pacific Telecom 14,160 0.13 71,826 Chunghwa Telecom 255,004 2.31 29,805 Far EasTone Telecommunicationcations 75,933 0.69 29,989 Taiwan Mobile 112,878 1.02

457,975 4.15





2 MSCI Taiwan Index Future Jul 17 (1,180) (0.01)

Total futures (Notional amount: USD 77,060) (1,180) (0.01)






>168< HSBC ETFs PLC


USD % of Total


Total assets 11,070,003 100.00

All equity positions and futures held by the Sub-Fund at 30 June 2017 and at 31 December 2016 are classified as Level 1. See Note 6 (d) for further details. The schedule of investments form an integral part of the financial statements.



HSBC ETFs PLC >169<



USD % of Net

Asset Value


1,531 Hanwha Chemical 40,411 0.39 219 Honam Petrochemical 65,845 0.64

1,133 Hyundai Steel 61,594 0.59 120 Korea Zinc 47,826 0.46 258 Kumho Petro Chemical 16,574 0.16 648 LG Chem 164,811 1.59 109 LG Chemical 19,244 0.19 235 OCI Company 18,424 0.18

1,046 Pohang Iron Steel 262,380 2.54


992 Amorepacific 188,374 1.82 224 CJ 37,100 0.36 111 CJ CheilJedang 35,071 0.34 755 Coway 68,627 0.66 493 Dongsuh 13,185 0.13

2,664 Halla Visteon Climate 23,982 0.23 1,050 Hankook Tire 58,366 0.56

149 Hanssem 23,962 0.23 962 Hyundai Mobis 210,200 2.03

3,275 Hyundai Motor 404,788 3.91 3,719 Kia Motors 124,167 1.20 1,647 KT & G 168,421 1.63 1,511 LG Electronics 105,915 1.03

162 LG Household & Healthcare 130,986 1.27 9 Lotte Chilsung Beverage 13,483 0.13

81 Lotte Confectionery 14,017 0.14 249 N C Soft 82,590 0.80

51 Orion** 35,571 0.34 17 Ottogi Corporation 11,738 0.11


315 BGF Retail 27,807 0.27 975 Cheil Communications 15,680 0.15 269 CJ E&M 17,821 0.17 295 E-Mart 60,462 0.58 381 GS Retail 17,183 0.17 443 Hotel Shilla 22,108 0.21 198 Hyundai Department Store 19,122 0.19

1,663 Kangwon Land 50,654 0.49 637 Korean Airlines 21,546 0.21 172 Lotte Shopping 45,625 0.44 107 Shinsegae Co Ltd 21,463 0.21

319,471 3.09


HSBC MSCI KOREA UCITS ETF (continued)

>170< HSBC ETFs PLC



USD % of Net

Asset Value


Financial (31 December 2016: 12.93%) 3,719 BS Financial Group 35,592 0.34 5,172 Daewoo Securities 49,950 0.48 2,412 DGB Financial Group 24,876 0.24

707 Dongbu Insurance 42,019 0.41 4,178 Hana Financial Holdings 165,236 1.60

891 Hyundai Marine & Fire Insurance 30,644 0.30 3,557 Industrial Bank of Korea 44,301 0.43 5,606 KB Financial Group 282,713 2.73

555 Korea Investment Holdings 34,004 0.33 3,067 Korea Life Insurance 18,657 0.18

409 Samsung Card 13,959 0.13 435 Samsung Fire & Marine 107,025 1.03 988 Samsung Life Insurance 101,032 0.98 918 Samsung Securities 33,137 0.32

6,024 Shinhan Financial Group 259,567 2.51 4,338 Woori Bank 69,952 0.68 1,987 Woori Investment & Security 25,789 0.25


1,123 Celltrion 112,972 1.09 83 Hanmi Pharmaceutical 27,059 0.26

175 Hanmi Science Company 12,909 0.12 59 Medytox 28,877 0.28

234 Samsung Biologics 59,719 0.58 115 Yuhan Corporation 24,726 0.24


1,075 Cheil Industries 139,055 1.34 117 CJ 18,458 0.18 424 Daelim Industrial 32,982 0.32

2,257 Daewoo Engineering & Construction 14,953 0.14 580 Daewoo International 11,304 0.11 550 Doosan Bobcat 17,113 0.17 712 GS Engineering and Construction 18,949 0.18 297 Hyosung 43,480 0.42 269 Hyudai Glovis 36,912 0.36 836 Hyundai Development 34,305 0.33

1,145 Hyundai Engineering & Construction 46,084 0.45 444 Hyundai Heavy Industries 68,493 0.66


318 KEPCO Plant Service & Engineering 12,271 0.12 965 Korea Aerospace Industries 48,075 0.46

1,343 LG 90,735 0.88 201 LG Innotek 28,987 0.28



HSBC ETFs PLC >171<



USD % of Net

Asset Value


3,300 Pan Ocean Co Ltd 15,229 0.15 252 S1 21,364 0.21 799 Samsung Electro Mechanics 71,230 0.69

3,631 Samsung Heavy Industries 39,511 0.38 779 Samsung SDI 116,767 1.13 544 Samsung Techwin 21,158 0.21

1,953 SK Networks 10,668 0.10

1,021,927 9.88 Oil & Gas (31 December 2016: 2.54%)

813 Doosan Heavy Industries & Construction 14,886 0.14 721 GS Holdings 42,977 0.42 919 SK Innovation 127,310 1.23 643 S-Oil 53,277 0.51


478 Daum Kakao 42,404 0.41 3,283 LG Display 106,454 1.03

395 Naver 289,306 2.80 220 Netmarble Games 29,804 0.29

1,633 Samsung Electronics 3,280,519 31.71 492 Samsung SDS 79,337 0.77 453 SK C&C 110,068 1.06

8,220 Sk hynix 484,227 4.68


757 KT Corporation 12,596 0.12 1,549 LG Uplus 21,120 0.20 2,557 SK Telecom 65,638 0.64


3,624 Korea Electric Power 129,231 1.25 391 Korea Gas 18,180 0.18

147,411 1.43







>172< HSBC ETFs PLC


USD % of Total

Assets * Transferable securities admitted to an official stock exchange listing 10,265,528 99.17 ** Transferable securities other than those referred above 35,571 0.34 Other assets 49,941 0.49

Total assets 10,351,040 100.00

All equity positions (with the exception of the investment held in Orion) held by the Sub-Fund at 30 June 2017 and at 31 December 2016 are classified as Level 1. Orion has been classified as Level 3. See Note 6 (d) for further details. The schedule of investments form an integral part of the financial statements.



HSBC ETFs PLC >173<



EUR % of Net

Asset Value

Equities Basic Materials (31 December 2016: 10.03 %)

1,099,711 ALROSA 1,605,905 2.51 23,631 MMC Norilsk Nickel 3,216,786 5.03

511,410 Novolipetsk Steel 994,885 1.55 49,732 PhosAgro 658,949 1.03 71,492 Severstal 931,937 1.46

7,408,462 11.58 Consumer Services (31 December 2016: 7.57 %)

131,122 Magnit 4,458,148 6.97

4,458,148 6.97 Financial (31 December 2016: 22.11 %)

631,919 Moscow Exchange 1,120,142 1.75 4,605,097 Sberbank of Russia 11,350,984 17.75

2,211,871,748 VTB Bank 2,380,975 3.72

14,852,101 23.22 Oil & Gas (31 December 2016: 53.35 %)

4,545,203 Gazprom 9,112,070 14.25 181,449 Lukoil 8,838,440 13.82 38,864 NovaTek 4,329,450 6.77

497,390 Rosneft Oil 2,720,303 4.25 6,006,050 Surgutneftegas 2,750,586 4.30

650,686 Tatneft 4,111,474 6.43 199 Transneft 536,207 0.84


72,052 AFK Sistema 301,177 0.47 213,155 Mobile Telesystems OJSC 1,786,239 2.79 384,503 Rostelecom 462,425 0.72


13,362,826 Inter Rao Ues 860,587 1.35 41,200,382 Rushydro 550,902 0.86

1,411,489 2.21


Futures (31 December 2016: 0.02%) Total financial assets at fair value through profit or loss 63,078,571 98.62


HSBC MSCI RUSSIA CAPPED UCITS ETF (continued)

>174< HSBC ETFs PLC



EUR % of Net

Asset Value

Financial liabilities at fair value through profit or loss Futures (31 December 2016: Nil)

74 EUX RDX USD Index Future Sep 17 (2,720) - Total futures (Notional amount: USD 844,340) (2,720) -





EUR % of Total


Total assets 64,120,468 100.00




HSBC ETFs PLC >175<



USD % of Net

Asset Value

Equities

Brazil Basic Materials (31 December 2016: 0.95%)

9,949 Braskem 102,695 0.03 70,559 Cia Siderurgica Nacional 152,905 0.04 23,296 Fibria Celulose 237,724 0.07 83,032 Gerdau 257,623 0.07 31,787 Suzano Papel e Celulose 136,809 0.04

250,643 Vale SA 2,097,834 0.59


365,783 Ambev 2,021,425 0.57 33,973 BRF - Brasil Foods 401,944 0.12

9,275 Cosan SA Industria e Comercio 96,802 0.03 14,041 Hypermarcas 117,812 0.03

7,319 M Dias Branco 108,904 0.03 19,689 Natura Cosmeticos 152,722 0.04


9,266 Cia Brasileira de Distribuicao Grupo Pao de Acucar 182,202 0.05 116,227 Kroton Educational 521,631 0.15 13,346 Localiza Rent a Car 181,867 0.05 58,470 Lojas Americanas 247,063 0.07 70,991 Lojas Renner 586,655 0.17 18,496 Raia Drogasil 391,384 0.11


288,586 Banco Bradesco 2,441,585 0.69 70,549 Banco do Brasil 570,652 0.16 32,569 Banco Santander Brasil 245,748 0.07 57,136 BB Seguridade Participacoes 494,061 0.14

140,315 BM&FBovespa 836,406 0.24 50,808 BR Malls Participacoes 183,251 0.05

105,954 Cielo 786,680 0.22 237,353 Itau Unibanco 2,632,679 0.75 326,869 Itausa - Investimentos Itau 889,869 0.25

7,727 Multiplan Empreendimentos Imobiliarios 152,336 0.04 23,551 Qualicorp 204,003 0.06


66,761 Odontoprev 234,744 0.07 234,744 0.07

Industrial (31 December 2016: 0.42%) 91,361 CCR 466,008 0.13 61,651 Embraer 281,530 0.08 39,161 Klabin SA 191,831 0.05 56,737 Rumo 148,125 0.04 43,173 Weg 230,638 0.07

1,318,132 0.37


HSBC MSCI EMERGING MARKETS UCITS ETF (continued)

>176< HSBC ETFs PLC



USD % of Net

Asset Value

Equities (continued) Brazil (continued) Oil & Gas (31 December 2016: 0.78%)

259,531 Petrobras 968,958 0.27 222,701 Petroleo Brasileiro 887,242 0.25




66,924 Cia Energetica de Minas Gerais 163,207 0.05 18,938 CPFL Energia 151,527 0.04 26,753 Equatorial Energia 437,479 0.12 32,448 Sabesp 310,059 0.09 32,911 Ultrapar Participacoes 770,018 0.22

1,832,290 0.52 Technology (31 December 2016: nil)

5,132 Autohome 232,788 0.07 5,666 Momo 209,415 0.06

442,203 0.13 Chile

Basic Materials (31 December 2016: 0.11%) 53,145 Empres CMPC 126,857 0.03

8,182 Sociedad Quimica y Minera de Chile 271,078 0.08


26,482 Cia Cervecerias Unidas 346,855 0.10


63,121 Cencosud 167,430 0.05 29,149 Latam Airlines 323,534 0.09 34,359 SACI Falabella 281,917 0.08


288,542 Banco De Chile 37,426 0.01 6,375 Banco de Credito e Inversiones 355,786 0.10

8,241,419 Banco Santander Chile 523,702 0.15

916,914 0.26 Oil & Gas (31 December 2016: 0.90%)

28,501 Empresas COPEC 310,811 0.09


14,410 ENTEL Chile 156,848 0.04


617,717 AES Gener SA 217,406 0.06 185,289 Aguas Andinas 108,415 0.03



HSBC ETFs PLC >177<



USD % of Net

Asset Value


Chile (continued) Utilities (31 December 2016: 0.33%) (continued)

669,145 Colbun 143,719 0.04 234,443 Empresa Nacional de Electricidad 176,416 0.05

3,207,236 Enersis 459,375 0.13

1,105,331 0.31 China

Basic Materials (31 December 2016: 0.38%) 382,024 Aluminum Corporation of China 195,748 0.05 328,119 China Shenhua Energy 730,512 0.21 81,882 Jiangxipper Copper 134,469 0.04

262,391 Yanzhou Coal Mining 235,285 0.07


26,000 Anta Sports Products 85,929 0.02 26,108 Chongqing Changan Automobile 34,447 0.01

278,460 Dongfeng Motor Group 329,239 0.09 9,522 Fuyao Glass Industry Group Co Ltd 36,471 0.01

333,782 Great Wall Automobiles 412,179 0.12 226,035 Guangzhou Automobile Group 396,682 0.11 46,801 Hengan International Group 345,322 0.10 55,141 Shenzou International Group 362,358 0.10

109,229 Tingyi Cayman Islands Holding 129,567 0.04 638,506 Want Want China Holding 431,044 0.12 27,380 Yum China Holding 1,079,593 0.31



1,741,775 Alibaba Pictures 290,056 0.08 82,172 China Southern Airline 69,473 0.02 24,550 Ctrip Com International 1,322,263 0.38

8,151 New Oriental Education & Technology 574,564 0.16 2,828 TAL Education 345,893 0.10

17,964 Vipshop Holdings 189,520 0.05


2,243,935 Agricultural Bank of China 1,060,677 0.30 5,578,753 Bank of China 2,737,047 0.77

897,783 China Citic Bank 549,725 0.16 6,376,889 China Construction Bank 4,942,090 1.40

368,247 China Evergrande Group 661,353 0.19 332,889 China Galaxy Securities 298,500 0.08 598,760 China Life Insurance 1,829,311 0.52 316,476 China Merchants Bank 954,725 0.27 592,732 China Minsheng Banking 591,483 0.17 226,999 China Pacific Insurance Group 927,601 0.26



>178< HSBC ETFs PLC



USD % of Net

Asset Value


China (continued) Financial (31 December 2016: 7.27%) (continued)

141,257 China Taiping Insurance Holdings 357,917 0.10 113,025 China Vanke 319,973 0.09 175,523 CITIC Securities 362,897 0.10 211,000 Country Garden Holdings 244,612 0.07 80,727 GF Securities 162,148 0.05

192,137 Guangzhou R&F Properties 298,797 0.08 224,151 Haitong Securities 362,365 0.10 25,198 Huatai Securities Co Ltd 48,418 0.01

5,713,920 Industrial & Commercial Bank of China 3,857,369 1.09 91,501 New China Life Insurance 465,332 0.13

563,875 People s Insurance Company Group of China 236,921 0.07 348,508 PICC Property & Casualty 582,152 0.16 411,735 Ping An Insurance 2,713,623 0.77 106,000 Soho China 52,277 0.02 38,000 Sunac China Holdings 79,442 0.02


125,954 3SBio Inc 167,155 0.05 111,532 China Medical System Holdings 192,877 0.05 241,467 Shandong Weigao Group Medical Polymer 189,611 0.05 105,760 Sinopharm Group 478,236 0.14


5,121 58 Com 225,887 0.06 67,295 AAC Technologies Holdings 841,355 0.24

123,323 Anhui Conch Cement 428,904 0.12 33,666 Beijing Capital International Airport 47,438 0.01 39,738 Byd 243,830 0.07

513,107 China Cinda Asset Management 191,270 0.05 403,643 China Communications Construction 520,166 0.15 363,818 China National Building Material 216,246 0.06 132,992 China Railway Construction 173,428 0.05 345,012 China Railway Group 271,804 0.08 309,080 CSR Corporation Limited 277,942 0.08 148,661 Fosun International 232,329 0.07 308,639 Fullshare Holdings Ltd 123,354 0.04 101,954 Jiangsu Expressway 143,924 0.04 156,986 Shanghai Electric Group 75,412 0.02 133,112 Sinopec Engineering Group 120,043 0.03 33,163 Sunny Optical Tech Group 297,371 0.08

213,872 Weichai Power 187,394 0.05 47,491 Zhuzhou CSR Times Electric 233,000 0.07

4,851,097 1.37 Oil & Gas (31 December 2016: 1.77%)

399,295 CGN Power 111,506 0.03



HSBC ETFs PLC >179<



USD % of Net

Asset Value


China (continued) Oil & Gas (31 December 2016: 1.77%) (continued)

184,252 China Conch Venture Holdings 337,516 0.10 35,221 China Gas Holdings 71,106 0.02

278,707 China Longyuan Power Group 202,788 0.06 1,847,451 China Petroleum & Chemical 1,441,241 0.41 1,389,994 CNOOC 1,522,388 0.43

718,908 Huaneng Renewables Corp Ltd 221,941 0.06 1,757,896 PetroChina 1,076,385 0.30


230,047 Alibaba Health Information Technology 109,624 0.03 20,544 Baidu 3,674,500 1.04

1,019,852 Hanergy Thin Film Power Group** - - 45,666 JD.Com 1,791,021 0.51 66,900 Kingsoft 174,396 0.05

621,345 Lenovo Group 392,397 0.11 6,017 NetEase 1,808,891 0.51

262,280 Semiconductor Manufacturing International 304,061 0.09 2,527 Sina Com 214,719 0.06


2,390 Weibo 158,863 0.04 5,199 YY Inc 301,698 0.09

18,200 ZTE 43,457 0.01


1,155,811 China Telecom 549,297 0.16



714,256 0.20 Colombia

Financial (31 December 2016: 0.31%) 37,871 Bancolombia 420,228 0.12

3,026 Grupo De Inv Suramerica 38,253 0.01 25,239 Grupo De Inv Suramericana 327,149 0.09


44,862 Cementos Argos 173,864 0.05 28,630 Inversiones Argos 194,361 0.05


49,901 Interconexion Electrica ESP 217,893 0.06

217,893 0.06



>180< HSBC ETFs PLC



USD % of Net

Asset Value


Czech Republic Financial (31 December 2016: 0.10%)

8,453 Komercni Banka 338,167 0.09 17,431 Moneta Money Bank 58,314 0.02


10,655 CEZ 185,208 0.05 185,208 0.05 Egypt

Financial (31 December 2016: 0.12%) 76,169 Commercial International Bank Egypt 336,119 0.10


233,457 Global Telecom 89,415 0.03 89,415 0.03 Greece

Consumer Goods (31 December 2016: 0.06%) 10,810 Jumbo 197,270 0.06


2,696 Folli Follie 65,803 0.02 14,853 Greek Organisation of Football Prognostics 167,712 0.05


79,986 Alpha Bank 197,053 0.06 43,156 Eurobank Ergasias 48,237 0.01

438,976 National Bank of Greece 166,724 0.05 612,469 Piraeus Bank 150,189 0.04


7,139 Titan Cement 201,687 0.06


16,771 OTE-Hellenic Telecom 201,611 0.06

201,611 0.06 Hong Kong

Consumer Goods (31 December 2016: 0.70%) 530,491 Belle International Holdings 418,606 0.12 301,584 Brilliance China Automotive Holdings 549,357 0.15 350,924 China Huishan Dairy** - - 282,534 China Mengniu Dairy 553,743 0.16 509,421 Geely Automobile Holdings 1,098,918 0.31 96,819 Haier Electronics Group 251,769 0.07


614,093 GOME Electrical Appliances Holding 75,518 0.02



HSBC ETFs PLC >181<



USD % of Net

Asset Value


Hong Kong (continued) Consumer Services (31 December 2016: 0.06%) (continued)

114,475 Sun Art Retail Group 91,211 0.03


83,984 China Everbright 182,891 0.05 221,515 China Everbright International 276,381 0.08 353,916 China Overseas Land & Investment 1,035,936 0.29 215,596 China Resources Land 628,302 0.18 142,059 Shimao Property Holdings 243,121 0.07




56,603 Beijing Enterprises Holdings 272,993 0.08 386,141 Beijing Enterprises Water Group 299,754 0.08 103,599 China Merchants Holdings International 287,316 0.08 159,590 China Resources Enterprise 402,734 0.11 143,659 China State Construction International Holdings 245,859 0.07 300,757 Citic Pacific 452,304 0.13 253,260 COSCO Pacific 297,172 0.08 103,107 Shanghai Industrial Holdings 305,103 0.09

2,563,235 0.72 Oil & Gas (31 December 2016: 0.06%)

235,771 Kunlun Energy 199,938 0.06


476,565 China Mobile 5,057,793 1.43 496,906 China Unicom Hong Kong 738,378 0.21


86,892 China Resources Gas Group 296,636 0.09 183,362 China Resources Power Holdings 359,844 0.10 402,027 GCL-Poly Energy Holdings 43,774 0.01 212,781 Guangdong Investment 293,286 0.08

993,540 0.28 Hungary

Financial (31 December 2016: 0.18%) 18,589 OTP Bank 620,754 0.18


11,930 Richter Gedeon Nyrt 311,093 0.09

311,093 0.09



>182< HSBC ETFs PLC



USD % of Net

Asset Value


Hungary (continued) Oil & Gas (31 December 2016: 0.05%)

2,232 MOL Hungarian Oil and Gas 174,806 0.05

174,806 0.05 Indonesia

Consumer Goods (31 December 2016: 0.73%) 1,629,218 Astra International 1,091,035 0.31

219,329 Charoen Pokphand Indonesia 52,333 0.01 22,580 Gudang Garam 132,659 0.04



126,168 Matahari Department Store 134,191 0.04 550,851 Surya Citra Media 107,050 0.03


897,761 Bank Central Asia 1,222,612 0.35 358,862 Bank Danamon Indonesia 137,998 0.04 903,659 Bank Mandiri 864,502 0.24 793,662 Bank Negara Indonesia Persero 393,035 0.11 633,462 Bank Rakyat Indonesia Persero 724,839 0.20 807,101 Bumi Serpong Damai 110,823 0.03

1,935,683 PT Lippo Karawaci 95,858 0.03 3,549,667 1.00

Healthcare (31 December 2016: 0.07%) 1,834,337 Kalbe Farma 223,658 0.06


168,227 Semen Gresik Persero 126,225 0.04 156,877 United Tractors 323,112 0.09


247,928 Tower Bersama Infrastructure 126,499 0.04 126,499 0.04

Telecommunications (31 December 2016: 0.41%) 4,146,735 Telekomunikasi Indonesia 1,406,358 0.40


1,071,705 Perusahaan Gas Negara 180,929 0.05

180,929 0.05 Malaysia


487,914 0.14



HSBC ETFs PLC >183<



USD % of Net

Asset Value

Equities (continued) Malaysia (continued) Consumer Goods (31 December 2016: 0.28%)

15,760 British American Tobacco Malaysia 159,412 0.04 52,835 Genting Plantations 135,883 0.04

276,776 IOI 286,921 0.08 52,460 PPB Group 209,710 0.06




184,140 AMMB Holdings 209,335 0.06 171,373 CIMB Group Holdings 262,690 0.07 53,982 Hong Leong Financial Group 211,268 0.06

343,687 Malayan Banking 771,017 0.22 188,018 Public Bank Berhad 890,016 0.25


272,482 IHH Healthcare 364,989 0.10


125,816 Gamuda 161,203 0.05 111,278 Malaysia Airports Holdings 221,900 0.06 179,876 Sime Darby 398,081 0.11 93,626 Westports Holdings 79,391 0.02

860,575 0.24 Oil & Gas (31 December 2016: 0.14%)

590,237 Dialog Group 263,999 0.08 18,166 Petronas Dagangan 101,988 0.03

310,828 Sapurakencana Petroleum 115,131 0.03


235,433 Maxis 304,393 0.09





259,983 Tenaga Nasional 856,385 0.24 518,830 YTL 176,463 0.05 282,383 YTL Power International 95,385 0.03

1,484,844 0.42



>184< HSBC ETFs PLC



USD % of Net

Asset Value


Mexico Basic Materials (31 December 2016: 0.47%)

323,381 Grupo Mexico 912,447 0.26 12,623 Industrias Penoles 285,612 0.08 28,272 Mexichem 76,101 0.02

7,358 Southern Copper 254,808 0.07


27,307 Arca Continental 205,771 0.06 15,948 Coca-Cola Femsa 135,489 0.04

156,492 Fomento Economico Mexicano 1,545,574 0.44 15,993 Gruma 209,131 0.06 68,529 Grupo Bimbo 172,650 0.05

156,640 Kimberly-Clark de Mexico 332,324 0.09


19,153 El Puerto De Liverpool 151,501 0.04 168,584 Grupo Televisa 823,838 0.23 480,613 WalMart de Mexico 1,118,702 0.32


142,921 Fibra Uno Administration 271,791 0.08 160,356 Grupo Fin Santander 310,882 0.09 203,478 Grupo Financiero Banorte 1,297,218 0.36 200,517 Grupo Financiero Inbursa 343,432 0.10


275,868 Alfa 393,536 0.11 1,183,120 Cemex 1,114,501 0.32

26,095 Grupo Aeroportuario 552,068 0.16 7,395 Grupo Aeroportuario del Pacifico 83,507 0.02

55,718 Grupo Carso 235,281 0.07 84,413 OHL Mexico 122,191 0.03

3,647 Promotora y Operadora de Infraestructura 43,575 0.01


2,700,142 America Movil 2,178,045 0.62


Peru

Basic Materials (31 December 2016: 0.05%) 20,106 Cia de Minas Buenaventura 231,219 0.07


4,240 Credicorp 760,614 0.21

760,614 0.21



HSBC ETFs PLC >185<



USD % of Net

Asset Value


Philippines Consumer Goods (31 December 2016: 0.17%)





760,982 Ayala Land 599,466 0.17 46,934 Bank of the Philippine Islands 96,733 0.03

215,623 BDO Unibank 529,870 0.15 1,165,268 Megaworld Corporation 99,299 0.03

43,656 Metropolitan Bank & Trust 75,702 0.02 18,282 Security Bank 78,621 0.02

827,848 SM Prime Holdings 541,399 0.15


65,550 Aboitiz Equity Ventures 98,923 0.03 314,640 Alliance Global Group 89,167 0.03 19,659 Ayala 331,156 0.09




215,039 Aboitiz Power 165,775 0.04 1,123,014 Energy Development 134,646 0.04

300,421 0.08 Poland

Basic Materials (31 December 2016: 0.14%) 8,966 Grupa Azoty 153,048 0.05

13,334 KGHM Polska Miedz 397,866 0.11


91 Lpp 175,458 0.05


3,973 CCC S.A. 241,061 0.07 29,102 Cyfrowy Polt 193,605 0.05

8,436 Eurocash 70,522 0.02 505,188 0.14

Financial (31 December 2016: 0.49%) 134,541 Bank Millennium 270,294 0.08 12,892 Bank Pekao 433,870 0.12

2,899 Bank Zachodni WBK 267,596 0.07



>186< HSBC ETFs PLC



USD % of Net

Asset Value


Poland (continued) Financial (31 December 2016: 0.49%) (continued)

820 BRE Bank 102,182 0.03 61,404 Powszechna Kasa Oszczednosci Bank Polski 570,607 0.16 28,398 Powszechny Zaklad Ubezpieczen 341,468 0.10

1,986,017 0.56 Oil & Gas (31 December 2016: 0.17%)

67,447 Polish Oil & Gas 114,949 0.03 21,060 Polski Koncern Naftowy Orlen 635,497 0.18


208,147 Telekomunikacja Polska 287,947 0.08


63,058 PGE 205,925 0.06 93,244 Tauron Polska Energia 90,018 0.02

295,943 0.08 Qatar

Financial (31 December 2016: 0.62%) 16,116 Barwa Real Estate 142,210 0.04 33,562 Commercial Bank of Qatar 278,277 0.08 55,302 Ezdan Real Estate 190,212 0.05 39,452 Masraf Al Rayan 425,733 0.12 15,286 Qatar Insurance 281,466 0.08 12,443 Qatar National Bank 431,718 0.12


13,416 Qatar Industries 350,024 0.10 350,024 0.10

Telecommunications (31 December 2016: 0.09%) 9,542 Ooredoo QSC 239,567 0.07


Russia

Basic Materials (31 December 2016: 0.42%) 153,719 ALROSA 224,475 0.07

4,485 MMC Norilsk Nickel 610,524 0.17 17,146 Severstal 223,507 0.06


22,660 Magnit 770,440 0.22


114,298 Moscow Exchange 202,605 0.06 847,425 Sberbank of Russia 2,088,796 0.59

444,461,500 VTB Bank 478,442 0.13 2,769,843 0.78



HSBC ETFs PLC >187<



USD % of Net

Asset Value

Equities (continued) Russia (continued) Oil & Gas (31 December 2016: 2.43%)

