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HSBC ETFs PLC Interim Report and Unaudited Financial Statements For the period from 1 January 2016 to 30 June 2016

Contents

HSBC ETFs PLC >1<

Management and Administration ................................................................................................. 3

General Information .............................................................................................................................. 4

Investment Manager’s Report ....................................................................................................... 10

Schedules of Investments

HSBC FTSE 100 UCITS ETF ........................................................................................................................... 22

HSBC EURO STOXX 50 UCITS ETF .............................................................................................................. 26

HSBC MSCI JAPAN UCITS ETF ...................................................................................................................... 30


HSBC S&P 500 UCITS ETF ............................................................................................................................. 46

HSBC MSCI EUROPE UCITS ETF .................................................................................................................. 59

HSBC MSCI USA UCITS ETF .......................................................................................................................... 75

HSBC MSCI BRAZIL UCITS ETF ..................................................................................................................... 89

HSBC MSCI PACIFIC ex JAPAN UCITS ETF .................................................................................................. 91

HSBC MSCI EM FAR EAST UCITS ETF ......................................................................................................... 97

HSBC MSCI TURKEY UCITS ETF ................................................................................................................... 110

HSBC MSCI WORLD UCITS ETF .................................................................................................................... 112

HSBC S&P BRIC 40 UCITS ETF ..................................................................................................................... 143

HSBC MSCI CHINA UCITS ETF ..................................................................................................................... 144

HSBC MSCI SOUTH AFRICA UCITS ETF ...................................................................................................... 149

HSBC MSCI CANADA UCITS ETF ................................................................................................................. 151

HSBC MSCI MEXICO CAPPED UCITS ETF .................................................................................................. 154

HSBC MSCI EM LATIN AMERICA UCITS ETF .............................................................................................. 156

HSBC MSCI INDONESIA UCITS ETF ............................................................................................................. 161

HSBC MSCI MALAYSIA UCITS ETF .............................................................................................................. 163

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

HSBC MSCI KOREA UCITS ETF ..................................................................................................................... 168

HSBC FTSE EPRA/NAREIT DEVELOPED UCITS ETF ................................................................................. 171

HSBC MSCI RUSSIA CAPPED UCITS ETF ................................................................................................... 181

HSBC MSCI EMERGING MARKETS UCITS ETF .......................................................................................... 183

HSBC MSCI AC FAR EAST ex JAPAN UCITS ETF ....................................................................................... 204

HSBC ESI WORLDWIDE EQUITY UCITS ETF .............................................................................................. 218

HSBC WORLDWIDE EQUITY UCITS ETF ..................................................................................................... 289

Balance Sheet .......................................................................................................................................... 335

Income Statement .................................................................................................................................. 351

Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares .......................................................................................... 367

Cash Flow Statement ......................................................................................................................... 383

Notes to the Financial Statements ............................................................................................... 399

Contents (continued)

>2< HSBC ETFs PLC

Schedules of Changes in Investments


HSBC EURO STOXX 50 UCITS ETF ............................................................................................................... 441

HSBC MSCI JAPAN UCITS ETF ...................................................................................................................... 442


HSBC S&P 500 UCITS ETF ............................................................................................................................. 444

HSBC MSCI EUROPE UCITS ETF .................................................................................................................. 445

HSBC MSCI USA UCITS ETF .......................................................................................................................... 446

HSBC MSCI BRAZIL UCITS ETF ..................................................................................................................... 447

HSBC MSCI PACIFIC ex JAPAN UCITS ETF .................................................................................................. 448

HSBC MSCI EM FAR EAST UCITS ETF ......................................................................................................... 449

HSBC MSCI TURKEY UCITS ETF ................................................................................................................... 450

HSBC MSCI WORLD UCITS ETF .................................................................................................................... 451

HSBC S&P BRIC 40 UCITS ETF ...................................................................................................................... 452

HSBC MSCI CHINA UCITS ETF ...................................................................................................................... 453

HSBC MSCI SOUTH AFRICA UCITS ETF ....................................................................................................... 454

HSBC MSCI CANADA UCITS ETF .................................................................................................................. 455

HSBC MSCI MEXICO CAPPED UCITS ETF ................................................................................................... 456

HSBC MSCI EM LATIN AMERICA UCITS ETF ............................................................................................... 457

HSBC MSCI INDONESIA UCITS ETF .............................................................................................................. 458

HSBC MSCI MALAYSIA UCITS ETF ............................................................................................................... 459

HSBC MSCI TAIWAN UCITS ETF ................................................................................................................... 460

HSBC MSCI KOREA UCITS ETF ..................................................................................................................... 461

HSBC FTSE EPRA/NAREIT DEVELOPED UCITS ETF ................................................................................. 462

HSBC MSCI RUSSIA CAPPED UCITS ETF ................................................................................................... 463

HSBC MSCI EMERGING MARKETS UCITS ETF .......................................................................................... 464

HSBC MSCI AC FAR EAST ex JAPAN UCITS ETF ....................................................................................... 465

HSBC ESI WORLDWIDE EQUITY UCITS ETF .............................................................................................. 466

HSBC WORLDWIDE EQUITY UCITS ETF ..................................................................................................... 467

Management and Administration

HSBC ETFs PLC >3<

Directors Paying Agent – Austria Eimear Cowhey* (Irish) (Chairperson) Erste Bank der Oesterreichischen Sparkassen AG Peter Blessing* (Irish) Graben 21, 1010 Wien Melissa McDonald** (British) Österreich *Independent Non-Executive Directors and members of the Audit Committee.

Company Secretary

**Non-Executive Director Goodbody Secretarial Limited 25/28 North Wall Quay Depositary IFSC HSBC Institutional Trust Services (Ireland) Limited Dublin 1 1 Grand Canal Square Ireland Grand Canal Harbour Dublin 2 Registered Office Ireland (Registration number: 467896) 25/28 North Wall Quay Registrar and Transfer Agent (Secondary Market)

IFSC Dublin 1

Computershare Investor Services (Ireland) Limited Ireland Heron House Corrig Road Administrator Sandyford Industrial Estate HSBC Securities Services (Ireland) Limited Dublin 18 1 Grand Canal Square Ireland Grand Canal Harbour Dublin 2 Legal Advisers (As to Irish Law) (from 24 June 2016) Ireland Arthur Cox Earlsfort Centre Registrar and Transfer Agent Earlsfort Terrace (Primary Market) Dublin 2 HSBC Securities Services (Ireland) Limited Ireland 1 Grand Canal Square Grand Canal Harbour Legal Advisers (As to Irish Law) (up to 24 June 2016) Dublin 2 Matheson Ireland 70 Sir John Rogerson’s Quay Dublin 2 Independent Auditors Ireland KPMG 1 Harbourmaster Place Promoter, Distributor, UK Representative IFSC and Investment Manager Dublin 1 HSBC Global Asset Management (UK) Limited Ireland 8 Canada Square London E14 5HQ Sponsor United Kingdom J&E Davy Davy House Swiss Representative 49 Dawson Street HSBC Global Asset Management Dublin 2 (Switzerland) Limited Ireland Bederstrasse 49 CH-8002 Zurich Paying Agent – Sweden Switzerland Skandinaviska Enskilda Banken AB through its entity Custody Services Paying Agent – Germany SEB Merchant Banking Custody Services HSBC Trinkaus & Burkhardt AG Global Funds Königsallee 21/23 RB6 40212 Düsseldorf Rissneleden 110 Germany SE-106 40 Stockholm Sweden Paying Agent – Switzerland HSBC Private Bank (Suisse) SA Paying Agent – France Quai des Bergues 9 - 17 CACEIS Bank P.O. Box 2888 1/3 Place Valhubert CH - 1211 Geneva, 1 75013 Paris Switzerland France

General Information

>4< HSBC ETFs PLC

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”) 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 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. The Company had no employees as at 30 June 2016. For the Sub-Funds named hereafter, no notification for distribution has been made so no units of these Sub-Funds may be publicly distributed to investors within the scope of German Investment Act.

General Information (continued)

HSBC ETFs PLC >5<

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

Deutsche Börse and SIX Swiss

HSBC FTSE 250 UCITS ETF London Stock Exchange None

HSBC S&P 500 UCITS ETF London Stock Exchange NYSE Euronext – Paris, Deutsche Börse and SIX Swiss

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, SIX Swiss and Deutsche Börse

HSBC S&P BRIC 40 UCITS ETF* London Stock Exchange NYSE Euronext – Paris, SIX Swiss and Deutsche Börse

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 FTSE EPRA/NAREIT DEVELOPED UCITS ETF

London Stock Exchange 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 and Deutsche Börse

HSBC MSCI AC FAR EAST ex JAPAN UCITS ETF

London Stock Exchange SIX Swiss and Deutsche Börse

HSBC ESI WORLDWIDE EQUITY UCITS ETF London Stock Exchange None HSBC WORLDWIDE EQUITY UCITS ETF London Stock Exchange None * The Sub-Fund was fully redeemed on 27 April 2016.


>6< HSBC ETFs PLC

Total Expense Ratio The Total Expense Ratio (“TER”) for each Sub-Fund for the period from 1 January 2016 to 30 June 2016 is as follows:

Sub-Funds 30 June

2016 31 December

2015 HSBC FTSE 100 UCITS ETF 0.07% 0.35% HSBC EURO STOXX 50 UCITS ETF 0.05% 0.15% HSBC MSCI JAPAN UCITS ETF 0.19% 0.40% HSBC FTSE 250 UCITS ETF 0.35% 0.35% HSBC S&P 500 UCITS ETF 0.09% 0.09% HSBC MSCI EUROPE UCITS ETF 0.20% 0.30% 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% 0.35% HSBC S&P BRIC 40 UCITS ETF* - 0.60% 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 FTSE EPRA/NAREIT DEVELOPED UCITS ETF 0.40% 0.40% HSBC MSCI RUSSIA CAPPED UCITS ETF 0.60% 0.60% HSBC MSCI EMERGING MARKETS UCITS ETF 0.40% 0.60% HSBC MSCI AC FAR EAST ex JAPAN UCITS ETF 0.60% 0.60% HSBC ESI WORLDWIDE EQUITY UCITS ETF 0.25% 0.25% HSBC WORLDWIDE EQUITY UCITS ETF 0.25% 0.25% * The Sub-Fund was fully redeemed on 27 April 2016.


HSBC ETFs PLC >7<

Portfolio Turnover Rate* The Portfolio Turnover Rate (“PTR”)* for each Sub-Fund for the period from 1 January 2016 to 30 June 2016 is as follows:

Sub-Funds 30 June

2016 31 December

2015 HSBC FTSE 100 UCITS ETF 7.31% 9.40% HSBC EURO STOXX 50 UCITS ETF 4.66% 11.63% HSBC MSCI JAPAN UCITS ETF 4.73% 5.05% HSBC FTSE 250 UCITS ETF 33.97% 31.58% HSBC S&P 500 UCITS ETF 8.94% 6.71% HSBC MSCI EUROPE UCITS ETF 5.34% 7.91% HSBC MSCI USA UCITS ETF 6.17% 7.22% HSBC MSCI BRAZIL UCITS ETF (38.68%) 12.18% HSBC MSCI PACIFIC ex JAPAN UCITS ETF 6.23% 8.96% HSBC MSCI EM FAR EAST UCITS ETF 9.89% 14.01% HSBC MSCI TURKEY UCITS ETF 4.66% 8.29% HSBC MSCI WORLD UCITS ETF 10.31% 9.66% HSBC S&P BRIC 40 UCITS ETF** - 21.26% HSBC MSCI CHINA UCITS ETF 37.04% 37.71% HSBC MSCI SOUTH AFRICA UCITS ETF 14.44% 44.24% HSBC MSCI CANADA UCITS ETF 4.76% 9.16% HSBC MSCI MEXICO CAPPED UCITS ETF 2.35% 9.09% HSBC MSCI EM LATIN AMERICA UCITS ETF 3.14% 9.02% HSBC MSCI INDONESIA UCITS ETF 1.71% 5.06% HSBC MSCI MALAYSIA UCITS ETF 15.39% 46.09% HSBC MSCI TAIWAN UCITS ETF 5.56% 9.66% HSBC MSCI KOREA UCITS ETF 7.03% 11.90% HSBC FTSE EPRA/NAREIT DEVELOPED UCITS ETF 7.97% 19.45% HSBC MSCI RUSSIA CAPPED UCITS ETF 7.87% 13.55% HSBC MSCI EMERGING MARKETS UCITS ETF 16.21% 38.23% HSBC MSCI AC FAR EAST ex JAPAN UCITS ETF 11.03% 14.40% HSBC ESI WORLDWIDE EQUITY UCITS ETF 22.93% 38.59% HSBC WORLDWIDE EQUITY UCITS ETF 68.68% 7.89% * PTR calculation includes equalisation. ** The Sub-Fund was fully redeemed on 27 April 2016.


>8< HSBC ETFs PLC

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 2016

Year ended 31 December 2015

Sub-Funds Benchmark Fund Benchmark Fund Benchmark

HSBC FTSE 100 UCITS ETF FTSE 100® Index 6.58% 6.62% (1.36%) (1.32%)

HSBC EURO STOXX 50 UCITS ETF EURO STOXX 50® Index (10.36%) (10.77%) 7.99% 7.44%

HSBC MSCI JAPAN UCITS ETF MSCI Japan Index (5.33%) (5.36%) 8.85% 8.84%

HSBC FTSE 250 UCITS ETF FTSE 250® Index (5.34%) (5.23%) 11.05% 11.17%

HSBC S&P 500 UCITS ETF S&P 500® Index 3.61% 3.49% 0.99% 0.75%

HSBC MSCI EUROPE UCITS ETF MSCI Europe Index (7.52%) (7.73%) 9.54% 9.27%

HSBC MSCI USA UCITS ETF MSCI USA Index 3.34% 3.24% 0.92% 0.69%

HSBC MSCI BRAZIL UCITS ETF MSCI Brazil Index 48.03% 48.08% (42.05%) (41.93%)

HSBC MSCI PACIFIC ex JAPAN UCITS ETF MSCI Pacific ex Japan Index 2.48% 2.47% (8.47%) (8.47%)

HSBC MSCI EM FAR EAST UCITS ETF MSCI EM Far East Index 2.83% 2.64% (10.15%) (10.08%)

HSBC MSCI TURKEY UCITS ETF MSCI Turkey Index 11.96% 11.98% (31.85%) (31.87%)

HSBC MSCI WORLD UCITS ETF MSCI World Index 0.72% 0.66% (1.45%) (0.87%)

HSBC S&P BRIC 40 UCITS ETF* S&P BRIC 40® Index - - (11.91%) (11.86%)

HSBC MSCI CHINA UCITS ETF MSCI China Index (4.53%) (4.69%) (8.06%) (7.82%)

HSBC MSCI SOUTH AFRICA UCITS ETF MSCI South Africa Index 15.68% 15.64% (25.34%) (25.45%)

HSBC MSCI CANADA UCITS ETF MSCI Canada Index 15.00% 15.06% (24.19%) (24.16%) HSBC MSCI MEXICO CAPPED UCITS ETF MSCI Mexico Capped Index 0.92% 0.88% (14.33%) (14.41%) HSBC MSCI EM LATIN AMERICA UCITS ETF MSCI EM Latin America Index 26.36% 26.28% (31.28%) (31.32%)

HSBC MSCI INDONESIA UCITS ETF MSCI Indonesia Index 15.78% 15.77% (19.05%) (19.05%)

HSBC MSCI MALAYSIA UCITS ETF MSCI Malaysia Index 6.52% 6.53% (20.06%) (20.06%)

HSBC MSCI TAIWAN UCITS ETF MSCI Taiwan Index 8.43% 8.48% (11.79%) (11.72%)

HSBC MSCI KOREA UCITS ETF MSCI Korea Index 3.85% 3.83% (6.66%) (6.66%)

HSBC FTSE EPRA/NAREIT DEVELOPED UCITS ETF

FTSE EPRA/NAREIT

Developed Index 9.10% 8.87% (0.43%) (0.79%)

HSBC MSCI RUSSIA CAPPED UCITS ETF MSCI Russia Capped Index 20.59% 20.81% 3.82% 3.89%

HSBC MSCI EMERGING MARKETS UCITS ETF MSCI Emerging Markets Index 6.69% 6.77% (15.03%) (15.05%)


MSCI AC Far East ex Japan

Index 2.11% 2.29% (9.34%) (9.32%)

HSBC ESI WORLDWIDE EQUITY UCITS ETF

HSBC Economic Scale Index

Worldwide 2.60% 2.44% (6.96%) (7.14%)

HSBC WORLDWIDE EQUITY UCITS ETF HSBC Worldwide Index 1.38% 1.25% (2.35%) (2.59%)

* The Sub-Fund was fully redeemed on 27 April 2016.


HSBC ETFs PLC >9<

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, Bederstrasse 49, 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 2016 and as at 31 December 2015 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 2016, the following Sub-Funds satisfy the criterion for PEA Eligibility: % PEA Eligible Assets Sub-Funds 30 June 2016 31 December 2015 HSBC FTSE 100 UCITS ETF 100% 100% HSBC EURO STOXX 50 UCITS ETF 100% 100% HSBC FTSE 250 UCITS ETF 100% 100% HSBC MSCI EUROPE UCITS ETF 85.49% 85.43% All share classes of the Sub-Funds in issue at 30 June 2016 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 2016 that they require for their UK tax returns at www.etf.hsbc.com by 30 June 2016. If investors do not have access to the internet they can apply in writing for a copy of this information to HSBC ETFs PLC, 25/28 North Wall Quay, IFSC, Dublin 1, Ireland.

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

Investment Manager’s Report

>10< HSBC ETFs PLC

Market Context Markets got off to a volatile start with continued concerns about China’s outlook and the health of the global economy weighing on sentiment at the start of 2016. This caused a steep drop in global risk assets during the first few weeks of the year with safe haven government bonds and gold benefitting from the risk off environment. The moves strongly tracked oil prices and the Chinese yuan as investors weighed the odds of a global recession The tone reversed sharply mid quarter amid the steady US economy and easier global monetary policy including the Federal Reserve softening its rate hiking stance. The worst performers of 2015 – emerging markets and commodities suffered further losses in the first few weeks of 2016 before rebounding to finish the first quarter with gains. Major government bond markets, especially the long end of the curve, have given a strong performance year to date with 30 year US treasuries up strongly for example against a backdrop of monetary easing. What may be surprising is how dovish the market continues to be given the bounce back in risk assets. As mentioned emerging market assets have performed strongly in 2016 YTD after a long period of underperformance. The outperformance is impressive given the backdrop of concerns over global growth and concerns over China. It seems the market was able to rally on only slightly better than expected news.

Investment Manager’s Report (continued)

HSBC ETFs PLC >11<

HSBC ETFs PLC Performance to 30 June 2016

ETFS

Performance 1 Jan- 30 June

2016 Fund Performance

(Gross)

Performance 1 Jan- 30 June

2016 Fund

Benchmark Performance

Sub-Fund vs Benchmark

Sub-Fund vs Benchmark

(Since inception)

Tracking Error

(Gross)

Developed Countries

HSBC FTSE 100 UCITS ETF 6.58% 6.62% (0.03%) (0.32%) 0.04%

HSBC EURO STOXX 50 UCITS ETF (10.36%) (10.77%) 0.41% 6.06% 0.14%

HSBC MSCI JAPAN UCITS ETF (5.33%) (5.36%) 0.03% 0.00% 0.09%

HSBC FTSE 250 UCITS ETF (5.34%) (5.23%) (0.10%) (1.48%) 0.09%

HSBC S&P 500 UCITS ETF 3.61% 3.49% 0.12% 3.72% 0.04%

HSBC MSCI EUROPE UCITS ETF (7.52%) (7.73%) 0.21% 3.30% 0.10%

HSBC MSCI USA UCITS ETF 3.34% 3.24% 0.11% 3.85% 0.05%

HSBC MSCI PACIFIC EX JAPAN UCITS ETF 2.48% 2.47% 0.01% 0.00% 0.08%

HSBC MSCI WORLD UCITS ETF 0.72% 0.66% 0.07% 0.53% 0.38%

HSBC MSCI CANADA UCITS ETF 15.00% 15.06% (0.06%) 0.51% 0.08%

HSBC FTSE EPRA/NAREIT DEVELOPED UCITS ETF 9.10% 8.87% 0.23% 2.14% 0.11%

Emerging Countries

HSBC MSCI BRAZIL UCITS ETF 48.03% 48.08% (0.04%) (0.26%) 0.12%

HSBC MSCI EM FAR EAST UCITS ETF 2.83% 2.64% 0.19% 0.66% 0.44%

HSBC MSCI TURKEY UCITS ETF 11.96% 11.98% (0.01%) 0.10% 0.13%

HSBC MSCI CHINA UCITS ETF (4.53%) (4.69%) 0.16% 0.61% 0.59%

HSBC S&P BRIC 40 UCITS ETF* - - - - -

HSBC MSCI SOUTH AFRICA UCITS ETF 15.68% 15.64% 0.04% 0.77% 0.16%

HSBC MSCI MEXICO CAPPED UCITS ETF 0.92% 0.88% 0.04% 0.38% 0.08%

HSBC MSCI EM LATIN AMERICA UCITS ETF 26.36% 26.28% 0.08% 0.06% 0.22%

HSBC MSCI INDONESIA UCITS ETF 15.78% 15.77% 0.01% 0.16% 0.07%

HSBC MSCI MALAYSIA UCITS ETF 6.52% 6.53% (0.01%) 0.10% 0.09%

HSBC MSCI TAIWAN UCITS ETF 8.43% 8.48% (0.05%) (0.13%) 0.08%

HSBC MSCI KOREA UCITS ETF 3.85% 3.83% 0.02% (0.51%) 0.54%

HSBC MSCI RUSSIA CAPPED UCITS ETF 20.59% 20.81% (0.22%) (0.31%) 0.29%

HSBC MSCI EMERGING MARKETS UCITS ETF 6.69% 6.77% (0.08%) 1.06% 0.68%

HSBC MSCI AC FAR EAST EX JAPAN UCITS ETF 2.11% 2.29% (0.18%) (0.19%) 0.40%

Developed and Emerging Countries

HSBC ESI WORLDWIDE EQUITY UCITS ETF 2.60% 2.44% 0.16% 0.42% 0.21%

HSBC WORLDWIDE EQUITY UCITS ETF 1.38% 1.25% 0.14% 0.68% 0.25%

*The Sub-Fund was fully redeemed on 27 April 2016.