864,553 Gazprom 1,733,227 0.49 30,721 Lukoil 1,496,430 0.42

8,283 NovaTek 922,726 0.26 52,379 Rosneft Oil 286,469 0.08

1,188,900 Surgutneftegas 544,209 0.16 90,316 Tatneft 570,678 0.16

107 Transneft 288,312 0.08


16,890 AFK Sistema 70,600 0.02 47,949 Mobile Telesystems OJSC 401,813 0.11 79,286 Rostelecom 95,354 0.03


4,050,321 Rushydro 54,158 0.02

54,158 0.02 South Africa

Basic Materials (31 December 2016: 0.42%) 7,209 Anglo American Platinum 164,923 0.05

33,273 AngloGold Ashanti 325,048 0.09 15,535 Exxaro Resources 110,266 0.03 58,288 Gold Fields 199,876 0.06 38,089 Impala Platinum Holdings 107,123 0.03

1,346 Mondi 34,836 0.01 44,372 Sappi 294,933 0.08 74,479 Sibanye Gold 85,549 0.02


225,734 Steinhoff International 1,155,159 0.33 18,987 Tiger Brands 533,129 0.15


25,263 Foschini Group 264,690 0.08 10,374 Massmart Holdings 83,530 0.02 18,654 Mr Price Group 222,097 0.06 32,192 Naspers 6,252,901 1.77 32,914 Pick n Pay Stores 148,235 0.04 37,045 Shoprite Holdings 563,712 0.16 11,391 Spar Group 133,980 0.04 38,433 Truworths International 209,728 0.06 82,134 Woolworths Holdings 386,458 0.11


47,289 Barclays Africa Group 518,817 0.15 28,555 Coronation Fund Manager 142,072 0.04



>188< HSBC ETFs PLC



USD % of Net

Asset Value


South Africa (continued) Financial (31 December 2016: 1.90%) (continued)

29,739 Discovery Holdings 290,343 0.08 297,491 FirstRand 1,070,536 0.30 261,204 Growthpoint Properties 488,019 0.14

7,116 Investec 52,409 0.01 26,809 MMI Holdings 41,413 0.01

4,651 Nedbank Group 74,114 0.02 8,946 PSG Group 163,865 0.05

474,326 Redefine Properties 380,836 0.11 43,371 Resilient Property 402,975 0.11 67,275 RMB Holdings 301,653 0.09

139,286 Sanlam 688,856 0.19 111,385 Standard Bank Group 1,224,491 0.35


26,413 Aspen Pharmacare Holdings 578,758 0.16 153,702 Life Healthcare Group Holdings 300,893 0.09 88,547 Netcare 173,884 0.05


20,589 Bidvest Group 247,618 0.07 18,727 Imperial Holdings 230,112 0.06 48,995 Remgro 798,204 0.23

1,275,934 0.36 Oil & Gas (31 December 2016: 0.47%)

48,006 Sasol 1,342,812 0.38


15,856 Bidvest Group 362,101 0.10


123,064 MTN Group 1,071,674 0.30 19,490 Telkom 91,556 0.03 28,827 Vodacom Group 361,413 0.10

1,524,643 0.43 South Korea

Basic Materials (31 December 2016: 1.17%) 11,970 Hanwha Chemical 315,950 0.09

1,103 Honam Petrochemical 331,628 0.09 3,977 Hyundai Steel 216,204 0.06

930 Korea Zinc 370,651 0.11 1,241 Kumho Petro Chemical 79,722 0.02 4,073 LG Chem 1,035,916 0.29 1,562 OCI Company 122,459 0.04 5,826 Pohang Iron Steel 1,461,401 0.41

3,933,931 1.11



HSBC ETFs PLC >189<



USD % of Net

Asset Value

Equities (continued) South Korea (continued) Consumer Goods (31 December 2016: 2.67%)

2,708 Amorepacific 719,514 0.20 1,223 Amorepacific 138,959 0.04 1,288 CJ 213,325 0.06

518 CJ CheilJedang 163,665 0.05 1,777 Coway 161,524 0.05


958 Hanssem 154,064 0.04 5,370 Hyundai Mobis 1,173,360 0.33

16,390 Hyundai Motor 1,997,386 0.57 21,643 Kia Motors 722,600 0.20 10,473 KT & G 1,070,962 0.30

9,914 LG Electronics 694,929 0.20 848 LG Household & Healthcare 736,715 0.21 752 Lotte Confectionery 130,137 0.04

1,532 N C Soft 508,145 0.14 242 Orion** 168,786 0.05


7,870 Cheil Communications 126,564 0.03 2,537 CJ E&M 168,076 0.05 1,936 E-Mart 396,794 0.11 2,999 Hotel Shilla 149,668 0.04 1,430 Hyundai Department Store 138,107 0.04 7,171 Kangwon Land 218,424 0.06 3,742 Korean Airlines 126,570 0.04 1,037 Lotte Shopping 275,077 0.08

701 Shinsegae Co Ltd 140,610 0.04 1,739,890 0.49

Financial (31 December 2016: 1.92%) 29,898 Brait 138,098 0.04 31,419 BS Financial Group 300,693 0.08 19,390 Daewoo Securities 187,265 0.05 21,143 DGB Financial Group 218,055 0.06

4,320 Dongbu Insurance 256,750 0.07 16,445 Hana Financial Holdings 650,383 0.18 24,816 Industrial Bank of Korea 309,075 0.09 34,117 KB Financial Group 1,720,536 0.49

3,631 Samsung Card 123,927 0.04 3,096 Samsung Fire & Marine 761,722 0.22 6,205 Samsung Life Insurance 634,519 0.18 8,148 Samsung Securities 294,116 0.08

30,375 Shinhan Financial Group 1,308,821 0.37 7,521 Woori Bank 121,280 0.03

18,459 Woori Investment & Security 239,581 0.07

7,264,821 2.05



>190< HSBC ETFs PLC



USD % of Net

Asset Value

Equities (continued) South Korea (continued) Healthcare (31 December 2016: 0.28%)

6,435 Celltrion 647,353 0.18 379 Hanmi Pharmaceuticals 123,556 0.04 193 Samsung Biologics 49,256 0.01

1,016 Yuhan Corporation 218,447 0.06


6,186 Cheil Industries 800,182 0.23 599 CJ Korea Express 94,498 0.03

3,550 Daelim Industrial 276,144 0.08 4,722 Daewoo International 92,034 0.02 7,992 GS Engineering and Construction 212,696 0.06 2,254 Hyosung 329,979 0.09 1,719 Hyudai Glovis 235,881 0.07 5,225 Hyundai Development 214,407 0.06 7,838 Hyundai Engineering & Construction 315,466 0.09 2,899 Hyundai Heavy Industries 447,208 0.13


1,166 Korea Aerospace Industries 58,089 0.02 4,203 LG 283,959 0.08 1,329 LG Innotek 191,658 0.05 5,804 Samsung Electro Mechanics 517,422 0.15

26,838 Samsung Heavy Industries 292,036 0.08 5,096 Samsung SDI 763,854 0.21

5,538,426 1.57 Oil & Gas (31 December 2016: 0.40%)

5,864 Doosan Heavy Industries & Construction 107,373 0.03 6,349 GS Holdings 378,448 0.11 4,358 SK Innovation 603,717 0.17 3,831 S-Oil 317,422 0.09


2,367 Daum Kakao 209,982 0.06 14,990 LG Display 486,063 0.14

2,299 Naver 1,683,837 0.48 8,661 Samsung Electronics 17,442,050 4.93 2,356 Samsung SDS 379,917 0.11 2,831 SK C&C 687,863 0.19

41,460 Sk hynix 2,442,341 0.69


17,952 LG Uplus 244,768 0.07 714 SK Telecom 165,996 0.05


21,614 Korea Electric Power 770,748 0.22

770,748 0.22



HSBC ETFs PLC >191<



USD % of Net

Asset Value



684,818 China Steel 557,174 0.16 267,070 Formosa Chemicals & Fibre 838,435 0.24 348,615 Formosa Plastics 1,062,347 0.30 434,953 Nan Ya Plastics 1,079,518 0.30


70,484 Cheng Shin Rubber Industry 149,912 0.04 395,163 China Airlines 119,900 0.03 14,705 Eclat Textile Company 179,341 0.05

413,703 Far Eastern New Century 336,593 0.10 55,967 Feng Tay Enterprise 247,454 0.07 20,812 Giant Manufacturing 119,043 0.03

7,501 Largan Precision 1,195,919 0.34 214,813 Pou Chen 297,292 0.08 71,632 Standard Foods 192,384 0.05

311,331 Teco Electric and Machinery 299,357 0.09 350,448 Uni-President Enterprises 702,739 0.20 226,625 Yulon Motor 203,381 0.06


18,282 Hotai Motor 228,976 0.06 49,671 President Chain Store 446,582 0.13

183,054 Ruentex Development 206,402 0.06 881,960 0.25

Financial (31 December 2016: 2.07%) 722,673 Cathay Financials Holding 1,190,201 0.33 597,726 Chang Hwa Commercial Bank 342,877 0.10

1,611,495 China Development Financials Holding 467,768 0.13 70,781 China Life Insurance/Taiwan 70,502 0.02

1,301,036 Chinatrust Financial Holding 853,244 0.24 583,717 E.Sun Financial Holding 358,827 0.10 639,605 First Financial Holding 427,875 0.12 522,323 Fubon Financials Holding 831,905 0.23 76,765 Highwealth Construction 127,185 0.04

671,228 Hua Nan Financials Holdings 389,453 0.11 760,970 Mega Financial Holding 632,891 0.18 690,337 SinoPac Financial Holdings 211,050 0.06

1,148,727 Taishin Financial Holding 523,007 0.15 255,037 Taiwan Cooperative Financial Holding 135,399 0.04

1,187,036 Yuanta Financials Holding 522,889 0.15


9,963 OBI Pharma 78,931 0.02

78,931 0.02



>192< HSBC ETFs PLC



USD % of Net

Asset Value

Equities (continued) Taiwan (continued) Industrial (31 December 2016: 1.53%)

47,809 Catcher Technology 571,288 0.16 178,203 Delta Electronics 975,371 0.28 18,065 Hiwin Technologies 122,037 0.03

1,220,359 Hon Hai Precision Industry 4,693,688 1.33 99,426 Taiwan Cement 115,049 0.03

6,477,433 1.83 Oil & Gas (31 December 2016: 0.09%)

77,565 Formosa Petrochemical 267,729 0.08 267,729 0.08

Technology (31 December 2016: 5.44%) 407,517 Acer 213,672 0.06 599,678 Advanced Semiconductor Engineering 769,804 0.22 58,038 Asustek Computer 548,518 0.16


453,285 Compal Electronics 305,468 0.09 700,152 Innolux Crop 365,957 0.10 224,186 Inventec 182,768 0.05 45,624 Lite-On Technology 74,990 0.02

120,217 MediaTek 1,029,472 0.29 90,274 Novatek Microelectronics 365,013 0.10

137,081 Pegatron 429,448 0.12 107,240 Quanta Computer 253,822 0.07 224,416 Siliconware Precision Industries 362,592 0.10 172,868 Synnex Technology International 193,780 0.06

1,872,718 Taiwan Semiconductor Manufacturing 12,835,690 3.63 1,258,324 United Microelectronics 610,134 0.17

73,188 Vanguard International Semiconductors 144,355 0.04 291,722 Wistron 296,805 0.09 247,550 WPG Holdings 330,392 0.09


230,630 Chunghwa Telecom 818,805 0.23 176,054 Far EasTone Telecommunicationcations 448,527 0.13 79,486 Taiwan Mobile 299,183 0.08

1,566,515 0.44 Thailand

Basic Materials (31 December 2016: 0.16%) 258,715 Banpu 126,425 0.04 168,784 Indorama Ventures 188,808 0.05 735,121 IRPC 115,776 0.03 63,218 PTT Global Chemical 127,478 0.04


339,111 Charoen Pokphand Foods 247,570 0.07

247,570 0.07



HSBC ETFs PLC >193<



USD % of Net

Asset Value

Equities (continued) Thailand (continued) Consumer Services (31 December 2016: 0.44%)

164,441 BEC World 101,656 0.03 466,930 CP ALL 862,522 0.24 344,764 Home Product Center 97,431 0.03 305,067 Minor International 361,464 0.10 23,513 Robinson Department Store 40,319 0.01


148,489 Central Pattana 302,704 0.09 302,704 0.09

Healthcare (31 December 2016: 0.09%) 53,852 Bumrungrad Hospital Public 271,876 0.08


477,470 Airports of Thailand 664,129 0.19 57,451 Delta Electronics 146,714 0.04 43,585 KCE Electronics Public Co Ltd 139,210 0.04 31,007 Siam Cement 458,214 0.13

1,408,267 0.40 Oil & Gas (31 December 2016: 0.40%)

96,277 Energy Absolute 97,779 0.03 113,748 PTT Exploration & Production 288,807 0.08 79,413 PTT Public Company Limited 864,964 0.24


86,995 Advanced Info Service 454,566 0.13 243,822 True Corporation 44,501 0.01 760,489 True Corporation 138,800 0.04


10,078 Electricity Generating 63,488 0.02

63,488 0.02 Turkey

Consumer Goods (31 December 2016: 0.19%) 22,675 Anadolu Efes Biracilik Ve Malt Sanayii 140,586 0.04 46,552 Arcelik 344,394 0.10

8,571 Coca-Cola Icecek 98,252 0.03 98,946 Turk Sise Ve Cam Fabrikalari 129,211 0.03


25,422 BIM Birlesik Magazalar 470,905 0.13 77,560 Turk Hava Yollari 177,246 0.05

648,151 0.18



>194< HSBC ETFs PLC



USD % of Net

Asset Value

Equities (continued) Turkey (continued) Financial (31 December 2016: 0.56%)

158,850 Akbank TAS 441,933 0.13 196,631 Emlak Konut Gayrimenkul Yatirim Ortakligi 164,113 0.05 58,884 Haci Omer Sabanci Holding 182,709 0.05 45,645 KOC Holding 209,660 0.06

140,772 Turkiye Garanti Bankasi 391,239 0.11 69,415 Turkiye Halk Bankasi 259,133 0.07

172,834 Turkiye Is Bankasi 365,534 0.10 57,379 Turkiye Vakiflar Bankasi 105,390 0.03


16,267 Tav Havalimanlari Holding 87,141 0.02 87,141 0.02

Oil & Gas (31 December 2016: 0.06%) 9,595 Tupras Turkiye Petrol Rafinerileri 275,657 0.08


79,910 Turkcell Iletisim Hizmetleri 262,695 0.07

262,695 0.07 United Arab Emirates

Financial (31 December 2016: 0.53%) 114,778 Abu Dhabi Commercial Bank 219,059 0.06 245,602 Aldar Properties 153,796 0.04 109,582 Dubai Islamic Bank 170,059 0.05 173,261 Emaar Malls 118,874 0.04 283,843 Emaar Properties 601,233 0.17 125,805 National Bank Of Abu Dhabi 359,643 0.10


19,563 DP World 409,258 0.12


117,432 Emirates Telecommunications 553,118 0.16

553,118 0.16


Futures (31 December 2016: nil)

81 NYF Mini MSCI Emerging Market Index Future Sep 17*** 12,503 -

Total futures (Notional amount: USD 4,083,615) 12,503 -



HSBC ETFs PLC >195<


Fair Value

USD % of Net

Asset Value Total unrealised gain on contracts for difference

(31 December 2016: Nil) Total financial assets at fair value through profit or loss 316,259,546 89.45



498,800 Bank of Communications (10,158) (0.01) 133,700 Kasikorn Bank (43,909) (0.01) 143,912 Siam Commercial Bank (4,855) -

(58,922) (0.02) Total unrealised loss on contracts for difference (31 December 2016: (0.05%)) (58,922) (0.02)

(58,922) (0.02) Futures (31 December 2016: (0.14%))

512 ICF MSCI India Future Sep 17 (614,042) (0.17)

(614,042) (0.17)

Total futures* (Notional amount: USD 30,958,438) (614,042) (0.17)

Total financial liabilities at fair value through profit or

loss (672,964) (0.19)

Other net assets 37,983,657 10.74 Net assets attributable to holders of redeemable

participating shares 353,570,239 100.00


USD % of Total

Assets * Transferable securities admitted to an official stock exchange listing or dealt in on another regulated market 316,078,257 88.97 ** Transferable securities other than those referred above 168,786 0.05 *** Financial derivative instruments dealt in on a regulated market 12,503 - Other assets 38,994,623 10.98

Total assets 355,254,169 100.00 With the exception of the Warrants and the Contracts for Differences, all other equity positions (with the exception of the investment held in China Huishan Dairy and Hanergy Thin Film Power Group) and futures held by the Fund at 30 June 2017 and 31 December 2016 have been classified as Level 1. The Warrants and the Contracts for Differences have been classified as Level 2. Investment in China Huishan Dairy, Hanergy Thin Film Power Group and Orion have been classified as Level 3. See Note 6 (d) for further details. The schedule of investments form an integral part of the financial statements.



>196< HSBC ETFs PLC



USD % of Net

Asset Value

Equities

Cayman Island Consumer Goods (31 December 2016: Nil)

20,000 Minth 84,802 0.04


3,751 TAL Education Group 458,785 0.22


76,890 3SBio 102,041 0.05

102,041 0.05 Technology (31 December 2016: Nil)

3,000 Momo 110,880 0.05

110,880 0.05 China

Basic Materials (31 December 2016: 0.44%) 305,207 China Coal Energy 147,785 0.07 187,638 China Shenhua Energy 417,750 0.20 129,835 Jiangxipper Copper 213,219 0.10 41,327 Sinopec Shanghai Petrochemical 22,128 0.01 65,641 Yanzhou Coal Mining 58,859 0.03


17,022 Anta Sports Products 56,257 0.03 289,779 AviChina Industry & Technology 170,011 0.08

8,000 Chongqing Changan Automobile 10,555 0.01 211,098 Dongfeng Motor Group 249,592 0.12 147,869 Great Wall Automobiles 182,599 0.09 170,879 Guangzhou Automobile Group 299,886 0.14 40,870 Hengan International Group 301,560 0.15 11,284 Shenzou International Group 74,153 0.04





1,632,477 Alibaba Pictures 271,855 0.13 80,977 China Southern Airline 68,462 0.03 19,079 Ctrip Com International 1,027,595 0.50

5,305 New Oriental Education and Technology 373,949 0.18 18,803 Vipshop Holdings 198,371 0.09 22,454 Yum China Holding 885,361 0.43


1,137,726 Agricultural Bank of China 537,787 0.26 4,605,583 Bank of China 2,259,591 1.09


HSBC MSCI AC FAR EAST ex JAPAN UCITS ETF (continued)

HSBC ETFs PLC >197<



USD % of Net

Asset Value


China (continued) Financial (31 December 2016: 9.64%) (continued)

665,799 China Citic Bank 407,678 0.20 4,855,837 China Construction Bank 3,763,274 1.81

134,081 China Evergrande Group 240,803 0.12 150,546 China Galaxy Securities 134,994 0.07 123,053 China Huarong Asset Management 47,762 0.02 431,100 China Life Insurance 1,317,082 0.63 243,301 China Merchants Bank 733,975 0.35 394,400 China Minsheng Banking 393,569 0.19 131,706 China Pacific Insurance Group 538,199 0.26 115,514 China Taiping Insurance Holdings 292,690 0.14 113,623 China Vanke 321,666 0.15 287,054 Chongqing Rural Commercial Bank 193,785 0.09 92,342 CITIC Securities 190,919 0.09

351,342 Country Garden Holdings 407,310 0.20 115,879 Far East Horizon 101,088 0.05 108,327 GF Securities 217,585 0.10 181,528 Haitong Securities 293,460 0.14 55,851 Huatai Secutiries Co Ltd 107,317 0.05

4,245,122 Industrial & Commercial Bank of China 2,865,809 1.38 28,861 New China Life Insurance 146,774 0.07

539,501 People s Insurance Company Group of China 226,680 0.11 206,013 PICC Property & Casualty 344,127 0.17 303,399 Ping An Insurance 1,999,613 0.96 19,320 Shanghai Lujiazui 30,989 0.02

295,452 Sino-Ocean Land Holdings 144,576 0.07 208,040 Soho China 102,602 0.05 23,900 Sunac China Holdings 49,965 0.03


11,533 China Medical System Holdings 19,944 0.01 142,622 Shandong Weigao Group Medical Polymer 111,994 0.05

4,893 Shanghai Fosun Pharmace 18,960 0.01 7,163 Shanghai Pharmaceuticals Holding 21,334 0.01

63,171 Sinopharm Group 285,653 0.14


5,052 58 Com 222,843 0.11 52,168 AAC Technologies Holdings 652,229 0.31 80,688 Anhui Conch Cement 280,624 0.14

6,694 Autohome 303,640 0.15 86,335 Beijing Capital International Airport 121,654 0.06 49,216 Byd 301,987 0.15

683,587 China Cinda Asset Management 254,820 0.12 325,516 China Communications Construction 419,485 0.20 226,369 China National Building Material 134,549 0.06



>198< HSBC ETFs PLC



USD % of Net

Asset Value


China (continued) Industrial (31 December 2016: 2.09%) (continued)

29,074 China Railway Construction 37,914 0.02 251,464 China Railway Group 198,106 0.10 229,789 CSR Corporation Limited 206,639 0.10 170,584 Fosun International 266,590 0.13 315,133 Fullshare Holdings 125,949 0.06 107,007 Jiangsu Expressway 151,057 0.07 12,502 Shanghai Electric Group 6,006 - 28,622 Sunny Optical Technology 256,652 0.12

113,097 Zhejiang Expressway 147,774 0.07 39,131 Zhuzhou CSR Times Electric 191,985 0.09

4,280,503 2.06 Oil & Gas (31 December 2016: 2.26%)

608,316 CGN Power 169,876 0.08 176,188 China Conch Venture Holdings 322,744 0.16 137,502 China Gas Holdings 277,595 0.13 218,998 China Longyuan Power Group 159,344 0.08 116,065 China Oilfield Services 93,073 0.04

1,492,184 China Petroleum & Chemical 1,164,089 0.56 969,873 CNOOC 1,062,252 0.51 400,000 Huaneng Renewables Corp Ltd 123,488 0.06

1,179,135 PetroChina 722,001 0.35


226,293 Alibaba Health Information Technology 107,835 0.05 15,044 Baidu 2,690,770 1.30

296,835 China Communications Services 171,109 0.08 563,281 Hanergy Thin Film Power Group** - - 33,463 JD Com 1,312,419 0.63 97,290 Kingsoft 253,617 0.12

404,882 Lenovo Group 255,695 0.12 4,282 NetEase 1,287,298 0.62

131,623 Semiconductor Manufacturing 152,590 0.07 2,233 Sina.Com 189,738 0.09

319,374 Tencent Holdings 11,422,506 5.50 9,198 Travelsky Technology 27,100 0.02 2,992 Weibo 198,878 0.10 4,182 YY Inc 242,681 0.12


964,292 China Telecom 458,278 0.22



498,436 0.24



HSBC ETFs PLC >199<



USD % of Net

Asset Value

Equities (continued) Hong Kong

Basic Materials (31 December 2016: 0.07%) 136,969 Nine Dragons Paper Holdings 182,475 0.09


312,050 Belle International Holdings 246,236 0.12 200,820 Brilliance China Automotive Holdings 365,808 0.18 548,552 China Huishan Dairy** - - 177,790 China Mengniu Dairy 348,454 0.17 308,171 Geely Automobile Holdings 664,784 0.32 97,293 Haier Electronics Group 253,002 0.12

388,685 Li & Fung 141,404 0.07 58,280 Techtronic Industries 268,016 0.13 54,540 Yue Yuen Industrial Holdings 226,364 0.10


157,130 Galaxy Entertainment Group 954,078 0.46 819,732 GOME Electrical Appliances Holding 100,807 0.05

6,450 Melco Crown Entertainment 144,802 0.07 24,516 MGM China Holdings 54,519 0.03 98,997 MTR 557,349 0.27

154,717 Sands China 708,534 0.34 56,582 Shangri-La Asia 95,965 0.05

128,957 SJM Holdings 135,954 0.07 124,033 Sun Art Retail Group 98,827 0.05 388,732 WH Group 392,395 0.18 24,002 Wynn Macau 56,081 0.02


675,299 AIA Group 4,935,125 2.38 61,094 Bank of East Asia 262,565 0.13

197,379 BOC Hong Kong Holdings 944,361 0.45 163,151 Cheung Kong Property Holdings 1,278,005 0.62 94,329 China Everbright 205,419 0.10

161,294 China Everbright International 201,244 0.10 257,602 China Overseas Land & Investment 754,018 0.36 151,067 China Resources Land 440,248 0.21 151,756 CK Hutchison Holdings 1,905,103 0.92 18,172 Hang Lung Group 75,189 0.04

152,488 Hang Lung Properties 380,905 0.18 47,451 Hang Seng Bank 992,608 0.48 74,769 Henderson Land Development 417,115 0.20 68,131 Hong Kong Exchanges and Clearing 1,761,215 0.85 47,083 Hongkong Land Holdings 346,531 0.17 57,273 Hysan Development 273,289 0.13 53,181 Kerry Properties 180,530 0.09

128,691 Link REIT 979,222 0.47



>200< HSBC ETFs PLC



USD % of Net

Asset Value

Equities (continued) Hong Kong (continued) Financial (31 December 2016: 9.28%) (continued)

427,405 New World Development 542,575 0.26 97,252 Shimao Property Holdings 166,438 0.08

122,042 Sino Land 200,109 0.09 76,639 Sun Hung Kai Properties 1,126,055 0.54 69,680 Swire Properties 229,843 0.11 57,977 Wheelock & Co 437,439 0.21




45,456 Beijing Enterprises Holdings 219,231 0.11 92,385 Beijing Enterprises Water Group 71,717 0.03 37,074 Cheung Kong Infrastructure Holdings 311,544 0.15 92,552 China Merchants Holdings International 256,679 0.12 75,740 China Resources Enterprise 191,134 0.09

152,754 China State Construction International Holdings 261,424 0.13 222,973 Citic Pacific 335,326 0.16 12,668 Jardine 813,286 0.39 11,227 Jardine Strategic 468,054 0.23 19,547 NWS Holdings 38,461 0.02 16,831 Shanghai Industrial Holdings 49,804 0.02 26,438 Swire Pacific 258,235 0.12 67,236 Wharf Holdings 557,253 0.27

296,064 Yangzijiang Shipbuilding Holdings 255,886 0.13

4,088,034 1.97 Oil & Gas (31 December 2016: 0.09%)

209,143 Kunlun Energy 177,357 0.09 177,357 0.09

Technology (31 December 2016: 0.13%) 20,036 ASM Pacific Technology 270,776 0.13


356,222 China Mobile 3,780,591 1.82 281,778 China Unicom Hong Kong 418,708 0.20 199,732 HKT Trust 261,996 0.13 411,035 PCCW 233,780 0.11


29,138 China Power International Development 10,339 - 30,795 China Resources Gas Group 105,129 0.05

129,074 China Resources Power Holdings 253,305 0.12 99,777 CLP Holdings 1,055,740 0.51

1,160,855 GCL-Poly Energy Holdings 126,399 0.06 130,418 Guangdong Investment 179,761 0.09



HSBC ETFs PLC >201<



USD % of Net

Asset Value

Equities (continued) Hong Kong (continued) Utilities (31 December 2016: 1.86%) (continued)

542,987 HK & China Gas 1,021,085 0.49 17,665 HK Electric Investments 16,247 0.01 90,502 Power Assets Holdings 799,353 0.39

3,567,358 1.72 Indonesia

Consumer Goods (31 December 2016: 0.90%) 1,176,530 Astra International 787,884 0.38

539,100 Charoen Pokphand Indonesia 128,632 0.06 4,104 Gudang Garam 24,111 0.01



222,407 Matahari Department Store 236,550 0.11 804,130 Media Nusantara Citra 111,019 0.06


563,252 Bank Central Asia 767,062 0.37 422,901 Bank Mandiri 404,576 0.19 710,145 Bank Negara Indonesia Persero 351,676 0.17 620,458 Bank Rakyat Indonesia Persero 709,959 0.34

1,594,198 PT Lippo Karawaci 78,947 0.04 411,700 PT Summarecon Agung 39,849 0.02


1,517,129 Kalbe Farma 184,981 0.09


142,202 AKR Corporindo 69,621 0.03 96,373 Indocement Tunggal Prakarsa 133,415 0.06

187,020 Jasa Marga Persero 75,075 0.04 280,299 Semen Gresik Persero 210,316 0.10 133,491 United Tractors 274,945 0.14


2,820,333 Telekomunikasi Indonesia 956,511 0.46


692,233 Perusahaan Gas Negara 116,865 0.06

116,865 0.06 Malaysia


186,206 0.09



>202< HSBC ETFs PLC



USD % of Net

Asset Value

Equities (continued) Hong Kong (continued)

Consumer Goods (31 December 2016: 0.31%) 11,513 British American Tobacco Malaysia 116,454 0.06