>12< HSBC ETFs PLC

HSBC ETFs PLC Performance to 30 June 2016

ETFS

NAV (30/06/2016) FUND CCY

NAV (31/12/2015) FUND CCY NAV Variation

HSBC FTSE 100 UCITS ETF GBP 155,098,372 GBP 154,397,484 700,888

HSBC EURO STOXX 50 UCITS ETF EUR 103,282,574 EUR 118,481,793 (15,199,219)

HSBC MSCI JAPAN UCITS ETF USD 147,433,486 USD 192,671,595 (45,238,109)

HSBC FTSE 250 UCITS ETF GBP 41,826,519 GBP 45,047,146 (3,220,627)

HSBC S&P 500 UCITS ETF USD 2,021,539,948 USD 1,917,585,657 103,954,291

HSBC MSCI EUROPE UCITS ETF EUR 201,933,253 EUR 231,503,112 (29,569,859)

HSBC MSCI USA UCITS ETF USD 254,324,663 USD 341,896,804 (87,572,141)

HSBC MSCI BRAZIL UCITS ETF USD 10,851,550 USD 6,120,278 4,731,272

HSBC MSCI PACIFIC ex JAPAN UCITS ETF USD 43,869,971 USD 92,083,349 (48,213,378)

HSBC MSCI EM FAR EAST UCITS ETF USD 26,974,417 USD 26,646,994 327,423

HSBC MSCI TURKEY UCITS ETF USD 6,203,011 USD 6,598,773 (395,762)

HSBC MSCI WORLD UCITS ETF USD 173,062,126 USD 255,380,825 (82,318,699)

HSBC S&P BRIC 40 UCITS ETF* - USD 4,041,007 (4,041,007)

HSBC MSCI CHINA UCITS ETF USD 124,674,773 USD 167,693,662 (43,018,889)

HSBC MSCI SOUTH AFRICA UCITS ETF USD 4,520,013 USD 5,950,180 (1,430,167)

HSBC MSCI CANADA UCITS ETF USD 35,577,977 USD 39,217,208 (3,639,231)

HSBC MSCI MEXICO CAPPED UCITS ETF USD 11,030,989 USD 11,076,801 (45,812)

HSBC MSCI EM LATIN AMERICA UCITS ETF USD 11,361,636 USD 12,841,410 (1,479,774)

HSBC MSCI INDONESIA UCITS ETF USD 26,778,013 USD 20,253,404 6,524,609

HSBC MSCI MALAYSIA UCITS ETF USD 6,880,308 USD 4,493,196 2,387,112

HSBC MSCI TAIWAN UCITS ETF USD 8,567,138 USD 8,108,371 458,767

HSBC MSCI KOREA UCITS ETF USD 7,742,487 USD 7,489,538 252,949

HSBC FTSE EPRA/NAREIT DEVELOPED UCITS ETF USD 212,642,098 USD 152,461,603 60,180,495

HSBC MSCI RUSSIA CAPPED UCITS ETF USD 47,942,462 USD 44,622,292 3,320,170

HSBC MSCI EMERGING MARKETS UCITS ETF USD 271,528,929 USD 223,551,164 47,977,765

HSBC MSCI AC FAR EAST ex JAPAN UCITS ETF USD 150,244,177 USD 128,117,235 22,126,942

HSBC ESI WORLDWIDE EQUITY UCITS ETF USD 813,974,050 USD 797,930,180 16,043,870

HSBC WORLDWIDE EQUITY UCITS ETF USD 270,631,225 USD 269,703,416 927,809



HSBC ETFs PLC >13<

HSBC ETF Performance

to 30 June 2016

YTD ISIN Code Performance Attribution

Net Gross (explanation where gross tracking difference

is greater than 0.03)

HSBC FTSE 100 UCITS ETF 6.48 6.58 IE00B42TW061

FTSE 100 6.62 6.62

Differential (Tracking Difference) (0.13) (0.03)

HSBC Euro Stoxx 50 UCITS ETF (10.40) (10.36) IE00B4K6B022 The outperformance is mainly explained by wins on withholding tax vs Index in countries such as France, Spain & Germany.

DJ Euro Stoxx 50 (10.77) (10.77)

Differential (Tracking Difference) 0.37 0.41

HSBC MSCI Japan UCITS ETF (5.46) (5.33) IE00B5VX7566

MSCI Japan (5.36) (5.36)

Differential (Tracking Difference) (0.10) 0.03

HSBC FTSE 250 UCITS ETF (5.50) (5.34) IE00B64PTF05 The two-way turn over of the index YTD is 43.9%. The rebalancing cost (Stamp duty) accounts for the difference

FTSE 250 (5.23) (5.23)


HSBC S&P 500 UCITS ETF 3.56 3.61 IE00B5KQNG97 The outperformance is mainly explained by wins on withholding tax vs Index.

S&P 500 3.49 3.49


HSBC MSCI EUROPE UCITS ETF (7.63) (7.52) IE00B5BD5K76 The outperformance is mainly explained by wins on withholding tax vs Index in countries such as France, Spain & Germany.

MSCI Europe (7.73) (7.73)


HSBC MSCI USA UCITS ETF 3.19 3.34 IE00B5WFQ436 The outperformance is mainly explained by wins on withholding tax vs Index.

MSCI USA 3.24 3.24


HSBC MSCI BRAZIL UCITS ETF 47.59 48.03 IE00B5W34K94 In April, we had exposure to BRL during a time when the exchange rate fell, causing underperformance.

MSCI BRAZIL 48.08 48.08




>14< HSBC ETFs PLC


to 30 June 2016


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

HSBC MSCI PACIFIC EX JAPAN UCITS ETF 2.28 2.48 IE00B5SG8Z57

MSCI PACIFIC 2.47 2.47


HSBC MSCI EM FAR EAST UCITS ETF 2.52 2.83 IE00B5LP3W10 The primary factor contributing to the outperformance of 0.19% was the optimisation effect.

MSCI EM FAR EAST 2.64 2.64


HSBC MSCI TURKEY UCITS ETF 11.63 11.96 IE00B5BRQB73

MSCI TURKEY 11.98 11.98


HSBC MSCI WORLD UCITS ETF 0.60 0.72 IE00B4X9L533 The primary factor contributing to the outperformance of 0.07% was the optimisation effect.

MSCI WORLD 0.66 0.66


HSBC MSCI CHINA UCITS ETF (4.81) (4.53) IE00B44T3H88 The outperformance of 16bps is due to the resumption of trading in Sihuan Pharma which had been suspended and was no longer an index constituent

MSCI CHINA (4.69) (4.69)


HSBC S&P BRIC 40 UCITS ETF* - -

S&P BRIC 40 - -

Differential (Tracking Difference) - -

HSBC MSCI SOUTH AFRICA UCITS ETF 15.33 15.68 IE00B57S5Q22 The outperformance of 0.04% is mainly due to the withholding tax treaty for South African dividends (the Index applies tax of 15% but the fund pays 10%). This is offset by the impact from the performance calculation methodology around dividend distributions.

MSCI SOUTH AFRICA 15.64 15.64


HSBC MSCI CANADA UCITS UCITS ETF 14.80 15.00 IE00B51B7Z02 Difference is caused by the performance team's calculation methodology. They assume the dividend is invested at the end of ex date and therefore experiences a day of cash drag.

MSCI CANADA 15.06 15.06


HSBC MSCI MEXICO CAPPED UCITS ETF 0.61 0.92 IE00B3QMYK80 The outperformance of 0.04% is mainly explained by wins on withholding tax vs Index

MSCI MEXICO 0.88 0.88




HSBC ETFs PLC >15<


to 30 June 2016



HSBC MSCI EM LATIN AMERICA UCITS ETF 25.98 26.36 IE00B4TS3815 The outperformance of 0.08% is mainly explained by wins on withholding tax vs the Index.

MSCI EM LATIN AMERICA 26.28 26.28


HSBC MSCI INDONESIA UCITS ETF 15.43 15.78 IE00B46G8275

MSCI INDONESIA 15.77 15.77


HSBC MSCI MALAYSIA UCITS ETF 6.20 6.52 IE00B3X3R831

MSCI MALAYSIA 6.53 6.53


HSBC MSCI TAIWAN UCITS ETF 8.10 8.43 IE00B3S1J086 Cash drag explains most of the 5bps underperformances

MSCI TAIWAN 8.48 8.48


HSBC MSCI KOREA UCITS ETF 3.54 3.85 IE00B3Z0X395

MSCI KOREA 3.83 3.83


HSBC FTSE EPRA NAREIT DEVELOPED UCITS ETF 8.88 9.10 IE00B5L01S80 Index applies higher withholding tax rates for USA

FTSE EPRA NAREIT DEVELOPED 8.87 8.87


HSBC MSCI RUSSIA CAPPED UCITS ETF 20.23 20.59 IE00B5LJZQ16 The underperformance of 0.22% is mainly explained by the impact from the performance calculation methodology around dividend distributions.

MSCI RUSSIA CAPPED 20.81 20.81


HSBC MSCI EMERGING MARKETS UCITS ETF 6.43 6.69 IE00B5SSQT16 The primary factor contributing to the outperformance of 0.08% was the optimisation effect.

MSCI EMERGING MARKETS 6.77 6.77


HSBC MSCI AC FAR EAST EX JAPAN UCITS ETF 1.81 2.11 IE00BBQ2W338 The primary factor contributing to the underperformance of -0.18% was the optimisation effect.

MSCI AC FAR EAST EX JAPAN 2.29 2.29



>16< HSBC ETFs PLC


to 30 June 2016



HSBC ESI WORLDWIDE EQUITY UCITS ETF 2.47 2.60 IE00BKZG9Y92 Index applies higher withholding tax rates for USA, France, Germany and Spain than the fund pays. This combined with the impact of holding futures that do not perfectly track the index caused the out-performance

HSBC ECONOMIC SCALE INDEX WORLDWIDE 2.44 2.44


HSBC WORLDWIDE EQUITY UCITS ETF 1.26 1.38 IE00BKZGB098 The primary factors contributing to the outperformance of 0.14% was the optimisation effect and outperformance from gains on withholding tax

HSBC WORLDWIDE INDEX 1.25 1.25



HSBC ETFs PLC >17<

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 below compares the anticipated tracking error of the Sub-Funds against the actual realised tracking error of the Sub-Funds as at 30 June 2016. 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.


>18< HSBC ETFs PLC


to 30 June 2016

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 0.10 0.05

Differential

HSBC Euro Stoxx 50 UCITS ETF IE00B4K6B022

DJ Euro Stoxx 50 0.20 0.14

Differential

HSBC MSCI Japan UCITS ETF IE00B5VX7566

MSCI Japan 0.10 0.07

Differential

HSBC FTSE 250 UCITS ETF IE00B64PTF05

FTSE 250 0.10 0.09

Differential

HSBC S&P 500 UCITS ETF IE00B5KQNG97

S&P 500 0.10 0.05

Differential

HSBC MSCI EUROPE UCITS ETF IE00B5BD5K76

MSCI Europe 0.10 0.07

Differential

HSBC MSCI USA UCITS ETF IE00B5WFQ436

MSCI USA 0.10 0.06

Differential

HSBC MSCI BRAZIL UCITS ETF IE00B5W34K94

MSCI BRAZIL 0.20 0.12

Differential

HSBC MSCI PACIFIC EX JAPAN UCITS ETF IE00B5SG8Z57

MSCI PACIFIC 0.10 0.07

Differential


HSBC ETFs PLC >19<


to 30 June 2016




Error

Realised Tracking

Error

HSBC MSCI EM FAR EAST UCITS ETF IE00B5LP3W10 Higher tracking error caused by chinese stock suspension in 2015

MSCI EM FAR EAST 0.40 0.58

Differential

HSBC MSCI WORLD UCITS ETF IE00B4X9L533

MSCI WORLD 0.40 0.32

Differential

HSBC MSCI TURKEY UCITS ETF IE00B5BRQB73 Dividend timing issue. The increased tracking error is due to the index provider reversing a dividend on the 15 June 2016 and re-inputting on the 16 June 2016. This caused outperformance on the 15 June 2016 and underperformance the following day.

MSCI TURKEY 0.10 0.17

Differential

HSBC MSCI CHINA UCITS ETF IE00B44T3H88 Higher tracking error caused by chinese stock suspension in 2015.

MSCI CHINA 0.40 1.16

Differential

HSBC S&P BRIC 40 UCITS ETF*

S&P BRIC 40 - -

Differential

HSBC MSCI SOUTH AFRICA UCITS ETF IE00B57S5Q22 Higher tracking error is explained by the calculation methodology around dividend distributions and the timing of fund reimbursement of a corporate action error.

MSCI SOUTH AFRICA 0.10 0.30

Differential

HSBC MSCI CANADA UCITS ETF IE00B51B7Z02

MSCI CANADA 0.10 0.06

Differential

HSBC MSCI MEXICO CAPPED UCITS ETF IE00B3QMYK80

MSCI MEXICO 0.10 0.08

Differential

HSBC MSCI EM LATIN AMERICA UCITS ETF IE00B4TS3815

MSCI EM LATIN AMERICA 0.20 0.11

Differential



>20< HSBC ETFs PLC


to 30 June 2016




Error

Realised Tracking

Error

HSBC MSCI INDONESIA UCITS ETF IE00B46G8275

MSCI INDONESIA UCITS ETF 0.20 0.04

HSBC MSCI MALAYSIA UCITS ETF IE00B3X3R831

MSCI MALAYSIA UCITS ETF 0.20 0.08

HSBC MSCI TAIWAN UCITS ETF IE00B3S1J086

MSCI TAIWAN UCITS ETF 0.20 0.06

HSBC MSCI KOREA UCITS ETF IE00B3Z0X395

MSCI KOREA UCITS ETF 0.40 0.28

HSBC FTSE EPRA/NAREIT DEVELOPED UCITS ETF IE00B5L01S80

FTSE EPRA/NAREIT DEVELOPED UCITS ETF 0.20 0.12

HSBC MSCI RUSSIA CAPPED UCITS ETF IE00B5LJZQ16 Higher tracking error is explained by an imperfectly tracking future and the calculation methodology around dividend distributions

MSCI RUSSIA CAPPED UCITS ETF 0.20 0.28

HSBC MSCI EMERGING MARKETS UCITS ETF IE00B5SSQT16

0.70 0.58

HSBC MSCI AC FAR EAST ex JAPAN UCITS ETF IE00BBQ2W338

MSCI AC FAR EAST ex JAPAN UCITS ETF 0.60 0.51


HSBC ETFs PLC >21<


to 30 June 2016




Error

Realised Tracking

Error

HSBC ESI WORLDWIDE EQUITY UCITS ETF IE00BKZG9Y92

HSBC ESI WORLDWIDE 0.40 0.26

Differential

HSBC WORLDWIDE EQUITY UCITS ETF IE00BKZGB098

HSBC WORLDWIDE 0.40 0.30

Differential

Schedules of Investments

HSBC FTSE 100 UCITS ETF

>22< HSBC ETFs PLC

As at 30 June 2016 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 2015: 0.35%)

42,842 TUI AG 364,800 0.24

364,800 0.24 Ireland Consumer Services (31 December 2015: 1.25%)

7,445 Paddy Power 587,783 0.38 117,778 WPP 1,827,915 1.18

2,415,698 1.56 Healthcare (31 December 2015: 1.71%)

79,768 Shire 3,702,033 2.39

3,702,033 2.39 Industrial (31 December 2015: 2.02%)

75,371 CRH 1,646,856 1.06 8,017 DCC 527,920 0.34

87,223 Experian 1,231,589 0.79

3,406,365 2.19 Jersey Basic Materials (31 December 2015: 0.24%)

8,437 Randgold Resources 709,552 0.46 709,552 0.46 Netherlands Oil & Gas (31 December 2015: 6.03%)

722,940 Royal Dutch Shell 14,851,551 9.58

14,851,551 9.58 Switzerland Basic Materials (31 December 2015: 0.65%)

1,059,605 Glencore International 1,619,606 1.04

1,619,606 1.04 Consumer Goods (31 December 2015: 0.18%)

17,750 Coca Cola Hellenic Bottling Company 268,025 0.17

268,025 0.17 Industrial (31 December 2015: 0.60%)

22,921 Wolseley 887,043 0.57

887,043 0.57 United Kingdom Basic Materials (31 December 2015: 3.55%)

118,747 Anglo American 863,172 0.56 32,253 Antofagasta 150,170 0.10

191,939 BHP Billiton 1,809,601 1.17 15,402 Fresnillo 253,209 0.16 17,588 Johnson Matthey 492,640 0.31 33,384 Mondi 465,707 0.30

109,886 Rio Tinto 2,520,785 1.63

6,555,284 4.23

Schedules of Investments (continued)

HSBC FTSE 100 UCITS ETF (continued)

HSBC ETFs PLC >23<



GBP % of Net

Asset Value

Equities (continued) United Kingdom (continued) Consumer Goods (31 December 2015: 19.23%)

31,669 Associated British Foods 861,080 0.56 90,525 Barratt Developments 366,988 0.24 11,685 Berkeley Group Holdings 294,813 0.19

169,396 British American Tobacco Malaysia 8,203,848 5.29 40,274 Burberry Group 467,179 0.30

228,894 Diageo 4,775,873 3.08 155,789 GKN 420,163 0.27 87,553 Imperial Tobacco Group 3,548,961 2.29 27,804 Persimmon 402,324 0.26 57,141 Reckitt Benckiser Group 4,279,861 2.75 86,883 SABMiller 3,796,787 2.45

296,691 Taylor Wimpey 392,522 0.25 109,639 Unilever 3,923,980 2.53

31,734,379 20.46 Consumer Services (31 December 2015: 9.22%)

95,294 British Sky Broadcasting Group 808,093 0.52 16,588 Carnival ord 549,063 0.35 90,445 Carphone Warehouse 289,424 0.19

149,733 Compass Group 2,129,203 1.37 22,586 Easyjet 245,284 0.16 58,994 Informa 429,771 0.28 17,907 Intercontinental Hotels 492,980 0.32

157,270 International Consolidated Airlines Group 581,899 0.38 340,211 ITV 611,359 0.39 128,383 J Sainsbury 298,234 0.19 207,281 Kingfisher 668,481 0.43 147,326 Marks & Spencer Group 469,528 0.30 64,512 Merlin Entertainments 284,046 0.18 13,145 Next 648,049 0.42 74,666 Pearson 722,020 0.47 99,628 Reed Elsevier 1,370,881 0.88

738,195 TESCO 1,291,103 0.83 16,586 Whitbread 579,183 0.37

196,763 WM Morrison Supermarkets 368,734 0.24 12,837,335 8.27 Financial (31 December 2015: 23.46%)

87,600 3i Group 479,610 0.31 18,193 Admiral Group 369,318 0.24

367,642 Aviva 1,448,142 0.93 1,521,911 Barclays 2,109,369 1.36

93,081 British Land 565,002 0.36 85,220 Capital Shopping Centres 247,223 0.16

125,000 Direct Line Insurance Group 431,000 0.28 71,298 Hammerson 383,583 0.25 19,836 Hargreaves Lansdown 246,561 0.16

1,800,507 HSBC Holdings* 8,388,562 5.41 71,492 Land Securities Group 742,802 0.48

539,612 Legal & General Group 1,029,040 0.66



>24< HSBC ETFs PLC



GBP % of Net

Asset Value

Equities (continued) United Kingdom (continued) Financial (31 December 2015: 23.46%) (continued)

5,816,726 Lloyds Banking Group 3,144,522 2.03 28,356 London Stock Exchange Group 717,690 0.46

444,135 Old Mutual 889,602 0.57 13,288 Provident Financial 305,624 0.20

231,889 Prudential 2,914,845 1.88 297,683 Royal Bank of Scotland 510,824 0.33 92,327 RSA Insurance Group 461,173 0.30 10,273 Schroders 242,032 0.16 47,117 St James's Place 369,868 0.24

243,930 Standard Chartered 1,377,229 0.88 177,751 Standard Life 521,877 0.34 120,000 Worldpay Group 326,040 0.21


35,523 Al Noor Hospitals Group 388,977 0.25 114,682 AstraZeneca 5,122,845 3.30 441,821 GlaxoSmithKline 7,089,018 4.57 12,618 Hikma Pharmaceuticals 311,034 0.20 81,486 Smith & Nephew 1,032,428 0.67


45,755 Ashtead Group 486,833 0.31 45,652 Babcock International 412,922 0.27

287,433 BAE Systems 1,506,149 0.97 30,172 Bunzl 694,559 0.45 60,150 Capita 578,643 0.37 14,612 Intertek Group 508,352 0.33

150,378 Rolls-Royce 1,069,939 0.69 12,370,046 Rolls-Royce Holdings - -

82,728 Royal Mail 414,467 0.27 35,634 Smiths Group 410,860 0.26 22,714 Travis Perkins 334,804 0.22

6,417,528 4.14 Oil & Gas (31 December 2015: 6.06%)

1,679,848 BP 7,360,254 4.75 7,360,254 4.75 Technology (31 December 2015: 1.31%)

128,271 ARM Holdings 1,450,745 0.93 97,877 Sage Group 631,796 0.41

2,082,541 1.34 Telecommunications (31 December 2015: 6.38%)

760,469 BT Group 3,117,923 2.01 2,414,278 Vodafone Group 5,496,104 3.54

8,614,027 5.55 Utilities (31 December 2015: 4.51%)

493,058 Centrica 1,111,846 0.72 342,791 National Grid 3,756,989 2.42 21,375 Severn Trent 520,481 0.33



HSBC ETFs PLC >25<



GBP % of Net

Asset Value

Equities (continued) United Kingdom (continued)

91,439 SSE 1,420,962 0.92 Utilities (31 December 2015: 4.51%)(Continued)

61,960 United Utilities Group 641,286 0.41 7,451,564 4.80

Total equities** (31 December 2015: 99.57%) 153,443,425 98.93

Futures (31 December 2015: 0.01%)

25 LIFFE FTSE 100 Index Future Sep 16 100,005 0.07

Total futures*** (Notional amount: GBP 1,605,625) 100,005 0.07 Total financial assets at fair value through profit or loss 153,543,430 99.00

Other net assets 1,554,942 1.00

Net assets attributable to holders of redeemable participating shares 155,098,372 100.00

* Investment in a related party investment.

Analysis of Total Assets Fair Value

GBP % of Total

Assets **Transferable securities admitted to an official stock exchange listing 153,443,425 98.66 ***Financial derivative instruments dealt in on a regulated market 100,005 0.06 Other assets 1,990,784 1.28

Total assets 155,534,214 100.00

All equity positions (with the exception of the investment held in Rolls-Royce Holdings) and futures held by the Sub-Fund at 30 June 2016 and at 31 December 2015 are classified as Level 1. The investment in Rolls-Royce Holdings has been classified as Level 3 as at 30 June 2016. See Note 6 (d) for further details.

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


HSBC EURO STOXX 50 UCITS ETF

>26< HSBC ETFs PLC



EUR % of Net

Asset Value

Equities

Belgium Consumer Goods (31 December 2015: 4.12%)

41,815 Anheuser-Busch 4,917,444 4.76

4,917,444 4.76 Finland Technology (31 December 2015: 1.23%)

318,002 Nokia 1,623,400 1.57 1,623,400 1.57 France Basic Materials (31 December 2015: 1.67%)

18,768 Air Liquide 1,765,318 1.71


33,314 Danone 2,112,441 2.04 13,386 L'Oreal 2,302,392 2.23 14,796 LVMH Moet Hennessy Louis Vuitton 2,012,256 1.95


30,562 Carrefour 678,782 0.66 63,883 Vivendi 1,079,623 1.05

1,758,405 1.71 Financial (31 December 2015: 7.91%)

113,565 AXA 2,022,025 1.96 60,942 BNP Paribas 2,422,749 2.35 43,946 Societe Generale 1,239,717 1.20

5,399 Unibail-Rodamco 1,261,476 1.22 6,945,967 6.73 Healthcare (31 December 2015: 5.55%)

11,797 Cie Generale d'Optique Essilor International 1,402,074 1.36 63,845 Sanofi 4,783,267 4.63


28,619 Cie de St-Gobain 983,206 0.95 19,229 Safran 1,171,431 1.13 32,084 Schneider Electric 1,702,377 1.65 30,298 Vinci 1,929,680 1.87

5,786,694 5.60 Oil & Gas (31 December 2015: 4.72%)

135,085 Total 5,859,987 5.67 5,859,987 5.67 Telecommunications (31 December 2015: 1.48%)

108,657 France Telecom 1,592,368 1.54


89,238 GDF Suez 1,294,843 1.25

1,294,843 1.25


HSBC EURO STOXX 50 UCITS ETF (continued)

HSBC ETFs PLC >27<



EUR % of Net

Asset Value

Equities (continued) Germany Basic Materials (31 December 2015: 7.53%)

50,054 BASF 3,435,707 3.33 45,066 Bayer 4,055,940 3.93


17,473 Bayerische Motoren Werke 1,149,549 1.11 54,315 Daimler 2,906,939 2.81

9,977 Volkswagen 1,080,509 1.05


24,905 Allianz 3,182,859 3.08 75,166 Deutsche Bank 926,421 0.90

8,777 Muenchener Rueckversicherungs 1,318,744 1.28


21,869 Fresenius SE & Co KGaA 1,439,418 1.39


52,259 Deutsche Post 1,315,620 1.27 43,710 Siemens 4,013,015 3.89

5,328,635 5.16 Technology (31 December 2015: 3.32%)

53,667 SAP 3,604,276 3.49


172,697 Deutsche Telekom 2,638,810 2.55


109,049 E.ON 984,276 0.95 984,276 0.95 Italy Financial (31 December 2015: 4.59%)

73,779 Assicurazioni Generali 778,368 0.76 783,575 Intesa Sanpaolo 1,333,645 1.29 319,705 UniCredit 629,819 0.61

2,741,832 2.66 Oil & Gas (31 December 2015: 1.64%)

138,043 ENI 2,004,384 1.94


423,353 Enel 1,684,945 1.63

1,684,945 1.63 Netherlands Consumer Goods (31 December 2015: 3.98%)

50,744 Koninklijke Philips Electronics 1,136,412 1.10 85,056 Unilever 3,564,697 3.45

4,701,109 4.55



>28< HSBC ETFs PLC



EUR % of Net

Asset Value

Equities (continued) Netherlands (continued) Financial (31 December 2015: 2.26%)

211,296 ING Groep 1,939,486 1.88


31,472 European Aeronautic Defence and Space 1,628,047 1.57


20,184 ASML Holding 1,784,064 1.73

1,784,064 1.73 Spain Consumer Services (31 December 2015: 1.56%)

57,273 Inditex 1,713,035 1.66


353,160 Banco Bilbao Vizcaya Argentaria 1,788,402 1.73 786,637 Banco Santander 2,697,378 2.61


241,092 Telefonica 2,039,638 1.98


307,246 Iberdrola 1,870,206 1.81

1,870,206 1.81

Total equities* (31 December 2015: 99.77%) 102,801,465 99.53

Total financial assets at fair value through profit or loss 102,801,465 99.53

Financial liabilities at fair value through profit or loss

Futures (31 December 2015: (0.01%))

17 EUX Euro Stoxx 50 Sep 16 (1,663) -

Total futures** (Notional amount: EUR 485,350) (1,663) -

Total financial liabilities at fair value through profit or loss (1,663) -

Other net assets 482,772 0.47




HSBC ETFs PLC >29<


EUR % of Total

Assets * Transferable securities admitted to an official stock exchange listing 102,801,465 99.52 Other assets 495,301 0.48

Total assets 103,296,766 100

All equity positions and futures held by the Sub-Fund at 30 June 2016 and at 31 December 2015 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 MSCI JAPAN UCITS ETF

>30< HSBC ETFs PLC

As at 30 June 2016

Transferable securities admitted to official stock exchange listing


USD % of Net

Asset Value

Equities

Basic Materials (31 December 2015: 5.38%)

7,698 Air Water 112,330 0.08 67,800 Asahi Kasei 467,905 0.32 15,613 Daicel 160,254 0.11

5,543 Hitachi Chemical 102,280 0.07 11,478 Hitachi Metals 115,127 0.08 27,945 JFE Holdings 358,200 0.24 10,278 JSR 134,849 0.09 15,159 Kaneka 100,183 0.07 11,673 Kansai Paint 233,824 0.16

165,781 Kobe Steel 134,124 0.09 19,021 Kuraray 225,271 0.15

3,041 Maruichi Steel Tube 105,675 0.07 72,618 Mitsubishi Chemical Holdings 328,937 0.22 19,804 Mitsubishi Gas Chemical 102,504 0.07 49,092 Mitsui Chemicals 178,012 0.12

8,689 Nippon Paint 211,910 0.14 43,246 Nippon Steel 825,379 0.56

8,866 Nitto Denko 556,210 0.38 45,380 Oji Holdings 173,399 0.12 20,793 Shin-Etsu Chemical 1,208,382 0.82 83,882 Sumitomo Chemical 341,775 0.23 26,766 Sumitomo Metal Mining 268,338 0.18

6,996 Taiyo Nippon Sanso 63,693 0.04 50,246 Teijin 165,054 0.11 78,863 Toray Industries 668,325 0.45 11,405 Toyota Tsusho 243,019 0.17


1,772 ABC-Mart 118,318 0.08 10,287 Aisin Seiki 414,629 0.28 29,657 Ajinomoto 695,533 0.47 20,682 Asahi Group Holdings 666,485 0.45

8,610 Asics Corporation 144,018 0.10 10,678 Bandai Namco Holdings 274,054 0.19 34,840 Bridgestone 1,110,166 0.75

4,269 Calbee 177,268 0.12 12,275 Casio Computer 175,169 0.12 10,310 Daihatsu Motor 132,958 0.09 30,371 Daiwa House Industry 882,799 0.60 26,019 Denso 907,203 0.62 31,438 Fuji Heavy Industries 1,065,809 0.72 87,300 Honda Motor 2,189,095 1.48

7,924 Iida Group Holdings 160,890 0.11 58,924 Japan Tobacco 2,356,615 1.60 11,924 JTEKT 133,315 0.09 26,973 Kao 1,558,855 1.06


HSBC MSCI JAPAN UCITS ETF (continued)

HSBC ETFs PLC >31<



USD % of Net

Asset Value

Equities (continued) Consumer Goods (31 December 2015: 25.42%) (continued)

7,973 Kikkoman 291,439 0.20 44,085 Kirin Holdings 740,408 0.50

6,044 Koito Manufacturing 275,424 0.19 4,987 Konami 189,340 0.13

24,205 Konica Minolta Holdings 174,595 0.12 1,649 Kose 138,073 0.09 6,006 Makita 395,756 0.27

30,542 Mazda Motor 404,587 0.27 6,175 Meiji Holdings 627,793 0.43

36,850 Mitsubishi Motors 168,463 0.11 9,588 NGK Spark Plug 142,899 0.10

11,145 NHK Spring 89,734 0.06 18,255 Nikon 246,627 0.17

6,093 Nintendo 866,229 0.59 9,438 Nippon Meat Packers 229,349 0.16

133,156 Nissan Motor 1,191,382 0.81 10,574 Nisshin Seifun 168,829 0.11

3,110 Nissin Food Products 169,460 0.11 5,086 NOK 85,419 0.06

118,286 Panasonic 1,015,791 0.69 1,255 Pola Orbis Holdings 116,827 0.08 1,770 Rinnai 155,278 0.11 9,994 Sega Sammy Holdings 107,061 0.07

21,870 Sekisui Chemical 267,326 0.18 32,302 Sekisui House 560,302 0.38

3,943 Shimano 596,888 0.40 20,397 Shiseido 524,290 0.36 67,597 Sony 1,968,806 1.34

8,128 Stanley Electric 171,687 0.12 40,413 Sumitomo Electric Industries 528,060 0.36

9,112 Sumitomo Rubber Industries 121,061 0.08 7,468 Suntory Beverage And Food 336,311 0.23

19,490 Suzuki Motor 523,109 0.35 4,732 Toyo Suisan Kaisha 190,959 0.13 3,519 Toyoda Gosei 62,120 0.04 8,751 Toyota Industries 344,188 0.23

143,100 Toyota Motor 7,046,897 4.78 21,647 Unicharm 482,146 0.33

4,671 Yakult Honsha 240,402 0.16 8,982 Yamaha 239,631 0.16

14,963 Yamaha Motor 224,759 0.15 6,960 Yamazaki Baking 193,352 0.13 5,924 Yokohama Rubber 73,451 0.05


35,026 Aeon 541,488 0.37 62,048 All Nippon Airways 176,122 0.12



>32< HSBC ETFs PLC



USD % of Net

Asset Value

Equities (continued) Consumer Services (31 December 2015: 10.54%) (continued)

3,606 Benesse Holdings 84,394 0.06 7,745 Central Japan Railway 1,368,341 0.93

29,474 Dai Nippon Printing 326,084 0.22 11,617 Dentsu 540,141 0.37

6,336 Don Quijote 233,454 0.16 17,822 East Japan Railway 1,638,707 1.11

2,891 FamilyMart 176,126 0.12 2,848 Fast Retailing 757,875 0.51

11,463 Hakuhodo DY Holdings 136,541 0.09 64,353 Hankyu 477,990 0.32 17,993 Isetan Mitsukoshi Holdings 158,901 0.11 12,941 J Front Retailing 133,081 0.09

6,382 Japan Airlines 204,791 0.14 7,664 Kakaku 151,278 0.10

27,574 Keihan Electric Railway 190,564 0.13 25,179 Keikyu 252,551 0.17 31,319 Keio 293,988 0.20 14,816 Keisei Electric Railway 189,767 0.13 97,283 Kintetsu 415,342 0.28

3,529 Lawson 281,040 0.19 11,201 Marui Group 149,798 0.10

3,599 McDonald's Holdings 98,053 0.07 48,861 Nagoya Railroad 274,810 0.19

4,316 Nitori Holdings 519,149 0.35 31,715 Odakyu Electric Railway 369,735 0.25 11,708 Oriental Land 755,959 0.51

5,504 Park24 188,581 0.13 49,827 Rakuten 535,474 0.36

1,293 Ryohin Keikaku 313,577 0.21 2,408 Sankyo 89,898 0.06 9,185 Seibu Holdings 154,799 0.11

40,310 Seven & I Holdings 1,682,105 1.14 1,198 Shimamura 177,265 0.12

10,415 So-Net 360,398 0.24 3,185 Start Today 167,027 0.11 2,027 Sundrug 188,889 0.13

16,331 Takashimaya 116,366 0.08 51,982 Tobu Railway 284,257 0.19

6,075 Toho 167,227 0.11 56,550 Tokyu 494,447 0.34

1,930 Tsuruha Holdings 232,714 0.16 11,777 USS 193,203 0.13

8,844 West Japan Railway 557,502 0.38 33,634 Yamada Denki 177,038 0.12


21,335 Acom 102,318 0.07 5,584 Aeon Financial Service 119,474 0.08



HSBC ETFs PLC >33<



USD % of Net

Asset Value

Equities (continued) Financial (31 December 2015: 18.30%) (continued)

6,072 Aeon Mall 78,956 0.05 63,737 Aozora Bank 219,933 0.15 16,645 Bank of Kyoto 101,080 0.07 37,921 Chiba Bank 177,795 0.12

9,106 Chugoku Bank 92,134 0.06 63,126 Concordia Financial Group 245,391 0.17

7,979 Credit Saison 133,230 0.09 57,718 Dai-ichi Life Insurance 634,060 0.43 89,259 Daiwa Securities Group 467,655 0.32 41,560 Fukuoka Financial Group 135,711 0.09 21,891 Hachijuni Bank 94,742 0.06 27,067 Hiroshima Bank 89,705 0.06 15,961 Hulic Co Ltd 166,782 0.11 13,025 Iyo Bank 79,097 0.05 27,945 Japan Exchange Group 318,157 0.22 21,707 Japan Post Bank 253,696 0.17 24,073 Japan Post Holdings 291,204 0.20

44 Japan Prime Realty Investment 189,141 0.13 70 Japan Real Estate Investment 432,596 0.29

137 Japan Retail Fund Investment 350,012 0.24 32,436 Joyo Bank 120,461 0.08 18,652 Kyushu Financial Group 91,996 0.06 67,210 Mitsubishi Estate 1,227,062 0.83

682,972 Mitsubishi UFJ Financial Group 3,035,061 2.06 24,017 Mitsubishi UFJ Lease & Finance 91,302 0.06 47,691 Mitsui Fudosan 1,083,844 0.74

1,266,466 Mizuho Financial Group 1,830,753 1.24 27,114 MS&AD Insurance Group Holdings 692,849 0.47

75 Nippon Building Fund 462,764 0.31 84 Nippon Prologis REIT 205,517 0.14

18,909 NKSJ Holdings 497,377 0.34 194,462 Nomura Holding 692,246 0.47

6,668 Nomura Real Estate Holdings 115,629 0.08 189 Nomura Real Estate Master Fund 299,740 0.20

6,141 NTT Urban Development 65,367 0.05 70,920 ORIX 904,214 0.61

118,295 Resona Holdings 428,948 0.29 11,431 SBI Holdings 112,427 0.08 31,854 Seven Bank 98,117 0.07 95,826 Shinsei Bank 138,242 0.09 28,810 Shizuoka Bank 201,353 0.14

9,324 Sony Financial Holdings 103,974 0.07 71,944 Sumitomo Mitsui Financial Group 2,051,936 1.39

177,239 Sumitomo Mitsui Trust Holdings 569,777 0.39 19,178 Sumitomo Realty & Development 514,922 0.35

9,352 Suruga Bank 210,121 0.14 31,015 T&D Holdings 259,663 0.18 36,521 Tokio Marine Holdings 1,198,618 0.81



>34< HSBC ETFs PLC



USD % of Net

Asset Value


11,061 Tokyo Tatemono 131,753 0.09 27,466 Tokyu Fudosan Holdings 169,738 0.12

157 United Urban Investment Corporation 283,270 0.19 10,805 Yamaguchi Financial Group 101,636 0.07


10,076 Alfresa Holdings 208,808 0.14 113,076 Astellas Pharma 1,763,540 1.19 12,024 Chugai Pharmaceutical 426,038 0.29

5,405 Cyberdyne 120,860 0.08 32,245 Daiichi Sankyo 777,444 0.53

8,521 Dainippon Sumitomo Pharma 146,765 0.10 13,539 Eisai 750,656 0.51

3,278 Hisamitsu Pharmaceutical 187,880 0.13 13,929 Kyowa Hakko Kirin 235,703 0.16

9,153 Medipal Holdings 149,532 0.10 3,053 Miraca Holdings 131,536 0.09

12,061 Mitsubishi Tanabe Pharma 216,672 0.15 15,592 Olympus 576,778 0.39 22,104 ONO Pharmaceutical 954,917 0.65 20,876 Otsuka Holdings 960,268 0.65 19,998 Santen Pharmaceutical 311,890 0.21 16,030 Shionogi 870,017 0.59

4,195 Suzuken 131,260 0.09 8,405 Sysmex Corporation 572,677 0.39 1,911 Taisho Pharmaceutical Holdings 200,432 0.14

38,046 Takeda Pharmaceutical 1,640,662 1.11 18,344 Terumo 776,925 0.53


9,896 Alps Electric 184,145 0.13 18,221 Amada 183,293 0.12 54,294 Asahi Glass 292,136 0.20 12,594 Daikin Industries 1,045,183 0.71