229,801 IOI 238,225 0.11 34,607 Kuala Lumpur Kepong 200,581 0.10




166,894 Alliance Financial Group 149,684 0.07 156,168 AMMB Holdings 177,536 0.09 107,060 CIMB Group Holdings 164,107 0.08 263,851 Malayan Banking 591,915 0.28 163,511 Public Bank Berhad 774,008 0.37


12,219 Hartalega Holdings 21,007 0.01 182,196 IHH Healthcare 244,051 0.12


174,366 IJM 140,544 0.07 15,033 Malaysia Airports Holdings 29,977 0.01 56,240 MISC 97,737 0.05

167,252 Sime Darby 370,143 0.18

638,401 0.31 Oil & Gas (31 December 2016: 0.11%)

143,613 Dialog Group 64,235 0.03 388,673 Sapurakencana Petroleum 143,965 0.07


149,809 Maxis 193,689 0.09





218,535 Tenaga Nasional 719,855 0.35 114,975 YTL Power International 38,837 0.02

1,150,091 0.55



HSBC ETFs PLC >203<



USD % of Net

Asset Value

Equities (continued) Philippines

Basic Materials (31 December 2016: 0.07%) 453,304 DMCI 126,666 0.06






533,442 Ayala Land 420,220 0.20 87,853 BDO Unibank 215,889 0.10

3,600 GT Capital Holdings 86,326 0.04 897,165 Megaworld Corporation 76,453 0.04 543,627 SM Prime Holdings 355,523 0.18


180,767 Aboitiz Equity Ventures 272,798 0.13 116,798 Alliance Global Group 33,100 0.02 13,313 Ayala 224,258 0.11 80,132 International Container Terminal 155,309 0.07




1,086,054 Metro Pacific 137,532 0.07

137,532 0.07 Singapore

Consumer Goods (31 December 2016: 0.25%) 426,725 Golden Agri-Resources 116,223 0.06 122,003 Wilmar International 296,844 0.14


23,310 City Developments 181,658 0.09 111,725 ComfortDelGro 186,634 0.09 518,891 Genting Singapore PLC 408,902 0.20

6,890 Jardine Cycle & Carriage 221,935 0.11 30,512 Singapore Airlines 224,267 0.10 56,163 Singapore Press Holdings 131,755 0.06


114,947 Ascendas Real Estate Investment Trust 217,897 0.10



>204< HSBC ETFs PLC



USD % of Net

Asset Value

Equities (continued) Singapore (continued) Financial (31 December 2016: 2.81%) (continued)

84,940 CapitaCommercial Trust 102,408 0.05 149,959 CapitaLand 381,201 0.18 136,175 CapitaMall Trust 195,334 0.09 108,442 DBS Group Holdings 1,633,502 0.79 187,356 Global Logistic Properties 389,177 0.19 123,958 Hutchison Port Holdings Trust 53,302 0.03 169,792 Oversea-Chinese Banking 1,330,614 0.64 52,510 Singapore Exchange 279,931 0.13 33,906 Suntec Real Estate Investment Trust 46,050 0.02 64,822 United Overseas Bank 1,088,488 0.53 46,782 UOL Group 259,589 0.13


49,320 Keppel 225,313 0.11 47,335 SATS 175,678 0.08 56,458 SembCorp Industries 126,296 0.06 81,484 Singapore Technologies Engineering 217,788 0.11


439,254 Singapore Telecommunications 1,241,020 0.60 1,241,020 0.60 South Korea

Basic Materials (31 December 2016: 1.51%) 8,972 Hanwha Chemical 236,817 0.11 1,294 Honam Petrochemical 389,054 0.19 4,660 Hyundai Steel 253,334 0.12

582 Korea Zinc 231,956 0.11 982 Kumho Petro Chemical 63,084 0.03

2,672 LG Chem 679,589 0.33 1,331 OCI Company 104,349 0.05 4,114 Pohang Iron Steel 1,031,961 0.50


3,426 Amorepacific 715,018 0.34 145 CJ 24,016 0.01 389 CJ CheilJedang 122,907 0.06

2,706 Coway 245,968 0.12 536 Dongsuh Companies 14,335 0.01


732 Hanssem 117,719 0.06 4,002 Hyundai Mobis 874,448 0.42

13,093 Hyundai Motor 1,614,637 0.78 10,111 Kia Motors 337,578 0.16

7,338 KT & G 750,379 0.36



HSBC ETFs PLC >205<



USD % of Net

Asset Value

Equities (continued) South Korea (continued) Consumer Goods (31 December 2016: 3.60%) (continued)

7,176 LG Electronics 503,007 0.24 625 LG Household & Healthcare 542,980 0.26

1,258 N C Soft 417,263 0.20 310 Orion** 216,213 0.10

15 Ottogi Corporation 10,357 0.01


237 BGF Retail 20,921 0.01 9,055 Cheil Communications 145,621 0.07

239 CJ E&M 15,834 0.01 1,473 E-Mart 301,900 0.15 2,780 GS Retail 125,375 0.06 1,533 Hotel Shilla 76,506 0.04

154 Hyundai Department Store 14,873 0.01 5,401 Kangwon Land 164,511 0.08

846 Korean Airlines 28,615 0.01 804 Lotte Shopping 213,271 0.10

80 Shinsegae Co Ltd 16,047 -


20,195 BS Financial Group 193,275 0.09 10,091 Daewoo Securities 97,457 0.05

3,572 Dongbu Insurance 212,294 0.10 18,810 Hana Financial Holdings 743,917 0.36

6,646 Hyundai Marine & Fire Insurance 228,572 0.11 9,069 Industrial Bank of Korea 112,951 0.05

21,117 KB Financial Group 1,064,940 0.51 646 Korea Investment Holdings 39,579 0.02

2,069 Samsung Fire & Marine 509,045 0.25 4,697 Samsung Life Insurance 480,312 0.23 5,113 Samsung Securities 184,562 0.09

20,822 Shinhan Financial Group 897,194 0.43 26,198 Woori Bank 422,456 0.21


4,483 Celltrion 450,984 0.22 279 Hanmi Pharm Company 90,956 0.04 275 HANMI Science 20,286 0.01 560 Medytox 274,090 0.13 844 Samsung Biologics 215,398 0.10 269 Yuhan Corporation 57,837 0.03


4,653 Cheil Industries 601,883 0.29 2,067 Daelim Industrial 160,786 0.08



>206< HSBC ETFs PLC



USD % of Net

Asset Value

Equities (continued) South Korea (continued) Industrial (31 December 2016: 1.83%) (continued)

4,016 GS Engineering and Construction 106,880 0.05 2,172 Hyosung 317,974 0.15 1,203 Hyudai Glovis 165,075 0.08 5,002 Hyundai Development 205,256 0.10 5,739 Hyundai Engineering & Construction 230,985 0.11 2,057 Hyundai Heavy Industries 317,319 0.15

437 Hyundai Robotics 147,621 0.07 307 KCC 117,122 0.06 553 KEPCO Plant Service & Engineering 21,339 0.01

2,843 Korea Aerospace Industries 141,634 0.07 6,687 LG 451,781 0.22 4,805 Samsung Electro Mechanics 428,362 0.21

18,397 Samsung Heavy Industries 200,186 0.10 3,961 Samsung SDI 593,726 0.28

4,207,929 2.03 Oil & Gas (31 December 2016: 0.61%)

3,574 Doosan Heavy Industries & Construction 65,442 0.03 4,494 GS Holdings 267,876 0.13 3,773 SK Innovation 522,677 0.25 4,059 S-Oil 336,314 0.16


2,264 Daum Kakao 200,844 0.10 14,850 LG Display 481,523 0.23

1,437 Naver 1,052,490 0.51 6,518 Samsung Electronics 13,102,893 6.31 1,694 Samsung SDS 273,166 0.13 2,126 SK C&C 516,565 0.25

31,990 Sk hynix 1,884,478 0.91


5,987 KT Corporation 99,624 0.05 12,610 LG Uplus 171,932 0.08

544 SK Telecom 126,473 0.06


12,304 Korea Electric Power 438,756 0.21 1,683 Korea Gas 78,255 0.04

517,011 0.25 Taiwan

Basic Materials (31 December 2016: 1.37%) 568,660 China Steel 462,667 0.22 191,533 Formosa Chemicals & Fibre 601,295 0.29 244,845 Formosa Plastics 746,125 0.36



HSBC ETFs PLC >207<



USD % of Net

Asset Value

Equities (continued) Taiwan (continued) Consumer Goods (31 December 2016: 1.36%) (continued)

271,311 Nan Ya Plastics 673,372 0.33


116,644 Cheng Shin Rubber Industry 248,089 0.12 49,388 China Airlines 14,985 0.01 10,912 Eclat Textile Company 133,082 0.06

213,014 Eva Airways 105,387 0.05 340,939 Far Eastern New Century 277,391 0.13

3,195 Feng Tay Enterprise 14,126 0.01 151,733 Formosa Taffeta 152,381 0.07

5,241 Largan Precision 835,597 0.40 217,869 Pou Chen 301,522 0.15 246,742 Teco Electric and Machinery 237,252 0.12 247,716 Uni-President Enterprises 496,735 0.24


19,400 Hotai Motor 242,978 0.12 19,347 Nien Made Enterprise 214,649 0.10 35,102 President Chain Store 315,595 0.15


506,300 Cathay Financials Holding 833,847 0.40 127,461 Chang Hwa Commercial Bank 73,116 0.04

1,130,556 China Development Financials Holding 328,166 0.16 72,385 China Life Insurance/Taiwan 72,099 0.03

1,172,732 Chinatrust Financial Holding 769,099 0.37 347,383 E.Sun Financial Holding 213,546 0.10 585,186 First Financial Holding 391,471 0.19 437,556 Fubon Financials Holding 696,896 0.34 58,234 Highwealth Construction 96,482 0.05

228,326 Hua Nan Financials Holdings 132,477 0.06 606,115 Mega Financial Holding 504,100 0.24 472,509 Shin Kong Financial Holding 125,816 0.06 686,676 SinoPac Financial Holdings 209,931 0.10 677,912 Taishin Financial Holding 308,648 0.15 419,227 Taiwan Business Bank 117,141 0.06 156,357 Taiwan Cooperative Financial Holding 83,010 0.04 808,143 Yuanta Financials Holding 355,987 0.17


9,333 OBI Pharma 73,940 0.04 73,940 0.04

Industrial (31 December 2016: 2.05%) 53,301 Asia Cement 45,732 0.02 23,820 Catcher Technology 284,634 0.14



>208< HSBC ETFs PLC



USD % of Net

Asset Value

Equities (continued) Taiwan (continued) Industrial (31 December 2016: 2.05%) (continued)

107,813 Delta Electronics 590,101 0.28 11,447 Hiwin Technologies 77,329 0.04

893,423 Hon Hai Precision Industry 3,436,242 1.66 231,514 Taiwan Cement 267,893 0.13 109,056 Taiwan High Speed Rail 91,239 0.04

4,793,170 2.31 Oil & Gas (31 December 2016: 0.06%)

38,501 Formosa Petrochemical 132,893 0.06 132,893 0.06

Technology (31 December 2016: 7.35%) 207,025 Acer 108,549 0.05 376,598 Advanced Semiconductor Engineering 483,437 0.23



366,778 Compal Electronics 247,171 0.12 44,445 Foxconn Technology 134,124 0.06 10,000 Globalwafers 69,855 0.03

460,290 Innolux Crop 240,586 0.12 156,829 Lite-On Technology 257,773 0.12 83,677 MediaTek 716,563 0.35 39,800 Novatek Microelectronics 160,927 0.08

113,111 Pegatron 354,355 0.17 8,822 Phison Electronics 108,897 0.05

50,378 Powertech Technology 155,506 0.07 182,318 Quanta Computer 431,522 0.21

5,278 Realtek Semiconductor 18,999 0.01 201,652 Siliconware Precision Industries 325,812 0.16

1,365,551 Taiwan Semiconductor Manufacturing 9,359,546 4.51 31,204 Transcend Information 104,629 0.05

764,555 United Microelectronics 370,716 0.18 202,241 Wistron 205,765 0.10 127,803 WPG Holdings 170,572 0.08


204,460 Chunghwa Telecom 725,893 0.35 113,111 Far EasTone Telecommunicationcations 288,169 0.14 79,018 Taiwan Mobile 297,421 0.14

1,311,483 0.63 Thailand

Basic Materials (31 December 2016: 0.08%) 77,564 PTT Global Chemical 156,407 0.08

156,407 0.08



HSBC ETFs PLC >209<



USD % of Net

Asset Value


Thailand (continued) Consumer Goods (31 December 2016: Nil)

1,037 Charoen Pkph Foods 757 -

757 - Consumer Services (31 December 2016: 0.57%)

76,424 BEC World 47,245 0.02 315,682 CP ALL 583,134 0.28 522,040 Home Product Center 147,530 0.07 57,215 Minor International 67,792 0.04 95,653 Robinson Department Store 164,021 0.08


309,182 Bangkok Dusit Medical Services 174,751 0.08 3,002 Bumrungrad Hospital Foreign 15,156 0.01


288,210 Airports of Thailand 400,881 0.19 391,572 Bangkok Expressway And Metro 85,876 0.04 50,616 KCE Electronics 161,667 0.08 21,781 Siam Cement 321,874 0.16

970,298 0.47 Oil & Gas (31 December 2016: 0.56%)

47,819 PTT 520,843 0.25 117,483 PTT Exploration & Production 298,290 0.14 65,257 Thai Oil 151,760 0.08


81,728 Advanced Info Service 427,045 0.20 1,152,486 True Corporation 210,345 0.10


198,579 Energy Absolute 201,677 0.09 37,769 Glow Energy 87,557 0.04

289,234 0.13





>210< HSBC ETFs PLC



USD % of Net

Asset Value

Unrealised gain on contracts for difference

38,984 Bangkok Bank 7,670 - 139,200 Kasikorn Bank 56,133 0.03 90,700 Siam Commercial Bank 4,269 -

68,072 0.03

Total unrealised gain on contacts for difference*** (31 December 2016: Nil) 68,072 0.03




17 H-Shares Index Future Jul 17 (16,659) (0.01) 23 MSCI Taiwan Index Future Jul 17 (13,800) -

(30,459) (0.01)



535,000 Bank of Communications (18,623) (0.01)

(18,623) (0.01)

Total unrealised loss on contracts for difference (31 December 2016: 0.05%) (18,623) (0.01)






HSBC ETFs PLC >211<


USD % of Total

Assets * Transferable securities admitted to an official stock exchange listing 216,213 0.10 ** Transferable securities other than those referred above 203,391,046 97.86 *** OTC financial derivative instruments 68,072 0.03 Other assets 4,181,274 2.01

Total assets 207,856,605 100.00

With the exception of the Contracts for Differences, all equity positions (with the exception of the investment held in Hanergy Thin Film Power Group, China Huishan Dairy and Orion) and futures held by the Fund at 30 June 2017 and 31 December 2016 have been classified as Level 1.The Contracts for Differences have been classified as Level 2. The investment in Hanergy Thin Film Power Group, China Huishan Dairy and Orion have been classified as Level 3 as at 30 June 2017. See Note 6(d) for further details. The schedule of investments form an integral part of the financial statements.

Statement of Financial Position

HSBC FTSE 100 UCITS ETF As at 30 June 2017

>212< HSBC ETFs PLC

Note

30 June 2017 GBP

31 December 2016 GBP

Assets

Current assets

Financial assets at fair value through profit or loss 6

- Transferable securities 137,757,364 134,485,474

- Financial derivative instruments - 19,620

Cash and cash equivalents 5 500,044 298,912

Due from brokers 5 110,908 67,541

Other assets 895,201 308,780

Total assets 139,263,517 135,180,327

Liabilities

Current liabilities

Financial liabilities at fair value through profit or loss 6

- Financial derivative instruments 39,088 -

Other liabilities 30,831 7,545

Liabilities (excluding net assets attributable to holders of redeemable participating shares) 69,919 7,545

Net assets attributable to holders of redeemable participating shares 139,193,598 135,172,782

The accompanying notes form an integral part of the financial statements.

Statement of Comprehensive Income

HSBC FTSE 100 UCITS ETF For the period 1 January 2017 to 30 June 2017

HSBC ETFs PLC >213<

Note

For the period 1 January 2017 to

30 June 2017 GBP


30 June 2016 GBP

Income

Dividend income 3,400,658 3,721,881 Net gain on financial assets and liabilities at fair value through profit or loss and foreign exchange 2,811,952 5,866,308

Total income 6,212,610 9,588,189

Expenses

Management fee 4 48,284 137,121

Other expenses 4 20,623 30,972

Total operating expenses 68,907 168,093

Operating profit 6,143,703 9,420,096

Finance costs

Distributions to redeemable participating shareholders 3(j), 7 (2,122,887) (2,432,448)

Profit for the financial period after distribution and before withholding tax 4,020,816 6,987,648

Less: Withholding tax - -

Increase in net assets attributable to holders of redeemable participating shares from operations 4,020,816 6,987,648


Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares

HSBC FTSE 100 UCITS ETF For the period 1 January 2017 to 30 June 2017

>214< HSBC ETFs PLC

Note


30 June 2017 GBP


30 June 2016 GBP

Net assets attributable to holders of redeemable participating shares at the start of the period 135,172,782 154,397,484


Redemption of redeemable participating shares - (6,174,910)

Equalisation - (111,850)

Net assets attributable to holders of redeemable participating shares at the end of the period 139,193,598 155,098,372



HSBC EURO STOXX 50 UCITS ETF As at 30 June 2017

HSBC ETFs PLC >215<

Note

30 June 2017 EUR

31 December 2016 EUR

Assets

Current assets






Other assets 139,161 178,001

Total assets 112,993,515 85,562,139

Liabilities

Current liabilities








HSBC EURO STOXX 50 UCITS ETF For the period 1 January 2017 to 30 June 2017

>216< HSBC ETFs PLC

Note


30 June 2017 EUR


30 June 2016 EUR

Income

Dividend income 2,825,907 3,169,143

Other income 22,376 - Net gain on financial assets and liabilities at fair value through profit or loss and foreign exchange 4,039,068 (14,399,890)

Total income/(loss) 6,887,351 (11,230,747)

Expenses




Operating profit/(loss) 6,828,876 (11,290,116)

Finance costs

Distributions to redeemable participating shareholders 3(j), 7 (453,534) (505,440)

Profit/(loss) for the financial period after distribution and before withholding tax 6,375,342 (11,795,556)

Less: Withholding tax (341,145) (379,293)

Increase/(decrease) in net assets attributable to holders of redeemable participating shares from operations 6,034,197 (12,174,849)



HSBC EURO STOXX 50 UCITS ETF For the period 1 January 2017 to 30 June 2017

HSBC ETFs PLC >217<

Note


30 June 2017 EUR


30 June 2016 EUR



Proceeds from redeemable participating shares issued 21,271,760 6,198,380


Equalisation 112,000 74,800




HSBC MSCI JAPAN UCITS ETF As at 30 June 2017

>218< HSBC ETFs PLC

Note

30 June 2017 USD

31 December 2016 USD

Assets

Current assets



- Financial derivative instruments 5,285 17,428

Cash and cash equivalents 5 938,968 1,039,344


Other assets 722,132 335,136

Total assets 210,038,187 232,455,333

Liabilities

Current liabilities






HSBC MSCI JAPAN UCITS ETF For the period 1 January 2017 to 30 June 2017

HSBC ETFs PLC >219<

Note


30 June 2017 USD


30 June 2016 USD

Income

Dividend income 2,536,725 1,861,060 Net gain/(loss) on financial assets and liabilities at fair value through profit or loss and foreign exchange 18,373,800 (13,313,214)


Expenses





Finance costs

Distributions to redeemable participating shareholders 3(j), 7 (1,694,650) (898,349)






HSBC MSCI JAPAN UCITS ETF For the period 1 January 2017 to 30 June 2017

>220< HSBC ETFs PLC

Note


30 June 2017 USD


30 June 2016 USD



Proceeds from redeemable participating shares issued 11,860,429 -

Redemption of redeemable participating shares (52,773,688) (32,336,309)

Equalisation (171,000) (41,600)




HSBC S&P 500 UCITS ETF As at 30 June 2017

HSBC ETFs PLC >221<

Note

30 June 2017 USD


Assets

Current assets


- Transferable securities 2,574,237,751 2,256,266,848

Cash and cash equivalents 5 48,518,239 5,245,742


Other assets 3,292,842 2,997,456

Total assets 2,626,342,628 2,264,868,396

Liabilities

Current liabilities



Other liabilities 44,789,682 590,005

Liabilities (excluding net assets attributable to holders of redeemable participating shares) 44,813,987 646,110

Net assets attributable to holders of redeemable participating shares 2,581,528,641 2,264,222,286



HSBC S&P 500 UCITS ETF For the period 1 January 2017 to 30 June 2017

>222< HSBC ETFs PLC

Note


30 June 2017 USD


30 June 2016 USD

Income


Total income 214,921,077 69,018,255

Expenses

Management fee 4 1,102,359 831,830


Total operating expenses 1,135,949 880,040


Finance costs



Less: Withholding tax (3,474,743) (2,992,389)




HSBC S&P 500 UCITS ETF For the period 1 January 2017 to 30 June 2017

HSBC ETFs PLC >223<

Note


30 June 2017 USD


30 June 2016 USD

Net assets attributable to holders of redeemable participating shares at the start of the period 2,264,222,286 1,917,585,657





Net assets attributable to holders of redeemable participating shares at the end of the period 2,581,528,641 2,021,539,948



HSBC MSCI EUROPE UCITS ETF As at 30 June 2017

>224< HSBC ETFs PLC

Note

30 June 2017 EUR

31 December 2016 EUR

Assets

Current assets




Cash and cash equivalents 5 1,290,308 294,838


Other assets 931,755 329,963

Total assets 185,474,216 199,199,553

Liabilities

Current liabilities


- Financial derivative instruments 49,908 300






HSBC MSCI EUROPE UCITS ETF For the period 1 January 2017 to 30 June 2017

HSBC ETFs PLC >225<

Note


30 June 2017 EUR


30 June 2016 EUR

Income


Other income 21,121 - Net gain/(loss) on financial assets and liabilities at fair value through profit or loss and foreign exchange 8,710,376 (21,419,509)


Expenses





Finance costs







HSBC MSCI EUROPE UCITS ETF For the period 1 January 2017 to 30 June 2017

>226< HSBC ETFs PLC

Note


30 June 2017 EUR


30 June 2016 EUR





Equalisation (195,500) (82,500)




HSBC MSCI USA UCITS ETF As at 30 June 2017

HSBC ETFs PLC >227<

Note

30 June 2017 USD


Assets

Current assets



Cash and cash equivalents 5 960,751 1,033,785


Other assets 175,797 316,089

Total assets 166,250,145 233,786,666

Liabilities

Current liabilities








HSBC MSCI USA UCITS ETF For the period 1 January 2017 to 30 June 2017

>228< HSBC ETFs PLC

Note


30 June 2017 USD


30 June 2016 USD

Income


Total income 20,216,070 5,253,195

Expenses





Finance costs







HSBC MSCI USA UCITS ETF For the period 1 January 2017 to 30 June 2017

HSBC ETFs PLC >229<

Note


30 June 2017 USD


30 June 2016 USD





Equalisation (287,250) (353,750)




HSBC MSCI BRAZIL UCITS ETF As at 30 June 2017

>230< HSBC ETFs PLC

Note

30 June 2017 USD


Assets

Current assets



Other assets 153,693 113,613

Total assets 43,308,941 12,249,402

Liabilities

Current liabilities

Bank overdraft 7,474 46,621






HSBC MSCI BRAZIL UCITS ETF For the period 1 January 2017 to 30 June 2017

HSBC ETFs PLC >231<

Note


30 June 2017 USD


30 June 2016 USD

Income

Dividend income 613,846 119,327 Net (loss)/gain on financial assets and liabilities at fair value through profit or loss and foreign exchange (973,122) 3,368,925

Total (loss)/income (359,276) 3,488,252

Expenses




Operating (loss)/profit (513,993) 3,450,745

Finance costs


(Loss)/profit for the financial period after distribution and before withholding tax (980,768) 3,356,942


(Decrease)/increase in net assets attributable to holders of redeemable participating shares from operations (1,075,913) 3,349,625



HSBC MSCI BRAZIL UCITS ETF For the period 1 January 2017 to 30 June 2017

>232< HSBC ETFs PLC

Note


30 June 2017 USD


30 June 2016 USD









HSBC MSCI PACIFIC ex JAPAN UCITS ETF As at 30 June 2017

HSBC ETFs PLC >233<

Note

30 June 2017 USD


Assets

Current assets






Other assets 261,144 58,335

Total assets 42,511,967 38,150,684

Liabilities

Current liabilities


- Financial derivative instruments 980 -






HSBC MSCI PACIFIC ex JAPAN UCITS ETF For the period 1 January 2017 to 30 June 2017

>234< HSBC ETFs PLC

Note


30 June 2017 USD


30 June 2016 USD

Income

Dividend income 873,220 1,578,065 Net gain/(loss) on financial assets and liabilities at fair value through profit or loss and foreign exchange 4,222,857 (1,619,273)

Total income/(loss) 5,096,077 (41,208)

Expenses




Operating profit/(loss) 5,012,734 (205,552)

Finance costs

Distributions to redeemable participating shareholders 3(j), 7 (640,074) (1,459,383)






HSBC MSCI PACIFIC ex JAPAN UCITS ETF For the period 1 January 2017 to 30 June 2017

HSBC ETFs PLC >235<

Note


30 June 2017 USD


30 June 2016 USD








HSBC MSCI EM FAR EAST UCITS ETF As at 30 June 2017

>236< HSBC ETFs PLC

Note

30 June 2017 USD


Assets

Current assets






Other assets 225,505 136,311

Total assets 34,280,683 38,677,788

Liabilities

Current liabilities








HSBC MSCI EM FAR EAST UCITS ETF For the period 1 January 2017 to 30 June 2017

HSBC ETFs PLC >237<

Note


30 June 2017 USD


30 June 2016 USD

Income

Dividend income 346,979 368,362 Net gain on financial assets and liabilities at fair value through profit or loss and foreign exchange 6,895,143 336,362

Total income 7,242,122 704,724

Expenses




Operating profit 7,112,159 623,566

Finance costs


Profit for the financial period after distribution and before withholding tax 6,878,264 375,058


Increase in net assets attributable to holders of redeemable participating shares from operations 6,833,002 327,423



HSBC MSCI EM FAR EAST UCITS ETF For the period 1 January 2017 to 30 June 2017

>238< HSBC ETFs PLC

Note


30 June 2017 USD


30 June 2016 USD



Redemption of redeemable participating shares (11,244,369) -

Equalisation (450) -




HSBC MSCI TURKEY UCITS ETF As at 30 June 2017

HSBC ETFs PLC >239<

Note

30 June 2017 USD


Assets

Current assets



- Financial derivative instruments 305 71



Total assets 6,524,870 5,876,953

Liabilities

Current liabilities






HSBC MSCI TURKEY UCITS ETF For the period 1 January 2017 to 30 June 2017

>240< HSBC ETFs PLC

Note


30 June 2017 USD


30 June 2016 USD

Income


Total income 1,833,877 800,242

Expenses





Finance costs

Distributions to redeemable participating shareholders 3(j), 7 - -






HSBC MSCI TURKEY UCITS ETF For the period 1 January 2017 to 30 June 2017

HSBC ETFs PLC >241<

Note


30 June 2017 USD


30 June 2016 USD





Equalisation (19,500) (15,300)




HSBC MSCI WORLD UCITS ETF As at 30 June 2017

>242< HSBC ETFs PLC

Note

30 June 2017 USD


Assets

Current assets




Cash and cash equivalents 5 2,810,352 359,499


Other assets 513,574 209,148

Total assets 252,357,491 128,126,284

Liabilities

Current liabilities








HSBC MSCI WORLD UCITS ETF For the period 1 January 2017 to 30 June 2017

HSBC ETFs PLC >243<

Note


30 June 2017 USD


30 June 2016 USD

Income


Other income 7,705 3,494 Net gain/(loss) on financial assets and liabilities at fair value through profit or loss and foreign exchange 16,764,011 (2,220,514)

Total income 19,756,704 1,280,743

Expenses





Finance costs







HSBC MSCI WORLD UCITS ETF For the period 1 January 2017 to 30 June 2017

>244< HSBC ETFs PLC

Note


30 June 2017 USD


30 June 2016 USD





Equalisation (359,550) (250,200)




HSBC S&P BRIC 40 UCITS ETF* For the period 1 January 2017 to 30 June 2017

HSBC ETFs PLC >245<

Note


30 June 2017 USD


30 June 2016 USD

Income

Dividend income - 3,914 Net loss on financial assets and liabilities at fair value through profit or loss and foreign exchange - (27,451)

Total loss - (23,537)

Expenses

Management fee 4 - 7,442

Other expenses 4 - 7,570

Total operating expenses - 15,012

Operating loss - (38,549)

Finance costs

Distributions to redeemable participating shareholders 3(j), 7 - (25,956)

Loss for the financial period after distribution and before withholding tax - (64,505)

Less: Withholding tax - (271)

Decrease in net assets attributable to holders of redeemable participating shares from operations - (64,776)

The accompanying notes form an integral part of the financial statements. * The Sub-Fund was fully redeemed on 27 April 2016 and does not hold any investments as at 30 June 2017.