3,835 Daito Trust Construction 622,033 0.42 10,525 Fanuc 1,696,373 1.15 30,312 Fuji Electric 124,687 0.09

7,614 Hamamatsu Photonics 211,892 0.14 13,831 Hino Motors 136,301 0.09

1,723 Hirose Electric 210,106 0.14 258,636 Hitachi 1,068,679 0.73

5,758 Hitachi Construction Machinery 83,123 0.06 2,718 Hoshizaki Electric 264,673 0.18

21,684 Hoya 768,103 0.52 78,266 IHI 207,509 0.14 31,824 Isuzu Motors 387,292 0.26 80,117 ITOCHU 967,979 0.66

2,495 Japan Airport Terminal 89,498 0.06



HSBC ETFs PLC >35<



USD % of Net

Asset Value

Equities (continued) Industrial (31 December 2015: 19.30%) (continued)

11,281 JGC 159,775 0.11 47,764 Kajima 329,632 0.22 12,625 Kamigumi 115,925 0.08 76,062 Kawasaki Heavy Industries 211,304 0.14

2,449 Keyence 1,650,491 1.12 49,497 Komatsu 853,738 0.58 56,668 Kubota 755,371 0.51

5,458 Kurita Water Industries 121,194 0.08 17,239 Kyocera 813,639 0.55 14,215 LIXIL Group 233,476 0.16

2,664 Mabuchi Motor 111,141 0.08 88,387 Marubeni 395,885 0.27 18,158 Minebea 121,242 0.08 80,893 Mitsubishi 1,409,852 0.96

103,792 Mitsubishi Electric 1,222,154 0.83 171,763 Mitsubishi Heavy Industries 682,096 0.46

6,192 Mitsubishi Logistics 85,827 0.06 60,028 Mitsubishi Materials 142,185 0.10 91,375 Mitsui & Co 1,080,842 0.73 61,479 Mitsui Osk Lines 129,442 0.09 10,213 Murata Manufacturing 1,132,897 0.77

6,059 Nabtesco 143,399 0.10 14,189 NGK Insulators 283,116 0.19 12,822 Nidec 965,118 0.65 22,557 Nippon Electric Glass 93,447 0.06 44,600 Nippon Express 202,589 0.14 86,500 Nippon Yusen 150,926 0.10 23,623 NSK 173,160 0.12 34,769 Obayashi 367,720 0.25 10,315 Omron 332,807 0.23 15,182 Recruit Holdings 552,732 0.38 11,277 Secom 830,248 0.56 12,660 Shimadzu 188,067 0.13 29,122 Shimizu 271,378 0.18

3,088 SMC 749,650 0.51 3,868 Sohgo Security Services 190,402 0.13

63,637 Sumitomo 635,502 0.43 30,001 Sumitomo Heavy Industries 129,841 0.09 63,157 Taiheiyo Cement 148,366 0.10 56,617 Taisei 462,472 0.31

6,612 TDK 365,436 0.25 6,467 THK 109,244 0.07

28,399 Toppan Printing 243,048 0.17 215,253 Toshiba 579,939 0.39

7,546 Toto 298,633 0.20 8,793 Toyo Seikan Group Holding 166,449 0.11

19,330 Yamato Holdings 440,997 0.30 13,588 Yaskawa Electric 175,231 0.12



>36< HSBC ETFs PLC



USD % of Net

Asset Value


12,250 Yokogawa Electric 136,841 0.09

29,687,871 20.14 Oil & Gas (31 December 2015: 0.83%)

4,669 Idemitsu Kosan 100,671 0.07 50,954 Inpex 394,063 0.27

113,581 JX Holdings 441,415 0.30 10,106 Showa Shell Sekiyu 93,780 0.06 15,380 TonenGeneral Sekiyu 139,423 0.09


12,646 Brother Industries 134,115 0.09 57,138 Canon 1,622,131 1.10 23,428 FUJIFILM Holdings 900,673 0.61

100,060 Fujitsu 364,777 0.25 22,678 Gungho Online Entertainment 61,011 0.04

3,654 Hitachi High-Technologies 99,052 0.07 2,459 Mixi 100,551 0.07

139,898 NEC 323,188 0.22 9,302 Nexon Company 136,642 0.09 6,605 Nomura Research Institute 240,790 0.16 6,780 NTT Data 319,207 0.22 3,477 Obic 190,135 0.13 2,069 Oracle Japan 109,914 0.07 2,751 Otsuka 128,044 0.09

35,884 Ricoh 309,206 0.21 4,888 Rohm 190,822 0.13

14,952 Seiko Epson 238,002 0.16 8,443 Tokyo Electron 705,709 0.48 5,986 Trend Micro 212,681 0.14

76,215 Yahoo Japan 335,795 0.23 6,722,445 4.56 Telecommunications (31 December 2015: 5.36%)

1,135 Hikari Tsushin 94,814 0.06 100,856 KDDI 3,060,383 2.08 37,012 Nippon Telegraph & Telephone 1,731,724 1.17 76,612 NTT DoCoMo 2,065,963 1.40 51,444 Softbank 2,902,908 1.97


34,508 Chubu Electric Power 487,229 0.33 14,882 Chugoku Electric Power 188,437 0.13

7,809 Electric Power Development 181,086 0.12 8,967 Hokuriku Electric Power 110,569 0.08

37,717 Kansai Electric Power 364,486 0.25 22,815 Kyushu Electric Power 227,283 0.15

100,708 Osaka Gas 385,201 0.26 8,943 Shikoku Electric Power 105,130 0.07



HSBC ETFs PLC >37<



USD % of Net

Asset Value

Equities (continued) Utilities (31 December 2015: 2.46%) (continued)

20,092 Toho Gas 163,533 0.11 24,214 Tohoku Electric Power 303,767 0.21 77,487 Tokyo Electric Power 326,293 0.22

108,779 Tokyo Gas 445,761 0.30

3,288,775 2.23

Total equities* (31 December 2015: 99.60%) 146,010,524 99.03 Total financial assets at fair value through profit or loss 146,010,524 99.03



114 OSE Mini Topix Index Future Sep 16 (84,835) (0.06)

Total futures (Notional amount: USD 1,384,024) (84,835) (0.06)

Total financial liabilities at fair value through profit loss (84,835) (0.06)




USD % of Total

Assets * Transferable securities admitted to an official stock exchange listing 146,010,524 98.88 Other assets 1,657,490 1.12

Total assets 147,668,014 100.00

All equity positions and futures held by the Sub-Fund at 30 June 2016 and at 31 December 2015 are classified as Level 1. See Note 6 (d) for further details. The schedule of investments form an integral part of the financial statements.



>38< HSBC ETFs PLC



GBP % of Net

Asset Value

Equities

Australia Basic Materials (31 December 2015: 0.20%)

138,529 Centamin 182,720 0.44

182,720 0.44 Bermuda Financial (31 December 2015: 1.21%)

36,428 Hiscox Ltd 375,937 0.90 25,404 Lancashire Holdings 149,121 0.35

525,058 1.25 Canada Consumer Services (31 December 2015: 0.20%)

52,675 Entertainment One 90,864 0.22

90,864 0.22 Channel Islands Basic Materials (31 December 2015: 0.43%)

33,345 Polymetal International 349,122 0.83

349,122 0.83 Consumer Services (31 December 2015: 0.21%)

5,658 Wizz Air Holdings 90,811 0.22

90,811 0.22 Financial (31 December 2015: 1.73%)

86,507 3I Infrastructure 153,982 0.37 76,179 GCP Infrastructure Investments 90,653 0.21 10,242 Harbourvest Global Private Equity 91,563 0.22 15,095 Kennedy Wilson Europe Real Estate 145,063 0.35

136,560 NB Global Floating Rate 124,338 0.30 98,273 Renewables Infrastructure Group 95,570 0.23

7,151 Riverstone Energy 64,001 0.15


79,871 Regus 230,827 0.55

230,827 0.55 France Consumer Services (31 December 2015: 0.00%)

50,935 Darty 85,876 0.21

85,876 0.21 Gibraltar Consumener Services (31 December 2015: 0.26%)

Guernsey Financial (31 December 2015: 2.13%)

4,006 BH Macro 78,718 0.19 67,660 F&C Commercial Property Trust 76,997 0.18 17,309 Genesis Emerging Markets Fund 93,469 0.22

178,061 HICL Infrastructure 303,594 0.73 127,045 International Public Partnerships 192,473 0.46 98,812 John Laing Infrastructure Fund 126,479 0.30 84,989 UK Commercial Property Trust 61,320 0.15

933,050 2.23



HSBC ETFs PLC >39<



GBP % of Net

Asset Value

Equities (continued)

Ireland Consumer Goods (31 December 2015: 0.42%)

52,641 Greencore 161,871 0.39


31,356 United Drug 185,628 0.44


67,118 Beazley 244,310 0.58


27,770 Grafton Group 137,406 0.33 30,089 Smurfit Kappa 496,769 1.19

634,175 1.52 Isle of Man Technology (31 December 2015: 0.50%)

26,890 Playtech 214,179 0.51 61,508 Paysafe Group 239,205 0.57

453,384 1.08 Jersey Financial (31 December 2015: 0.59%)

31,801 Phoenix Group Holdings 254,885 0.61

254,885 0.61 Luxembourg Consumer Services (31 December 2015: 0.55%)

87,208 B&M European Value Retail 222,468 0.53


19,459 African Barrick Gold 87,780 0.21 16,692 Croda International 523,962 1.25 59,375 Elementis 118,572 0.28 61,400 Evraz Group 84,241 0.20 29,680 Hochschild Mining 53,424 0.13 33,225 Kazakhmys 44,056 0.10 34,538 Synthomer 112,110 0.27 11,027 Vedanta Resources 45,950 0.11 10,417 Victrex 157,401 0.38


10,898 A.G.BARR 52,768 0.13 15,670 Bellway 297,417 0.71 17,263 Bovis Homes Group 125,847 0.30 32,117 Britvic 187,884 0.45 19,622 Countryside Properties 43,718 0.10

6,359 Cranswick 132,712 0.32 31,277 Crest Nicholson Holdings 111,346 0.27 18,143 Dairy Crest Group 97,519 0.23



>40< HSBC ETFs PLC



GBP % of Net

Asset Value


United Kingdom (continued) Consumer Goods (31 December 2015: 5.39%) (continued)

19,947 DFS Furniture 41,729 0.10 46,809 Pets At Home Group 109,065 0.26 38,491 PZ Cussons 126,520 0.30 27,981 Redrow 87,972 0.21 60,308 SSP Group 169,465 0.41 59,760 Tate & Lyle 399,496 0.95

3,637 Ted Baker 88,379 0.21


22,679 AO World 31,751 0.08 20,006 Ascential 50,015 0.12

210,644 Booker Group 365,257 0.87 29,711 Card Factory 94,748 0.23 25,003 Cineworld Group 136,516 0.33

157,198 Debenhams 86,930 0.21 6,306 Dignity 162,064 0.39

51,723 Domino's Pizza 171,876 0.41 12,707 Dunelm Group 100,195 0.24

4,929 Euromoney Institutional Investor 46,086 0.11 154,429 Firstgroup 154,892 0.37

5,468 Go-Ahead Group 106,954 0.26 39,596 Greene King 308,849 0.74 13,010 Greggs 126,197 0.30 25,572 Halfords Group 82,214 0.20

105,286 Home Retail Group 160,982 0.38 55,550 Inchcape 348,854 0.83

9,485 JD Sports Fashion 109,362 0.26 10,546 JD Wetherspoon 74,455 0.18

130,319 Ladbrokes 145,436 0.35 73,433 Marston's 98,914 0.24 15,391 Millennium & Copthorne Hotels 61,610 0.15 30,058 Mitchells & Butlers 69,614 0.16 67,785 Moneysupermarket.com Group 183,697 0.44 19,629 N Brown Group 34,194 0.08 54,074 National Express Group 159,572 0.38 52,631 Ocado Group 121,420 0.29

179,393 Pendragon PLC 49,997 0.12 21,951 Rank Group 46,997 0.11 25,569 Restaurant Group 73,536 0.18 11,588 Rightmove 422,730 1.01

142,444 Saga 274,347 0.65 32,243 Sports Direct International 103,016 0.25 54,646 Stagecoach Group 126,287 0.30

6,459 Super Group 81,771 0.19 185,149 Thomas Cook Group 116,366 0.28 49,414 UBM 316,744 0.76 14,081 WH Smith 221,635 0.53



HSBC ETFs PLC >41<



GBP % of Net

Asset Value


United Kingdom (continued) Consumer Services (31 December 2015: 17.64%) (continued)

111,378 William Hill 286,798 0.68


77,709 AA Plc 186,346 0.45 126,763 Aberdeen Asset Management 354,176 0.85 12,233 Aberforth Smaller Companies Trust 111,014 0.27 66,121 Alliance Trust 346,474 0.83 16,869 Allied Minds 61,757 0.15 50,004 Ashmore Group 148,612 0.36

209,424 Assura 114,660 0.27 4,189 Bank of Georgia Holding 109,836 0.26

15,832 Bankers Investment Trust 94,200 0.23 18,260 Big Yellow Group REIT 142,611 0.34 34,837 Brewin Dolphin Holdings 83,888 0.20 16,686 British Empire Securities and General Trust 83,430 0.20

4,193 Caledonia Investments 94,343 0.23 93,182 Capital & Counties Properties 276,751 0.66 41,466 City of London Investment Trust 156,783 0.37 19,114 Close Brothers Group 216,562 0.52

2,044 CLS Holdings 27,880 0.07 19,460 Countrywide 47,794 0.11

112,769 CYBG PLC 261,624 0.62 627 Daejan Holdings 31,632 0.08

12,772 Derwent London REIT 333,732 0.80 25,162 Edinburgh Investment Trust 167,956 0.40

3,624 Electra Private Equity 132,240 0.32 31,006 Esure Group 88,708 0.21 71,520 Fidelity China Special Situations 103,704 0.25 53,597 Fidelity European Values 87,899 0.21 17,041 Finsbury Growth & Income Trust 102,502 0.25 71,495 Foreign & Colonial Investment Trust 325,302 0.78 52,685 Grainger 111,534 0.27 44,107 Great Portland Estates 276,330 0.66 95,440 Hansteen Holdings 97,349 0.23 32,029 Hastings Group Holdings 55,186 0.13

135,302 Henderson Group 285,487 0.68 68,769 ICAP 288,623 0.69 46,586 IG Group Holdings 377,114 0.90 41,777 Intermediate Capital Group 204,833 0.49 28,579 International Personal Finance 81,393 0.19 65,251 Investec 302,177 0.72 68,790 IP Group 97,682 0.23 15,682 Jardine Lloyd Thompson Group 147,332 0.35 47,056 John Laing Group 105,876 0.25 34,248 JP Morgan American Invest Trust 105,313 0.25 16,256 JPMorgan Emerging Markets Investment Trust 103,226 0.25 53,416 Jupiter Fund Management 195,289 0.47



>42< HSBC ETFs PLC



GBP % of Net

Asset Value


United Kingdom (continued) Financial (31 December 2015: 29.53%) (continued)

60,913 Just Retirement Group 67,004 0.16 74,906 London & Stamford Property 112,209 0.27

196,470 Man Group 227,316 0.54 36,521 McCarthy & Stone 62,670 0.15 12,150 Mercantile Investment Trust 179,699 0.43

9,572 Metro Bank 173,062 0.41 27,440 Monks IT 118,541 0.28 16,333 Murray International Trust 161,288 0.39 12,010 OneSavings Bank 25,425 0.06 11,069 P2P Global Investments 94,087 0.22 36,758 Paragon Group of Cos 89,138 0.21 30,692 Perpetual Income & Growth Trust 111,074 0.27

210 Personal Assets Trust 79,905 0.19 16,971 Polar Capital Technology Trust 106,069 0.25

6,106 Rathbone Brothers 107,466 0.26 151,757 Redefine International 69,019 0.16 16,296 RIT Capital Partners 268,069 0.64 16,443 Savills 100,796 0.24 12,953 Scottish Investment Trust 80,956 0.19

168,319 Scottish Mortgage Investment Trust 456,145 1.09 96,590 Segro 400,559 0.96 35,632 Shaftesbury 313,205 0.75 14,886 Shawbrook Group 25,396 0.06 22,610 St Modwen Props Ord 60,685 0.15 19,739 SVG Capital 102,051 0.24

8,576 Temple Bar Investment Trust 88,076 0.21 37,755 Templeton Emerging Markets Investment Trust 191,040 0.46 40,991 TR Property Investment Trust 115,595 0.28

107,615 Tritax Big Box REIT 140,653 0.34 29,981 Tullett Prebon 91,202 0.22 28,452 Unite Group 176,402 0.42 29,449 Virgin Money Holdings 73,917 0.18 25,655 Witan Investment Trust 192,669 0.46

106,060 Woodford Patient Capital Trust 89,196 0.21 14,871 Workspace Group 102,536 0.25

6,070 Worldwide Healthcare 113,934 0.27

12,094,214 28.92 Healthcare (31 December 2015:2.64%)

48,952 BTG 353,433 0.84 23,099 Circassia Holdings 23,469 0.06 11,891 Dechra Pharmaceuticals 139,363 0.33

7,765 Genus 121,522 0.29 82,734 Indivior 207,745 0.50

8,097 NMC Health 104,856 0.25 36,006 Spire Healthcare 120,260 0.29 90,255 Vectura Group 145,762 0.35

1,216,410 2.91



HSBC ETFs PLC >43<



GBP % of Net

Asset Value


United Kingdom (continued) Industrial (31 December 2015: 21.06%)

30,771 Aggreko 393,253 0.94 23,432 Aldermore Group 27,861 0.07 12,890 Atkins WS 170,793 0.41 88,264 Balfour Beatty 189,768 0.45

133,111 BBA Aviation 293,909 0.70 22,035 Berendsen 268,386 0.64 24,518 Bodycote 126,268 0.30 55,178 Carillion 129,006 0.31

3,168 Clarkson 69,918 0.17 12,225 CMC Markets 33,570 0.08

219,027 Cobham 344,529 0.82 14,523 Diploma 121,049 0.29

120,460 DS Smith 465,337 1.11 56,265 Electrocomponents 146,402 0.35 33,406 Filtrona 171,373 0.41

198,986 G4S 363,945 0.87 10,617 Galliford Try 96,880 0.23 48,276 Halma 490,967 1.17

183,622 Hays 179,307 0.43 10,066 Hill & Smith 89,537 0.21 78,155 Howden Joinery Group 300,193 0.72 23,922 Ibstock 31,099 0.07 35,003 IMI 338,479 0.81

9,113 Keller 82,473 0.20 11,714 Kier Group 123,348 0.30 34,795 Laird 114,336 0.27 25,295 Marshalls Group 60,152 0.14 99,816 Meggitt 405,153 0.97 39,236 Michael Page Internatio 116,570 0.28 45,721 Mitie Group 113,388 0.27 36,536 Morgan Advanced Materials 84,800 0.20

8,306 Paypoint 75,003 0.18 24,366 Polypipe 63,449 0.15 75,400 QinetiQ Group 167,690 0.40

4,668 Renishaw 101,902 0.25 234,541 Rentokil Initial 453,133 1.08 110,676 Rotork 239,614 0.57 38,922 RPC Group 304,954 0.73 26,540 Safestore Holdings 97,986 0.24 53,518 Senior 109,979 0.26

140,882 Serco Group 156,943 0.38 71,980 SIG 80,978 0.20 15,200 Spectris 277,400 0.66

9,015 Ultra Electronics Holdings 156,861 0.38 27,252 Weir Group 392,701 0.94

8,620,642 20.61



>44< HSBC ETFs PLC



GBP % of Net

Asset Value


United Kingdom (continued) Oil & Gas (31 December 2015: 2.91%)

50,112 AMEC 245,549 0.59 73,904 Cairn Energy 153,425 0.37 47,400 John Wood 326,112 0.78 33,199 Petrofac 257,624 0.61

115,915 Tullow Oil 303,929 0.73 34,906 Vesuvius 100,145 0.24


124,399 Auto Trader Group PLC WI Ord GBP0.01 439,626 1.05 8,201 Aveva Group 138,925 0.33 8,727 Computacenter 64,362 0.15 4,890 Fidessa Group 96,089 0.23

58,842 Just-Eat 250,726 0.60 28,447 Micro Focus International 458,850 1.10 33,590 NCC Group 88,610 0.21 10,095 Softcat 33,515 0.08 30,010 Sophos Group 62,991 0.15

9,353 Spirax Sarco Engineering 349,802 0.84 30,026 Zoopla Property Group 79,869 0.19