HSBC S&P BRIC 40 UCITS ETF* For the period 1 January 2017 to 30 June 2017

>246< HSBC ETFs PLC

Note


30 June 2017 USD


30 June 2016 USD

Net assets attributable to holders of redeemable participating shares at the start of the period - 4,041,007

Decrease in net assets attributable to holders of redeemable participating shares from operations - (64,776)

Proceeds from redeemable participating shares issued - 2,090,272


Net assets attributable to holders of redeemable participating shares at the end of the period - -

The accompanying notes form an integral part of the financial statements. * The Sub-Fund was fully redeemed on 27 April 2016.


HSBC MSCI CHINA UCITS ETF As at 30 June 2017

HSBC ETFs PLC >247<

Note

30 June 2017 USD


Assets

Current assets






Other assets 1,629,264 4,863

Total assets 188,813,637 134,189,382

Liabilities

Current liabilities








HSBC MSCI CHINA UCITS ETF For the period 1 January 2017 to 30 June 2017

>248< HSBC ETFs PLC

Note


30 June 2017 USD


30 June 2016 USD

Income

Dividend income 2,073,432 2,959,113 Net gain/(loss) on financial assets and liabilities at fair value through profit or loss and foreign exchange 34,407,906 (10,751,708)


Expenses





Finance costs







HSBC MSCI CHINA UCITS ETF For the period 1 January 2017 to 30 June 2017

HSBC ETFs PLC >249<

Note


30 June 2017 USD


30 June 2016 USD









HSBC MSCI SOUTH AFRICA UCITS ETF As at 30 June 2017

>250< HSBC ETFs PLC

Note

30 June 2017 USD


Assets

Current assets



Cash and cash equivalents 5 82 2,848

Due from brokers 5 - 1,557

Other assets 2,657 245

Total assets 4,866,969 3,416,715

Liabilities

Current liabilities






HSBC MSCI SOUTH AFRICA UCITS ETF For the period 1 January 2017 to 30 June 2017

HSBC ETFs PLC >251<

Note


30 June 2017 USD


30 June 2016 USD

Income

Dividend income 65,099 107,258

Other income - 4,648 Net gain on financial assets and liabilities at fair value through profit or loss and foreign exchange 195,934 782,257

Total income 261,033 894,163

Expenses




Operating profit 243,878 872,446

Finance costs


Profit for the financial period after distribution and before withholding tax 209,040 803,371


Increase in net assets attributable to holders of redeemable participating shares from operations 202,620 793,138



HSBC MSCI SOUTH AFRICA UCITS ETF For the period 1 January 2017 to 30 June 2017

>252< HSBC ETFs PLC

Note


30 June 2017 USD


30 June 2016 USD



Proceeds from redeemable participating shares issued 1,240,862 981,153


Equalisation 5,650 (32,925)




HSBC MSCI CANADA UCITS ETF As at 30 June 2017

HSBC ETFs PLC >253<

Note

30 June 2017 USD


Assets

Current assets



Cash and cash equivalents 5 - 94,453


Other assets 2,550,678 83,176

Total assets 36,552,056 35,743,187

Liabilities

Current liabilities

Bank overdraft 26,926 -


- Financial derivative instruments 787 52






HSBC MSCI CANADA UCITS ETF For the period 1 January 2017 to 30 June 2017

>254< HSBC ETFs PLC

Note


30 June 2017 USD


30 June 2016 USD

Income

Dividend income 514,828 577,135 Net gain on financial assets and liabilities at fair value through profit or loss and foreign exchange 778,021 5,084,234

Total income 1,292,849 5,661,369

Expenses





Finance costs


Profit for the financial period after distribution and before withholding tax 906,978 5,167,160


Increase in net assets attributable to holders of redeemable participating shares from operations 778,291 5,023,898



HSBC MSCI CANADA UCITS ETF For the period 1 January 2017 to 30 June 2017

HSBC ETFs PLC >255<

Note


30 June 2017 USD


30 June 2016 USD


Increase in net assets attributable to holders of redeemable participating shares from operations 778,291 5,023,898



Equalisation (20,850) (33,000)




HSBC MSCI MEXICO CAPPED UCITS ETF As at 30 June 2017

>256< HSBC ETFs PLC

Note

30 June 2017 USD


Assets

Current assets






Other assets 48,236 33

Total assets 14,174,598 9,870,347

Liabilities

Current liabilities


- Financial derivative instruments - 571






HSBC MSCI MEXICO CAPPED UCITS ETF For the period 1 January 2017 to 30 June 2017

HSBC ETFs PLC >257<

Note


30 June 2017 USD


30 June 2016 USD

Income


Total income 3,126,041 317,627

Expenses





Finance costs







HSBC MSCI MEXICO CAPPED UCITS ETF For the period 1 January 2017 to 30 June 2017

>258< HSBC ETFs PLC

Note


30 June 2017 USD


30 June 2016 USD





Equalisation (9,450) (300)




HSBC MSCI EM LATIN AMERICA UCITS ETF As at 30 June 2017

HSBC ETFs PLC >259<

Note

30 June 2017 USD


Assets

Current assets







Total assets 15,334,113 14,109,088

Liabilities

Current liabilities








HSBC MSCI EM LATIN AMERICA UCITS ETF For the period 1 January 2017 to 30 June 2017

>260< HSBC ETFs PLC

Note


30 June 2017 USD


30 June 2016 USD

Income

Dividend income 235,775 280,339 Net gain on financial assets and liabilities at fair value through profit or loss and foreign exchange 1,210,823 5,163,068

Total income 1,446,598 5,443,407

Expenses


Other expenses 4 495 16,009



Finance costs







HSBC MSCI EM LATIN AMERICA UCITS ETF For the period 1 January 2017 to 30 June 2017

HSBC ETFs PLC >261<

Note


30 June 2017 USD


30 June 2016 USD









HSBC MSCI INDONESIA UCITS ETF As at 30 June 2017

>262< HSBC ETFs PLC

Note

30 June 2017 USD


Assets

Current assets






Other assets 39,924 2,241,883

Total assets 29,557,245 23,290,379

Liabilities

Current liabilities

Other liabilities 19,045 2,257,852

Liabilities (excluding net assets attributable to holders of redeemable participating shares) 19,045 2,257,852




HSBC MSCI INDONESIA UCITS ETF For the period 1 January 2017 to 30 June 2017

HSBC ETFs PLC >263<

Note


30 June 2017 USD


30 June 2016 USD

Income

Dividend income 504,171 473,557 Net gain on financial assets and liabilities at fair value through profit or loss and foreign exchange 3,395,686 3,032,452

Total income 3,899,857 3,506,009

Expenses





Finance costs







HSBC MSCI INDONESIA UCITS ETF For the period 1 January 2017 to 30 June 2017

>264< HSBC ETFs PLC

Note


30 June 2017 USD


30 June 2016 USD









HSBC MSCI MALAYSIA UCITS ETF As at 30 June 2017

HSBC ETFs PLC >265<

Note

30 June 2017 USD


Assets

Current assets







Total assets 3,620,015 5,156,535

Liabilities

Current liabilities


- Financial derivative instruments 215 -






HSBC MSCI MALAYSIA UCITS ETF For the period 1 January 2017 to 30 June 2017

>266< HSBC ETFs PLC

Note


30 June 2017 USD


30 June 2016 USD

Income

Dividend income 61,420 94,610 Net gain on financial assets and liabilities at fair value through profit or loss and foreign exchange 479,799 208,919

Total income 541,219 303,529

Expenses




Operating profit 526,602 277,373

Finance costs


Profit for the financial period after distribution and before withholding tax 474,154 235,354

Less: Withholding tax - -




HSBC MSCI MALAYSIA UCITS ETF For the period 1 January 2017 to 30 June 2017

HSBC ETFs PLC >267<

Note


30 June 2017 USD


30 June 2016 USD




Redemption of redeemable participating shares (1,041,167) (980,964)

Equalisation (6,150) 5,310




HSBC MSCI TAIWAN UCITS ETF As at 30 June 2017

>268< HSBC ETFs PLC

Note

30 June 2017 USD


Assets

Current assets






Other assets 114,540 -

Total assets 11,070,003 9,262,229

Liabilities

Current liabilities









HSBC MSCI TAIWAN UCITS ETF For the period 1 January 2017 to 30 June 2017

HSBC ETFs PLC >269<

Note


30 June 2017 USD


30 June 2016 USD

Income


Total income 1,992,747 605,607

Expenses


Other expenses 4 909 10,712



Finance costs







HSBC MSCI TAIWAN UCITS ETF For the period 1 January 2017 to 30 June 2017

>270< HSBC ETFs PLC

Note


30 June 2017 USD


30 June 2016 USD








HSBC MSCI KOREA UCITS ETF As at 30 June 2017

HSBC ETFs PLC >271<

Note

30 June 2017 USD


Assets

Current assets



Cash and cash equivalents 5 46,013 977


Total assets 10,351,040 5,447,575

Liabilities

Current liabilities






HSBC MSCI KOREA UCITS ETF For the period 1 January 2017 to 30 June 2017

>272< HSBC ETFs PLC

Note


30 June 2017 USD


30 June 2016 USD

Income


Total income 1,630,807 297,082

Expenses


Other expenses 4 1,637 941



Finance costs







HSBC MSCI KOREA UCITS ETF For the period 1 January 2017 to 30 June 2017

HSBC ETFs PLC >273<

Note


30 June 2017 USD


30 June 2016 USD




Equalisation 700 -




HSBC MSCI RUSSIA CAPPED UCITS ETF As at 30 June 2017

>274< HSBC ETFs PLC

Note

30 June 2017 USD


Assets

Current assets






Other assets 878,044 465,560

Total assets 64,120,468 79,772,473

Liabilities

Current liabilities









HSBC MSCI RUSSIA CAPPED UCITS ETF For the period 1 January 2017 to 30 June 2017

HSBC ETFs PLC >275<

Note


30 June 2017 USD


30 June 2016 USD

Income

Dividend income 1,113,334 444,745 Net (loss)/gain on financial assets and liabilities at fair value through profit or loss and foreign exchange (12,085,903) 8,475,698

Total (loss)/income (10,972,569) 8,920,443

Expenses




Operating (loss)/profit (11,223,324) 8,767,865

Finance costs


(Loss)/profit for the financial period after distribution and before withholding tax (13,237,627) 7,171,252





HSBC MSCI RUSSIA CAPPED UCITS ETF For the period 1 January 2017 to 30 June 2017

>276< HSBC ETFs PLC

Note


30 June 2017 USD


30 June 2016 USD








HSBC MSCI EMERGING MARKETS UCITS ETF As at 30 June 2017

HSBC ETFs PLC >277<

Note

30 June 2017 USD


Assets

Current assets





Due from brokers 5 3,028,509 2,602,325

Other assets 2,368,846 805,702

Total assets 355,254,170 259,505,547

Liabilities

Current liabilities








HSBC MSCI EMERGING MARKETS UCITS ETF For the period 1 January 2017 to 30 June 2017

>278< HSBC ETFs PLC

Note


30 June 2017 USD


30 June 2016 USD

Income


Total income 50,439,134 16,409,988

Expenses





Finance costs







HSBC MSCI EMERGING MARKETS UCITS ETF For the period 1 January 2017 to 30 June 2017

HSBC ETFs PLC >279<

Note


30 June 2017 USD


30 June 2016 USD




Redemption of redeemable participating shares (5,388,300) -

Equalisation (49,800) 64,800




HSBC MSCI AC FAR EAST ex JAPAN UCITS ETF As at 30 June 2017

>280< HSBC ETFs PLC

Note

30 June 2017 USD


Assets

Current assets






Other assets 1,060,796 490,637

Total assets 207,856,605 166,187,971

Liabilities

Current liabilities








HSBC MSCI AC FAR EAST ex JAPAN UCITS ETF For the period 1 January 2017 to 30 June 2017

HSBC ETFs PLC >281<

Note


30 June 2017 USD


30 June 2016 USD

Income


Other income - 143 Net gain on financial assets and liabilities at fair value through profit or loss and foreign exchange 36,372,726 2,724,914

Total income 38,766,203 5,083,591

Expenses





Finance costs







HSBC MSCI AC FAR EAST ex JAPAN UCITS ETF For the period 1 January 2017 to 30 June 2017

>282< HSBC ETFs PLC

Note


30 June 2017 USD


30 June 2016 USD




Equalisation (200) -




HSBC ETFs PLC As at 30 June 2017

HSBC ETFs PLC >283<

Note

Total 30 June

2017 USD

Total 31 December

2016 USD

Assets

Current assets


- Transferable securities 5,458,271,140 5,109,957,064



Due from brokers 5 15,936,461 10,150,470

Other assets 19,314,093 11,633,414

Total assets 5,604,471,647 5,203,220,168

Liabilities

Current liabilities

Bank overdraft 76,326 46,621


- Financial derivative instruments 1,560,043 1,363,020

Other liabilities 50,565,759 6,752,932

Liabilities (excluding net assets attributable to holders of redeemable participating shares) 52,202,128 8,162,573

Net assets attributable to holders of redeemable participating shares 5,552,269,519 5,195,057,595



HSBC ETFs PLC For the period 1 January 2017 to 30 June 2017

>284< HSBC ETFs PLC

Note

Total For the period

1 January 2017 to 30 June 2017

USD



USD

Income

Dividend income 70,943,633 83,714,856

Other income 131,117 25,776 Net gain on financial assets and liabilities at fair value through profit or loss and foreign exchange 468,182,039 55,815,082

Total income 539,256,789 139,555,714

Expenses

Management fee 4 5,775,191 6,199,834

Other expenses 1,170,320 819,174

Total operating expenses 6,945,511 7,019,008


Finance costs



Less: Withholding tax (8,589,676) (9,058,338)



Cash Flow Statement

HSBC ETFs PLC For the period 1 January 2017 to 30 June 2017

HSBC ETFs PLC >285<



USD



USD

Cashflows from operating activities Increase in net assets attributable to holders of redeemable participating shares from operations 481,670,145 75,280,646

Adjustment for:

Dividend income (70,943,633) (83,044,747)

Withholding taxes 8,589,676 9,058,338

Distributions to holders of redeemable shares 42,051,457 48,197,722

Change in financial assets and liabilities: Net (decrease)/increase in financial assets at fair value through profit or loss (348,220,136) 182,048,739 Net increase/(decrease) in financial liabilities at fair value through profit or loss 196,996 (34,346)

Net decrease in due from/to brokers (5,785,992) (2,725,595)

Net (decrease)/increase in other receivables and payables:

- Decrease in other assets (1,632,165) (22,577,572)

- Increase/(decrease) in other liabilites 44,772,154 16,330,740

43,139,989 (6,246,832)

Dividend income received 64,966,900 74,131,252

Withholding tax paid (8,589,676) (9,058,338)

Net cash provided by operating activities 207,075,726 287,606,839

Cashflows from financing activities

Distributions paid to holders of redeemable shares (42,051,457) (48,197,722)

Proceeds from redeemable shares 528,402,686 264,230,760

Redemption of redeemable shares (652,430,158) (463,345,110)

Equalisation (1,453,394) (1,098,972)

Net cash used in financing activities (167,532,323) (248,411,044)

Net increase in cash and cash equivalents 39,543,403 39,195,795

Cash and cash equivalents at beginning of the period 71,111,078 14,950,185

Cash and cash equivalents at end of the period 110,654,481 54,145,980

Cash and cash equivalents at end of the period is comprised of:

Cash at bank 110,730,807 54,306,630

Bank overdraft (76,326) (160,650) The accompanying notes form an integral part of the financial statements.

Notes to the Financial Statements For the period ended 30 June 2017

>286< HSBC ETFs PLC

1. Reporting entity

HSBC ETFs PLC (the “Company”) is an open-ended investment company with variable capital which was incorporated in Ireland on 27 February 2009 under registration number 467896 and authorised by the Central Bank as a UCITS pursuant to the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011, as amended (the “UCITS Regulations”) on 15 June 2009. The object of the Company is the collective investment in transferable securities and/or 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 has been structured as an umbrella fund with segregated liability between 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 portfolio 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 this Prospectus and the relevant Sub-Fund Supplement. As at 30 June 2017, the Company has 27 Sub-Funds in operation (30 June 2016: 27).

2. Basis of preparation

(a) Statement of compliance

These financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as adopted by the European Union, the Companies Act 2014, "the UCITS Regulations" and the Central Bank (Supervision and Enforcement) Act 2013 (Section 48 (1)) (Undertakings for Collective Investment in Transferable Securities) Regulations 2015 (the "Central Bank UCITS Regulations").

(b) Basis of measurement

The accounting policies below have, unless otherwise stated, been applied to the financial statements.

The financial statements have been prepared under the historical cost basis convention, as modified by the revaluation of financial assets and liabilities classified at fair value through profit or loss.

The Company’s management has made an assessment of the Company’s ability to continue as a going concern and is satisfied that the Company has the resources to continue its business for the foreseeable future. Furthermore, the management is not aware of any material uncertainties that may cast significant doubt upon the Company’s ability to continue as a going concern. Therefore, the financial statements continue to be prepared on the going concern basis.

(c) Comparatives

During the period, the Company modified the classification of interest income from “investment income” to "Net gain/(loss) on financial assets and liabilities at fair value through profit or loss and foreign exchange" in the statement of comprehensive income. The amount is only a reclassification within the statement of comprehensive income and has no effect on the change in net assets attributable to redeemable participating shares during the period. Comparative amounts in the statement of comprehensive income were classified for consistency, which resulted in USD 670,109 being reclassified from investment income.

During the period, the Company also modified the classification of transaction costs from “Net gain/(loss) on financial assets and liabilities at fair value through profit or loss and foreign exchange” to “Other expenses” in the statement of comprehensive income. The amount is only a reclassification within the statement of comprehensive income and has no effect on the change in net assets attributable to redeemable participating shares during the period. Comparative amounts in the statement of comprehensive income were classified for consistency, which resulted in USD 792,690 being reclassified from Net gain/(loss) on financial assets and liabilities at fair value through profit or loss and foreign exchange.

Notes to the Financial Statements (continued) For the period ended 30 June 2017 (continued)

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2. Basis of preparation (continued) (d) Foreign currency translation

(i) Functional and presentation currency of the Company The financial statements of the Company for the current period have been presented in US Dollars, which is the Company's functional currency. (ii) Functional and presentation currency of the Sub-Funds Items included in the Company’s financial statements are measured using the primary economic environment in which the respective Sub-Funds operate (“the functional currency”). Functional currency is the currency of the primary economic environment in which the Sub-Funds operate. If indicators of the primary economic environment are mixed, then management uses its judgement to determine the functional currency that most faithfully represents the economic effects of the underlying transactions, events and conditions. The majority of each Sub-Fund’s investments and transactions are denominated in Euro, US Dollar or Pound Sterling. Investor subscriptions and redemptions are determined based on the net asset value, and received and paid in Euro, US Dollar or Pound Sterling. The functional currency of the Sub-Funds, which is either the Euro, US Dollar or Pound Sterling, is shown in the statement of financial position of each Sub-Fund. The Company has also adopted these functional currencies as the presentation currency of each Sub-Fund. (iii) Translation and balances Monetary assets and liabilities denominated in currencies other than the functional currency of a particular Sub-Fund are translated to the functional currency at the closing rates of exchange at period end. Transactions during the period are translated at the rate of exchange prevailing on the date of the transaction. Foreign currency gains and losses on items measured at fair value through profit or loss are included in the net gain or loss on financial assets and liabilities at fair value through profit or loss in the statement of comprehensive income. (iv) Presentational translation For purposes of presenting the financial statements of the Company,

The statement of financial position of Sub-Funds with functional and presentation currencies other than USD were translated to US Dollars at the exchange rate ruling at 30 June 2017;

The statement of comprehensive income, proceeds from redeemable participating shares issued, redemptions of redeemable participating shares, equalisation and statement of cash flows of Sub-Funds with functional currencies other than USD were translated at the US Dollar average rates where those rates represent a reasonable approximation of actual rates; and

The translation method resulted in a foreign currency translation amount of USD 36,492,333 (30 June 2016: USD 18,423,178) included in the Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares and is due to the use of average rates as referred to above and the movement of exchange rates between 30 June 2017 and 31 December 2016. This has no impact on the Net Asset Value per share of each of the Sub-Funds.


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2. Basis of preparation (continued)

(e) Use of judgment and estimates The preparation of financial statements in conformity with IFRS as adopted by the EU, requires management to make judgments, estimates and assumptions which affects the application of policies and the reported amounts of assets and liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors which are believed to be reasonable under the circumstances, the results of which form the basis of making the judgments about carrying values of assets and liabilities which are not readily apparent from others. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the financial period in which the estimates are revised and in any future periods affected. Information about assumptions and estimation uncertainties that has an impact on the financial statements for the period ended 30 June 2017 are disclosed in Note 6(e) and relates to the determination of fair value of financial instruments with significant unobservable inputs.

3. Significant accounting policies

(a) New standards, amendments and interpretations effective for future reporting periods that have not been early adopted The Directors have considered all upcoming standards. The one new standard potentially relevant to the Company and its Sub-Funds is IFRS 9 which is discussed below.

New or amended standards

Summary of the requirements Possible impact on financial statements

IFRS 9 Financial Instruments

IFRS 9, published in July 2014, replaces the existing guidance in IAS 39 Financial Instruments: Recognition and Measurement. IFRS 9 includes revised guidance on the classification and measurement of financial instruments, a new expected credit loss model for calculating impairment on financial assets, and new general hedge accounting requirements. It also carries forward the guidance on accounting for liabilities and the recognition and derecognition of financial instruments form IAS 39.

IFRS 9 is effective for annual reporting periods beginning on or after 1 January 2018, with early adoption permitted. The Company does not expect to early adopt the standard.

Based on the initial assessment, this standard is not expected to have a material impact on the Sub-Fund. This is because the financial instruments currently measured at fair value through profit or loss (“FVTPL”) will continue to be measured at FVTPL under IFRS 9 and those currently measured at amortised cost will continue to be measured at amortised cost under IFRS 9.


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3. Significant accounting policies (continued)

(b) Financial assets and liabilities at fair value through profit or loss

(i) Classification The Company has classified its financial assets and financial liabilities into the following categories: Financial assets at fair value through profit or loss:

Held for trading - equity investments and derivative contracts. Financial assets at amortised cost:

Loans and receivables - cash and cash equivalents, due from brokers, due from shareholders, receivables for securities sold and other receivables.

Financial liabilities at fair value through profit or loss:

Held for trading - derivative contracts. Financial liabilities that are not at fair value through profit or loss:

Loans and payables - bank overdraft, due to brokers, due to shareholders, management fee payable, payables for securities purchased and other payables.

A financial instrument is classified as held for trading if:

it is acquired or incurred principally for the purpose of selling or repurchasing it in the near-term;

on initial recognition it is part of a portfolio that is managed together and for which there is evidence of a recent pattern of short-term profit taking; or

it is a derivative, other than a designated and effective hedging instrument.

(ii) Recognition Financial assets and financial liabilities at fair value through profit or loss (“FVTPL”) are initially recognised on the trade date, which is the date on which the Company becomes a party to the contractual provisions of the instrument. Other financial assets and financial liabilities are recognised on the date on which they are originated. (iii) Measurement Financial instruments categorised at fair value through profit or loss are measured initially at fair value, with transaction costs for such instruments being recognised immediately in the statement of comprehensive income. Gains and losses arising from changes in the fair value of financial assets and liabilities at fair value through profit or loss are included in the statement of comprehensive income in the period in which they arise. (iv) Fair value measurement principles The fair value of financial instruments where quoted in an active market is based on their quoted market prices at the statement of financial position date without any deduction for estimated future selling costs. The Company utilises the last traded market price for both financial assets and financial liabilities where the bid-ask spread is narrow.


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(b) Financial assets and liabilities at fair value through profit or loss (continued) (iv) Fair value measurement principles (continued) If an active quoted market price is not available on a recognised stock exchange or from a broker/dealer for non-exchange-traded financial instruments, the fair value of the instrument is estimated using valuation techniques, including use of recent arm’s length market transactions, reference to the current fair value of another instrument that is substantially the same, discounted cash flow techniques, option pricing models or any other valuation technique that provides a reliable estimate of prices obtained in actual market transactions. Where discounted cash flow techniques are used, estimated future cash flows are based on management’s best estimates and the discount rate used is a market rate at the statement of financial position date applicable to an instrument with similar terms and conditions. Where other pricing models are used, inputs are based on market data at the statement of financial position date. Fair values for unquoted equity investments are estimated, if possible, using applicable price/earnings ratios for similar listed companies adjusted to reflect the specific circumstances of the issuer. (v) Derecognition The Company derecognises a financial asset when the contractual rights to the cash flows from the asset expire, or it transfers the rights to receive contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred or in which the Company neither transfers nor retains substantially all of the risk and rewards of ownership and does not retain control of the financial asset. On derecognition of a financial asset, the difference between the carrying amount of the asset (or the carrying amount allocated to the portion of the asset that is derecognised) and the consideration received (including any new asset obtained less any new liability assumed) is recognised in the profit or loss. Any interest in such transferred financial assets that is created or retained by the Company is recognised as a separate asset or liability. The Company derecognises a financial liability when its contractual obligations are discharged or cancelled, or expired. (vi) Offsetting of financial assets and liabilities Financial assets and liabilities are offset and the net amount reported in the statement of financial position and statement of comprehensive income where there is a legally enforceable right to offset the recognised amounts and there is an intention to settle on a net basis, or realise the assets and settle the liabilities simultaneously.

(c) Cash and cash equivalents Cash and cash equivalents include cash in hand and other short term deposits with original maturities of three months or less, net of bank overdrafts.

(d) Due from/to brokers Amounts Due to/from brokers include margin cash and cash collateral which is held by or due to brokers for open futures contracts and represents the exchange traded futures contracts’ margin deposits held with brokers. This amount is the minimum deemed by the brokers and counterparties for collateral requirements and is as such restricted and reported separately to the unrestricted cash on the Sub-Funds’ Statement of Financial Position.


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(e) Payables for securities purchased/receivables for securities sold Payables for securities purchased and receivables for securities sold represent purchases and sales that have been contracted for but not yet delivered by the end of the period. These accounts are presented in the statement of financial position as part of other receivables and other payables.

(f) Income Interest income is recognised in the statement of comprehensive income for all instruments and deposits using the effective interest method. Interest income is shown gross of any nonrecoverable witholding taxes and is disclosed under “Net gain on financial assets and liabilities at fair value through profit or loss and foreign exchange” in the statement of comprehensive income. Dividend income is credited to the statement of comprehensive income on the date on which the relevant securities are listed as “ex-dividend”. Dividend income, which is disclosed under investment income in the statement of comprehensive income, is shown gross of any nonrecoverable withholding taxes.

(g) Expenses Expenses are recognised in the statement of comprehensive income on an accrual basis and as the related services are performed.

(h) Withholding tax expense The Company may be liable to taxes (including withholding taxes) in countries other than Ireland on dividend, interest income earned and capital gains arising on its investments. The Company may not be able to benefit from a reduction in the rate of such foreign tax by virtue of the double taxation treaties between Ireland and other countries. The Company may not, therefore, be able to reclaim any foreign withholding tax suffered by it in particular countries. Income that is subject to such tax is recognised gross of the taxes and the corresponding withholding tax is recognised as tax expense.

(i) Capital Gains Tax Capital gains (if any) received on investments made by the Company may be subject to withholding taxes imposed by the country from which the investment income/gains are received and such taxes may not be recoverable by the Company or its shareholders.

(j) Distributions to holders of redeemable participating shares Distributions to holders of redeemable participating shares are recorded in the statement of comprehensive income as finance costs when declared (i.e. the decision has been through the final required approval stage and cannot be reversed).

(k) Redeemable participating shares Redeemable participating shares are redeemable at the shareholder’s option and are classified as financial liabilities. The redeemable participating shares can be redeemed at any time for cash equal to a proportionate share of a particular Sub-Fund’s net asset value. The participating share is carried at the redemption amount that is payable at the statement of financial position date if shareholder exercised its right to put the share back to the Sub-Fund.


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(l) Equalisation Equalisation is operated in connection with the issue and redemption of shares. It represents the income element included in the price for the issue and redemption of shares. Equalisation arrangements are intended to ensure that the income per share is not affected by changes in the number of shares in issue during the period. The buying/selling price of each share contains an amount called equalisation this is equivalent to the net income less expenses accrued in the Company at the time of purchase⁄sale. For distributing Sub-Funds, equalisation attributable to subscriptions in the Sub-Funds form part of the distributions to those shareholders who subscribed to the Sub-Funds during the distribution period. The equalisation element of the distributions is not reported to shareholders separately from the net income distributed. The equalisation attributable to redemptions from the respective Sub-Funds is disclosed in the Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares.