2,063,365 4.93 Telecommunications (31 December 2015:1.09%)

57,444 Inmarsat 462,137 1.11 67,359 TalkTalk Telecom Group 147,651 0.35

7,673 Telecom Plus 79,953 0.19

689,741 1.65 Utilities (31 December 2015: 1.59%)

52,050 Drax Group 168,486 0.41 32,608 Homeserve 171,844 0.41 52,715 Pennon Group 498,420 1.19

838,750 2.01

Total equities* (31 December 2015: 99.62) 41,332,336 98.82


Financial liabilities at fair value through profit or loss Futures (31 December 2015: 0.01%)

15 ICF FTSE 250 Index Future Sep 16 (1,355) -

Total futures (Notional amount :GBP 451,220) (1,355) -

Total financial liabilities at fair value through profit or loss (1,355) -



HSBC ETFs PLC >45<

As at 30 June 2016


Fair Value

GBP % of Net

Asset Value




GBP % of Total

Assets * Transferable securities admitted to an official stock exchange listing or dealt in on another regulated market 41,332,336 97.49 Other assets 1,065,164 2.51

Total assets 42,397,500 100.00

All equity positions and futures held by the Sub-Fund at 30 June 2016 and 31 December 2015 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 S&P 500 UCITS ETF

>46< HSBC ETFs PLC



USD % of Net

Asset Value

Equities

Bermuda Consumer Services (31 December 2015: 0.05%)

8,480 Signet Jewelers 698,837 0.03

698,837 0.03 Ireland Financial (31 December 2015: 0.07%)

14,763 Willis Towers Watson 1,835,189 0.09 31,665 XL Group 1,054,761 0.05


22,100 Endo International 344,539 0.02 12,330 Mallinckrodt 749,417 0.04 15,754 Perrigo 1,428,415 0.07


69,171 Accenture 7,836,383 0.39 15,879 Allegion Public Limited Company 1,102,479 0.05 33,774 Ingersoll-Rand 2,150,728 0.11

11,089,590 0.55 Netherlands Basic Materials (31 December 2015: 0.17%)

37,205 Lyondell Basell Industries 2,768,796 0.14


39,184 Nielsen Holdings 2,036,392 0.10

2,036,392 0.10 Switzerland Financial (31 December 2015: 0.21%)

49,585 ACE 6,481,256 0.32


39,775 TE Connectivity 2,271,550 0.11 45,437 Tyco International 1,935,616 0.10

4,207,166 0.21 Oil & Gas (31 December 2015: 0.02%)

36,008 Transocean 428,135 0.02 428,135 0.02 United Kingdom Oil & Gas (31 December 2015: 0.02%)

United States Basic Materials (31 December 2015: 1.93%)

20,885 Air Products & Chemicals 2,966,505 0.15 140,846 Alcoa 1,305,643 0.07

9,870 Avery Dennison 737,783 0.04 26,339 CF Industries Holdings 634,770 0.03

120,196 Dow Chemical 5,974,943 0.30 93,773 DuPont 6,076,490 0.30


HSBC S&P 500 UCITS ETF (continued)

HSBC ETFs PLC >47<



USD % of Net

Asset Value


United States (continued) Basic Materials (31 December 2015: 1.93%) (continued)

15,837 Eastman Chemical 1,075,332 0.05 28,991 Ecolab 3,438,333 0.17 14,033 FMC 649,868 0.03

133,062 Freeport-McMoRan Copper & Gold 1,482,311 0.07 8,553 International Flavors & Fragrances 1,078,277 0.05

44,085 International Paper 1,868,322 0.09 37,928 Mosaic 992,955 0.05 56,937 Newmont Mining 2,227,375 0.11 34,354 Nucor 1,697,431 0.08 28,634 PPG Industries 2,982,231 0.15 30,650 Praxair 3,444,754 0.17


54,235 Activision Blizzard 2,149,333 0.11 218,111 Altria Group 15,040,935 0.74 64,055 Archer-Daniels-Midland 2,747,319 0.14 23,871 BorgWarner 704,672 0.03 10,929 Brown-Forman 1,090,277 0.05 19,345 Campbell Soup 1,287,023 0.06 14,082 Church & Dwight 1,448,897 0.07 13,828 Clorox 1,913,657 0.09 29,835 Coach 1,215,478 0.06

419,247 Coca-Cola 19,004,466 0.94 96,052 Colgate-Palmolive 7,031,006 0.35 46,552 ConAgra Foods 2,225,651 0.11 18,921 Constellation Brands 3,129,533 0.15 29,786 Delphi Automotive 1,864,604 0.09 34,974 DR Horton 1,100,982 0.05 20,087 Dr Pepper Snapple Group 1,941,007 0.10 33,053 Electronic Arts 2,504,095 0.12 23,732 Estee Lauder Cos 2,160,087 0.11

419,478 Ford Motor 5,272,838 0.26 12,764 Garmin 541,449 0.03 63,559 General Mills 4,533,028 0.22

151,221 General Motors 4,279,554 0.21 16,098 Genuine Parts 1,629,923 0.08 28,979 Goodyear Tire & Rubber 743,601 0.04 42,254 Hanesbrands 1,061,843 0.05 19,798 Harley-Davidson 896,849 0.04

7,535 Harman International Industries 541,164 0.03 12,097 Hasbro 1,016,027 0.05 15,280 Hershey 1,734,127 0.09 28,703 Hormel Foods 1,050,530 0.05 12,881 JM Smucker 1,963,193 0.10 69,293 Johnson Controls 3,066,908 0.15 27,135 Kellogg 2,215,573 0.11 38,831 Kimberly-Clark 5,338,486 0.26



>48< HSBC ETFs PLC



USD % of Net

Asset Value


United States (continued) Consumer Goods (31 December 2015: 10.78%) (continued)

63,977 Kraft Heinz 5,660,685 0.28 14,471 Leggett & Platt 739,613 0.04 19,376 Lennar 893,234 0.04 35,760 LKQ 1,133,592 0.06 36,581 Mattel 1,144,619 0.06 12,306 McCormick & Co 1,312,681 0.06 19,841 Mead Johnson Nutrition 1,800,571 0.09 19,304 Michael Kors Holdings 955,162 0.05

6,744 Mohawk Industries 1,279,741 0.06 19,777 Molsonors Brewing 2,000,048 0.10

168,992 Mondelez International 7,690,826 0.38 47,378 Monsanto 4,899,359 0.24 16,160 Monster Beverage 2,597,074 0.13 49,077 Newell Rubbermaid 2,383,670 0.12

145,246 NIKE 8,017,579 0.40 155,516 PepsiCo 16,475,365 0.81 170,156 Philip Morris International 17,308,268 0.86 290,078 Procter & Gamble 24,560,904 1.22 33,785 Pulte Group 658,470 0.03

8,715 PVH 821,214 0.04 6,419 Ralph Lauren 575,271 0.03

89,070 Reynolds American 4,803,545 0.24 8,696 Snap-on 1,372,403 0.07

19,642 Stanley Black & Decker 2,184,583 0.11 31,804 Tyson Foods 2,124,189 0.11 39,627 Under Armour 1,515,329 0.08 36,269 VF 2,230,181 0.11

8,334 Whirlpool 1,388,778 0.07 222,971,069 11.03 Consumer Services (31 December 2015: 14.39%)

7,872 Advance Auto Parts 1,272,351 0.06 13,416 Alaska Air Group 782,019 0.04 41,729 Amazon.Com 29,862,107 1.48 64,884 American Airlines Group 1,836,866 0.09 20,773 AmerisourceBergen 1,647,714 0.08

7,875 AutoNation 369,967 0.02 3,242 AutoZone 2,573,629 0.13

17,748 Bed Bath & Beyond 767,069 0.04 30,314 Best Buy 927,608 0.05 35,436 Cardinal Health 2,764,362 0.14 21,059 CarMax 1,032,523 0.05 48,489 Carnival com 2,143,214 0.11 26,549 Casa Ley* 26,945 - 45,385 CBS 2,470,759 0.12

3,233 Chipotle Mexican Grill 1,302,123 0.06 261,776 Comcast 17,065,177 0.84 47,317 Costco Wholesale 7,430,662 0.37



HSBC ETFs PLC >49<



USD % of Net

Asset Value


United States (continued) Consumer Services (31 December 2015: 14.39%) (continued)

118,194 CVS Caremark 11,315,894 0.56 12,421 Darden Restaurants 786,746 0.04 83,635 Delta Air Lines 3,046,823 0.15 41,177 Discovery Communications 1,003,557 0.05 31,304 Dollar General 2,942,576 0.15 25,263 Dollar Tree 2,380,785 0.12

3,870 Dun & Bradstreet 471,521 0.02 117,464 eBay 2,749,832 0.14 12,648 Expedia 1,344,482 0.07 14,660 Foot Locker 804,248 0.04 24,347 Gap 516,643 0.02 25,385 H&R Block 583,855 0.03

136,420 Home Depot 17,419,470 0.86 44,158 Interpublic Group of Companies 1,020,050 0.05 20,439 Kohl's 775,047 0.04

104,874 Kroger 3,858,314 0.19 27,266 Limited Brands 1,830,367 0.09 98,448 Lowe's Cos 7,794,128 0.39 33,826 Macy's 1,136,892 0.06 20,457 Marriott International 1,359,572 0.07 97,006 McDonald's 11,673,702 0.58 24,469 McKesson 4,567,139 0.23 46,056 NetFlix 4,213,203 0.21 58,994 News Corp 675,522 0.03 13,665 Nordstrom 519,953 0.03 25,761 Omnicom Group 2,099,264 0.10 10,455 O'Reilly Automotive 2,834,350 0.14

119,714 PayPal Holdings 4,370,758 0.22 26,549 PDC Contingent* 1,296 -

5,336 Priceline.com 6,661,516 0.33 43,575 Ross Stores 2,470,267 0.12 18,208 Royal Caribbean Cruises 1,222,667 0.06 10,271 Scripps Networks Interactive 639,575 0.03 68,655 Southwest Airlines 2,691,963 0.13 68,131 Staples 587,289 0.03

159,036 Starbucks 9,084,136 0.45 18,099 Starwood Hotels & Resorts Worldwide 1,338,421 0.07 56,498 Sysco 2,866,709 0.14 64,800 Target 4,524,336 0.22 23,993 TEGNA 555,918 0.03 11,830 Tiffany & Co 717,371 0.03 85,018 Time Warner 6,252,224 0.31 72,038 TJX Cos 5,563,495 0.27 14,333 Tractor Supply 1,306,883 0.06 12,144 TripAdvisor 780,859 0.04

166,224 Twenty-First Century Fox 4,505,512 0.22 6,851 Ulta Salon Cosmetic 1,669,178 0.08



>50< HSBC ETFs PLC



USD % of Net

Asset Value


United States (continued) Consumer Services (31 December 2015: 14.39%) (continued)

36,228 United Continental Holdings 1,486,797 0.07 9,362 Urban Outfitters 257,455 0.01

36,877 Viacom 1,529,289 0.08 92,627 Walgreens Boots Alliance 7,713,050 0.38

168,810 Wal-Mart Stores 12,326,506 0.61 161,503 Walt Disney 15,798,223 0.78 34,929 Whole Foods Market 1,118,427 0.05 12,346 Wyndham Worldwide 879,406 0.04

8,552 Wynn Resorts 775,153 0.04 43,975 Yum! Brands 3,646,407 0.18


5,756 Affiliated Managers 810,272 0.04 45,380 Aflac 3,274,621 0.16 40,703 Allstate 2,847,175 0.14 88,183 American Express 5,357,999 0.27

123,672 American International Group 6,541,012 0.32 45,594 American Tower 5,179,934 0.26 18,181 Ameriprise Financial 1,633,563 0.08 29,128 Aon 3,181,651 0.16 16,849 Apartment Investment & Management 744,052 0.04

7,187 Assurant 620,310 0.03 14,744 AvalonBay Communities 2,659,670 0.13

1,110,985 Bank of America 14,742,771 0.73 116,224 Bank of New York Mellon 4,515,302 0.22 87,274 BB&T 3,107,827 0.15

204,723 Berkshire Hathaway 29,641,843 1.47 13,582 BlackRock 4,652,242 0.23 16,501 Boston Properties 2,176,482 0.11 56,578 Capital One Financial 3,593,269 0.18 30,765 CBRE Group 814,657 0.04

129,291 Charles Schwab 3,272,355 0.16 36,413 Chicago Mercantile Exchange 3,546,626 0.18 20,683 Cincinnati Financial 1,548,950 0.08

316,787 Citigroup 13,428,601 0.66 56,135 Citizens Financial Group 1,121,577 0.06 19,076 Comerica 784,596 0.04 35,740 Crown Castle REIT 3,625,108 0.18 16,911 Digital Realty Trust 1,843,130 0.09 44,564 Discover Financial Services 2,388,185 0.12 30,418 E*Trade Financial 714,519 0.04 12,747 Equifax 1,636,715 0.08 39,288 Equity Residential 2,706,157 0.13

7,097 Essex Property Trust 1,618,755 0.08 13,248 Extra Space Storage 1,225,970 0.06

7,387 Federal Realty Investment Trust 1,222,918 0.06 84,471 Fifth Third Bancorp 1,485,845 0.07 16,026 First Horizon National Corporation* - -



HSBC ETFs PLC >51<



USD % of Net

Asset Value


United States (continued) Financial (31 December 2015: 17.40%) (continued)

40,173 Franklin Resources 1,340,573 0.07 19,039 Gallagher (Arthur J) 906,256 0.04 62,039 General Growth Properties 1,850,003 0.09 42,183 Goldman Sachs Group 6,267,550 0.31 42,679 Hartford Financial Services Group 1,894,094 0.09 49,983 HCP 1,768,399 0.09 80,084 Host Hotels & Resorts 1,298,162 0.06 86,098 Huntington Bancshares 769,716 0.04 12,789 Intercontinental Exchange 3,273,472 0.16 44,806 Invesco 1,144,345 0.06 25,903 Iron Mountain Inc 1,031,716 0.05

399,757 JPMorgan Chase & Co 24,840,900 1.23 89,856 KeyCorp 992,909 0.05 44,425 Kimco Realty 1,394,056 0.07 11,644 Legg Mason 343,382 0.02 35,798 Leucadia National 620,379 0.03 26,315 Lincoln National 1,020,233 0.05 28,818 Loews 1,184,132 0.06 17,203 M&T Bank 2,033,911 0.10 13,496 Macerich 1,152,423 0.06 56,082 Marsh & McLennan Cos 3,839,374 0.19

105,299 Mastercard 9,272,630 0.46 118,212 MetLife 4,708,384 0.23 18,290 Moody's 1,713,956 0.08

164,368 Morgan Stanley 4,270,281 0.21 12,476 NASDAQ OMX Group 806,823 0.04 36,886 Navient Corporation 440,788 0.02 23,346 Northern Trust 1,546,906 0.08 32,677 People's United Financial 479,045 0.02 53,999 PNC Financial Services Group 4,394,979 0.22 29,274 Principal Financial Group 1,203,454 0.06 62,868 Progressive 2,106,078 0.10 56,465 ProLogis 2,769,044 0.14 47,747 Prudential Financial 3,406,271 0.17 17,518 Public Storage 4,477,426 0.22 26,826 Realty Income 1,860,651 0.09

138,825 Regions Financial 1,181,401 0.06 28,545 S and P Global 3,061,737 0.15 33,962 Simon Property Group 7,366,358 0.36 10,716 SL Green Realty 1,140,932 0.06 42,908 State Street 2,313,599 0.11 54,683 SunTrust Banks 2,246,378 0.11 89,717 Synchrony Financial 2,268,046 0.11 26,701 T Rowe Price Group 1,948,372 0.10 12,347 Torchmark 763,291 0.04 31,739 Travelers Cos 3,778,210 0.19 28,739 UDR 1,061,044 0.05 25,887 Unum Group 822,948 0.04



>52< HSBC ETFs PLC



USD % of Net

Asset Value


United States (continued) Financial (31 December 2015: 17.40%) (continued)

175,713 US Bancorp 7,086,505 0.35 36,157 Ventas 2,632,953 0.13

206,486 Visa 15,315,067 0.76 19,074 Vornado Realty Trust 1,909,689 0.09

497,071 Wells Fargo & Co 23,526,370 1.16 38,214 Welltower Inc USD1 2,910,760 0.14 54,693 Western Union 1,049,012 0.05 84,938 Weyerhaeuser 2,528,604 0.13 21,394 Zions Bancorporation 537,631 0.03


158,630 Abbott Laboratories 6,235,745 0.31 173,364 Abbvie 10,732,965 0.53 37,612 Aetna 4,593,554 0.23 24,241 Alexion Pharmaceuticals 2,830,379 0.14 42,468 Allergan 9,813,930 0.49 80,921 Amgen 12,312,130 0.61 28,119 Anthem 3,693,150 0.18

7,879 Bard 1,852,826 0.09 58,948 Baxter International 2,665,629 0.13 22,792 Becton Dickinson and Co 3,865,295 0.19 23,526 Biogen Idec 5,689,057 0.28

147,859 Boston Scientific 3,455,465 0.17 179,625 Bristol-Myers Squibb 13,211,419 0.65 84,105 Celgene 8,295,276 0.41 18,260 Centene Corporation 1,303,216 0.07 27,395 Cigna 3,506,286 0.17 17,726 DaVita 1,370,574 0.07 25,675 DENTSPLY International 1,592,877 0.08 23,200 Edwards Lifesciences 2,313,736 0.11

105,991 Eli Lilly & Co 8,346,791 0.41 68,124 Express Scripts 5,163,799 0.26

147,063 Gilead Sciences 12,267,995 0.61 32,885 HCA Holdings 2,532,474 0.13

8,818 Henry Schein 1,559,022 0.08 26,533 Hologic 918,042 0.05 15,956 Humana 2,870,165 0.14 15,818 Illumina 2,220,531 0.11

4,025 Intuitive Surgical 2,662,175 0.13 300,687 Johnson & Johnson 36,473,333 1.80 10,877 Laboratory Corporation of America Holdings 1,416,947 0.07

153,220 Medtronic 13,294,900 0.66 300,841 Merck & Co 17,331,450 0.86 43,926 Mylan 1,899,361 0.10

9,084 Patterson Cos 435,033 0.02 661,815 Pfizer 23,302,506 1.15 15,350 Quest Diagnostics 1,249,644 0.06

8,401 Regeneron Pharms 2,933,881 0.15



HSBC ETFs PLC >53<



USD % of Net

Asset Value


United States (continued) Healthcare (31 December 2015: 14.14%) (continued)

30,383 St Jude Medical 2,369,874 0.12 34,999 Stryker 4,193,930 0.21 42,635 Thermo Fisher Scientific 6,299,748 0.31

102,290 UnitedHealth Group 14,443,348 0.71 9,647 Universal Health 1,293,663 0.06

10,538 Varian Medical Systems 866,540 0.04 26,513 Vertex Pharmaceuticals 2,280,648 0.11

8,780 Waters 1,234,907 0.06 21,563 Zimmer Holdings 2,595,754 0.13 48,716 Zoetis 2,312,061 0.11


68,081 3M 11,922,345 0.59 6,333 Acuity Brands 1,570,331 0.08

35,065 Agilent Technologies 1,555,483 0.08 6,379 Alliance Data Systems 1,249,774 0.06

33,126 Ametek 1,531,415 0.08 33,147 Amphenol 1,900,318 0.09 49,046 Automatic Data Processing 4,505,856 0.22 15,250 Ball 1,102,423 0.05 67,962 Boeing 8,826,225 0.44 68,535 Caterpillar 5,195,638 0.26 15,413 CH Robinson Worldwide 1,144,415 0.06

9,473 Cintas 929,585 0.05 103,633 CSX 2,702,749 0.13 20,454 Cummins 2,299,848 0.11 68,925 Danaher 6,961,425 0.34 36,787 Deere & Co 2,981,218 0.15 22,004 Dover 1,525,317 0.08 55,630 Eaton 3,322,780 0.16 77,270 Emerson Electric 4,030,403 0.20 19,822 Expeditors International of Washington 972,071 0.05 39,635 Fastenal 1,759,398 0.09 27,579 FedEx 4,185,941 0.21 29,502 Fidelity National Information Services 2,173,707 0.11 23,985 Fiserv 2,607,889 0.13 14,992 FLIR Systems 464,002 0.02 20,388 Flowserve 920,926 0.05 22,403 Fluor 1,104,020 0.05 16,629 Fortune Brands Home & Security 963,983 0.05

1,010,089 General Electric 31,797,602 1.57 16,556 Global Payments 1,181,767 0.06

7,809 Grainger 1,774,595 0.09 85,804 Honeywell International 9,980,721 0.49 38,568 Illinois Tool Works 4,017,243 0.20 20,888 Jacobs Engineering Group 1,040,431 0.05