(m) Collateral Assets may be given or received by the Sub-Fund for collateral purposes with counterparties in respect of over the counter (“OTC”) financial derivative instruments held by the Sub-Fund. Such assets remain in the ownership of the relevant Sub-Fund and are recorded as an asset on the Statement of Financial Position. Cash received as collateral is recorded as an asset on the Statement of Financial Position and is valued at its fair value. A related liability to repay the collateral is recorded as a liability on the Statement of Financial Position and is also valued at its fair value in line with the requirement of the standards. Investments pledged by the Sub-Funds as collateral are recognised at fair value in the relevant Sub-Fund’s and Company's Statement of Financial Position as well as in the Schedule of Investments and such investments are referenced accordingly at the base of the Schedule of Investments. Securities received by the Sub-Funds as collateral from counterparties do not form part of the Net Asset Value of the Sub-Funds or the Company and are disclosed at the end of the relevant Schedule of Investments.

(n) Transaction costs Transaction costs are incremental costs, which are separately identifiable and directly attributable to the acquisition, issue or disposal of a financial asset or financial liability. Transaction costs include fees and commissions paid to brokers and counterparties. Transaction costs are expensed as incurred and are recorded in the Statement of Comprehensive Income as part of other expenses. Transaction costs incurred during the period by each Sub-Funds are detailed in Note 4(c).

4. Fees and expenses

(a) Management fee The Company has a fee structure where, in respect of each of the Sub-Funds, all of the fees and expenses (except for transaction costs and taxes or duty charges for portfolio re-balancing, all of which will be paid separately out of the assets of the relevant Sub-Funds) are paid as one single fee. This is referred to as the “Total Expense Ratio” or “TER” in the prospectus of the Company and is being disclosed in these financial statements as “Management fee”. This fee also includes any due proportion of expenses of the Company which may be allocated to the Sub-Funds from time to time.


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4. Fees and expenses (continued)

(a) Management fee (continued) The TER is paid to HSBC Global Asset Management (UK) Limited (the "Investment Manager"), and the Investment Manager is then responsible for the payment of all other operational expenses of the Company. This includes, but is not limited to, fees and expenses of the Directors, Investment Manager, HSBC Institutional Trust Services (Ireland) DAC (the “Depositary”), HSBC Securities Services (Ireland) DAC (the “Administrator”), Computershare Investor Services (Ireland) Limited (the “Registrar and Transfer Agent), KPMG (the “Auditor”) and Goodbody Secretarial Limited (the “Company Secretary”). The TER covers all of the fee and expenses, except transaction charges and taxes or duty charges for portfolio re-balancing, all of which will be paid separately out of the assets of the relevant Sub-Fund. The Investment Manager will also be responsible for the payment of the following fees and expenses;

(i) all establishment costs of the Company; (ii) the cost of listing and maintaining a listing of shares on any stock exchange; (iii) the cost of convening and holding Directors’ and shareholders’ meetings; (iv) professional fees and expenses for legal, auditing and other consulting services; (v) the costs and expenses of preparing, printing, publishing and distributing

prospectuses, supplements, annual and semi-annual reports and other documents to current and prospective shareholders;

(vi) the costs and expenses of any investment adviser appointed by the Investment Manager; and

(vii) such other costs and expenses (excluding non-recurring and extraordinary costs and expenses) as may arise from time to time and which have been approved by the Directors as necessary or appropriate for the continued operation of the Company or of any Sub-Fund.

The TER is calculated and accrued daily from the Net Asset Value of each Sub-Fund and payable monthly in arrears. The TER of each Sub-Fund of the Company is as listed in the relevant Sub-Fund Supplement and is disclosed in the General Information section of these financial statements on page 9. If the Sub-Funds’ expenses exceed the TER outlined above in relation to operating the funds, the Investment Manager will cover any shortfall from its own assets. There were no excess payments made by the Investment Manager during the period ended 30 June 2017 (31 December 2016: Nil). The TER is not expected to exceed the amounts disclosed above. However, if an increase is required it will require prior approval by shareholders of the relevant Sub-Fund, which must be approved by a majority vote at a meeting of shareholders or by written resolution of all shareholders. The management fee for the period amounted to USD 5,775,191 (30 June 2016: USD 6,199,834) of which USD 976,628 (31 December 2016: USD 899,152) was payable at the period end.


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4. Fees and expenses (continued)

(b) Directors’ fees Directors’ fees will not exceed the sum of EUR 40,000 per annum per Director without the approval of the Board of Directors (with each Director abstaining on any resolution relating to their own remuneration). The Directors’ fees which is paid out of TER for the period ended 30 June 2017 amounted to USD 40,612 (30 June 2016: USD 41,736). Melissa McDonald has waived her entitlement to receive a Director’s fee. There were no Directors’ out of pocket expenses for the period ended 30 June 2017 (30 June 2016: Nil). All payments for Directors fees and remuneration, to the extent waived are met from the TER charge detailed above, levied by the Investment Manager.

(c) Transaction costs The table below provides an analysis of the total transaction costs on the purchase and sale of transferable securities such as equities and derivative instruments for each of the Company’s Sub-Funds For the period ended 30 June 2017 and the period ended 31 December 2016. Sub-Funds 30 June 2017 31 December 2016 HSBC FTSE 100 UCITS ETF GBP 20,623 GBP 69,246 HSBC EURO STOXX 50 UCITS ETF EUR 32,513 EUR 26,178 HSBC MSCI JAPAN UCITS ETF USD 10,918 USD 17,952 HSBC S&P 500 UCITS ETF USD 33,590 USD 83,399 HSBC MSCI EUROPE UCITS ETF EUR 26,061 EUR 30,889 HSBC MSCI USA UCITS ETF USD 9,116 USD 26,390 HSBC MSCI BRAZIL UCITS ETF USD 28,184 USD 15,806 HSBC MSCI PACIFIC ex JAPAN UCITS ETF USD 1,248 USD 39,080 HSBC MSCI EM FAR EAST UCITS ETF USD 29,505 USD 18,410 HSBC MSCI TURKEY UCITS ETF USD 2,709 USD 1,848 HSBC MSCI WORLD UCITS ETF USD 57,375 USD 41,933 HSBC S&P BRIC 40 UCITS ETF* - USD 7,191 HSBC MSCI CHINA UCITS ETF USD 25,755 USD 113,568 HSBC MSCI SOUTH AFRICA UCITS ETF USD 4,298 USD 13,763 HSBC MSCI CANADA UCITS ETF USD 1,413 USD 3,395 HSBC MSCI MEXICO CAPPED UCITS ETF USD 7,859 USD 10,813 HSBC MSCI EM LATIN AMERICA UCITS ETF USD 495 USD 18,171 HSBC MSCI INDONESIA UCITS ETF USD 11,192 USD 35,921 HSBC MSCI MALAYSIA UCITS ETF USD 2,328 USD 15,636 HSBC MSCI TAIWAN UCITS ETF USD 907 USD 11,278 HSBC MSCI KOREA UCITS ETF USD 1,600 USD 9,903 HSBC MSCI RUSSIA CAPPED UCITS ETF USD 18,842 USD 45,821 HSBC MSCI EMERGING MARKETS UCITS ETF USD 74,463 USD 182,439 HSBC MSCI AC FAR EAST ex JAPAN UCITS ETF USD 14,118 USD 54,031

USD 678,218 USD 1,436,464 * The Sub-Fund was fully redeemed on 27 April 2016.


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5. Cash and cash equivalents As at 30 June 2016 and at 31 December 2016, all cash and overdraft balances are held with HSBC Bank plc. Details of overdraft facility are disclosed in Note 9. Margin cash balances held with at HSBC Bank Plc 30 June 2017 amounted to USD 14,912,911 (31 December 2016: USD 8,518,945). Margin cash balances held with Barclays Capital Bank Plc at 30 June 2017 amounted to USD 1,023,550 (31 December 2016: USD 1,631,525). Margin cash balances relates to balances due to/from brokers with respect to open futures contracts and contracts for differences.

6. Financial instruments and associated risks The Company’s investment activities expose it to various types of risk which are associated with the financial instruments and markets in which it invests. The most significant types of financial risk to which the Company is exposed are market risk, credit risk and liquidity risk. Market risk includes other price risk, currency risk and interest rate risk. Certain information is presented at Sub-Fund level as the assets held are managed at Sub-Fund level. Investors subscribe and redeem their shares at Sub-Fund level. Each of the Company’s Sub-Funds will seek to replicate the performance of a financial index while minimising as far as possible the tracking error between the Sub-Funds performance and that of the relevant financial index. Each Sub-Fund will seek to achieve this objective by holding a portfolio of securities that constitute the respective financial index. The securities in which the Sub-Funds invest will be traded or dealt in on a Regulated Market (a multilateral system operated and/or managed by a market operator, which brings together or facilitates the bringing together of multiple third-party buying and selling interests in financial instruments in the system). The Sub-Funds may use financial derivative instruments (“FDIs”) for efficient portfolio management of its assets and for investment purposes. Efficient portfolio management means investment decisions involving transactions that are entered into for one or more of the following specific aims: the reduction of risk; the reduction of cost; or the generation of additional capital or income for the Sub-Funds with an appropriate level of risk, taking into account the risk profile of the Sub-Funds and the general provisions of the UCITS Regulations. In particular, financial derivative instruments may be used for the purpose of minimising tracking error i.e. the risk that the Sub-Funds return varies from the respective benchmark financial index. Changes to the composition and/or weighting of the securities constituting the financial index which is tracked by each Sub-Fund will ordinarily require that Sub-Fund to make corresponding adjustments or rebalancings to its investments in order to seek to track the financial index. The Investment Manager will accordingly seek to rebalance the composition and/or weighting of the securities held by a Sub-Fund from time to time to the extent practicable and possible to conform to changes in the composition and/or weighting of securities that constitute the respective financial index. Other re-balancing measures may be taken from time to time to seek to maintain the correspondence between the performance of a Sub-Fund and the performance of the financial index. The Company uses the commitment approach to calculate the Sub-Funds’ global exposure. The commitment approach is a methodology which aggregates the underlying market or notional values of derivatives to determine the exposure of the Sub-Fund to derivatives.


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6. Financial instruments and associated risks (continued) The Company has delegated to the Investment Manager the task of monitoring and measuring the overall risk profile of each Sub-Fund. The Investment Manager is responsible for the securities selection, implementation of the investment objectives and risk monitoring of each Sub-Fund. Risk Management Process The Investment Manager is responsible for the risk management of the Sub-Funds on a daily basis. The Investment Manager oversees a Risk Management Policies and Procedures document (“RMP”) which sets out the risk procedures to be employed. The Investment Manager Risk Team produces monthly reports from covering risks monitoring and the use of any FDIs. Such items are reported to the Board on a monthly and quarterly basis. A Sub-Funds’ investment activities expose it to the various types of risks which are associated with the financial instruments and markets in which it invests. The following summary is not intended to be a comprehensive summary of all risks and investors should refer to the prospectus of the Company and relevant Sub-Fund supplement for a more detailed disclosure of the risks inherent in investing in the Sub-Funds.

(a) Market risk

Market risk is the risk that changes in market prices such as interest rates, foreign exchange rates or equity and commodity prices and credit spreads will affect the Sub-Funds’ income or the fair value of its holdings of financial instruments. (i) Other price risk Other price risk is the risk that the fair values of equities or future cash flows of a financial instrument will fluctuate because of changes in market prices (other than those arising from interest rate risk or currency risk whether caused by factors specific to an individual investment or its issuer or factors affecting all instruments traded in the market). The Company’s financial instruments principally comprise equity investments. The Investment Manager attempts to mitigate this risk through the construction of a well-diversified portfolio in accordance to the respective Sub-Fund’s investment objective. In accordance with the Company’s policies and procedures, the Investment Manager monitors the Company’s overall other price risk on a daily basis, and the Board of Directors reviews it on a quarterly basis. The investment concentrations within the portfolio for each Sub-Fund are disclosed in the Schedule of Investments by investment type.


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6. Financial instruments and associated risks (continued) Risk Management Process (continued) (a) Market risk (continued)

(i) Other price risk (continued) The below table provides an analysis of the effect on net assets and profit/(loss) of the respective Sub-Funds due to a change in market indices, with all other variables held constant.

Sub-Funds Benchmark Index

Actual change in

benchmark index

Actual change in

benchmark index

Actual change in net

assets and profit/(loss)

Actual change in net

assets and profit/(loss)

30 June

2017 31 Dec

2016 30 June

2017 31 Dec

2016

HSBC FTSE 100 UCITS ETF FTSE 100® Index 4.69% 19.07% 6,458,987 25,650,121

HSBC EURO STOXX 50 UCITS ETF EURO STOXX® 50 Index 6.71% 3.07% 7,558,662 2,619,391

HSBC MSCI JAPAN UCITS ETF MSCI Japan Index 9.92% 2.61% 20,666,854 6,030,582

HSBC S&P 500 UCITS ETF S&P 500® Index 9.01% 11.23% 231,936,631 253,372,466

HSBC MSCI EUROPE UCITS ETF MSCI Europe Index 6.68% 2.03% 12,214,823 4,025,853

HSBC MSCI USA UCITS ETF MSCI USA Index 9.21% 10.89% 15,201,863 25,305,108

HSBC MSCI BRAZIL UCITS ETF MSCI Brazil Index 2.69% 68.71% 1,160,876 8,338,501 HSBC MSCI PACIFIC ex JAPAN UCITS ETF

MSCI Pacific ex Japan Index 13.48% 7.85% 5,654,778 2,963,502

HSBC MSCI EM FAR EAST UCITS ETF MSCI EM Far East Index 23.57% 7.45% 7,933,510 2,835,651

HSBC MSCI TURKEY UCITS ETF MSCI Turkey Index 32.21% (8.46%) 2,089,570 (496,020)

HSBC MSCI WORLD UCITS ETF MSCI World Index 10.66% 7.51% 26,451,777 9,525,562

HSBC MSCI CHINA UCITS ETF MSCI China Index 24.86% 0.90% 46,001,675 1,189,806

HSBC MSCI SOUTH AFRICA UCITS ETF MSCI South Africa Index 8.04% 17.91% 391,084 611,101

HSBC MSCI CANADA UCITS ETF MSCI Canada Index 3.16% 24.56% 1,073,649 8,729,165 HSBC MSCI MEXICO CAPPED UCITS ETF

MSCI Mexico Capped Index 24.37% (9.16%) 3,432,374 (900,344)


MSCI EM Latin America Index 9.79% 32.28% 1,491,701 4,519,711

HSBC MSCI INDONESIA UCITS ETF MSCI Indonesia Index 16.01% 16.96% 4,712,975 3,552,836

HSBC MSCI MALAYSIA UCITS ETF MSCI Malaysia Index 13.86% (3.89%) 497,400 (161,815)

HSBC MSCI TAIWAN UCITS ETF MSCI Taiwan Index 21.58% 18.54% 2,363,072 1,708,698

HSBC MSCI KOREA UCITS ETF MSCI Korea Index 28.78% 8.75% 2,964,656 469,417 HSBC MSCI RUSSIA CAPPED UCITS ETF

MSCI Russia Capped Index (13.94%) 54.88% (8,792,774) 43,356,081


MSCI Emerging Markets Index 18.43% 11.56% 58,162,607 27,011,971


MSCI AC Far East ex Japan Index 23.10% 6.21% 47,037,664 10,121,515


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6. Financial instruments and associated risks (continued) Risk Management Process (continued) (a) Market risk (continued)

(i) Other price risk (continued)

The majority of Sub-Funds employ an investment strategy of full replication of the respective underlying benchmark index, therefore a Beta of 1 was assumed in the calculation of the above sensitivity analysis. The methodology utilised above is based on historical data and cannot take account of the fact that future market price movement and correlations between markets in conditions of market stress may bear no relation to historical patterns.

(ii) Currency risk

Currency risk is the risk that the fair value of a financial instrument as determined in a Sub-Fund's functional currency will fluctuate because of changes in foreign exchange rates. Each Sub-Fund may invest in financial instruments and enter into transactions denominated in currencies other than its functional currency. Consequently, each Sub-Fund is exposed to risks that the exchange rate of its currency relative to other foreign currencies may change in a manner that has an adverse effect on the value of that portion of the Company’s assets or liabilities. Monetary items are units of currency held and assets and liabilities to be received or paid in a fixed or determinable number of units of currency. Monetary assets and liabilities included cash and cash equivalents, trade receivables and payables including due to/from brokers, and monies due to/from brokers. All assets and liabilities that do not meet the definition of monetary items are classified as non-monetary. Marketable equity investments are considered non-monetary assets. The currency risk associated with equities is included in other price risk. Net assets attributable to holders of redeemable participating shares are non-monetary. As at 30 June 2017 and 31 December 2016 none of the Sub-Funds had any significant monetary assets or liabilities that are exposed to currency risk since all monetary assets are in the denomination of the Sub Funds' currency. (iii) Interest rate risk Interest rate risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The majority of the Company’s financial assets and liabilities are non-interest bearing. Interest bearing financial assets and liabilities include cash at bank which matures or reprices in the short-term, no longer than 3 months. As a result, the Company is subject to limited exposure to fair value interest rate risk due to fluctuations in the prevailing levels of market interest rates.


HSBC ETFs PLC >299<

6. Financial instruments and associated risks (continued) Risk Management Process (continued) (b) Credit Risk

Credit risk is the risk that a counterparty to a financial instrument will fail to discharge an obligation or commitment that it has entered into with the Company. Credit risk is generally higher when a non-exchange traded financial instrument is involved because the counterparty for non-exchange traded financial instruments is not backed by an exchange clearing house. Exchange clearing house benefit both parties in a transaction as they bear most of the credit risk. If two individuals deal with one another, the buyer bears the credit risk of the seller, and vice versa. When an exchange clearing house is used, the credit risk that is held against both buyer and seller is passed on to the exchange clearing house. Credit risk associated with investing activities is managed by the Investment Manager as part of the overall investment process. To reduce the Company’s counterparty credit exposures, securities trading is primarily conducted on recognised exchanges and on a delivery-versus-payment basis. The risk of default is considered minimal, as delivery of securities on a settled trade is simultaneous with the Depositary receiving payment. Payment is made on a purchase simultaneous with the securities being received by the Depositary. The trade will fail if either party fails to meet its obligation. The assets of the Company held by the Depositary will be segregated from the assets of either the Depositary or its agents or both. The Company is subject to credit risk to the extent that this institution may be unable to fulfil its obligations either to return the Company’s securities or repay amounts owed. Management does not anticipate any losses as a result of this concentration. All of the cash of the Company held by the Depositary is placed on deposit with an affiliate of the Depositary, HSBC Bank plc with credit rating of AA- (2016: AA-) by Fitch. The Company’s future contracts, LEPO’s and related collateral amounts are held with HSBC Bank plc. The Company’s CFDs and related collateral amounts are held with Barclays Capital, currently rated A (2016: A) by Fitch. These institutions are highly rated by prominent credit rating agencies. The Company will rank as a general creditor in the event of bankruptcy or insolvency of HSBC Bank plc. Cash held by HSBC Bank plc is not held in a segregated client account. HSBC Bank plc complies with the FSA capital requirements in the event of insolvency of HSBC Bank plc. The Company’s credit risk exposure is represented by the carrying amounts of cash at bank and due from or to brokers as disclosed on the Statement of Financial Position on the respective pages of each Sub-Fund.

(c) Liquidity risk

Liquidity risk is the risk that an entity will encounter difficulty in meeting obligations associated with financial liabilities. The Company’s constitution provides for the daily creation and cancellation of shares and it is therefore exposed to the liquidity risk of meeting shareholder redemptions at any time. The Company’s equity investments are considered to be readily realisable as they are all traded on organised public markets. The Company has therefore limited exposure to liquidity risk.


>300< HSBC ETFs PLC

6. Financial instruments and associated risks (continued)

Risk Management Process (continued)

(c) Liquidity risk (continued) The Company has also obtained overdraft facilities in order to manage its short term liquidity requirements. Details of the Company’s overdraft facility are outlined in Note 9. In accordance with the Company’s policies and procedures in place, the Investment Manager monitors the Company’s overall liquidity risk on a daily basis, and the Board of Directors reviews it on a quarterly basis. Substantially all of the Company's financial liabilities included in the Statement of Financial Position at 30 June 2017 and 31 December 2016 on the respective pages of each Sub-Fund, are payable within one month. The Company's financial instruments include investments in derivative contracts traded over-the counter, which are not traded in an organised public market and which generally may be illiquid. As a result, the Company may not be able to liquidate quickly some of its investments in these instruments at an amount close to its fair value in order to meet its liquidity requirements, or to respond to specific events such as a deterioration in the credit worthiness of any particular issuer.

(d) Country concentration risk Country concentration risk is the risk that the value of the assets of a Sub-Fund may be affected by uncertainties such as international political developments, changes in government policies, taxation, restrictions on foreign investment and currency repatriation, currency fluctuations and other developments in applicable laws and regulations. The Schedule of Investments provide the concentration of investments by industry by Sub- Fund. Exposure to countries above 5% of the Sub-Fund’s NAV at 30 June 2017 and 31 December 2016 are shown below.

% of Net Asset Value % of Net Asset Value 30 June 2017 31 December 2016 HSBC FTSE 100 UCITS ETF Equities Ireland 6.08 6.66 Netherlands 8.99 10.26 United Kingdom 80.64 79.28 Other 3.26 3.29

98.97 99.49


HSBC ETFs PLC >301<



(d) Country concentration risk (continued)

% of Net Asset Value % of Net Asset Value 30 June 2017 31 December 2016 HSBC Euro Stoxx 50 UCITS ETF Equities France 34.19 34.79 Germany 33.02 33.56 Italy 4.70 4.80 Netherlands 11.51 10.87 Spain 10.78 10.00 Other 5.52 5.70

99.72 99.72

% of Net Asset Value % of Net Asset Value 30 June 2017 31 December 2016


Equities Japan 99.26 99.43

99.26 99.43

% of Net Asset Value % of Net Asset Value 30 June 2017 31 December 2016 HSBC S&P 500 UCITS ETF Equities United States 98.13 98.12 Other 1.59 1.53 99.72 99.65

% of Net Asset Value % of Net Asset Value 30 June 2017 31 December 2016 HSBC MSCI EUROPE UCITS ETF Equities France 15.43 15.18 Germany 14.70 14.65 Netherlands 8.80 8.88 Spain 5.29 - Switzerland 14.05 14.55 United Kingdom 22.94 23.75 Other 17.71 22.56 98.92 99.57


>302< HSBC ETFs PLC


Risk Management Process (continued) (d) Country concentration risk (continued)

% of Net Asset Value % of Net Asset Value 30 June 2017 31 December 2016 HSBC MSCI USA UCITS ETF Equities United States 99.33 99.44

99.33 99.44

% of Net Asset Value % of Net Asset Value 30 June 2017 31 December 2016 HSBC MSCI BRAZIL UCITS ETF Equities Brazil 99.74 99.63

99.74 99.63

% of Net Asset Value % of Net Asset Value 30 June 2017 31 December 2016 HSBC MSCI PACIFIC ex JAPAN UCITS ETF Equities Australia 57.09 59.77 Hong Kong 28.77 26.70 Singapore 10.63 10.11 Other 2.27 2.43

98.76 99.01

% of Net Asset Value % of Net Asset Value 30 June 2017 31 December 2016 HSBC MSCI EM FAR EAST UCITS ETF Equities China 36.12 35.14 Hong Kong 6.81 7.27 Malaysia 3.68 4.05 South Korea 24.18 23.29 Taiwan 19.29 19.62 Other 8.20 9.12

98.28 98.49


HSBC ETFs PLC >303<




% of Net Asset Value % of Net Asset Value 30 June 2017 31 December 2016 HSBC MSCI TURKEY UCITS ETF Equities Turkey 99.47 99.81

99.47 99.81

% of Net Asset Value % of Net Asset Value 30 June 2017 31 December 2016 HSBC MSCI WORLD UCITS ETF Equities Japan 8.64 8.76 United Kingdom 5.48 5.59 United States 56.92 57.97 Other 27.35 26.70

98.39 99.02

% of Net Asset Value % of Net Asset Value 30 June 2017 31 December 2016 HSBC MSCI CHINA UCITS ETF Equities China 98.31 98.76

98.31 98.76

% of Net Asset Value % of Net Asset Value 30 June 2017 31 December 2016 HSBC MSCI SOUTH AFRICA UCITS ETF Equities South Africa 100.00 99.91

100.00 99.91

% of Net Asset Value % of Net Asset Value 30 June 2017 31 December 2016 HSBC MSCI CANADA UCITS ETF Equities Canada 99.79 99.52

99.79 99.52


>304< HSBC ETFs PLC




% of Net Asset Value % of Net Asset Value 30 June 2017 31 December 2016 HSBC MSCI MEXICO CAPPED UCITS ETF Equities Mexico 99.44 99.66

99.44 99.66

% of Net Asset Value % of Net Asset Value 30 June 2017 31 December 2016 HSBC MSCI EM LATIN AMERICA UCITS ETF Equities Brazil 53.93 57.76 Chile 8.99 8.77 Mexico 30.39 26.98 Other 6.13 5.87

99.44 99.38

% of Net Asset Value % of Net Asset Value HSBC MSCI INDONESIA UCITS ETF 30 June 2017 31 December 2016 Equities Indonesia 99.65 99.57 99.65 99.57

% of Net Asset Value % of Net Asset Value HSBC MSCI MALAYSIA UCITS ETF 30 June 2017 31 December 2016 Equities Malaysia 99.20 99.25

99.20 99.25

% of Net Asset Value % of Net Asset Value HSBC MSCI TAIWAN UCITS ETF 31 December 2016 31 December 2015 Equities Taiwan 99.22 99.54

99.22 99.54

% of Net Asset Value % of Net Asset Value 30 June 2017 31 December 2016 HSBC MSCI KOREA UCITS ETF Equities South Korea 99.58 99.70 99.58 99.70


HSBC ETFs PLC >305<




% of Net Asset Value % of Net Asset Value 30 June 2017 31 December 2016 HSBC MSCI RUSSIA CAPPED UCITS ETF Equities Russia 98.62 99.21

98.62 99.21

% of Net Asset Value % of Net Asset Value 30 June 2017 31 December 2016 HSBC MSCI EMERGING MARKETS UCITS ETF Equities Brazil 6.67 7.60 China 22.82 21.49 Hong Kong 4.51 4.66 South Africa 6.41 6.60 South Korea 15.47 14.38 Taiwan 12.36 12.16 Other 21.21 23.59

89.45 90.48

LEPOs India - 6.45

- 6.45

% of Net Asset Value % of Net Asset Value 30 June 2017 31 December 2016 HSBC MSCI AC FAR EAST ex JAPAN UCITS ETF Equities China 29.39 28.47 Hong Kong 18.53 19.00 Singapore 4.69 4.92 South Korea 19.81 18.91 Taiwan 15.75 16.08 Other 9.91 10.88

98.08 98.26


>306< HSBC ETFs PLC


Risk Management Process (continued) (e) Fair value of assets and liabilities

IFRS 13 requires disclosures of financial instruments measured at fair value to be based on a three-level fair value hierarchy that reflects the significance of the inputs in such fair value measurements. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements). The three levels of the fair value hierarchy are as follows:

Level 1 Inputs that reflect unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date;

Level 2 Inputs other than quoted prices that are observable for the asset or liability either directly or indirectly, including inputs in markets that are not considered to be active;

Level 3 Inputs that are unobservable.

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. However, the determination of what constitutes “observable” requires significant judgment by the Directors. Inputs are used in applying the various valuation techniques and broadly refer to the assumptions that market participants use to make valuation decisions, including assumptions about risk. Inputs may include price information, volatility statistics, specific and broad credit data, liquidity statistics, and other factors. Fair value measurement disclosures The Directors consider observable data to be that market data which is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by independent sources that are actively involved in the relevant market. The categorisation of a financial instrument within the hierarchy is based upon the pricing transparency of the instrument and does not necessarily correspond to the Directors' perceived risk of that instrument. The financial instruments as at 30 June 2017 and 31 December 2016 were classified as follows: Equities Level 1

Futures contracts Level 1

Warrants Level 2

Contracts for Differences Level 2

Low Exercise Price Options Level 2

Please refer to the Schedule of Investments for details of the hierarchy of financial assets and liabilities at fair value through profit or loss held at the 30 June 2017 and at the 31 December 2016.


HSBC ETFs PLC >307<


Risk Management Process (continued) (e) Fair value of assets and liabilities (continued)

The following table presents the fair value hierarchy of the Company’s financial assets and liabilities measured at 30 June 2017.

At 30 June 2017

Financial assets at FVTPL Level 1 Level 2 Level 3

Equities 5,457,546,658 - 724,482

Futures contracts 34,155 - -

Contracts for Difference - 184,991 -

Total 5,457,580,813 184,991 724,482

Financial liabilities at FVTPL

Futures contracts (1,318,334) - -

Contracts for Difference - (241,709) -

Total (1,318,334) (241,709) -

The following table presents the fair value hierarchy of the Company’s financial assets and liabilities measured at 31 December 2016.