9,748 JB Hunt Transport Services 788,906 0.04 11,649 Kansas City Southern 1,049,458 0.05



>54< HSBC ETFs PLC



USD % of Net

Asset Value


United States (continued) Industrial (31 December 2015: 10.14%) (continued)

6,923 Martin Marietta Materials 1,329,216 0.07 48,056 Masco 1,486,853 0.07 31,984 Norfolk Southern 2,722,798 0.13 21,221 Northrop Grumman 4,717,004 0.23 17,314 Owens-Illinois 311,825 0.02 44,824 PACCAR 2,325,021 0.11 17,989 Parker Hannifin 1,943,711 0.10 34,467 Paychex 2,050,786 0.10 26,080 Pentair 1,520,203 0.07 11,734 PerkinElmer 615,096 0.03 19,468 Quanta Services 450,100 0.02 34,976 Raytheon 4,754,987 0.24 25,554 Republic Services 1,311,176 0.06 14,518 Robert Half International 554,007 0.03 17,486 Rockwell Automation 2,007,742 0.10 18,266 Rockwell Collins 1,555,167 0.08 13,069 Roper Industries 2,229,049 0.11

5,549 Ryder System 339,266 0.02 21,247 Sealed Air 976,725 0.05

8,415 Sherwin-Williams 2,471,233 0.12 9,147 Stericycle 952,386 0.05

18,198 Total System Services 966,496 0.05 7,253 TransDigm Group 1,912,543 0.09

90,827 Union Pacific 7,924,656 0.39 75,151 United Parcel Service 8,095,266 0.40

9,788 United Rentals 656,775 0.03 87,404 United Technologies 8,963,280 0.44 16,437 Verisk Analytics 1,332,712 0.07 14,338 Vulcan Materials 1,725,722 0.09 44,591 Waste Management 2,955,046 0.15 27,541 WestRock 1,070,519 0.05 27,567 Xylem 1,230,866 0.06

205,498,440 10.17 Oil & Gas (31 December 2015: 6.33%)

54,637 Anadarko Petroleum 2,909,420 0.14 40,640 Apache 2,262,429 0.11 46,877 Baker Hughes 2,115,559 0.10 48,744 Cabot Oil & Gas 1,254,670 0.06 54,729 Chesapeake Energy 234,240 0.01

205,771 Chevron 21,570,974 1.07 10,168 Cimarex Energy 1,213,246 0.06 43,021 Columbia Pipeline Group 1,096,605 0.05 13,732 Concho Resources 1,637,816 0.08

133,007 ConocoPhillips 5,799,105 0.29 54,318 Devon Energy 1,969,028 0.10

9,099 Diamond Offshore Drilling 221,379 0.01 59,180 EOG Resources 4,936,796 0.24 18,219 EQT 1,410,697 0.07



HSBC ETFs PLC >55<



USD % of Net

Asset Value


United States (continued) Oil & Gas (31 December 2015: 6.33%) (continued)

454,016 Exxon Mobil 42,559,460 2.11 8,215 First Solar 398,263 0.02

24,794 FMC Technologies 661,256 0.03 92,350 Halliburton 4,182,531 0.21 11,416 Helmerich & Payne 766,356 0.04 28,492 Hess 1,712,369 0.08

196,886 Kinder Morgan 3,685,706 0.18 90,771 Marathon Oil 1,362,473 0.07 56,676 Marathon Petroleum 2,151,421 0.11 17,620 Murphy Oil 559,435 0.03 39,956 National Oilwell Varco 1,344,519 0.07 21,321 Newfield Exploration 941,962 0.05 46,144 Noble Energy 1,655,185 0.08 82,188 Occidental Petroleum 6,210,125 0.31 51,512 Phillips 4,086,962 0.20 17,570 Pioneer Natural Resources 2,656,760 0.13 17,838 Range Resources 769,531 0.04

149,387 Schlumberger 11,813,524 0.58 40,532 Southwestern Energy 509,893 0.02 12,801 Tesoro 959,051 0.05 50,611 Valero Energy 2,581,161 0.13 72,408 Williams Cos 1,566,185 0.08


53,620 Adobe Systems 5,136,260 0.25 18,724 Akamai Technologies 1,047,233 0.05 63,993 Alphabet 44,655,567 2.21 33,212 Analog Devices 1,881,128 0.09

596,567 Apple 57,031,805 2.82 122,199 Applied Materials 2,929,110 0.14 24,140 Autodesk 1,306,940 0.06 39,894 Broadcom 6,199,528 0.31 31,499 CA 1,034,112 0.05 32,431 Cerner 1,900,457 0.09

541,435 Cisco Systems 15,533,770 0.77 16,542 Citrix Systems 1,324,849 0.07 65,537 Cognizant Technology Solutions 3,751,338 0.19

119,736 Corning 2,452,193 0.12 14,910 CSRA 349,341 0.02

209,493 EMC 5,691,925 0.28 7,357 Equinix 2,852,530 0.14 7,399 F5 Networks 842,302 0.04

250,803 FaceBook 28,661,767 1.42 13,382 Harris 1,116,594 0.06

184,695 Hewlett Packard 3,374,378 0.17 185,779 HP 2,331,527 0.12 508,281 Intel 16,671,617 0.82 95,113 International Business Machines 14,436,251 0.71



>56< HSBC ETFs PLC



USD % of Net

Asset Value


United States (continued) Technology (31 December 2015: 17.50%) (continued)

27,632 Intuit 3,084,008 0.15 38,170 Juniper Networks 858,443 0.04 16,916 KLA-Tencor 1,239,097 0.06 17,099 LAM Research 1,437,342 0.07 25,752 Linear Technology 1,198,241 0.06 22,933 Microchip Technology 1,164,079 0.06

Technology (31 December 2015: 17.50%) (continued) 111,628 Micron Technology 1,536,001 0.08 850,999 Microsoft 43,545,619 2.15 17,086 Motorola Solutions 1,127,163 0.06 31,459 NetApp 773,577 0.04 54,995 NVIDIA 2,585,315 0.13

339,024 Oracle 13,876,252 0.69 21,149 Pitney Bowes 376,452 0.02 13,742 Qorvo 759,383 0.04

160,843 QUALCOMM 8,616,360 0.42 19,649 Red Hat 1,426,517 0.07 67,854 Salesforce.com 5,388,286 0.27 32,058 Seagate Technology 780,933 0.04 20,551 Skyworks Solutions 1,300,467 0.06 65,602 Symantec 1,347,465 0.07 14,330 Teradata 359,253 0.02

107,875 Texas Instruments 6,758,369 0.33 10,572 VeriSign 914,055 0.05 30,059 Western Digital 1,420,588 0.07

101,003 Xerox 958,518 0.05 27,561 Xilinx 1,271,389 0.06 93,720 Yahoo! 3,520,123 0.17


676,420 AT&T 29,228,108 1.45 58,382 CenturyLink 1,693,662 0.08

122,163 Frontier Communications 603,485 0.03 31,115 Level 3 Comms 1,602,112 0.08

438,324 Verizon Communications 24,476,012 1.21


71,997 AES 898,523 0.04 12,955 AGL Resources 854,641 0.04 26,108 Ameren 1,398,867 0.07 52,835 American Electric Power 3,703,205 0.18 24,239 American Water Works 2,048,438 0.10 46,295 CenterPoint Energy 1,111,080 0.06 29,789 CMS Energy 1,366,124 0.07 37,191 Consolidated Edison 2,991,644 0.15 67,001 Dominion Resources 5,221,388 0.26 19,288 DTE Energy 1,911,827 0.09 74,064 Duke Energy 6,353,951 0.31



HSBC ETFs PLC >57<



USD % of Net

Asset Value


United States (continued) Utilities (31 December 2015: 3.09%) (continued)

35,056 Edison International 2,722,799 0.13 19,112 Entergy 1,554,761 0.08 34,106 Eversource Energy 2,042,949 0.10 98,982 Exelon 3,598,985 0.18 45,474 FirstEnergy 1,587,497 0.08 49,559 NextEra Energy 6,462,494 0.32 33,621 NiSource 891,629 0.04 33,408 NRG Energy 500,786 0.03 21,995 ONEOK 1,043,663 0.05 53,024 PG&E 3,389,294 0.17 11,947 Pinnacle West Capital 968,424 0.05 72,504 PPL 2,737,026 0.14 54,505 Public Service Enterprise Group 2,540,478 0.13 15,366 SCANA 1,162,592 0.06 25,369 Sempra Energy 2,892,573 0.14

105,444 Southern 5,654,962 0.28 72,175 Spectra Energy 2,643,770 0.13 24,619 TECO Energy 680,469 0.03 33,945 Wec Energy Group 2,216,608 0.11 54,612 Xcel Energy 2,445,525 0.12

75,596,972 3.74

Total equities** (31 December 2015: 99.69%) 1,972,905,999 97.59 Warrants

93,057 American International Group Warrants - -

Total warrants* - -


53 CME S&P 500 E Mini Index Future Sep 16 30,893 -

Total futures*** (Notional amount: USD 6,270,750) 30,893 -

Total financial assets at fair value through profit or loss 1,972,936,892 97.59


Net assets attributable to holders of redeemable participating shares 2,021,539,948 100.00



>58< HSBC ETFs PLC


USD % of Total

Assets ** Transferable securities admitted to an official stock exchange listing 1,972,905,999 97.16 * Transferable securities other than those referred in above 28,241 - *** Financial derivative instruments dealt in on a regulated market 30,893 0.01 Other assets 57,549,195 2.83

Total assets 2,030,514,328 100.00

With the exception of the Warrants and the investment held in First Horizon National Corporation, Casa Ley and PDC Contingent, all other equity positions and futures held by the Sub-Fund at 30 June 2016 and 31 December 2015 are classified as Level 1. The investment held in First Horizon National Corporation, PDC Contingent, Casa Ley and Warrants 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.


HSBC MSCI EUROPE UCITS ETF

HSBC ETFs PLC >59<



EUR % of Net

Asset Value

Equities

Austria Basic Materials (31 December 2015: 0.04%)

3,353 Voestalpine 100,657 0.05


8,275 Erste Group Bank 168,065 0.08 3,636 Raiffeisen Bank International 40,996 0.02


2,180 Andritz AG 92,585 0.05

92,585 0.05 Oil & Gas (31 December 2015: 0.05%)

4,396 OMV 110,845 0.05

110,845 0.05 Belgium Basic Materials (31 December 2015: 0.15%)

2,217 Solvay 184,853 0.09 2,819 Umicore 130,435 0.07

315,288 0.16 Consumer Goods (31 December 2015: 1.25%)

24,079 Anheuser-Busch 2,831,690 1.40


2,074 Colruyt 102,819 0.05 3,122 Delhaize Group 295,123 0.15 1,561 Telenet Group Holding 63,861 0.03


6,012 Ageas 186,282 0.09 2,414 Groupe Bruxelles Lambert 177,332 0.09 7,512 KBC Groep 329,927 0.16

693,541 0.34 Healthcare (31 December 2015: 0.14%)

3,733 UCB 250,858 0.13

250,858 0.13 Telecommunications (31 December 2015: 0.06%)

4,505 Belgacom 128,280 0.06

128,280 0.06 Denmark Consumer Goods (31 December 2015: 0.37%)

3,168 Carlsberg 270,181 0.13 2,953 Christian Hansen Holding 173,811 0.09 3,479 Pandora 424,131 0.21

868,123 0.43


HSBC MSCI EUROPE UCITS ETF (continued)

>60< HSBC ETFs PLC



EUR % of Net

Asset Value

Equities (continued) Denmark (continued) Financial (31 December 2015: 0.27%)

21,141 Danske Bank 498,417 0.25 3,457 Tryg 55,295 0.03


3,629 Coloplast 242,769 0.12 1,698 Genmab 276,160 0.14

55,585 Novo Nordisk 2,675,470 1.32 6,911 Novozymes 296,883 0.15 3,655 William Demant Holding 63,866 0.03


304 AP Moeller - Maersk 350,913 0.17 5,747 DSV 216,445 0.11 5,004 ISS A/S 168,957 0.08

736,315 0.36 Oil & Gas (31 December 2015: 0.20%)

6,710 Vestas Windsystems 408,112 0.20


24,241 TDC 106,383 0.05

106,383 0.05 Finland Basic Materials (31 December 2015: 0.19%)

16,444 Stora Enso 118,068 0.06 15,935 UPM-Kymmene 261,334 0.13


3,417 Nokian Renkaat 109,447 0.05 109,447 0.05 Financial (31 December 2015: 0.29%)

13,386 Sampo 488,991 0.24


3,028 Orion oyj 105,374 0.05


10,088 Kone 416,130 0.21 3,367 Metso 70,808 0.03 4,427 Wartsilap 161,807 0.08

648,745 0.32 Oil & Gas (31 December 2015: 0.05%)

3,828 Neste Oil 122,994 0.06

122,994 0.06 Technology (31 December 2015: 0.33%)

172,760 Nokia 881,940 0.44

881,940 0.44



HSBC ETFs PLC >61<



EUR % of Net

Asset Value

Equities (continued) Finland (continued) Telecommunications (31 December 2015: 0.07%)

4,254 Elisa 146,338 0.07


13,261 Fortum 190,693 0.09

190,693 0.09 France Basic Materials (31 December 2015: 0.54%)

10,307 Air Liquide 969,476 0.48 1,990 Arkema 137,449 0.07


1,615 Christian Dior 233,852 0.12 5,447 Cie Generale des Etablissements Michelin 464,139 0.23

17,651 Danone 1,119,250 0.55 782 Hermes International 263,495 0.13

7,586 L'Oreal 1,304,792 0.65 8,350 LVMH Moet Hennessy Louis Vuitton 1,135,600 0.56 6,358 Pernod-Ricard 636,436 0.32

14,528 Peugeot 157,120 0.08 657 Remy Cointreau SA 50,898 0.02

5,756 Renault 393,941 0.20 855 Societe BIC 108,542 0.05

7,062 Valeo 283,398 0.14


5,375 Accor 186,459 0.09 17,110 Carrefour 380,013 0.19

1,690 Casino Guichard Perrachon 84,872 0.04 5,082 Eutelsat Communications 86,521 0.04 2,218 JCDecaux 67,394 0.03 2,269 Kering 330,026 0.16 3,531 Lagardere SCA 69,384 0.04 3,245 Numericable - SFR 73,386 0.04 5,625 Publicis Groupe 340,481 0.17 2,792 Sodexo 270,154 0.14

34,830 Vivendi 588,627 0.29


58,126 AXA 1,034,933 0.51 31,723 BNP Paribas 1,261,148 0.63

5,125 CNP Assurances 68,239 0.03 31,268 Credit Agricole 236,386 0.12

1,251 Eurazeo 66,929 0.03 998 Fonciere Des Regions 79,850 0.04

1,231 Gecina 150,798 0.07 1,110 ICADE 70,674 0.04 6,517 Klepierre 259,702 0.13

27,794 Natixis Banques Populai 94,750 0.05



>62< HSBC ETFs PLC



EUR % of Net

Asset Value

Equities (continued) France (continued) Financial (31 December 2015: 2.80%) (continued)

4,886 SCOR 131,067 0.06 22,935 Societe Generale 646,996 0.32

2,954 Unibail-Rodamco 690,202 0.34 852 Wendel 79,338 0.04


6,157 Cie Generale d'Optique Essilor International 731,759 0.36 35,188 Sanofi 2,636,285 1.31


889 Aeroports de Paris 88,038 0.04 4,577 Alstom 95,545 0.05

25,703 Bollore 78,394 0.04 6,201 Bouygues 160,792 0.08 7,810 Bureau Veritas 148,429 0.07

14,277 Cie de St-Gobain 490,486 0.24 6,235 Edenred 115,316 0.06 1,715 Eiffage 110,120 0.06

13,986 Groupe Eurotunnel 133,566 0.07 1,080 Imerys 62,132 0.03 7,923 Legrand 366,914 0.18 8,923 Rexel 100,964 0.05 9,366 Safran 570,577 0.28

16,715 Schneider Electric 886,898 0.44 3,159 Thales 236,957 0.12

15,000 Vinci 955,350 0.47 6,022 Zodiac Aerospace 127,124 0.06

4,727,602 2.34 Oil & Gas (31 December 2015: 1.29%)

3,143 Technip 153,426 0.08 66,134 Total 2,868,893 1.42


2,600 AtoS 193,778 0.09 4,898 Cap Gemini 383,024 0.19 3,813 Dassault Systemes 260,352 0.13

777 Iliad 141,803 0.07 1,637 Ingenico 172,049 0.09


59,489 France Telecom 871,811 0.43


7,219 EDF 79,192 0.04 43,753 GDF Suez 634,856 0.31

9,749 Suez Environnement 137,266 0.07 13,496 Veolia Environnement 262,767 0.13

1,114,081 0.55



HSBC ETFs PLC >63<



EUR % of Net

Asset Value

Equities (continued) Germany Basic Materials (31 December 2015: 2.95%)

27,503 BASF 1,887,806 0.94 24,762 Bayer 2,228,580 1.10

4,576 Brennt 198,736 0.10 2,122 Covestro 84,763 0.04 4,148 Evonik Industries 110,917 0.05 2,058 Fuchs Petrolub 72,617 0.04 5,715 K+S 104,842 0.05 2,732 Lanxess 107,313 0.05 5,562 Linde 697,197 0.35 3,653 Symrise 223,381 0.11


5,638 Adidas 724,201 0.36 11,528 Bayerische Motoren Werke 744,369 0.37

2,986 Beiersdorf 253,482 0.13 3,294 Continental 557,674 0.27

28,832 Daimler 1,543,089 0.76 8,413 Henkel AG & Co KGaA 882,615 0.44 1,997 Hugo Boss AG 101,647 0.05 4,570 Porsche Automobil Holding 188,901 0.09 4,971 Schaeffler 58,906 0.03 6,529 Volkswagen 718,852 0.36


1,360 Axel Springer 64,090 0.03 6,909 Deutsche Lufthansa 72,752 0.04 5,322 Metro 146,195 0.07 6,480 Prosieben Sat.1 Media 254,113 0.13

14,886 TUI AG 152,523 0.08 2,578 Zalando 61,124 0.03


13,684 Allianz 1,748,815 0.87 31,528 Commerzbank 183,619 0.09 13,954 Deutsche Annington 456,994 0.23 41,301 Deutsche Bank 509,035 0.25

5,779 Deutsche Boerse 424,988 0.21 10,064 Deutsche Wohnen 307,204 0.15

1,803 Hannover Rueckversicherung 169,139 0.08 4,996 Muenchener Rueckversicherungs 750,649 0.37


6,558 Fresenius Medical Care & Co KGaA 511,721 0.25 12,256 Fresenius SE & Co KGaA 806,690 0.40

3,870 Merck KGaA 352,364 0.18

1,670,775 0.83



>64< HSBC ETFs PLC



EUR % of Net

Asset Value

Equities (continued) Germany (continued) Industrial (31 December 2015: 1.77%)

29,052 Deutsche Post 731,384 0.36 1,231 Fraport AG Frankfurt Airport Services Worldwide 59,119 0.03 5,416 GEA Group 228,961 0.11 4,174 HeidelbergCement 281,620 0.14

623 Hochtief 72,081 0.04 1,052 MAN 96,668 0.05 2,636 Osram 122,679 0.06

22,907 Siemens 2,103,092 1.04 11,007 ThyssenKrupp 198,236 0.10


33,866 Infineon Technologies 439,411 0.22 29,429 SAP 1,976,452 0.98

3,672 United Internet 136,598 0.06 2,552,461 1.26 Telecommunications (31 December 2015: 0.77%)

96,559 Deutsche Telekom 1,475,422 0.73 22,025 Telefonica Deutschland Holding 81,338 0.04


59,918 E.ON 540,820 0.27 14,452 RWE 205,074 0.10

745,894 0.37 Ireland Consumer Goods (31 December 2015: 0.16%)

4,740 Kerry Group 378,536 0.19


2,402 Paddy Power 226,989 0.11 38,770 WPP 724,035 0.36


814,738 Bank of Ireland 150,727 0.07


26,864 Shire 1,500,217 0.74


24,647 CRH 640,822 0.32 2,651 DCC 210,057 0.10

28,734 Experian 488,205 0.24 5,162 Ryanair Holdings 58,434 0.03

1,397,518 0.69 Italy Consumer Goods (31 December 2015: 0.30%)

26,852 Fiat Chrysler Automobiles 147,552 0.07 5,045 Luxottica Group 220,164 0.11

367,716 0.18



HSBC ETFs PLC >65<



EUR % of Net

Asset Value

Equities (continued) Italy (continued) Financial (31 December 2015: 1.52%)