At 31 December 2016

Financial assets at FVTPL Level 1 Level 2 Level 3

Equities 5,109,820,696 42,738 93,630

Futures contracts 224,113 - -

Warrants - 32,376 -

Contracts for Difference - 65,032 -

Total 5,110,044,809 140,146 93,630

Financial liabilities at FVTPL

Futures contracts (893,921) - -

Contracts for Difference - (469,099) -

Total (893,921) (469,099) -


>308< HSBC ETFs PLC


Risk Management Process (continued) (e) Fair value of assets and liabilities (continued)

A reconciliation of movements in level 3 assets and liabilities for the financial period ended 30 June 2017 and for the financial year ended 31 December 2016 is set out below.

30 June 2017 31 December 2016

USD USD

Opening balance 93,630 152,415

Sales - (377,182)

Realised losses - (349,506)

Unrealised gains 1,120 593,083

Transfers into level 3 629,732 74,820

Closing balance 724,482 93,630

There were USD 724,482 (31 December 2016: USD 93,630) investments by the Company categorised within Level 3 for the period ended 30 June 2017. During the period ended 30 June 2017, USD 724,482 (31 December 2016: USD 93,630), have been transferred to Level 3.

At 30 June 2017 and 31 December 2016, had significant unobservable inputs used in the fair value measurement categorized within level 3 of the fair value hierarchy increased or decreased by 5% with all other variables held constant, the decrease or increase in the net assets attributable to holders of redeemable participating shares of each Sub-Fund is shown below.

Sub-Funds Value of level 3 investment

USD

Impact on NAV due to change in the value of level 3 investment (5% change)

USD

30 June

2017 31 December

2016 30 June

2017 31 December

2016 HSBC S&P 500 UCITS ETF 28,241 28,240 1,412 1,412 HSBC MSCI USA UCITS ETF 5,654 5,654 283 283 HSBC MSCI EM FAR EAST UCITS ETF 27,898 - 1,395 - HSBC MSCI KOREA UCITS ETF 35,571 - 1,779 - HSBC MSCI EMERGING MARKETS UCITS ETF 168,786 - 8,439 - MSCI AC FAR EAST ex JAPAN UCITS ETF 216,213 - 10,811 -

Totals

724,482 93,630 36,225 4,682


HSBC ETFs PLC >309<


Risk Management Process (continued) (e) Fair value of assets and liabilities (continued) The Sub-Fund, MSCI Europe UCITS ETF holds level 3 investments, Banco Espirito Santo which is valued at nil at 30 June 2017 (31 December 2016: nil), due to the bankruptcy of the underlying company.

The Sub-Funds, S&P 500 UCITS ETF and MSCI USA UCITS ETF hold level 3 investments Casa Ley, which is valued at USD 71,388 at 30 June 2017 (31 December 2016: 71,388), due to corporate action where the asset is unlisted and have been priced at USD 1.0149 per share as stated on parent company's document.

The Sub-Funds, FTSE 100 UCITS ETF, MSCI Europe UCITS ETF and MSCI World UCITS ETF hold level 3 investments Rolls-Royce Holdings, which is valued at nil at 30 June 2017 (31 December 2016: nil), due to corporate action.

The Sub Funds, MSCI EM FAR East UCITS ETF, MSCI China UCITS ETF, MSCI Emerging Markets UCITS ETF and MSCI AC FAR East ex Japan UCITS ETF hold level 3 investments Henergy Thin Film Power Group, which is valued at nil at 30 June 2017 (31 December 2016: nil) due to the suspension from trading since July 2015.

The Sub-Funds, S & P 500 UCITS ETF and MSCI USA UCITS ETF hold level 3 investments PDC Contingent, which is valued at USD 3,433 at 30 June 2017 (31 December 2016:1,700), due to corporate action where the asset is unlisted and have been priced at USD 0.0488 per share as stated on parent company's document.

The Sub Funds, MSCI EM FAR East UCITS ETF and MSCI Malaysia UCITS ETF hold level 3 investments, RHB Capital which is valued at nil at 30 June 2017 (31 December 2016: nil), due to the suspension from trading since June 2016 and is currently in liquidation.

The Sub-Funds, S&P 500 UCITS ETF and MSCI USA UCITS ETF hold level 3 investments, American International Group Warrants which is valued at nil at 30 June 2017 (31 December 2016: nil), due to corporate actions.

The Sub-Fund, S&P 500 UCITS ETF holds level 3 investments First Horizon National Corporation, which is valued at nil 30 June 2017 (31 December 2016: nil), due to the suspension from trading since January 2015.

The Sub-Funds, HSBC MSCI China UCITS ETF, HSBC MSCI EM Far East UCITS ETF, HSBC MSCI AC Far East ex Japan UCITS ETF and HSBC MSCI Emerging Markets UCITS ETF hold level 3 investments China Huishan Dairy, which is valued at nil at 30 June 2017 (31 December 2016: nil). The security was transferred from level 1 to level 3 as the security was suspended from trading since June 2017.

The Sub-Funds, HSBC MSCI EM Far East UCITS ETF, HSBC MSCI Korea UCITS ETF, HSBC MSCI AC Far East ex Japan UCITS ETF and HSBC MSCI Emerging Markets UCITS ETF hold level 3 investments, Orion which is valued at USD 464,510 (31 December 2016: nil). The security was transferred from level 1 to level 3 as the security was suspended from trading since May 2017 and only resumed trading on 7 July 2017. .


>310< HSBC ETFs PLC


Risk Management Process (continued) (e) Fair value of assets and liabilities (continued) The Sub Funds, MSCI South Africa UCITS ETF and MSCI Emerging Markets UCITS ETF hold level 3 investments, African Bank which was valued at nil at 31 December 2016, due to the bankruptcy of the underlying company. The holding with African Bank was sold during the period ending 30 June 2016 proceeds of USD 4,996. All transfers are taken at the end of the year. Other than financial assets at fair value through profit or loss and financial liabilities at fair value through profit or loss, all other assets and liabilities are carried at amortised cost, their carrying values are a reasonable approximation of fair value. In accordance with the requirements of IFRS 13, these assets and liabilities are classified as level 2.

7. Taxation Under current law and practice the Company qualifies as an investment undertaking as defined in Section 739B of the Taxes Consolidation Act, 1997, as amended. On that basis, it is not chargeable to Irish tax on its income or gains. However, Irish tax may arise on the occurrence of a “chargeable event”. A chargeable event includes any distribution payments to shareholders or any encashment, redemption, cancellation or transfer of shares and the holding of shares at the end of each eight year period beginning with the acquisition of such shares. No Irish tax will arise on the Company in respect of chargeable events in respect of: a) A shareholder who is neither Irish resident nor ordinarily resident in Ireland for tax purposes,

at the time of the chargeable event, provided appropriate valid declarations in accordance with the provisions of the Taxes Consolidation Act, 1997, as amended, are held by the Company; or the Company has been authorised by the Irish Revenue to make gross payments in the absence of appropriate declarations; and

b) Certain exempted Irish tax resident shareholders who have provided the Company with the

necessary signed statutory declarations; and

c) Any transaction (which might otherwise be a chargeable event) in relation to shares held in a

recognised clearing system as designated by order of the Irish Revenue Commissioners (such as CREST) will not constitute a chargeable event. It is the current intention of the Directors that all shares in the Company will be held in CREST or another recognised clearing system.

Dividends, interest and capital gains (if any) received on investments made by the Company may be subject to taxes imposed by the country from which the investment income/gains are received and such taxes may not be recoverable by the Company or its shareholders.


HSBC ETFs PLC >311<

8. Derivative Contracts

Futures contracts Futures contracts are commitments either to purchase or sell a specific financial instrument, currency, commodity or an index at a specified future date for a specified price and may be settled in cash or another financial asset. Futures are standardised exchange- traded contracts. Initial margin requirements for futures are met in cash or other instruments, and changes in the future contract values are settled daily through cash margin accounts. Contracts for difference Contracts for difference (“CFD”) are agreements between the Company and third parties which allow the Company to acquire an exposure to the price movement of specific securities without actually purchasing the securities. Upon entering into a CFD, the Company is required to deposit with a broker initial cash margin equal to a certain percentage of the contract amount. Variation margin payments are made or received by the Company depending upon the fluctuation in the value of the underlying securities. The changes in contract values are recorded as unrealised gains or losses and the Company recognises a realised gain or loss when the contract is closed or when the contract is re-set. CFDs are fair valued as the change in market value of the underlying security applied to the notional amount of the CFD held at the end of the year, representing the unrealised gain or loss on these CFDs. The market value of the underlying security is determined by reference to the quoted market price available on a recognised stock exchange. All income accruing to the underlying securities in the CFDs and the financing charges associated with the CFD trading are accrued by the Company on an accruals basis and is recognised in the Statement of Comprehensive Income as part of the net gain/(loss) on financial assets and financial liabilities at fair value through profit or loss. Low Exercise Price Options (LEPO) When the Company purchases or sells a LEPO, the Company pays the full premium upfront. Realised fair value gains and losses on LEPOs are included in the Statement of Comprehensive Income. Premiums paid on purchasing or selling which expire or were unexercised are recognised on the expiration date as realised gains or losses in the statement of comprehensive income.


>312< HSBC ETFs PLC

8. Derivative Contracts (continued) Offsetting assets and liabilities As at the 30 June 2017 and 31 December 2016, the Sub-Funds are subject to master netting arrangements with the counterparties to the futures and the CFDs. No financial assets or liabilities, subject to enforceable master netting arrangements or similar arrangements, are presented on a net basis in the Statement of Financial Position of the Company at the 30 June 2017 or as at the 31 December 2016. The gross amounts of unrealised gains and losses on futures and CFDs, by counterparty, are disclosed in the Schedule of Investments of the Sub-Funds. LEPO's are not subject to an enforceable master netting arrangement or similar arrangement. Margin is posted by the Sub-Funds with the derivative counterparties when the previously held margin falls below the minimum margin requirement. At the 30 June 2017 and 31 December 2016, the Sub-Funds do not have any material amounts of unrealised losses on open futures or CFDs by counterparty as shown below:

30 June 2017 Related amounts not offset in the statement of

financial position

HSBC Currency

Gross amounts of recognised financial

assets


liabilities offset in the statement of

financial position

Net amounts of financial assets presented in the


Financial instruments

(including non cash collateral) available

for offset Cash collateral

received Net amount

Japan USD 5,285 - 5,285 - - 5,285

Europe EUR 1,227 - 1,227 (1,227) - -

Pacific ex Japan USD 1,720 - 1,720 (980) - 740

Turkey USD 305 - 305 - - 305

World USD 3,240 - 3,240 (3,240) - -

Mexico Capped USD 1,304 - 1,304 - - 1,304

Emerging Markets USD 12,503 - 12,503 (12,503) - -

Indonesia USD 2,000 - 2,000 - - 2,000

EM Latin America USD 1,348 - 1,348 - - 1,348

33,983 - 33,983 (23,001) - 10,982


HSBC ETFs PLC >313<

8. Derivative Contracts (continued) Offsetting assets and liabilities (continued)


financial position

HSBC Currency


liabilities


assets offset in the statement of

financial position

Net amounts of financial liabilities

presented in the Statement of

Financial Position



for offset

Margin accounts held by

counterparties Net amount

FTSE 100 GBP (39,088) - (39,088) - 39,088 -

Euro Stoxx 50 EUR (11,970) - (11,970) - 11,970 -

SP 500 USD (24,305) - (24,305) - 24,305 -

Europe EUR (49,908) - (49,908) 1,227 48,681 -

USA USD (5,525) - (5,525) - 5,525 -

EM Far East USD (2,780) - (2,780) - 2,780 -

World USD (40,743) - (40,743) 3,240 37,503 -

Pacific ex Japan USD (980) - (980) 980 - -

Malaysia USD (215) - (215) - 215 -

Taiwan USD (1,180) - (1,180) - 1,180 -

China USD (30,667) - (30,667) - 30,667 -

Russia Capped USD (2,720) - (2,720) - 2,720 -

AC Far East ex Japan USD (30,459) - (30,459) - 30,459 -

Canada USD (787) - (787) - 787 -

Emerging Markets USD (614,042) - (614,042) 12,503 601,539 -

(1,295,877) - (1,295,877) 23,001 1,272,876 -


>314< HSBC ETFs PLC



financial position

Barclays Currency


assets



financial position






received Net amount

EM Far East USD 22,317 - 22,317 (4,574) - 17,743

AC Far East ex Japan USD 68,072 - 68,072 (18,623) - 49,449

184,991 - 184,991 (26,188) - 158,803


financial position

Barclays Currency


liabilities



financial position



Financial Position



for offset



EM Far East USD (4,574) - (4,574) 4,574 - -

China USD (144,364) - (144,364) - 144,364 -

AC Far East ex Japan USD (18,623) - (18,623) 18,623 - -

Emerging Markets USD (58,921) - (58,921) - 58,921 -

(241,708) - (241,708) 26,188 215,520 -


HSBC ETFs PLC >315<


31 December 2016 Related amounts not offset in the statement of

financial position

HSBC Currency


assets



financial position






received Net amount

FTSE 100 GBP 19,620 - 19,620 - - 19,620

Euro Stoxx 50 EUR 4,660 - 4,660 - - 4,660

Japan USD 17,428 - 17,428 - - 17,428

Europe EUR 18,922 - 18,922 (300) - 18,622

Pacific ex Japan USD 7,399 - 7,399 - - 7,399

EM Far East USD 1,992 - 1,992 - - 1,992

Turkey USD 71 - 71 - - 71

World USD 14,678 - 14,678 (4,638) - 10,040

China USD 21,282 - 21,282 - - 21,282

Indonesia USD 6,240 - 6,240 - - 6,240

Malaysia USD 117 - 117 - - 117

Taiwan USD 540 - 540 - - 540

Korea USD 15,360 - 15,360 - - 15,360

AC Far East ex Japan USD 23,100 - 23,100 - - 23,100

217,148 - 217,148 (66,218) - 150,930


>316< HSBC ETFs PLC



financial position

HSBC Currency


liabilities



financial position



Financial Position



for offset



S&P 500 USD (56,105) - (56,105) - 56,105 -

Europe EUR (300) - (300) 300 - -

USA USD (8,953) - (8,953) - 8,953 -

World USD (4,638) - (4,638) 4,638 - -

Canada USD (52) - (52) - 52 -

Mexico Capped USD (571) - (571) - 571 -

EM Latin America USD (955) - (955) - 955 -

Emerging Markets USD (345,847) - (345,847) - 345,847 -

(893,905) - (893,905) 66,218 827,687 -


financial position

Barclays Currency


assets



financial position






received Net amount

EM Far East USD 3,963 - 3,963 (3,963) - -

Emerging Markets USD 1,296 - 1,296 (1,296) - -

65,032 - 65,032 (65,032) - -


HSBC ETFs PLC >317<

8. Derivative Contracts (continued)

Offsetting assets and liabilities (continued)


financial position

Barclays Currency


liabilities



financial position



Financial Position



for offset



EM Far East USD (11,892) - (11,892) 3,963 7,929 -

China USD (126,328) - (126,328) - 126,328 -

AC Far East ex Japan USD (70,090) - (70,090) - 70,090 -

Emerging Markets USD (134,720) - (134,720) 1,296 133,424 -

(469,099) - (469,099) 65,032 404,067 -


>318< HSBC ETFs PLC

8. Derivative Contracts (continued) Calculation of Global Exposure In calculating Global Exposure, the Company adopts a commitment approach in managing risks. The commitment approach will be applied to all positions in Financial Derivative Instruments (“FDI”), whether used as part of the Sub-Funds’ general investment policy, for purposes of risk reduction or for the purpose of efficient portfolio management. Emerging Markets Risk The Company invests in securities in emerging markets. It should be appreciated that liquidity and settlement risks may not provide the same degree of Shareholder protection or information to investors as would generally apply internationally. Legal, Tax and Regulatory Risk Legal, tax and regulatory changes could occur during the duration of the Company which may adversely affect the Company. See Note 7 for details of taxation. Tax Risk Disclaimer for Taxation in the People’s Republic of China (“PRC”) PRC withholding tax has been enforced on payment of dividends and interest to Qualified Foreign Institutional Investors (“QFIIs”) from PRC listed companies at the rate of 10%. However, PRC tax authorities have generally not sought to collect such withholding tax to date on capital gains realised by QFIIs on selling of A-Shares although withholding tax is legally applicable to such capital gains. There is a risk that the PRC tax authorities would seek to collect this tax on capital gains realised by QFIIs on sales of A-Shares, on a retrospective basis, without giving any prior warning. In such a case, the Sub-Funds might be adversely impacted.

Leverage Risk Any leverage resulting from the use of financial derivative instruments and efficient portfolio management techniques are in accordance with the requirements of the Central Bank and will not exceed 100% of the net asset value of the Sub-Funds.

9. Overdraft Facility

The Company has entered into the following overdraft facilities with HSBC Bank plc:

HSBC FTSE 100 UCITS ETF 22,000,000 10

HSBC EURO STOXX 50 UCITS ETF 12,000,000 10

HSBC MSCI JAPAN UCITS ETF 15,000,000 10

HSBC S&P 500 UCITS ETF 120,000,000 10

HSBC MSCI EUROPE UCITS ETF 25,000,000 10

HSBC MSCI USA UCITS ETF 30,000,000 10

HSBC MSCI BRAZIL UCITS ETF 1,000,000 10

HSBC MSCI PACIFIC ex JAPAN UCITS ETF 7,000,000 10

HSBC MSCI EM FAR EAST UCITS ETF 2,500,000 10

HSBC MSCI TURKEY UCITS ETF 1,000,000 10

HSBC MSCI WORLD UCITS ETF 26,000,000 10

HSBC MSCI CHINA UCITS ETF 15,000,000 10


HSBC ETFs PLC >319<

9. Overdraft Facility (continued)

HSBC MSCI SOUTH AFRICA UCITS ETF 1,000,000 10

HSBC MSCI CANADA UCITS ETF 5,000,000 10

HSBC MSCI MEXICO CAPPED UCITS ETF 1,500,000 10

HSBC MSCI EM LATIN AMERICA UCITS ETF 2,000,000 10

HSBC MSCI INDONESIA UCITS ETF 2,500,000 10

HSBC MSCI MALAYSIA UCITS ETF 1,000,000 10

HSBC MSCI TAIWAN UCITS ETF 1,000,000 10

HSBC MSCI KOREA UCITS ETF 1,000,000 10

HSBC MSCI RUSSIA CAPPED UCITS ETF 4,500,000 10

HSBC MSCI EMERGING MARKETS UCITS ETF 25,000,000 10

HSBC MSCI FAR EAST EX JAPAN UCITS ETF 14,000,000 10 NVAC represents the net value of assets under custody with the Depositary, HSBC Institutional Trust Services (Ireland) DAC. To the extent that the facility is drawn down, the assets and cash balances held by the Depositary are held as collateral for the overdraft facilities. Interest is charged on the facility at the HSBC Bank plc’s base rate plus 2%, calculated on a per annum basis. An annual fee of EUR 10,000 is payable per Sub-Fund. Interest on the facility is paid out of TER.

10. Related party transactions

In accordance with Section 78(4) of the Central Bank UCITS Regulations, any transaction carried out with the Company by the Investment Manager or the Depositary, and the delegates or sub-delegates of the Investment Manager or the Depositary (excluding any non-group company sub-custodians appointed by the Depositary); and any associated or group company of the Investment Manager, Depositary, delegate or sub-delegate (“connected parties”) must be conducted at arm’s length and be in the best interests of the shareholders of the Company. The Directors are satisfied that there are arrangements (evidenced by written procedures) in place to ensure that the obligations set out in Regulation 41(1) of the Central Bank UCITS Regulations are applied to all transactions with connected parties and that all transactions with connected parties entered into during the year complied with these obligations. (a) Transactions with parties with significant influence The Investment Manager, HSBC Global Asset Management (Switzerland) Limited (Swiss Representative), HSBC Trinkaus and Burkhardt AG (the "Germany Paying Agent"), Administrator and Depositary are all wholly owned subsidiaries of HSBC Holdings plc and are therefore considered as related parties to the Company. HSBC Holdings plc is the parent company of the above parties and therefore considered as a related party to the Company. Fees and charges to these parties are disclosed in Note 4(b) to the financial statements. As at 30 June 2017, two Subscriber Shares are held by the Investment Manager and its nominee. (b) Transactions with key management personnel Ms. Melissa McDonald, Non-Executive Director of the Company, Global Head of Product for Equities and Responsible Investment, has waived her entitlement to receive a Director's fee. The Directors had no direct or indirect interest in any shares in issue by the Company as at 30 June 2017.


>320< HSBC ETFs PLC

10. Related party transactions (continued) (c) Other related party transactions The Company receives fees from HSBC Bank Plc in the form of duties and charges, direct dealing cash transaction fees, in-kind transaction fees and conversion transaction fees, where applicable to cover expenses incurred by the Company in processing creations and redemptions. Transaction fees received by the Company during the year from HSBC Bank plc amounted to USD 844,711 (30 June 2016: USD 362,271) and are included in the Statement of Comprehensive Income under the heading “Net gain/(loss) on financial assets and liabilities at fair value through profit or loss”. The Company holds cash margin, cash on deposit and has obtained credit facilities with HSBC Bank plc as detailed in Note 5 and Note 9. HSBC Bank plc is considered to be a related party being a subsidiary of HSBC Holdings plc. The HSBC FTSE 100 UCITS ETF, HSBC MSCI EUROPE UCITS ETF and HSBC MSCI WORLD UCITS ETF hold investments in HSBC Holdings plc as disclosed in the Schedules of Investments. (d) Authorised Participants HSBC Global Markets, Commerzbank, Morgan Stanley, Bank of America Merrill Lynch, Susquehanna Europe, Jane Street Financial, Flow Traders B.V. and Virtu Financial are Authorised Participants to the Fund. There were no brokerage fees accrued or paid to the Authorised Participants during the financial period ended 30 June 2017.

11. Significant Shareholders

The table below represents the number of shareholders who had entitlement of 10% or more in the shares in issue of the Sub-Funds of the Company at 30 June 2017 and 31 December 2016.

Number of Shareholders who own 10% or more in the secondary market are as follows:

Sub-Funds

Number of Shareholders who own 10% or more



HSBC FTSE 100 UCITS ETF 2 2

HSBC EURO STOXX 50 UCITS ETF 2 2

HSBC MSCI JAPAN UCITS ETF 4 5

HSBC S&P 500 UCITS ETF 3 3

HSBC MSCI EUROPE UCITS ETF 2 2

HSBC MSCI USA UCITS ETF 4 4

HSBC MSCI BRAZIL UCITS ETF 1 3

HSBC MSCI PACIFIC ex JAPAN UCITS ETF 2 3

HSBC MSCI EM FAR EAST UCITS ETF 3 3

HSBC MSCI TURKEY UCITS ETF 2 3

HSBC MSCI WORLD UCITS ETF 1 2


HSBC ETFs PLC >321<

11. Significant Shareholders (continued)

Sub-Funds




HSBC MSCI CHINA UCITS ETF 3 2

HSBC MSCI SOUTH AFRICA UCITS ETF 3 4

HSBC MSCI CANADA UCITS ETF 3 2

HSBC MSCI MEXICO CAPPED UCITS ETF 3 3

HSBC MSCI EM LATIN AMERICA UCITS ETF 2 2

HSBC MSCI INDONESIA UCITS ETF 2 2

HSBC MSCI MALAYSIA UCITS ETF 3 5

HSBC MSCI TAIWAN UCITS ETF 4 3

HSBC MSCI KOREA UCITS ETF 2 4

HSBC MSCI RUSSIA CAPPED UCITS ETF 3 4

HSBC MSCI EMERGING MARKETS UCITS ETF 3 3

HSBC MSCI FAR EAST EX JAPAN UCITS ETF 3 4

12. Share capital

The authorised share capital of the Company is 500,000,300,002 shares of no par value divided into: 2 subscriber shares of no par value (the “Subscriber Shares”); 300,000 capitalisation shares of no par value (the “Capitalisation Shares”); and 500,000,000,000 shares of no par value (the “Participating Redeemable Shares”). The Subscriber Shares, which are held by the Investment Manager and its nominees, entitle the holders to attend and vote at general meetings of the Company but do not entitle the holders to participate in the profits or assets of the Company except for a return of capital on a winding-up. The holders of Subscriber Shares shall have one vote for each subscriber share held. The Subscriber Shares do not form part of the net asset value of the Company. They are thus disclosed in the financial statements by way of this note only. The Capitalisation Shares entitle the holder or holders to attend and vote at general meetings of the Company. It does not entitle the holders to participate in the profits or assets of the Company except for a return of paid-up capital on redemption or on a winding-up of the Company. The Participating Redeemable Shares entitle the holders to attend and vote at general meetings of the Company and to participate equally (subject to any differences between fees, charges and expenses applicable to different classes of shares) in the profits and assets of each Sub Fund.


>322< HSBC ETFs PLC

12. Share capital (continued) The Company’s capital currently exceeds EUR 300,000, being the capital required to establish a self-managed investment company under the UCITS Regulations. The movement in the number of Participating Redeemable Shares during the year is as follows:

Sub-Funds

At 1 January

2017

Issued during the

period

Redeemed during the

period

At 30 June

2017

(units) (units) (units) (units)

HSBC FTSE 100 UCITS ETF 1,885,000 - - 1,885,000

HSBC EURO STOXX 50 UCITS ETF 2,510,000 600,000 - 3,110,000

HSBC MSCI JAPAN UCITS ETF 8,151,273 400,000 (1,800,000) 6,751,273

HSBC S&P 500 UCITS ETF 100,350,000 8,200,000 (2,800,000) 105,750,000

HSBC MSCI EUROPE UCITS ETF 16,000,000 500,000 (2,500,000) 14,000,000

HSBC MSCI USA UCITS ETF 10,900,000 250,000 (4,000,000) 7,150,000

HSBC MSCI BRAZIL UCITS ETF 727,000 1,820,000 - 2,547,000 HSBC MSCI PACIFIC ex JAPAN UCITS ETF 3,210,000 - - 3,210,000

HSBC MSCI EM FAR EAST UCITS ETF 1,080,000 - (300,000) 780,000

HSBC MSCI TURKEY UCITS ETF 1,900,000 300,000 (600,000) 1,600,000

HSBC MSCI WORLD UCITS ETF 7,358,065 5,850,000 - 13,208,065

HSBC MSCI CHINA UCITS ETF 22,750,000 3,000,000 - 25,750,000 HSBC MSCI SOUTH AFRICA UCITS ETF 75,000 25,000 - 100,000

HSBC MSCI CANADA UCITS ETF 2,250,000 300,000 (450,000) 2,100,000 HSBC MSCI MEXICO CAPPED UCITS ETF 300,000 250,000 (200,000) 350,000 HSBC MSCI EM LATIN AMERICA UCITS ETF 600,000 - - 600,000

HSBC MSCI INDONESIA UCITS ETF 280,000 75,000 (15,000) 340,000

HSBC MSCI MALAYSIA UCITS ETF 130,500 - (30,000) 100,500

HSBC MSCI TAIWAN UCITS ETF 300,000 - - 300,000

HSBC MSCI KOREA UCITS ETF 140,000 70,000 - 210,000 HSBC MSCI RUSSIA CAPPED UCITS ETF 7,775,000 450,000 (750,000) 7,475,000 HSBC MSCI EMERGING MARKETS UCITS ETF 29,700,000 5,400,000 (600,000) 34,500,000 HSBC MSCI AC FAR EAST ex JAPAN UCITS ETF 4,850,000 100,000 - 4,950,000


HSBC ETFs PLC >323<

12. Share capital (continued)

Sub-Funds

At 1 January

2016

Issued during the

period

Redeemed during the

period

At 30 June

2016

(units) (units) (units) (units)

HSBC FTSE 100 UCITS ETF 2,460,000 - (100,000) 2,360,000

HSBC EURO STOXX 50 UCITS ETF 3,510,000 200,000 (300,000) 3,410,000

HSBC MSCI JAPAN UCITS ETF 6,801,273 - (1,250,000) 5,551,273

HSBC S&P 500 UCITS ETF 92,950,000 7,200,000 (4,600,000) 95,550,000

HSBC MSCI EUROPE UCITS ETF 18,500,000 - (1,000,000) 17,500,000

HSBC MSCI USA UCITS ETF 17,400,000 500,000 (5,250,000) 12,650,000

HSBC MSCI BRAZIL UCITS ETF 587,000 700,000 (560,000) 727,000 HSBC MSCI PACIFIC ex JAPAN UCITS ETF 8,010,000 - (4,200,000) 3,810,000

HSBC MSCI EM FAR EAST UCITS ETF 780,000 - - 780,000

HSBC MSCI TURKEY UCITS ETF 1,900,000 - (300,000) 1,600,000

HSBC MSCI WORLD UCITS ETF 15,458,065 - (4,950,000) 10,508,065

HSBC S&P BRIC 40 UCITS ETF 210,000 125,000 (335,000) -

HSBC MSCI CHINA UCITS ETF 28,000,000 1,500,000 (7,500,000) 22,000,000 HSBC MSCI SOUTH AFRICA UCITS ETF 150,000 25,000 (75,000) 100,000

HSBC MSCI CANADA UCITS ETF 3,000,000 300,000 (900,000) 2,400,000 HSBC MSCI MEXICO CAPPED UCITS ETF 300,000 200,000 (200,000) 300,000 HSBC MSCI EM LATIN AMERICA UCITS ETF 700,000 400,000 (600,000) 500,000

HSBC MSCI INDONESIA UCITS ETF 310,000 90,000 (45,000) 355,000

HSBC MSCI MALAYSIA UCITS ETF 130,500 90,000 (30,000) 190,500

HSBC MSCI TAIWAN UCITS ETF 300,000 100,000 (100,000) 300,000

HSBC MSCI KOREA UCITS ETF 210,000 - - 210,000 HSBC MSCI RUSSIA CAPPED UCITS ETF 6,425,000 150,000 (600,000) 5,975,000 HSBC MSCI EMERGING MARKETS UCITS ETF 27,900,000 4,200,000 - 32,100,000 HSBC MSCI AC FAR EAST ex JAPAN UCITS ETF 3,950,000 600,000 - 4,550,000


>324< HSBC ETFs PLC

13. Subsequent events

The Company declared the following dividends subsequent to the period end.

Sub-Funds Dividend Ex-Date

Dividend Rate Per Share

HSBC S&P 500 UCITS ETF USD 20 July 2017 0.1982

HSBC MSCI USA UCITS ETF USD 20 July 2017 0.1633

HSBC MSCI BRAZIL UCITS ETF USD 20 July 2017 0.1715

HSBC MSCI WORLD UCITS ETF USD 20 July 2017 0.1287

HSBC MSCI CANADA UCITS ETF USD 20 July 2017 0.1441

HSBC MSCI MEXICO CAPPED UCITS ETF USD 20 July 2017 0.3581

HSBC MSCI JAPAN UCITS ETF USD 27 July 2017 0.2614

HSBC MSCI PACIFIC ex JAPAN UCITS ETF USD 27 July 2017 0.2420

HSBC MSCI EM FAR EAST UCITS ETF USD 27 July 2017 0.2698

HSBC MSCI CHINA UCITS ETF USD 27 July 2017 0.0567

HSBC MSCI EM LATIN AMERICA UCITS ETF USD 27 July 2017 0.1861

HSBC MSCI INDONESIA UCITS ETF USD 27 July 2017 1.0197

HSBC MSCI MALAYSIA UCITS ETF USD 27 July 2017 0.4277

HSBC MSCI TAIWAN UCITS ETF USD 27 July 2017 0.2040

HSBC MSCI EMERGING MARKETS UCITS ETF USD 27 July 2017 0.0662

HSBC FTSE 100 UCITS ETF GBP 03 August 2017 1.7997

HSBC EURO STOXX 50 UCITS ETF EUR 03 August 2017 0.8333

HSBC MSCI EUROPE UCITS ETF EUR 03 August 2017 0.2856

HSBC MSCI TURKEY UCITS ETF USD 03 August 2017 0.0778

HSBC MSCI SOUTH AFRICA UCITS ETF USD 03 August 2017 0.5191

HSBC MSCI RUSSIA CAPPED UCITS ETF USD 03 August 2017 0.1002

14. Charges

HSBC Bank Plc holds a number of charges over assets held in custody by the sub-funds, as security for obligations under its agreement with Sub-Funds.

15. Approval of Financial Statements The financial statements were approved by the Board of Directors on 18 August 2017.

Schedule of Changes in Investments

HSBC ETFs PLC >325<


For the period ended 30 June 2017

Cost Proceeds

Purchases GBP Sales GBP

Lloyds Banking Group 419,154 Capita (280,817)

Segro 374,877 Dixons Carphone (223,785)

Scottish Mortgage Investment Trust 372,594 Royal Dutch Shell (203,610)

G4S 371,297 Intu Properties (176,428)

Royal Dutch Shell 343,247 Hikma Pharmaceuticals (170,904)

Rentokil Initial 340,590 HSBC Holdings (156,435)

BP 264,385 Anglo American (145,233)

ConvaTec 149,836 GlaxoSmithKline (126,580)

HSBC Holdings 133,772 Diageo (105,802)

GlaxoSmithKline 81,126 British American Tobacco (104,527)

AstraZeneca 79,568 BP (104,048)

Vodafone Group 67,751 WPP (63,400)

Prudential 51,630 AstraZeneca (61,774)

British American Tobacco 49,152 Vodafone Group (59,101)

Worldpay Group 45,125 Reckitt Benckiser (52,592)

Barclays 43,121 Shire (52,335)

CRH 35,888 Rio Tinto (49,081)

Glencore 30,938 Lloyds Banking Group (48,264)

BAE Systems 29,664 BHP Billiton (46,969)

Aviva 25,208 Prudential (46,305)

Unilever (44,546)

Glencore (43,901)

Barclays (43,304)

Relx (42,818)

Imperial Brands (40,683)

National Grid (39,733)

TUI AG (33,779) The Statement of Significant Purchases and Sales reflect the aggregate purchases of a security exceeding one per cent of the total value of purchases and aggregate disposal greater than one per cent of the total of sales for the period. At a minimum the largest 20 purchases and largest 20 sales must be given.

Schedule of Changes in Investments (continued)

>326< HSBC ETFs PLC



Cost Proceeds

Purchases EUR Sales EUR

Total SA 1,296,991 Total SA (266,351) Siemens 1,072,388 Deutsche Bank (144,204) Sanofi 960,806 Schneider Elte (117,839) SAP 943,169 Sanofi (107,085) Bayer 919,274 Adidas (89,064) Anheuser-Busch 857,270 BBV Argentaria (53,543) BASF 834,097 Muenchener Ruecker (48,183) Banco Santander 824,182 Iberdrola (42,440) Allianz 781,268 Deutsche Post (38,752) BNP Paribas 725,775 Siemens (38,688) Daimler 716,145 Koninklijke Philips (33,727) Unilever 708,500 SAP (31,795) ING Groep 578,254 Bayer (31,569) LVMH 577,952 BASF (30,041) Deutsche Telekom 542,099 Banco Santander (28,841) Axa 521,461 Allianz (27,252) BBV Argentaria 494,348 Anheuser Busch (26,876) Telefonica 489,265 Daimler (24,777) ASML Holding 462,117 BNP Paribas (24,737) L'Oreal 457,382 Unilever (22,948) Industria De Diseno Textil 454,482 Vinci (21,972) Iberdrola 437,850 ING Groep (18,764) Air Liquide 431,883 LVMH (18,722) Airbus Group 411,635 Deutsche Telekom (18,027) Vinci 410,514 Axa (17,868) Schneider Elte 399,222 ASML Holding (15,974) Societe Generale 398,735 Danone 395,557 ENI 393,193 Intesa 382,720 Enel 347,800 Deutsche Post 341,712 Fresenius SE & Co KGaA 334,819 Adidas 309,723 ORANGE 306,650 Nokia 300,503 BMW 296,139 Koninklijke Philips 291,318 CRH 291,093 Deutsche Bank 281,774 Muenchener Ruecker 280,398 Safran 280,351 Engie 273,578 Volkswagen 271,916 Koninklijke Ahold 258,745 Saint Gobain 253,894 Essilor International 251,639 The Statement of Significant Purchases and Sales reflect the aggregate purchases of a security exceeding one per cent of the total value of purchases and aggregate disposal greater than one per cent of the total of sales for the period. At a minimum the largest 20 purchases and largest 20 sales must be given.


HSBC ETFs PLC >327<



Cost Proceeds

Purchases USD Sales USD

Toyota Motor 579,517 Toyota Motor (2,774,805)

Honda Motor 374,836 Softbank (1,869,053)

Kyushu Railway 351,952 Mitsubishi UFJ Financial Group (1,715,073)

Mitsubishi UFJ Financial Group 340,236 Sumitomo Mitsui Financial (889,839)

Tosoh 322,548 Honda Motor (862,220)

Disco 321,004 KDDI (859,801)

Coca-Cola 299,671 Mizuho Financial Group (783,262)

Softbank 273,415 Sony (718,178)

Sumitomo Mitsui Financial Group 221,685 Fanuc (692,923)

KDDI 218,351 Keyence (688,640)

Daikin Industries 196,045 Japan Tobacco (652,279)

Mizuho Financial Group 193,277 Shin-Etsu Chemical (591,769)

Keyence 191,711 Takeda Pharmaceutical Company (589,157)

Sony 184,370 Canon (587,687)

Japan Tobacco 170,358 Mitsubishi (587,400)

Fanuc 167,667 NTT DoCoMo (586,925)

Takeda Pharmaceutical 149,905 Nippon Telegraph & Telephone (537,664)

Shin-Etsu Chemical 149,768 Seven and I Holdings (535,710)

NTT DoCoMo 148,845 Astellas Pharma (523,263)

Canon 147,770 East Japan Railway (522,149) The Statement of Significant Purchases and Sales reflect the aggregate purchases of a security exceeding one per cent of the total value of purchases and aggregate disposal greater than one per cent of the total of sales for the period. At a minimum the largest 20 purchases and largest 20 sales must be given.


>328< HSBC ETFs PLC



Cost Proceeds


Apple 7,052,561 Yahoo! (5,675,121)

Alphabet 6,332,156 Apple (4,106,858)

Microsoft 5,096,662 Spectra Energy (3,797,856)

Exxon Mobil 4,681,967 St Jude Medical (2,610,410)

Amazon.Com 4,015,920 Alphabet (2,378,661)

FaceBook 3,727,820 Microsoft (2,072,873)

Johnson & Johnson 3,381,718 Linear Technology (1,844,345)

Berkshire Hathaway 3,328,934 Procter & Gamble (1,780,265)

JP Morgan Chase & Company 3,063,959 Johnson & Johnson (1,680,861)

Incyte Genomics 2,952,135 Exxon Mobil (1,550,108)

General Electric 2,542,840 Allergan (1,397,620)

AT & T 2,504,360 JP Morgan Chase & Company (1,246,517)

Wells Fargo & Co 2,419,518 Amazon.Com (1,243,172)

Chevron 2,300,243 General Electric (1,239,438)

Bank of America 2,284,448 Home Depot (1,238,496)

Procter & Gamble 2,268,295 American International Group (1,149,245)

L3 Communications Holdings 2,089,042 FaceBook (1,148,091)

Abbott Laboratories 2,070,509 Citigroup (1,120,056)

Verizon Communications 2,019,800 Chevron (1,054,416)

Pfizer 1,968,438 Berkshire Hathaway (1,013,090) The Statement of Significant Purchases and Sales reflect the aggregate purchases of a security exceeding one per cent of the total value of purchases and aggregate disposal greater than one per cent of the total of sales for the period. At a minimum the largest 20 purchases and largest 20 sales must be given.


HSBC ETFs PLC >329<



Cost Proceeds

Purchases EUR Sales EUR

Nestle 254,768 Syngenta (1,049,358)

BP Plc 223,276 Nestle (974,129)

Total 220,232 Roche Holding (712,081)

Lloyds Banking Group 206,411 HSBC Holdings (689,173)

Royal Dutch Shell 296,493 Novartis (688,365)

Roche Holding 184,935 Actelion (687,116)

BNP Paribas 184,439 Total (516,924)

Novartis 179,373 British American Tobacco (482,119)

HSBC Holdings 172,076 Royal Dutch Shell (913,047)

NXP Semiconductors 160,801 BP Plc (461,931)

Reckitt Benckiser Group 138,426 Sanofi (413,671)

Gamesa 119,315 Siemens (411,280)

GlaxoSmithKline 117,914 GlaxoSmithKline (406,136)

British American Tobacco 116,493 Bayer (393,971)

Straumann Holdings 116,156 SAP (386,370)

Sanofi 115,093 BASF (362,175)

ABB 111,976 Banco Santander (358,471)

ConvaTec 107,408 Anheuser-Busch (341,536)

Siemens 106,758 Allianz (338,583)

Bayer 105,396 Novo Nordisk (330,963) The Statement of Significant Purchases and Sales reflect the aggregate purchases of a security exceeding one per cent of the total value of purchases and aggregate disposal greater than one per cent of the total of sales for the period. At a minimum the largest 20 purchases and largest 20 sales must be given.


>330< HSBC ETFs PLC



Cost Proceeds


Alphabet 239,071 Apple (3,398,190)

Apple 216,374 Alphabet (2,264,332)

Microsoft 155,923 Microsoft (2,103,719)

FaceBook 144,667 Amazon.Com (1,506,778)

Amazon.Com 143,091 Johnson & Johnson (1,486,272)

Exxon Mobil 140,907 Exxon Mobil (1,485,733)

Abbott Laboratories 136,528 FaceBook (1,394,673)

SVB Financial Group 127,462 JP Morgan Chase & Company (1,378,495)

L3 Communications 114,294 General Electric (1,170,696)

AT & T Inc 105,062 Wells Fargo & Co (1,159,804)

Walt Disney 95,982 AT & T Inc (1,122,063)

FMC Technologies 95,622 Bank of America (1,098,691)

Berkshire Hathaway 93,958 Procter & Gamble (972,376)

Johnson & Johnson 91,557 Berkshire Hathaway (888,415)

Colony NorthStar Inc REIT 89,200 Chevron (881,306)

JP Morgan Chase & Company 81,771 Pfizer (871,447)

General Electric 71,249 Verizon Communications (838,780)

SVB Financial Group 67,354 Comcast (826,211)

Wells Fargo & Co 67,268 Citigroup (820,783)

Comcast 67,011 Home Depot (820,365) The Statement of Significant Purchases and Sales reflect the aggregate purchases of a security exceeding one per cent of the total value of purchases and aggregate disposal greater than one per cent of the total of sales for the period. At a minimum the largest 20 purchases and largest 20 sales must be given.


HSBC ETFs PLC >331<



Cost Proceeds


Itau Unibanco Banco Multiplo 3,700,971 BRF (313,543)

Banco Bradesco 3,521,366 AES Tiete (114,642)

Petrobras 3,512,655 Itau Unibanco Banco Multiplo (84,491)

Vale 2,631,778 Banco Bradesco (84,167)

Ambev 2,525,755 Petrobras (81,192)

Itausa Investimentos Itau 1,101,531 Vale (72,512)

BM&F Bovespa 1,085,240 Ambev (57,943)

Cielo 886,749 Itausa Investimentos Itau (27,404)

BRF 879,630 BM&F Bovespa (24,210)

Banco do Brasil 795,953 Sul America (21,294)

Ultrapar Participacoes 791,032 Banco do Brasil (19,545)

CCR 728,440 Cielo (18,280)

BB Seguridade Participacoes 647,159 Ultrapar Participacoes (17,996)

Telef Brasil 633,604 Kroton Educational (14,327)

Kroton Educational 600,247 Telef Brasil (13,418)

Lojas Renner 498,783 Lojas Renner (12,277)

Lojas Americanas 487,968 BB Seguridade Participacoes (12,143)

Raia Drogasil 454,829 Raia Drogasil (11,001)

Banco Santander 393,348 Equatorial Energia (8,935)

Embraer 344,582 Banco Santander Brasil (8,301)

Equatorial Energia 343,364 The Statement of Significant Purchases and Sales reflect the aggregate purchases of a security exceeding one per cent of the total value of purchases and aggregate disposal greater than one per cent of the total of sales for the period. At a minimum the largest 20 purchases and largest 20 sales must be given.


>332< HSBC ETFs PLC



Cost Proceeds


Jardine Strategic 211,084 Jardine (58,308)

Bluescope Steel 125,182 Cathay Pacific (43,816)

HKT Trust 39,855 Westpac Banking (37,846)

Macquarie Group 35,898 Commonwealth Bank of Australia (35,948)

Commonwealth Bank of Australia 33,498 Wharf Holdings (33,899)

Melco Crown Entertainment 31,236 AIA GROUP (33,424)

Westpac Banking 31,135 Australia & NZ Banking Group (30,608)

National Australia Bank 30,568 BHP Billiton (29,983)

AIA GROUP 28,597 National Australia Bank (28,875)

Australia & NZ Banking Group 24,959 Vocus Communications Ltd (28,426)

BHP Billiton NPV 19,283 Wilmar International (21,637)

Singapore Telecommunications 17,742 CSL (19,170)

CSL 13,497 Telstra Corporation (16,750)

United Overseas Bank 12,740 Hang Lung Properties (15,461)

Wesfarmers 12,099 CK Hutchison Holdings Limited (14,988)

CK Hutchison Holdings Limited 11,408 Wesfarmers (12,512)

Dexus Property 10,958 Insurance Australia Group (12,465)

HK Exchanges & Clearing 10,613 Swire Pacific (12,123)

DBS Group 10,036 Tattersals (12,044)

Yangzijiany Shipbuilding 9,674 Oversea Chinese Banking (9,814)

Rio Tinto (9,775)

Sun Hung Kai Properties (9,742)

HK Exchanges & Clearing (9,704)

Macquarie Group (9,226)

The Link REIT (8,919) The Statement of Significant Purchases and Sales reflect the aggregate purchases of a security exceeding one per cent of the total value of purchases and aggregate disposal greater than one per cent of the total of sales for the period. At a minimum the largest 20 purchases and largest 20 sales must be given.


HSBC ETFs PLC >333<



Cost Proceeds


Autohome 46,721 Samsung Electronics (855,896)

Medytox 46,410 Taiwan Semicon Manufacturing (655,473)

Sunac China Holdings 40,360 Tencent Holdings (625,677)

Minth 38,699 Alibaba Group Holding (473,302)

DMCI 35,360 China Mobile (301,867)

Sihuan Pharmaceutical Holdings Group 35,300 China Construction Bank (283,079)

Lafarge Malayan Cement 29,175 Industrial & Commercial Bank of China (216,591)

HANMI Science 23,883 Baidu (203,926)

Momo 16,136 Bank of China (182,954)

CIMB Group Holdings 11,231 Hon Hai Prec Industries (178,880)

Citic Pacific 10,035 Ping An Insurance (134,644)

Sunny Optical Technology 7,847 China Petroleum & Chemical (129,626)

BDO Unibank 3,130 China Life Insurance (124,268)

Formosa Petrochemical 2,810 Sk hynix (122,531)

CSPC Pharmaceutical 2,733 Bank Central Asia (105,255)

Samsung Biologics 2,543 Hyundai Motor (102,710)

PTT Global Chemical 2,256 Naver (93,046)

TAL Education 2,097 CNOOC (92,741)

Hon Hai Prec Industries 1,968 LG Chemical (88,392)

Netmarble Games 1,351 NetEase (88,351) The Statement of Significant Purchases and Sales reflect the aggregate purchases of a security exceeding one per cent of the total value of purchases and aggregate disposal greater than one per cent of the total of sales for the period. At a minimum the largest 20 purchases and largest 20 sales must be given.


>334< HSBC ETFs PLC



Cost Proceeds


Aselsan Elektronik Sanayi 145,792 Garanti Bankasi (293,337)

Garanti Bankasi 140,469 Akbank (278,733)

Akbank 134,496 BIM Birlesik Magazalar (160,918)

KOC Holding 122,142 Turkcell Iletism Hizmetleri (148,823)

BIM Birlesik Magazalar 76,305 Tupras-Turkiye Petrol Rafine (148,281)

Turkcell Iletism Hizmetleri 73,375 Turkiye IS Bankasi (145,735)

Tupras-Turkiye Petrol Rafine 73,089 Sabanci Holding (130,303)

Turkiye IS Bankasi 71,928 KOC Holding (125,062)

Sabanci Holding 63,605 Eregli Demir Ve Celik Fabrik (116,868)

Eregli Demir Ve Celik Fabrik 57,722 Turkiye Halk Bankasi (100,682)

Turkiye Halk Bankasi 48,824 Emlak Konut Gayrimenkul (79,208)

Emlak Konut Gayrimenkul 40,267 Arcelik (72,916)

Arcelik 34,850 Turkiye Vakiflar Bankasi (59,412)

Anadolou Efes Biracilik 28,785 Anadolou Efes Biracilik (56,889)

Turkiye Vakiflar Bankasi 27,958 Yapi Kredi (49,120)

Yapi Kredi 23,311 Tofas Turk Otomobil Fabrikasi (47,632)

Tofas Turk Otomobil Fabrikasi 23,137 Turk Hava Yollari (44,927)

Turk Hava Yollari 21,411 Turk Telekomunikasyon (43,517)

Turk Telekomunikasyon 20,653 Petkim Petrokimya Holding (43,213)

Petkim Petrokimya Holding 20,452 Turk Sise Ve Cam Fabrikalari (41,507)

Turk Sise Ve Cam Fabrikalari 19,447 Ulker Biskuvi Sanayi (40,088)

Ulker Biskuvi Sanayi 19,119 Coca Cola Icecek (37,162)

Coca Cola Icecek 18,107 Ford Otomotiv Sanayi (36,119)

Ford Otomotiv Sanayi 17,260 Tav Havalimanlari (34,317)

Tav Havalimanlari 16,669 The Statement of Significant Purchases and Sales reflect the aggregate purchases of a security exceeding one per cent of the total value of purchases and aggregate disposal greater than one per cent of the total of sales for the period. At a minimum the largest 20 purchases and largest 20 sales must be given.


HSBC ETFs PLC >335<



Cost Proceeds


Apple 2,270,722 Yahoo (450,340)

Alphabet 1,503,792 Syngenta (373,509)

Microsoft 1,467,411 Actelion (322,975)

Johnson & Johnson 1,061,536 Edgewell Personal Care (119,569)

Amazon.Com 1,028,476 Zardoya Otis (114,621)

Exxon Mobil 972,565 Sun Hung Kai Properties (109,469)

FaceBook 950,574 Spectra Energy (77,926)

JP Morgan Chase & Company 913,040 Jardine Cycle & Carriage (77,231)

Wells Fargo & Co 864,190 St Jude Medical (73,133)

General Electric 811,632 William Hill (61,820)

AT & T Inc 803,694 Apple (61,555)

Bank of America 788,229 Allianz (61,121)

Nestle 762,502 Calpine (61,069)

Procter & Gamble 739,644 SFR (60,269)

Pfizer 657,599 Tokyo Electric Power (57,650)

Verizon Communications 641,226 Carrefour (54,349)

Royal Dutch Shell 601,335 Cheung Kong Property Holdings (52,266)

Comcast 592,932 Dun & Bradstreet (52,139)

Home Depot 591,213 Credit Suisse (48,079)

Merck & Co 588,958 McDonalds (41,591)

CSX (35,351) The Statement of Significant Purchases and Sales reflect the aggregate purchases of a security exceeding one per cent of the total value of purchases and aggregate disposal greater than one per cent of the total of sales for the period. At a minimum the largest 20 purchases and largest 20 sales must be given.


>336< HSBC ETFs PLC



Cost Proceeds


Tencent Holdings 2,556,970 Tencent Holdings (288,228)

Alibaba Group Holding 1,865,716 Yum China Holding (161,621)

China Mobile 1,144,754 JD.Com (155,658)

China Construction Bank 1,087,017 Sinotrans (140,853)

Baidu 804,876 Geely Automobiles Holdings (109,335)

Industrial & Commercial Bank of China 774,079 China Mobile (105,701)

Bank of China 615,130 China Construction Bank (102,626)

Momo 475,395 Want Want China Holding (76,189)

Ping An Insurance 464,674 Industrial & Commercial Bank of China (73,479)

Citic Pacific 424,927 China Minsheng Banking (61,138)

Minth 395,336 Bank of China (58,419)

CNOOC 377,166 Alibaba Group Holding (55,345)

NetEase 359,269 China Vanke (54,819)

China Life Insurance 350,870 Weibo (53,156)

JD.Com 346,859 Ping An Insurance (50,984)

China Petroleum & Chemical 340,998 HengTen Networks (50,129)

Autohome 315,974 Country Garden Holdings (38,155)

Ctrip Com International 282,586 China Life Insurance (34,660)

PetroChina 275,533 NetEase (33,600)

Agricultural Bank of China 267,170 Baidu (32,750)

Yum China Holding 262,815 China Petroleum & Chemical (32,466)

Sihuan Pharmaceutical Holdings Group 232,739 CNOOC (30,288)

Ctrip Com International (30,163)

China Everbright (25,355) The Statement of Significant Purchases and Sales reflect the aggregate purchases of a security exceeding one per cent of the total value of purchases and aggregate disposal greater than one per cent of the total of sales for the period. At a minimum the largest 20 purchases and largest 20 sales must be given.


HSBC ETFs PLC >337<



Cost Proceeds


Naspers 325,388 Naspers (38,039)

MTN Group 73,994 Tsogo Sun Holdings (10,847)

Barclays Africa Group 68,969 Sasol (8,380)

Sasol 66,838 Steinhoff International Holdings (7,935)

Standard Bank 66,194 MTN Group (7,767)

Steinhoff International 62,416 Standard Bank (7,199)

Firstrand 56,550 Firstrand (6,446)

Vodacom Group 48,180 Remgro (4,444)

Aspen Pharmacare Holdings 39,387 New Europe Property Investment (3,957)

Remgro 37,749 Bid Corp (3,559)

Sanlam Limited 32,528 Sanlam Limited (3,433)

Bid Corporation 29,864 Shoprite Holdings (3,118)

Shoprite Holdings 28,861 Growthpoint Properties (3,088)

Woolworths Holdings 24,427 MMI Holdings (2,770)

Redefine Properties 23,234 Resilient Property (2,738)

Nedbank Group 22,977 Aspen Pharmacare Holdings (2,476)

Tiger Brands 22,597 AngloGold Ashanti (2,368)

Bidvest Group 20,044 Tiger Brands (2,320)

AngloGold Ashanti 20,029 Woolworths Holdings (2,254)

Growthpoint Properties 18,616 Redefine Properties (1,963)

Sappi 16,712 Truworths International (1,868)

Discovery Holdings 15,464 Barclays Africa Group (1,646)

RMB Holdings 14,376 Mr Price Group (1,529) The Statement of Significant Purchases and Sales reflect the aggregate purchases of a security exceeding one per cent of the total value of purchases and aggregate disposal greater than one per cent of the total of sales for the period. At a minimum the largest 20 purchases and largest 20 sales must be given.


>338< HSBC ETFs PLC



Cost Proceeds


Enbridge 1,127,709 Royal Bank of Canada (608,812)

Royal Bank of Canada 594,552 Toronto-Dominion Bank (520,286)

Toronto-Dominion Bank 519,653 Bank Of Nova Scotia (410,298)

Bank Of Nova Scotia 397,204 Enbridge (341,687)

Canadian National Railway 326,926 Suncor Energy (334,417)

Suncor Energy 296,644 Canadian National Railway (314,004)

Bank of Montreal 268,547 Valeant Pharaceuticals (311,995)

Canadian Imperial Bank 257,642 Bank of Montreal (260,400)

Shopify 234,197 Transcanada (227,656)

Transcanada 230,988 Canadian Natural Resources (216,840)

Manulife Financial 204,201 Manulife Financial (216,100)

Canadian Natural Resources 192,947 Canadian Imperial Bank (194,624)

Brookfield Asset Management 188,209 Potash Corp of Saskatchewan (163,811)

Canadian Pacific Railway 158,561 Brookfield Asset Management (158,151)

Sun Life Financial 125,693 Magna International (145,947)

Cenovus Energy 115,389 Eldorado Gold (140,011)

Alimentation Couche-Tard 110,079 Canadian Pacific Railway (139,675)

Barrick Gold 108,386 Thomson Reuters (128,423)

Magna International 97,849 Sun Life Financial (127,934)

Agrium 90,718 Barrick Gold (127,007)

Rogers Communications 90,009 Cenovus Energy (119,048)

Goldcorp (117,251)

Alimentation Couche-Tard (96,576)

Rogers Communications (88,313) The Statement of Significant Purchases and Sales reflect the aggregate purchases of a security exceeding one per cent of the total value of purchases and aggregate disposal greater than one per cent of the total of sales for the period. At a minimum the largest 20 purchases and largest 20 sales must be given.


HSBC ETFs PLC >339<



Cost Proceeds


America Movil 1,347,617 America Movil (1,117,787)

Fomento Economico Mexicano 987,828 Fomento Economico Mexicano (760,635)

Grupo Financiero Banorte 745,567 Grupo Financiero Banorte (657,731)

Cemex 700,013 Cemex (588,296)

Grupo Televisa 665,096 Grupo Televisa (562,462)

Grupo Mexico 648,712 Grupo Mexico (536,369)

WalMart de Mexico 601,140 WalMart de Mexico (534,748)

Alfa A Com 246,103 Grupo Aeroportuario (338,673)

Fibra Uno Administration 231,957 Fibra Uno Administration (200,127)

Bimbo 221,775 Bimbo (187,593)

Grupo Financiero Banorte 205,258 Grupo Financiero Inbursa (180,596)

Coca-Cola Femsa 198,636 Alfa A Com (176,179)

Grupo Aeroportuario 196,411 Coca-Cola Femsa (165,544)

Industrias Penoles 189,427 Promotora y Operadorade (161,169)

Grupo Aeroportuario 182,676 Grupo Carso (158,176)

Grupo Financiero Santander 169,573 Industrias Penoles (157,048)

Kimberly-Clark de Mexico 166,818 Grupo Financiero Santander (148,901)

Gruma 164,589 Kimberly-Clark de Mexico (144,175)

Mexichem 159,210 Mexichem (140,323)

Arca Continental 159,182 Gruma (138,253)

Promotora y Operadorade 142,700 Arca Continental (135,067)

Grupo Carso 138,116 Infraestructura Energetica Nova (115,475)

Infraestructura Energetica Nova 137,360 The Statement of Significant Purchases and Sales reflect the aggregate purchases of a security exceeding one per cent of the total value of purchases and aggregate disposal greater than one per cent of the total of sales for the period. At a minimum the largest 20 purchases and largest 20 sales must be given.