34,964 Assicurazioni Generali 368,870 0.18 3,281 Exor 108,207 0.06

33,202 Fondiaria Sai Spa 44,723 0.02 407,758 Intesa Sanpaolo 691,137 0.34 16,831 Mediobanca 86,764 0.04 15,644 Poste Italiane 93,238 0.05

151,879 UniCredit 299,202 0.15 26,921 Unione di Banche Italiane ScpA 66,603 0.03


12,229 Atlantia 273,563 0.14 11,987 Finmeccanica 108,602 0.05

5,824 Prysmian 114,383 0.06

496,548 0.25 Oil & Gas (31 December 2015: 0.51%)

76,175 ENI 1,106,061 0.55 180,369 Saipem 64,662 0.03


483,083 Telecom Italia 326,641 0.16


228,323 Enel 908,726 0.45 73,376 Snam SpA 393,295 0.20 44,648 Terna Rete Elettrica Nazionale 222,972 0.11

1,524,993 0.76 Jersey Basic Materials (31 December 2015: 0.07%)

2,784 Randgold Resources 281,733 0.14

281,733 0.14 Luxembourg Basic Materials (31 December 2015: 0.12%)

55,080 ArcelorMittal 225,332 0.11 14,097 Tenaris 183,402 0.09


1,168 RTL Group 85,661 0.04 10,874 SES 211,064 0.11


1,958 Millicom International Cellular 107,128 0.05

107,128 0.05



>66< HSBC ETFs PLC



EUR % of Net

Asset Value

Equities (continued) Netherlands Basic Materials (31 December 2015: 0.32%)

7,415 Akzo Nobel 417,984 0.21 5,373 Koninklijke DSM 279,342 0.14


3,762 Ferrari 137,877 0.07 6,899 Heineken 571,030 0.28 2,986 Heineken Holding 218,456 0.11

27,882 Koninklijke Philips Electronics 624,417 0.31 48,778 Unilever 2,044,286 1.01


24,984 Koninklijke Ahold 497,182 0.25 29,789 Reed Elsevier 465,006 0.23

8,942 Wolters Kluwer 326,920 0.16


7,037 ABN AMRO 104,816 0.05 54,647 Aegon 192,904 0.10

115,877 ING Groep 1,063,635 0.52 9,489 NN Group 235,280 0.12


6,600 Qiagen 128,667 0.06


5,099 Aercap Holdings 154,170 0.08 30,438 CNH Industrial 197,238 0.10 17,638 European Aeronautic Defence and Space 912,414 0.45

2,372 Gemalto 129,962 0.06 2,654 Koninklijke Boskalis Westminster 81,982 0.04 2,130 Koninklijke Vopak 95,626 0.05 2,839 OCI 34,764 0.02 3,562 Randstad Holding 128,784 0.06

1,734,940 0.86 Oil & Gas (31 December 2015: 1.80%)



11,029 ASML Holding 974,853 0.48 8,807 NXP Semiconductors 621,036 0.31


14,271 Altice 192,520 0.10 102,295 Koninklijke KPN 332,970 0.16

525,490 0.26



HSBC ETFs PLC >67<



EUR % of Net

Asset Value

Equities (continued) Norway Basic Materials (31 December 2015: 0.16%)

40,150 Norsk Hydro 130,949 0.06 5,338 Yara International 151,475 0.08

282,424 0.14 Consumer Goods (31 December 2015: Nil)

11,456 Marine Harvest 171,907 0.09


4,918 Schibsted 128,621 0.06


29,264 DNB 312,743 0.15 5,970 Gjensidige Forsikring 89,071 0.05


24,388 Orkla 193,737 0.10

193,737 0.10 Oil & Gas (31 December 2015: 0.20%)

33,418 Statoil 518,001 0.26


22,480 Telenor 332,737 0.16

332,737 0.16 Portugal Consumer Services (31 December 2015: 0.04%)

7,532 Jeronimo Martins 106,653 0.05


48,824 Banco Espirito Santo* - -

- - Oil & Gas (31 December 2015: 0.06%)

13,704 Galp Energia 171,300 0.08


68,588 EDP - Energias de Portugal 188,891 0.09

188,891 0.09 Spain Consumer Goods (31 December 2015: 0.05%)

18,639 Distribuidora Internacional de Alimentacion 96,960 0.05


32,664 Industria De Diseno Textil 976,980 0.48


194,788 Banco Bilbao Vizcaya Argentaria 986,406 0.49 159,280 Banco de Sabadell 187,791 0.09



>68< HSBC ETFs PLC



EUR % of Net

Asset Value

Equities (continued) Spain (continued) Financial (31 December 2015: 1.94%) (continued)

99,981 Banco Popular Espanol 115,078 0.06 432,226 Banco Santander 1,482,103 0.73 137,532 Bankia 88,846 0.04 20,126 Bankinter 116,087 0.06 78,853 CaixaBank 155,104 0.08 32,939 Mapfre 64,495 0.03


8,924 Grifols 180,800 0.09


16,262 Abertis Infraestructuras 214,658 0.11 5,737 ACS Actividades de Construccion y Servicios 139,954 0.07 1,999 Aena 236,382 0.12

13,140 Amadeus IT Holding 516,074 0.26 14,339 Ferrovial 250,000 0.12

5,737 Grupo ACS 3,632 - 5,403 Zardoya Otis 45,439 0.02

1,406,139 0.70 Oil & Gas (31 December 2015: 0.15%)

33,386 Repsol 380,568 0.19 380,568 0.19 Telecommunications (31 December 2015: 0.63%)

134,080 Telefonica 1,134,317 0.56 1,134,317 0.56 Utilities (31 December 2015: 0.84%)

6,415 Enagas 175,162 0.09 9,482 Endesa 170,960 0.08

10,480 Gas Natural SDG 185,129 0.09 162,249 Iberdrola 987,610 0.49

3,205 Red Electrica 256,945 0.13

1,775,806 0.88 Sweden Basic Materials (31 December 2015: 0.06%)

8,101 Boliden 140,112 0.07


7,197 Electrolux 174,711 0.09 12,333 Husqvarna 81,956 0.04 18,141 Svenska Cellulosa 518,438 0.26

5,865 Swedish Match 182,254 0.09


28,430 Hennes & Mauritz 744,522 0.37 2,358 ICA Gruppen 70,569 0.03

815,091 0.40



HSBC ETFs PLC >69<



EUR % of Net

Asset Value

Equities (continued) Sweden (continued) Financial (31 December 2015: 1.47%)

4,862 Industrivarden 70,300 0.04 13,639 Investor 407,022 0.20

7,044 Kinnevik 149,669 0.07 90,954 Nordea Bank 685,096 0.34 45,485 Skandinaviska Enskilda Banken 352,515 0.18 44,839 Svenska Handelsbanken 484,939 0.24 27,117 Swedbank 506,171 0.25


5,975 Getinge 109,626 0.05


8,767 Alfa Laval 122,944 0.06 30,013 Assa Abloy 548,749 0.27 31,757 Atlas Copco 709,496 0.35

7,708 Hexagon 250,498 0.12 31,579 Sandvik 280,974 0.14

9,274 Securitas 127,394 0.06 10,182 Skanska 189,735 0.10 11,873 SKF 169,150 0.09 46,167 Volvo 407,093 0.20

2,806,033 1.39 Oil & Gas (31 December 2015: 0.04%)

5,589 Lundin Petroleum 90,669 0.04


91,128 Telefonaktiebolaget LM Ericsson 622,510 0.31 622,510 0.31 Telecommunications (31 December 2015: 0.20%)

9,528 Tele2 AB 74,451 0.04 77,796 TeliaSonera 328,284 0.16

402,735 0.20 Switzerland Basic Materials (31 December 2015: 0.92%)

242 EMS Chemie Holdings 112,359 0.06 276 Givaudan 498,810 0.25

366,380 Glencore International 673,859 0.33 2,783 Syngenta 961,963 0.48


2,605 Aryzta 86,265 0.04 65 Barry Callebaut 71,889 0.04

15,631 Cie Financiere Richemont 819,616 0.41 5,415 Coca Cola Hellenic Bottling Company 98,389 0.05

33 Lindt & Spruengli 353,696 0.17 95,431 Nestle 6,626,375 3.28

2,381 Swatch Group 313,797 0.15

8,370,027 4.14



>70< HSBC ETFs PLC



EUR % of Net

Asset Value

Equities (continued) Switzerland (continued) Consumer Services (31 December 2015: 0.14%)

1,371 Dufry Group 147,324 0.07 117 Galenica Holding 141,725 0.07


1,492 Baloise Holding 149,160 0.07 55,681 Credit Suisse Group 530,424 0.26

6,681 Julius Baer Group 239,576 0.12 1,040 Pargesa Holding 61,692 0.03

520 Partners Group Holding 200,233 0.10 950 Swiss Life Holding 196,533 0.10

2,086 Swiss Prime Site 169,997 0.09 9,990 Swiss Re 782,281 0.39

109,515 UBS 1,271,939 0.63 4,504 Zurich Financial Services 996,277 0.49


3,076 Actelion 463,836 0.23 1,567 Lonza Group 233,395 0.12

68,136 Novartis 5,045,889 2.50 21,038 Roche Holding 4,978,191 2.46

1,579 Sonova Holding 188,204 0.09


58,916 ABB 1,040,827 0.51 4,909 Adecco 221,754 0.11 1,132 Geberit 384,903 0.19

13,630 Holcim 510,549 0.25 1,612 Kuehne + Nagel International 202,862 0.10 1,921 Schindler Holding 313,010 0.16

163 SGS 335,251 0.17 64 Sika 241,030 0.12

7,643 Wolseley 355,915 0.18

3,606,101 1.79 Oil & Gas (31 December 2015: 0.06%)

Technology (31 December 2015: 0.05%)

19,028 STMicroelectronics 99,821 0.05


776 Swisscom 346,096 0.17


41,787 Anglo American 365,500 0.18 11,679 Antofagasta 65,432 0.03 63,244 BHP Billiton 717,481 0.36

3,913 Croda International 147,800 0.07



HSBC ETFs PLC >71<



EUR % of Net

Asset Value

Equities (continued) United Kingdom (continued) Basic Materials (31 December 2015: 1.17%) (continued)

6,599 Fresnillo 130,542 0.06 5,777 Johnson Matthey 194,710 0.10

10,987 Mondi 184,427 0.09 37,030 Rio Tinto 1,022,160 0.51


10,668 Associated British Foods 349,031 0.17 29,679 Barratt Developments 144,779 0.07

3,845 Berkeley Group Holdings 116,731 0.06 55,822 British American Tobacco Malaysia 3,253,057 1.61 13,281 Burberry Group 185,379 0.09

6,469 Coca-Cola 208,884 0.10 75,353 Diageo 1,891,868 0.94 50,761 GKN 164,734 0.08 28,708 Imperial Tobacco Group 1,400,248 0.69

9,210 Persimmon 160,361 0.08 19,040 Reckitt Benckiser Group 1,716,013 0.85 29,122 SABMiller 1,531,350 0.76 13,924 Tate & Lyle 112,005 0.06 96,359 Taylor Wimpey 153,400 0.08 38,432 Unilever 1,655,109 0.82


30,917 British Sky Broadcasting Group 315,475 0.16 5,598 Carnival ord 222,963 0.11

29,282 Carphone Warehouse 112,752 0.06 49,234 Compass Group 842,435 0.42

4,803 Easyjet 62,765 0.03 5,597 Intercontinental Hotels 185,410 0.09

24,263 International Consolidated Airlines Group 107,364 0.05 108,658 ITV 234,953 0.12 40,198 J Sainsbury 112,364 0.06 67,967 Kingfisher 263,754 0.13 48,556 Marks & Spencer Group 186,207 0.09 21,018 Merlin Entertainments 111,356 0.05

4,288 Next 254,374 0.13 24,318 Pearson 282,961 0.14 32,988 Reed Elsevier 546,193 0.27

243,776 TESCO 513,042 0.25 5,426 Whitbread 227,995 0.11

26,187 William Hill 81,140 0.04 66,229 WM Morrison Supermarkets 149,345 0.07


28,858 3i Group 190,118 0.09 27,542 Aberdeen Asset Management 92,596 0.05

6,255 Admiral Group 152,790 0.08 121,236 Aviva 574,631 0.28



>72< HSBC ETFs PLC



EUR % of Net

Asset Value


503,268 Barclays 839,333 0.42 28,988 British Land 211,728 0.10 27,547 Capital Shopping Centres 96,160 0.05 40,723 Direct Line Insurance Group 168,958 0.08 23,467 Hammerson 151,919 0.08

7,788 Hargreaves Lansdown 116,485 0.06 589,488 HSBC Holdings* 3,304,757 1.64 16,685 ICAP 84,263 0.04 18,488 Investec 103,024 0.05 23,676 Land Securities Group 296,003 0.15

178,133 Legal & General Group 408,759 0.20 1,923,492 Lloyds Banking Group 1,251,233 0.62

9,342 London Stock Exchange Group 284,514 0.14 147,583 Old Mutual 355,704 0.17

4,388 Provident Financial 121,441 0.06 77,033 Prudential 1,165,156 0.58

104,431 Royal Bank of Scotland 215,635 0.11 30,389 RSA Insurance Group 182,652 0.09

4,061 Schroders 115,128 0.06 22,145 Segro 110,505 0.05 15,622 St James's Place 147,563 0.07 98,161 Standard Chartered 666,886 0.33 58,632 Standard Life 207,139 0.10 41,465 Worldpay 135,564 0.07


10,918 Al Noor Hospitals Group 143,856 0.07 37,856 AstraZeneca 2,034,803 1.01

145,830 GlaxoSmithKline 2,815,519 1.40 4,301 Hikma Pharmaceuticals 127,573 0.06

26,815 Smith & Nephew 408,814 0.20


7,647 Aggreko 117,596 0.06 15,028 Ashtead Group 192,404 0.09

7,467 Babcock International 81,269 0.04 94,824 BAE Systems 597,890 0.30

9,927 Bunzl 274,976 0.14 19,900 Capita 230,356 0.11 50,988 Cobham 96,509 0.05 46,423 G4S 102,169 0.05

8,054 IMI 93,715 0.05 4,816 Intertek Group 201,610 0.10

23,129 Meggitt 112,966 0.06 55,058 Rolls-Royce 471,376 0.23

3,855,229 Rolls-Royce Holdings* - -

*Investment in a related entity.



HSBC ETFs PLC >73<



EUR % of Net

Asset Value

Equities (continued) United Kingdom (continued) Industrial (31 December 2015: 1.61%) (continued)

26,868 Royal Mail 161,974 0.08 11,812 Smiths Group 163,879 0.08

7,430 Travis Perkins 131,783 0.07 6,337 Weir Group 109,880 0.05

3,140,352 1.56 Oil & Gas (31 December 2015: 1.89%)

553,541 BP 2,918,397 1.45 7,683 Petrofac 71,740 0.04


42,174 ARM Holdings 573,957 0.29 29,975 Auto Trader Group 127,467 0.06 31,952 Sage Group 248,180 0.12


253,557 BT Group 1,250,925 0.62 13,422 Inmarsat 129,932 0.06

795,197 Vodafone Group 2,178,282 1.08


162,462 Centrica 440,829 0.22 112,162 National Grid 1,479,204 0.73

6,993 Severn Trent 204,896 0.10 30,130 SSE 563,407 0.28 20,357 United Utilities Group 253,528 0.13

2,941,864 1.46


Futures (31 December 2015: Nil)

16 EUX Euro Stoxx 50 Future Sep 16 739 - 3 OBX Index Future July 16 362 - 5 SSE OMXS30 Index Future July 16 1,196 - 1 Swiss Market Index Future Sep 16 1,876 - 4 LIFFE FTSE 100 Index Future Sep 16 11,431 0.01

15,604 0.01

Total futures*** (Notional amount: EUR 721,683) 15,604 0.01






>74< HSBC ETFs PLC

As at 30 June 2016


EUR % of Total

Assets * Transferable securities admitted to an official stock exchange listing 200,994,299 99.43 ** Financial derivative instruments dealt in on a regulated market 15,604 0.01 Other assets 1,139,851 0.56

Total assets 202,149,754 100.00

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 financial statements.


HSBC MSCI USA UCITS ETF

HSBC ETFs PLC >75<



USD % of Net

Asset Value

Equities

Basic Materials (31 December 2015: 2.16%) 2,682 Air Products & Chemicals 380,951 0.15 1,443 Albemarle 114,444 0.04

16,876 Alcoa 156,440 0.06 843 Ashland 96,751 0.04

1,197 Avery Dennison 89,476 0.04 1,842 Axalta Coating Systems 48,868 0.02 1,922 Celanese 125,795 0.05 3,081 CF Industries Holdings 74,252 0.03

14,736 Dow Chemical 732,526 0.29 1,930 Eastman Chemical 131,047 0.05 3,543 Ecolab 420,200 0.17

11,484 EI du Pont de Nemours & Co 744,163 0.29 1,717 FMC 79,514 0.03

15,150 Freeport-McMoRan Copper & Gold 168,771 0.07 1,047 International Flavors & Fragrances 131,995 0.05 5,238 International Paper 221,986 0.09 5,005 Lyondell Basell Industries 372,472 0.14 4,273 Mosaic 111,867 0.04 6,853 Newmont Mining 268,089 0.11 4,124 Nucor 203,767 0.08 3,524 PPG Industries 367,025 0.14 3,723 Praxair 418,428 0.16

929 WR Grace and Co 68,012 0.03 5,526,839 2.17 Consumer Goods (31 December 2015: 10.82%)

8,073 Activision Blizzard 319,933 0.13 25,691 Altria Group 1,771,651 0.70

7,901 Archer-Daniels-Midland 338,874 0.13 1,138 Autoliv 122,278 0.05 2,952 BorgWarner 87,143 0.03 1,515 Brown-Forman 151,136 0.06 1,893 Bunge 111,971 0.04 3,204 Campbell Soup 213,162 0.08 1,715 Church & Dwight 176,456 0.07 1,696 Clorox 234,709 0.09 3,568 Coach 145,360 0.06

55,212 Coca-Cola 2,502,760 0.98 11,113 Colgate-Palmolive 813,472 0.32

5,674 ConAgra Foods 271,274 0.11 2,267 Constellation Brands 374,962 0.15 3,668 Delphi Automotive 229,617 0.09 4,429 DR Horton 139,425 0.05 2,504 Dr Pepper Snapple Group 241,962 0.10

794 Edgewell Personal Care 67,022 0.03 4,074 Electronic Arts 308,646 0.12 2,928 Estee Lauder Cos 266,507 0.10


HSBC MSCI USA UCITS ETF (continued)

>76< HSBC ETFs PLC



USD % of Net

Asset Value


Consumer Goods (31 December 2015: 10.82%) (continued) 48,523 Ford Motor 609,934 0.24

1,502 Garmin 63,715 0.03 7,775 General Mills 554,513 0.22

18,495 General Motors 523,408 0.21 1,998 Genuine Parts 202,298 0.08 3,466 Goodyear Tire & Rubber 88,938 0.03 5,190 Hanesbrands 130,425 0.05 2,511 Harley-Davidson 113,748 0.04

926 Harman International Industries 66,505 0.03 1,454 Hasbro 122,121 0.05 1,964 Hershey 222,894 0.09 3,766 Hormel Foods 137,836 0.05

971 Ingredion 125,657 0.05 1,542 JM Smucker 235,016 0.09 8,469 Johnson Controls 374,838 0.15 3,481 Kellogg 284,224 0.11 4,757 Kimberly-Clark 653,992 0.26 7,952 Kraft Heinz 703,593 0.28 1,003 Lear Corporation 102,065 0.04 1,789 Leggett & Platt 91,436 0.04 2,350 Lennar 108,335 0.04 3,931 LKQ 124,613 0.04 1,471 Lululemon Athletica 108,648 0.04 4,376 Mattel 136,925 0.05 1,507 McCormick & Co 160,752 0.06 2,605 Mead Johnson Nutrition 236,404 0.09 2,408 Michael Kors Holdings 119,148 0.05

826 Mohawk Industries 156,742 0.06 2,404 Molsonors Brewing 243,117 0.10

20,821 Mondelez International 947,564 0.37 5,763 Monsanto 595,952 0.23 1,854 Monster Beverage 297,956 0.12 5,835 Newell Rubbermaid 283,406 0.11

17,771 NIKE 980,959 0.39 19,094 PepsiCo 2,022,818 0.80 20,304 Philip Morris International 2,065,323 0.81