>340< HSBC ETFs PLC



Cost Proceeds


Bancolombia 63,645 BRF (57,062)

CCR 50,586 AES Tiete (22,122)

Transmissora Alianca de Energia Eletrica 34,066 Corporacion Financiera Colombiana (21,729)

Fomento Economico Mexicano 27,042 Grupo Carso (13,417)

BM&F Bovespa 23,409 Promotora y Operadorade (10,594)

Lojas Americanas 20,562 Itau Unibanco Banco Multiplo (10,419)

Br Malls Participacoes 15,347 Banco Bradesco (8,720)

Cosan SA Industria Comercio 11,035 Petrobras (8,154) CPFL Energia 10,467 Ambev (6,271) Alfa 9,813 Vale (5,657) America Movil 7,264 America Movil (4,942)

JBS 6,920 Sul America (3,822)

Itau Unibanco Banco Multiplo 6,211 Ultrapar Participacoes (3,166)

Vale 4,857 Cemex (3,092)

Petrobras 4,421 Grupo Financiero Banorte (2,860)

Arca Continental 4,286 Grupo Televisa (2,597)

Klabin SA 4,092 Itausa Investimentos Itau (2,515)

Braskem 4,058 Mexichem (2,297)

Banco Bradesco 4,050 Fomento Economico Mexicano (2,290)

Grupo De Inv Suramericana 3,889 BM&F Bovespa (2,219)

Ambev 3,805 The Statement of Significant Purchases and Sales reflect the aggregate purchases of a security exceeding one per cent of the total value of purchases and aggregate disposal greater than one per cent of the total of sales for the period. At a minimum the largest 20 purchases and largest 20 sales must be given.


HSBC ETFs PLC >341<



Cost Proceeds


Telekomunikasi Indonesia Persero 1,026,379 Bank Central Asia (826,824)

Astra International 837,631 Telekomunikasi Indonesia Persero (187,699)

Bank Central Asia 830,204 Astra International (151,512)

Bank Rakyat Indonesia 719,143 Bank Rakyat Indonesia (138,006)

Bank Mandiri 544,174 Bank Mandiri (98,222)

Unilever Indonesia 335,882 Unilever Indonesia (61,941)

Indocement Tunggal Prakarsa 260,774 PT Lippo Karawaci (60,330)

Bank Negra Indonesia 234,541 Tower Bersama Infrastructure (42,187)

United Tractor 209,970 Bank Negra Indonesia (41,617)

Indofood Sukses Makmur 180,702 United Tractor (38,657)

Hanjaya Mandala Sampoerna 176,614 Gudang Garam (32,149)

Matahari Department Store 176,419 XL Axiata (31,593)

Gudang Garam 160,497 Indofood Sukses Makmur (31,495)

Kalbe Farma 155,720 Matahari Department Store (30,925)

Perusahaan Gas Negara 135,094 Hanjaya Mandala Sampoerna (30,064)

Semen Indonesia Persero 133,525 Pakuwon Jati (28,835)

Charoen Pokphand Indonesia 114,901 Indocement Tunggal Prakarsa (28,349)

Adaro Energy 114,776 Kalbe Farma (28,055)

Indofood CBP Sukses Makmur 97,416 Semen Indonesia Persero (24,919)

Bank Danamon Indonesia 83,785 Perusahaan Gas Negara (22,104)

Surya Citra Media 82,217 The Statement of Significant Purchases and Sales reflect the aggregate purchases of a security exceeding one per cent of the total value of purchases and aggregate disposal greater than one per cent of the total of sales for the period. At a minimum the largest 20 purchases and largest 20 sales must be given.


>342< HSBC ETFs PLC



Cost Proceeds


Public Bank 32,846 Public Bank (122,610)

CIMB Group Holdings Berhad 25,176 Tenaga Nasional (105,526)

Misc 13,158 IHH Healthcare (97,816)

Kuala Lumpur Kepong Berhad 10,425 Genting (89,271)

Petronas Dagangan 9,206 Malayan Banking (82,010)

Malayan Banking 7,189 Digi Com (54,207)

AirAsia 6,392 Sime Darby (50,272)

Malaysia Airports Holdings 5,902 Petronas Chemical Group (40,872)

Sime Darby 5,450 CIMB Group Holdings (39,124)

Tenaga Nasional 3,877 Axiata Group Berhad (30,764)

Felda Global Ventures Holdings 2,579 Petronas Gas (28,896)

Genting 2,449 Maxis (27,241)

YTL 1,292 AMMB Holdings (25,934)

Axiata Group 1,278 Kuala Lumpur Kepong (23,615)

British American Tobacco 1,043 IOI Corporation Berhad (23,223)

Petronas Chemical Group 1,029 IJM (22,772)

Gamuda 999 Hong Leong Bank (20,148)

IJM 733 Gamuda (19,535)

IOI Corporation Berhad 639 Lafarge Malayan Cement (18,798)

Dialog Group 623 Misc (18,540)

PPB Group Berhad (17,994)

Sapurakencana Petroleum (17,081)

Berjaya Sports Toto (16,739)

Telekom Malaysia (16,399)

Dialog Group (15,469)

British American Tobacco (15,409)

YTL (14,380)

IOI Properties Group (12,790)

HAP Seng Consolidated (12,387)

Malaysia Airports Holdings (12,202) The Statement of Significant Purchases and Sales reflect the aggregate purchases of a security exceeding one per cent of the total value of purchases and aggregate disposal greater than one per cent of the total of sales for the period. At a minimum the largest 20 purchases and largest 20 sales must be given.


HSBC ETFs PLC >343<



Cost Proceeds


Taiwan High Speed Rail Corporation 26,165 Taiwan Semicon Manufacturing (62,583)

Globalwafers 21,847 Formosa Chemical & Fiber (21,262)

Formosa Petrochemical 10,768 Hon Hai Precision Industry (15,209)

China Steel 10,692 First Financial Holding (9,934)

Standard Foods 8,065 Casetek Holdings Limited (7,541)

Hotai Motor 5,242 Advanced Semiconductor Engineering (7,454)

Yuanta Financials Holdings 4,337 Hua Nan Financial Holdings (7,310)

Advanced Semiconductor Engineering 3,725 Fubon Financial Holding (6,374)

Hon Hai Precision Industry 2,942 Chang HWA Commercial Bank (6,366)

Taishin Financial Holding 2,682 Formosa Plastics (5,794)

MediaTek 1,996 Uni-President Enterprises (5,452)

WPG Holdings 1,336 CTBC Financial Holding (5,314)

Siliconware Precision Industries (4,902)

Nan Ya Plastics (4,830)

Mega Financial Holding (4,637)

Cathay Financial Holding (4,610)

Quanta Computer (4,240)

China Steel (4,022)

MediaTek (3,436)

Taiwan Mobile (3,340)

Chunghwa Telecom (3,227)

Largan Precision (2,868)

Delta Electronics (2,786)

Pegatron Corperation (2,511) The Statement of Significant Purchases and Sales reflect the aggregate purchases of a security exceeding one per cent of the total value of purchases and aggregate disposal greater than one per cent of the total of sales for the period. At a minimum the largest 20 purchases and largest 20 sales must be given.


>344< HSBC ETFs PLC



Cost Proceeds


Samsung Electronics 1,100,506 SK Holdings (48,448)

Sk hynix 137,044 Samsung Electronics (36,078)

Hyundai Motor 127,436 LG Uplus (11,264)

Naver 98,267 Samsung Fire & Marine Insurance (8,808)

KB Financial Group 90,824 Hyundai Electric and Energy System (4,718)

Shinhan Financial Group 90,580 Mirae Asset Daewoo (4,428)

Pohang Iron Steel 85,402 Hyundai Construction Equipment (4,032)

Amorepacific 74,543 Samsung Card (3,050)

Hyundai Mobis 71,246 Daewoo International (2,995)

LG Chemicals 61,098 Sk hynix (2,575)

Hana Financial Holdings 53,461 S1 Corporation (2,221)

KT & G 51,635 Hyundai Motor (2,021)

SK Holdings 48,165 Pohang Iron Steel (1,748)

Korea Electric Power 47,034 Hyundai Department Store (1,747)

SK Innovation 46,973 Korea Aerospace Industries (1,690)

LG Household & Healthcare 44,654 KB Financial Group (1,662)

Kia Motors 41,122 Shinhan Financial Group (1,621)

Cheil Industries 40,200 Hotel Shilla (1,508)

Samsung Fire & Marine Insurance 38,550 Naver (1,497)

Samsung Life Insurance 36,517 KT Corporation (1,295)

LG Electronics 36,487

Samsung SDI 35,528 The Statement of Significant Purchases and Sales reflect the aggregate purchases of a security exceeding one per cent of the total value of purchases and aggregate disposal greater than one per cent of the total of sales for the period. At a minimum the largest 20 purchases and largest 20 sales must be given.


HSBC ETFs PLC >345<



Cost Proceeds


Sberbank of Russia 1,042,590 Gazprom (2,285,493)

Novolipetsk Steel 1,014,852 Sberbank of Russia (1,630,900)

Lukoil 800,731 Transneft (1,488,527)

Gazprom 785,754 Lukoil (1,123,589)

Tatneft 650,489 Magnit (589,675)

Magnit 428,518 Novatek (581,497)

Novatek 393,811 Tatneft (504,962)

MMC Norilsk Nickel 308,004 MMC Norilsk Nickel (430,340)

Surgutneftegaz 257,914 Surgutneftegaz (385,143)

Rosneft Oil 256,698 Severstal (378,123)

VTB Bank 208,499 Rosneft Oil (341,445)

Moscow Exchange 186,805 VTB Bank (317,456)

PhosAgro 168,161 Mobile Telesystems (245,713)

Mobile Telesystems 168,079 ALROSA (216,030)

Transneft 149,464 Rushydro (201,918)

ALROSA 145,428 Moscow Exchange (132,046)

Severstal 102,053 Inter Rao Ues (115,478)

Inter Rao Ues 71,466 PhosAgro (73,773)

Rushydro 62,585 Rostelecom (60,880)

AFK Sistema 53,623 AFK Sistema (46,356) The Statement of Significant Purchases and Sales reflect the aggregate purchases of a security exceeding one per cent of the total value of purchases and aggregate disposal greater than one per cent of the total of sales for the period. At a minimum the largest 20 purchases and largest 20 sales must be given.


>346< HSBC ETFs PLC



Cost Proceeds


Samsung Electronics 2,304,285 Samsung Electronics (433,598)

Tencent Holdings 1,956,664 Indocement Tunggal Prakarsa (260,946)

Taiwan Semicon Manufacturing 1,884,771 DiGi.Com (257,015)

Alibaba Group Holding 1,439,713 Advantech (255,552)

Naspers 887,743 Gazprom (231,702)

China Mobile 850,483 Tencent Holdings (187,346)

China Construction Bank 820,308 Taiwan Semicon Manufacturing (186,784)

Industrial & Commercial Bank of China 599,661 SK Holdings (179,659)

Baidu 592,812 Globe Telecom (177,575)

Hon Hai Precision Industries 580,232 China Merchants Bank (174,730)

Itau Unibanco Banco Multiplo 474,358 China Mobile (164,161)

Bank of China 442,866 Corporacion Financiera Colombiana (163,285)

Banco Bradesco 421,952 Industrial & Commercial Bank of China (161,549)

Petrobras 379,031 Geely Automobile Holdings (142,766)

Sberbank of Russia 372,018 Alibaba Group Holding (139,905)

Ping An Insurance 359,986 Transneft (129,977)

Gazprom 339,094 Qatar Electricity And Water (118,375)

Ambev 333,669 Bank Central Asia (110,601)

Sk hynix 298,492 LG Chem (100,058)

China Life Insurance 292,267 Naspers (90,304)

President Chain Store (87,358)

Siam Cement (85,245) The Statement of Significant Purchases and Sales reflect the aggregate purchases of a security exceeding one per cent of the total value of purchases and aggregate disposal greater than one per cent of the total of sales for the period. At a minimum the largest 20 purchases and largest 20 sales must be given.


HSBC ETFs PLC >347<



Cost Proceeds


Jardine 419,060 China Evergrande Group (380,056)

Tencent Holdings 326,184 Anta Sports Products (236,303)

China Conch Venture Holdings 293,397 Kia Motors (232,014)

Autohome 283,757 Keppel (228,687)

Medytox 259,854 Naver (224,566)

Samsung Electronics 215,132 CJ (187,359)

Hyundai Motor 197,812 Beijing Capital International Airport (165,992)

Alibaba Pictures 195,445 Advanced Semiconductor Engineering (127,281)

China Communications Services 176,579 HTC (108,534)

Taiwan Semicon Manufacturing 169,347 Berjaya Sports Toto (104,913)

Baidu 146,459 Weibo (96,594)

Huaneng Renewables 132,594 Jasa Marga Persero (89,525)

NetEase 131,757 Zhejiang Expressway (84,488)

Alibaba Group Holding 131,600 Kalbe Farma (80,781)

Momo 114,146 Bank Central Asia (77,110)

Pohang Iron Steel 109,613 Taiwan Cement (71,053)

Public Bank 109,212 Jiangsu Expressway (67,863)

The Link REIT 105,363 IHH Healthcare (67,516)

Haitong Securities 105,047 Lafarge Malayan Cement (67,219)

Hanon Systems 96,485 N C Soft (65,040)

Capitacommercial Trust 94,187 ENN Energy Holdings (53,040)

Taiwan High Speed Rail 92,033 Sk hynix (52,717)

Eva Airways 88,391 Cheil Communications (43,649)

AIA Group 83,834 Transcend Information (34,096)

Minth 81,458 Hyundai Electric & Energy System (31,499)

Globalwafers 80,902

China Mobile 79,974

Vipshop Holdings 77,833 The Statement of Significant Purchases and Sales reflect the aggregate purchases of a security exceeding one per cent of the total value of purchases and aggregate disposal greater than one per cent of the total of sales for the period. At a minimum the largest 20 purchases and largest 20 sales must be given.

Supplemental Information

>348< HSBC ETFs PLC

1. Exchange Rates

The following average exchange rates were used to translate income and expenses into the presentation currency (USD) at 30 June 2017 and 30 June 2016.

30 June 2017 30 June 2016 Euro 0.92338 0.89851 Pound Sterling 0.79395 0.70533

The following Exchange rates were used to translate assets and liabilities into the functional currency (EUR) at 30 June 2017 and 30 December 2016. 30 June 2017 31 December 2016 Danish Krone 7.43502 7.43551 Norwegian Kroner 9.55399 9.07897 Pound Sterling 0.87806 0.85360 Swedish Krona 9.62003 9.58198 Swiss Franc 1.09225 1.07200 United States Dollar 1.14055 1.05475 The following Exchange rates were used to translate assets and liabilities into the functional currency (GBP) at 30 June 2017 and 30 December 2016. 30 June 2017 31 December 2016 Euro 1.13888 1.17151 Georgian Lari 3.12268 3.29239 United States Dollar 1.29895 1.23565 Chinese Yuan Renminbi 8.80623 8.58715 Japanese Yen 145.95002 144.12004 The following exchange rates were used to translate assets and liabilities into the functional currency (USD) at 30 June 2017 and 31 December 2016.

30 June 2017 31 December 2016 Australian Dollar 1.30370 1.38103 Brazilian Real 3.31325 3.25470 Canadian Dollar 1.29870 1.34105 Chilean Peso 664.72500 669.78500 Chinese Yuan Renminbi 6.77950 6.94950 Colombian Peso 3,055.07000 3,002.00000 Czech Koruna 22.89685 25.61795 Danish Krone 6.51880 7.04955 Egyptian Pound 18.12000 18.13000 Euro 0.87677 0.94809 Hong Kong Dollar 7.80645 7.75315 Hungarian Forint 271.00965 292.83250 Indian Rupee 64.63750 67.87000 Indonesian Rupiah 13,327.50000 13,472.50000 Israeli New Shekel 3.48970 3.84865 Japanese Yen 112.36000 116.63500 Korean Won 1,144.15000 1,207.80000 Malaysian Ringgit 4.29265 4.48600 Mexican Peso 18.09975 20.60150 Moroccan Dirham 9.65620 10.12100 New Zealand Dollar 1.36575 1.43410 Norwegian Kroner 8.37665 8.60770 Peruvian Nuevo Sol 3.24650 3.35285

Supplemental Information (continued)

HSBC ETFs PLC >349<

1. Exchange Rates (continued)

30 June 2017 31 December 2016 Philippine Peso 50.46000 49.71250 Polish Zloty 3.70830 4.17430 Pound Sterling 0.76985 0.80929 Qatari Riyal 3.66040 3.64140 Russian Rouble 59.26875 61.04375 Singapore Dollar 1.37685 1.44470 South African Rand 13.10250 13.67500 Swedish Krona 8.43455 9.08460 Swiss Franc 0.95765 1.01635 Taiwan Dollar 30.42000 32.22900 Thai Baht 33.97000 35.81050 Turkish Lira 3.52255 3.51760 UAE Dirham 3.67295 3.67290

2. Comparative net asset value

Funds NAV

Per Share Total NAV

30 June 2017 30 June 2017

HSBC FTSE 100 UCITS ETF GBP 73.84 139,193,598

HSBC EURO STOXX 50 UCITS ETF EUR 36.33 112,976,692

HSBC MSCI JAPAN UCITS ETF USD 31.09 209,894,074

HSBC S&P 500 UCITS ETF USD 24.41 2,581,528,641

HSBC MSCI EUROPE UCITS ETF EUR 13.21 184,910,264

HSBC MSCI USA UCITS ETF USD 23.24 166,176,382

HSBC MSCI BRAZIL UCITS ETF USD 16.99 43,268,255

HSBC MSCI PACIFIC ex JAPAN UCITS ETF USD 13.23 42,476,786

HSBC MSCI EM FAR EAST UCITS ETF USD 43.89 34,231,255

HSBC MSCI TURKEY UCITS ETF USD 4.08 6,521,658

HSBC MSCI WORLD UCITS ETF USD 19.10 252,235,604

HSBC MSCI CHINA UCITS ETF USD 7.32 188,403,859

HSBC MSCI SOUTH AFRICA UCITS ETF USD 48.64 4,864,235

HSBC MSCI CANADA UCITS ETF USD 16.21 34,048,039

HSBC MSCI MEXICO CAPPED UCITS ETF USD 40.47 14,162,832

HSBC MSCI EM LATIN AMERICA UCITS ETF USD 25.54 15,321,420

HSBC MSCI INDONESIA UCITS ETF USD 86.88 29,538,200

HSBC MSCI MALAYSIA UCITS ETF USD 36.00 3,617,963

HSBC MSCI TAIWAN UCITS ETF USD 36.79 11,037,925

HSBC MSCI KOREA UCITS ETF USD 49.26 10,345,031

HSBC MSCI RUSSIA CAPPED UCITS ETF USD 8.56 63,958,255 HSBC MSCI EMERGING MARKETS UCITS ETF USD 10.25 353,570,239 HSBC MSCI AC FAR EAST ex JAPAN UCITS ETF USD 41.94 207,584,433


>350< HSBC ETFs PLC

2. Comparative net asset value (continued)

Funds NAV

Per Share Total NAV

31 December 2016 31 December 2016






















Funds NAV

Per Share Total NAV

30 June 2016 30 June 2016













HSBC ETFs PLC >351<

2. Comparative net asset value (continued)

Funds NAV

Per Share Total NAV

30 June 2016 30 June 2016











3. Distributions

The Directors intend to declare and pay dividends on the shares of each of the Sub-Funds. In respect of each financial year in which the total income of the relevant Sub-Funds exceeds the fees and expenses by more than a de-minimis as determined by the Directors. Dividends will ordinarily be paid twice annually in January/February and July/August. For the HSBC MSCI WORLD UCITS ETF, HSBC MSCI EM LATIN AMERICA UCITS ETF and HSBC MSCI EMERGING MARKETS UCITS ETF, dividends will be paid quarterly in January/February, April/May, July/August and October/November. HSBC MSCI AC FAR EAST ex JAPAN UCITS ETF is an accumulating fund and the Directors do not anticipate distributing dividends from net investment income in respect of the fund.

Distributions made are also subject to equalisation. Equalisation is operated in connection with the issue and redemption of shares. It represents the income element included in the price for the issue and redemption of shares as detailed in Note 3(l). The Company paid the following dividends during the period ended 30 June 2017.



HSBC FTSE 100 UCITS ETF GBP 2 February 2017 1.1262

HSBC EURO STOXX 50 UCITS ETF EUR 2 February 2017 0.1614

HSBC MSCI JAPAN UCITS ETF USD 26 January 2017 0.2079


>352< HSBC ETFs PLC

3. Distributions (continued)



HSBC S&P 500 UCITS ETF USD 19 January 2017 0.1926

HSBC MSCI EUROPE UCITS ETF EUR 2 February 2017 0.0819

HSBC MSCI USA UCITS ETF USD 19 January 2017 0.158

HSBC MSCI BRAZIL UCITS ETF USD 19 January 2017 0.2059

HSBC MSCI PACIFIC EX JAPAN UCITS ETF USD 2 February 2017 0.1994

HSBC MSCI EM FAR EAST UCITS ETF USD 2 February 2017 0.2515

HSBC MSCI WORLD UCITS ETF USD 19 January 2017 0.0658

HSBC MSCI CHINA UCITS ETF USD 26 January 2017 0.0103

HSBC MSCI SOUTH AFRICA UCITS ETF USD 2 February 2017 0.4645

HSBC MSCI CANADA UCITS ETF USD 19 January 2017 0.1337

HSBC MSCI MEXICO CAPPED UCITS ETF USD 19 January 2017 0.2501

HSBC MSCI EM LATIN AMERICA UCITS ETF USD 19 January 2017 0.1524

HSBC MSCI MALAYSIA UCITS ETF USD 26 January 2017 0.4019

HSBC MSCI TAIWAN UCITS ETF USD 2 February 2017 0.5273

HSBC MSCI EMERGING MARKETS UCITS ETF USD 26 January 2017 0.0238


HSBC ETFs PLC >353<


The Company paid the following dividends during the year ended 31 December 2016.



HSBC FTSE 100 UCITS ETF GBP 4 February 2016 0.9888

GBP 4 August 2016 1.5030

HSBC EURO STOXX 50 UCITS ETF EUR 4 February 2016 0.1440

EUR 4 August 2016 0.8257

HSBC MSCI JAPAN UCITS ETF USD 28 January 2016 0.1562

USD 28 July 2016 0.2427

HSBC S&P 500 UCITS ETF USD 21 January 2016 0.1841

USD 21 July 2016 0.1901

HSBC MSCI EUROPE UCITS ETF EUR 4 February 2016 0.0794

EUR 4 August 2016 0.2797

HSBC MSCI USA UCITS ETF USD 21 January 2016 0.1510

USD 21 July 2016 0.1568

HSBC MSCI BRAZIL UCITS ETF USD 21 January 2016 0.1598

USD 21 July 2016 0.1322

HSBC MSCI PACIFIC ex JAPAN UCITS ETF USD 28 January 2016 0.2143

USD 28 July 2016 0.2239

HSBC MSCI EM FAR EAST UCITS ETF USD 28 January 2016 0.3186

USD 28 July 2016 0.3237

HSBC MSCI TURKEY UCITS ETF USD 4 August 2016 0.0763

HSBC MSCI WORLD UCITS ETF USD 21 January 2016 0.0592

USD 21 April 2016 0.0863

USD 21 July 2016 0.1248

USD 20 October 2016 0.0795

HSBC S&P BRIC 40 UCITS ETF USD 21 January 2016 0.1236

HSBC MSCI CHINA UCITS ETF USD 28 January 2016 0.0356

USD 28 July 2016 0.0860


>354< HSBC ETFs PLC




HSBC MSCI SOUTH AFRICA UCITS ETF USD 4 February 2016 0.4605

USD 4 August 2016 0.4965

HSBC MSCI CANADA UCITS ETF USD 21 January 2016 0.1425

USD 21 July 2016 0.1400

HSBC MSCI MEXICO CAPPED UCITS ETF USD 21 January 2016 0.3356

USD 21 July 2016 0.1759

HSBC MSCI EM LATIN AMERICA UCITS ETF USD 21 January 2016 0.1136

USD 14 April 2016 0.0736

USD 21 July 2016 0.1172

USD 20 October 2016 0.0674

HSBC MSCI INDONESIA UCITS ETF USD 28 July 2016 0.9028

HSBC MSCI MALAYSIA UCITS ETF USD 28 January 2016 0.4181

USD 28 July 2016 0.4318

HSBC MSCI TAIWAN UCITS ETF USD 28 January 2016 0.5635

USD 28 July 2016 0.2455

HSBC MSCI KOREA UCITS ETF USD 21 April 2016 0.0603

HSBC MSCI RUSSIA CAPPED UCITS ETF USD 4 February 2016 0.2485

USD 4 August 2016 0.0438

HSBC MSCI EMERGING MARKETS UCITS ETF USD 28 January 2016 0.0213

USD 21 April 2016 0.0149

USD 28 July 2016 0.0723

USD 20 October 2016 0.0473 4. Soft Commissions

Neither the Company nor the Investment Manager has entered into any soft commission arrangements with respect to the Company.

5. Significant events during the period

The Company declared and paid dividends during the period, the details are disclosed under Note 3 of the Supplemental Information. There were no other significant events occurred during the period.

Disclosure of Remuneration Policy

HSBC ETFs PLC >355<

Under the UCITS Regulations, management companies and self–managed investment companies must establish and apply remuneration policies and practices that are consistent with and promote sound and effective risk management. The requirements include, among other things, the retention and deferral of a proportion of the variable remuneration over appropriate periods and the payment of part in non–cash instruments (known as the pay–out process rules). In line with the requirements of the UCITS Regulations, the Company has adopted a remuneration policy (the “Remuneration Policy”) which is consistent with the principles outlined in the ESMA “Guidelines on sound remuneration policies under the UCITS Directive” (the “Remuneration Guidelines”). The Remuneration Policy is appropriate to the Company’s size, internal organisation and the nature, scope and complexity of its activities. The Remuneration Policy seeks: (a) to be consistent with, and promote, sound and effective risk management; (b) to be in line with the business strategy, objectives, values and interests of the Company; (c) not to encourage excessive risk-taking as compared to the investment policy of the relevant Funds; (d) to provide a framework for remuneration to attract, motivate and retain staff (including directors) to which the policy applies in order to achieve the objectives of the Company; and (e) to ensure that any relevant conflicts of interest can be managed appropriately at all times. The Company’s Remuneration Policy applies to certain identified staff whose professional activities have a material impact on the risk profile of the Company. As at 30 June 2017, the Company did not have any employees and the Company’s Remuneration Policy applies only to members of the Company’s management body (i.e. the board of directors). The Directors not affiliated with the Investment Manager receive a fixed annual fee which is in line with the fees paid by other Irish funds and compensates these directors for their tasks, expertise and responsibilities. Directors that are employees of the Investment Manager (or an affiliate) are not paid any fees for their services as directors. Due to the size and internal organisation of the Company and the nature, scope and complexity of its activities, it is not considered appropriate for the Company to establish a remuneration committee. Please see Note 4 for details of the total remuneration for the period paid by the Company to the Directors. No variable remuneration was paid by the Company to the Directors. Further information on the current Remuneration Policy of the Company, including a description of how remuneration and benefits are calculated and the identity of persons responsible for awarding the remuneration and benefits, is available at http://www.etf.hsbc.com/etf/attachments/uk/ucits_remuneration_policy.pdf. A paper copy of this information is available free of charge upon request from the Investment Manager. In accordance with Regulation 89(3A)(e) of the UCITS Regulations, it is confirmed that no material changes have been made to the Remuneration Policy since its adoption. On 25 May 2017, the Company adopted an updated Remuneration Policy to reflect the provisions of the Remuneration Guidelines.

http://www.etf.hsbc.com/etf/attachments/uk/ucits_remuneration_policy.pdf

HSBC Global Asset Management is the asset management specialist of the HSBC Group and operates through HSBC Bank plc and its subsidiaries, and is appointed as the Promotor, Distributor, UK Representative and Investment Manager to HSBC ETFs PLC.

The registered office of HSBC Global Asset Management (UK) Limited is 8 Canada Square, London, E14 5HQ.

© Copyright. HSBC ETFs PLC 2017. All Rights Reserved.

hsbc etfs plc · 2018-07-12 · management and administration (continued) >6< hsbc etfs plc...

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