821 Polaris Industries 67,125 0.03 35,647 Procter & Gamble 3,018,231 1.19

4,121 Pulte Group 80,318 0.03 1,073 PVH 101,109 0.04

785 Ralph Lauren 70,352 0.03 12,076 Reynolds American 651,259 0.26

1,000 Snap-on 157,820 0.06 2,350 Stanley Black & Decker 261,367 0.10 1,278 Tesla Motors 271,294 0.11 2,186 Toll Brothers 58,825 0.02 3,870 Tyson Foods 258,477 0.10 4,731 Under Armour 181,000 0.07 4,472 VF 274,983 0.11



HSBC ETFs PLC >77<



USD % of Net

Asset Value


Consumer Goods (31 December 2015: 10.82%) (continued) 1,072 Wabco Holding 98,163 0.04 1,020 Whirlpool 169,973 0.07 2,251 Whitewave Foods 105,662 0.04


939 Advance Auto Parts 151,771 0.06 5,238 Amazon.Com 3,748,418 1.47

103 Amerco 38,579 0.02 2,063 American Airlines Group 58,404 0.02 2,556 AmerisourceBergen 202,742 0.08

958 AutoNation 45,007 0.02 399 AutoZone 316,742 0.12

2,212 Bed Bath & Beyond 95,603 0.04 4,105 Best Buy 125,613 0.05 4,837 Cardinal Health 377,334 0.15 2,708 CarMax 132,773 0.05 5,381 Carnival com 237,840 0.09 5,316 Casa Ley* 5,395 - 5,686 CBS 309,546 0.12 2,800 Charter Communications 640,192 0.25

409 Chipotle Mexican Grill 164,729 0.06 32,538 Comcast 2,121,152 0.83

5,735 Costco Wholesale 900,624 0.35 14,508 CVS Caremark 1,388,996 0.55

1,464 Darden Restaurants 92,730 0.04 2,576 Delta Air Lines 93,844 0.04 1,184 Dick's Sporting Goods 53,351 0.02 5,504 Discovery Communications 133,890 0.05 2,909 Dish Network 152,432 0.06 3,820 Dollar General 359,080 0.14 2,884 Dollar Tree 271,788 0.11

585 Domino's Pizza 76,857 0.03 477 Dun & Bradstreet 58,118 0.02

14,142 eBay 331,064 0.13 1,599 Expedia 169,974 0.07 1,803 Foot Locker 98,913 0.04 3,260 Gap 69,177 0.03 3,086 H&R Block 70,978 0.03 6,364 Hilton Worldwide Holdings 143,381 0.06

16,618 Home Depot 2,121,952 0.83 885 IHS 102,315 0.04

5,339 Interpublic Group of Companies 123,331 0.05 2,552 Kohl's 96,772 0.04

12,056 Kroger 443,540 0.17 5,464 Las Vegas Sands 237,629 0.09

11,829 Liberty Global 340,410 0.13 5,815 Liberty Interactive 147,527 0.06 1,554 Liberty LiLac Group 50,380 0.02 4,228 Liberty Media 131,169 0.05



>78< HSBC ETFs PLC



USD % of Net

Asset Value


Consumer Services (31 December 2015: 14.43%) (continued) 3,214 Limited Brands 215,756 0.08

12,006 Lowe's Cos 950,515 0.37 4,124 Macy's 138,608 0.05 2,695 Marriott International 179,110 0.07

12,223 McDonald's 1,470,916 0.58 3,010 McKesson 561,817 0.22 5,833 MGM Resorts International 132,001 0.05 5,662 NetFlix 517,960 0.20 4,920 News Corp 55,842 0.02 4,528 Nielsen Holdings 235,320 0.09 1,846 Nordstrom 70,240 0.03 3,162 Omnicom Group 257,671 0.10 1,291 O'Reilly Automotive 349,990 0.14

14,406 PayPal Holdings 525,963 0.21 5,316 PDC Contingent* 259 -

651 Priceline.com 812,715 0.32 13,713 Rite Aid 102,710 0.04

5,349 Ross Stores 303,235 0.12 2,276 Royal Caribbean Cruises 152,833 0.06 2,708 Sabre 72,547 0.03 1,026 Scripps Networks Interactive 63,889 0.03

986 Signet Jewelers 81,256 0.03 27,319 Sirius XM Holdings 107,910 0.04

2,202 Southwest Airlines 86,340 0.03 8,274 Staples 71,322 0.03

19,456 Starbucks 1,111,327 0.44 2,201 Starwood Hotels & Resorts Worldwide 162,764 0.07 7,399 Sysco 375,425 0.15 7,665 Target 535,170 0.22 2,788 TEGNA 64,598 0.03 1,669 Tiffany & Co 101,208 0.04

10,477 Time Warner 770,479 0.30 8,746 TJX Cos 675,454 0.27 1,783 Tractor Supply 162,574 0.06 1,524 TripAdvisor 97,993 0.04

21,035 Twenty First Century Fox 570,135 0.22 784 Ulta Salon Cosmetic 191,014 0.08

1,239 United Continental Holdings 50,849 0.02 4,479 Viacom 185,744 0.07

12,219 Walgreens Boots Alliance 1,017,476 0.40 21,007 Wal-Mart Stores 1,533,931 0.61 20,577 Walt Disney 2,012,842 0.79

4,476 Whole Foods Market 143,322 0.06 1,544 Wyndham Worldwide 109,979 0.05 1,038 Wynn Resorts 94,084 0.04 5,648 Yum! Brands 468,332 0.18

34,983,487 13.76



HSBC ETFs PLC >79<



USD % of Net

Asset Value


Financial (31 December 2015: 17.66%) 6,042 ACE 789,750 0.31

718 Affiliated Managers 101,073 0.04 5,591 Aflac 403,447 0.16

700 Alexandria Real Estate Equities 72,464 0.03 209 Alleghany 114,862 0.05

5,078 Allstate 355,206 0.14 5,590 Ally Financial 95,421 0.04 4,580 American Capital Agency 90,776 0.04

10,960 American Express 665,930 0.26 15,844 American International Group 837,989 0.33

5,547 American Tower 630,195 0.25 2,282 Ameriprise Financial 205,038 0.08

12,211 Annaly Capital Management 135,176 0.05 3,589 Aon 392,026 0.15 1,629 Arch Capital Group 117,288 0.05

886 Assurant 76,471 0.03 1,797 AvalonBay Communities 324,161 0.13 1,301 Axis Capital Holdings 71,555 0.03

136,442 Bank of America 1,810,585 0.71 14,349 Bank of New York Mellon 557,459 0.22 10,638 BB&T 378,819 0.15 15,931 Berkshire Hathaway 2,306,649 0.91

1,610 BlackRock 551,473 0.22 1,991 Boston Properties 262,613 0.10 1,129 Camden Property Trust 99,826 0.04 6,970 Capital One Financial 442,665 0.17 3,871 CBRE Group 102,504 0.04

15,525 Charles Schwab 392,938 0.15 4,380 Chicago Mercantile Exchange 426,612 0.17 2,018 Cincinnati Financial 151,128 0.06 2,259 CIT Group 72,085 0.03

39,039 Citigroup 1,654,863 0.65 6,825 Citizens Financial Group 136,363 0.05 2,352 Comerica 96,738 0.04 4,376 Crown Castle REIT 443,858 0.17 1,917 Digital Realty Trust 208,934 0.08 5,641 Discover Financial Services 302,301 0.12 4,471 Duke Realty 119,197 0.05 3,724 E*Trade Financial 87,477 0.03 1,544 Eaton Vance 54,565 0.02 1,639 Equifax 210,448 0.08

875 Equinix 339,264 0.13 4,777 Equity Residential 329,040 0.13

866 Essex Property 197,526 0.08 581 Everest Re Group 106,131 0.04

1,531 Extra Space Storage 141,679 0.06 910 Federal Realty Investment Trust 150,651 0.06

10,483 Fifth Third Bancorp 184,396 0.07 1,912 First Republic Bank 133,821 0.05



>80< HSBC ETFs PLC



USD % of Net

Asset Value


Financial (31 December 2015: 17.66%) (continued) 5,126 Franklin Resources 171,055 0.07 2,313 Gallagher (Arthur J) 110,099 0.04 7,461 General Growth Properties 222,487 0.09 5,066 Goldman Sachs 752,706 0.30 5,368 Hartford Financial Services Group 238,232 0.09 6,098 HCP 215,747 0.08 9,797 Host Hotels & Resorts 158,809 0.06

10,548 Huntington Bancshares 94,299 0.04 1,565 Intercontinental Exchange 400,577 0.16 5,582 Invesco 142,564 0.06 3,226 Iron Mountain Inc 128,492 0.05

581 Jones Lang Lasalle 56,618 0.02 48,241 JPMorgan Chase & Co 2,997,696 1.18 10,975 KeyCorp 121,274 0.05

5,339 Kimco Realty 167,538 0.07 4,247 Leucadia National 73,601 0.03 1,913 Liberty Property Trust 75,984 0.03 3,266 Lincoln National 126,623 0.05 3,719 Loews 152,814 0.06 1,889 M&T Bank 223,336 0.09 1,746 Macerich 149,091 0.06

179 Markel 170,548 0.07 6,873 Marsh & McLennan Cos 470,526 0.19

12,944 Mastercard 1,139,849 0.45 12,379 MetLife 493,056 0.19

1,368 Mid-America Apartment Communities 145,555 0.06 2,352 Moody's 220,406 0.09

19,114 Morgan Stanley 496,582 0.20 1,281 MSCI 98,791 0.04 1,540 NASDAQ OMX Group 99,592 0.04 4,746 Navient Corporation 56,715 0.02 6,277 New York Community Bancorp 94,092 0.04 2,870 Northern Trust 190,166 0.07 3,980 People's United Financial 58,347 0.02 6,711 PNC Financial Services Group 546,208 0.21 3,821 Principal Financial Group 157,081 0.06 7,577 Progressive 253,830 0.10 6,868 ProLogis 336,807 0.13 5,894 Prudential Financial 420,478 0.17 2,097 Public Storage 535,972 0.21 1,678 Raymond James Financial 82,725 0.03 1,898 Realogy Holdings 55,080 0.02 3,944 Realty Income 273,556 0.11 1,567 Regency Centers 131,205 0.05

17,793 Regions Financial 151,418 0.06 590 RenaissanceRe Holdings 69,290 0.03

3,541 S&P Global 379,808 0.15 1,830 SEI Investments 88,041 0.03

670 Signature Bank 83,696 0.03



HSBC ETFs PLC >81<



USD % of Net

Asset Value


Financial (31 December 2015: 17.66%) (continued) 4,056 Simon Property Group 879,746 0.35 1,291 SL Green Realty 137,453 0.05 5,334 State Street 287,609 0.11 6,730 SunTrust Banks 276,468 0.11

10,926 Synchrony Financial 276,209 0.11 3,291 T Rowe Price Group 240,144 0.09 3,567 TD Ameritrade Holding 101,570 0.04 1,638 Torchmark 101,261 0.04 3,984 Travelers Cos 474,255 0.19 3,432 UDR 126,709 0.05 3,263 Unum 103,731 0.04

22,937 US Bancorp 925,049 0.36 4,366 Ventas 317,932 0.12

11,713 VEREIT 118,770 0.05 25,507 Visa 1,891,854 0.74

2,201 Vornado Realty Trust 220,364 0.09 2,819 Voya Financial 69,798 0.03

63,583 Wells Fargo & Co 3,009,383 1.18 4,634 Welltower 352,972 0.14 6,620 Western Union 126,972 0.05

10,239 Weyerhaeuser 304,815 0.12 1,697 Willis Towers Watson 210,954 0.08 1,290 WR Berkley 77,297 0.03 3,972 XL Group 132,307 0.05 1,262 Zillow Group 45,785 0.02


19,551 Abbott Laboratories 768,550 0.30 21,425 Abbvie 1,326,422 0.52

4,572 Aetna 558,378 0.22 2,933 Alexion Pharmaceuticals 342,457 0.13 1,923 Alkermes 83,112 0.03 5,167 Allergan 1,194,042 0.47

980 Alnylam Pharmaceuticals 54,380 0.02 9,933 Amgen 1,511,306 0.59 3,417 Anthem 448,789 0.18

964 Bard 226,694 0.09 7,165 Baxter International 324,001 0.13 2,757 Becton Dickinson and Co 467,560 0.18 2,918 Biogen Idec 705,631 0.28 2,075 Biomarin Pharmaceutical 161,435 0.06

17,631 Boston Scientific 412,036 0.16 21,862 Bristol-Myers Squibb 1,607,950 0.63 10,298 Celgene 1,015,692 0.40

2,245 Centene 160,226 0.06 3,373 Cigna 431,710 0.17

632 Cooper Companies 108,432 0.04 2,224 DaVita 171,960 0.07 3,162 DENTSPLY International 196,170 0.08



>82< HSBC ETFs PLC



USD % of Net

Asset Value


Healthcare (31 December 2015: 14.32%) (continued) 3,050 Edwards Lifesciences 304,177 0.12

13,283 Eli Lilly & Co 1,046,036 0.41 2,809 Endo International 43,792 0.02 2,404 Envision Healthcare 60,989 0.02 8,863 Express Scripts 671,815 0.26

18,423 Gilead Sciences 1,536,847 0.60 4,283 HCA Holdings 329,834 0.13 1,087 Henry Schein 192,182 0.08 3,092 Hologic 106,983 0.04 1,946 Humana 350,046 0.14 1,154 IDEXX Laboratories 107,160 0.04 1,918 Illumina 269,249 0.11 2,197 Incyte Genomics 175,716 0.07

486 Intuitive Surgical 321,445 0.13 1,543 Ionis Pharmaceuticals 35,936 0.01

785 Jazz Pharmaceuticals 110,928 0.04 36,809 Johnson & Johnson 4,464,932 1.76

1,328 Laboratory Corporation of America Holdings 172,999 0.07 1,511 Mallinckrodt 91,838 0.04 2,149 Medivation 129,585 0.06 1,235 Mednax 89,451 0.04

18,525 Medtronic 1,607,414 0.63 36,610 Merck & Co 2,109,102 0.83

5,480 Mylan 236,955 0.09 1,138 Patterson Cos 54,499 0.02 1,897 Perrigo Co Ltd 172,001 0.07

80,896 Pfizer 2,848,348 1.12 1,875 Quest Diagnostics 152,644 0.06 1,190 Quintiles Transnational 77,731 0.03

992 Regeneron Pharms 346,436 0.14 1,824 Resmed 115,331 0.05 3,659 St Jude Medical 285,402 0.11 4,409 Stryker 528,330 0.21 5,360 Thermo Fisher Scientific 791,994 0.31

597 United Therapeutics 63,234 0.02 12,770 UnitedHealth Group 1,803,124 0.71

1,190 Universal Health 159,579 0.06 1,291 Varian Medical Systems 106,159 0.04 3,216 Vertex Pharmaceuticals 276,640 0.11 1,088 Waters 153,027 0.06 2,474 Zimmer Holdings 297,820 0.12 6,147 Zoetis 291,737 0.12


8,223 3M 1,440,012 0.57 8,620 Accenture 976,560 0.38

728 Acuity Brands 180,515 0.07 1,192 AGCO 56,179 0.02 4,342 Agilent Technologies 192,611 0.08



HSBC ETFs PLC >83<



USD % of Net

Asset Value


Industrial (31 December 2015: 11.13%) (continued) 808 Alliance Data Systems 158,303 0.06

3,908 Ametek 180,667 0.07 4,034 Amphenol 231,269 0.09 2,926 Aramark Holdings Corporation 97,787 0.04 1,239 Arrow Electronics 76,694 0.03 6,077 Automatic Data Processing 558,294 0.22 1,765 Avnet 71,500 0.03 1,718 Ball 124,194 0.05 1,378 BE Aerospace 63,629 0.03 8,613 Boeing 1,118,570 0.44 2,702 Brixmor Property Group 71,495 0.03 1,190 Broadridge Financial Solutions 77,588 0.03 8,187 Caterpillar 620,656 0.24 1,898 CH Robinson Worldwide 140,927 0.06 1,216 Cintas 119,326 0.05 1,810 Crown Holdings 91,713 0.04

12,839 CSX 334,841 0.13 2,524 Cummins 283,799 0.11 8,558 Danaher 864,358 0.34 4,016 Deere & Co 325,457 0.13 2,617 Dover 181,410 0.07 6,682 Eaton 399,116 0.16 9,229 Emerson Electric 481,385 0.19 2,446 Expeditors International of Washington 119,952 0.05 4,592 Fastenal 203,839 0.08 3,516 FedEx 533,658 0.21 3,988 Fidelity National Information Services 293,836 0.12 3,308 Fiserv 359,679 0.14 1,009 FleetCor Technologies 144,418 0.06 7,304 Flextronics International 86,187 0.03 1,867 FLIR Systems 57,784 0.02 2,506 Flowserve 113,196 0.04 2,555 Fluor 125,910 0.05 3,263 FNFV Group 122,363 0.05 2,727 Fortune Brands Home & Security 158,084 0.06

124,587 General Electric 3,921,999 1.54 2,035 Global Payments 145,258 0.06

935 Grainger 212,479 0.08 9,978 Honeywell International 1,160,641 0.46 4,686 Illinois Tool Works 488,094 0.19 3,968 Ingersoll-Rand 252,682 0.10 2,377 Jacobs Engineering Group 118,398 0.05 1,219 JB Hunt Transport Services 98,654 0.04 1,437 Kansas City Southern 129,459 0.05

965 Manpower 62,088 0.02 734 Martin Marietta Materials 140,928 0.06

5,579 Masco 172,614 0.07 366 Mettler Toledo International 133,561 0.05

3,914 Norfolk Southern 333,199 0.13



>84< HSBC ETFs PLC



USD % of Net

Asset Value


Industrial (31 December 2015: 11.13%) (continued) 2,450 Northrop Grumman 544,586 0.21 2,076 Norwegian Cruise Line Holdings 82,708 0.03 5,328 PACCAR 276,363 0.11 1,265 Packaging Corp of America 84,666 0.03 2,118 Parker Hannifin 228,850 0.09 4,225 Paychex 251,388 0.10 2,893 Pentair 168,633 0.07 4,243 Raytheon 576,836 0.23 3,178 Republic Services 163,063 0.06 1,754 Robert Half International 66,933 0.03 2,062 Rockwell Automation 236,759 0.09 2,158 Rockwell Collins 183,732 0.07 1,555 Roper Industries 265,221 0.10 2,588 Sealed Air 118,970 0.05 3,280 Sensata Technologies Holding 114,439 0.04 1,048 Sherwin-Williams 307,766 0.12 1,442 Smith Group 127,055 0.05 1,094 Stericycle 113,907 0.04 5,063 TE Connectivity 289,148 0.11 2,161 Total System Services 114,771 0.05

854 TransDigm Group 225,191 0.09 3,364 Trimble Navigation 81,947 0.03 5,541 Tyco International 236,047 0.09

11,194 Union Pacific 976,677 0.38 9,125 United Parcel Service 982,945 0.39 1,696 United Rentals 113,802 0.04

10,879 United Technologies 1,115,641 0.44 992 Valspar 107,166 0.04

2,050 Vantiv 116,030 0.05 2,062 Verisk Analytics 167,187 0.07 1,801 Vulcan Materials 216,768 0.09 1,701 Wabtec Corporation 119,461 0.05 2,483 Waste Connections 178,900 0.07 6,301 Waste Management 417,567 0.16 3,376 WestRock 131,225 0.05 3,213 Xylem 143,460 0.06

28,853,623 11.35 Oil & Gas (31 December 2015: 6.28%)

6,655 Anadarko Petroleum 354,379 0.14 1,268 Antero Resources 32,943 0.01 4,882 Apache 271,781 0.11 5,714 Baker Hughes 257,873 0.10 5,999 Cabot Oil & Gas 154,414 0.06 2,919 Cheniere Energy 109,608 0.04

24,666 Chevron 2,585,737 1.02 1,204 Cimarex Energy 143,661 0.06 5,050 Columbia Pipeline Group 128,725 0.05 1,677 Concho Resources 200,016 0.08

16,176 ConocoPhillips 705,274 0.27



HSBC ETFs PLC >85<



USD % of Net

Asset Value


Oil & Gas (31 December 2015: 6.28%) (continued) 1,189 Continental Resources 53,826 0.02

582 Core Laboratories 72,104 0.03 6,087 Devon Energy 220,654 0.09 7,207 EOG Resources 601,208 0.24 2,154 EQT 166,784 0.07

55,270 Exxon Mobil 5,181,010 2.04 3,057 FMC Technologies 81,530 0.03

11,211 Halliburton 507,746 0.20 1,392 Helmerich & Payne 93,445 0.03 3,669 Hess 220,507 0.09 2,323 HollyFrontier 55,218 0.02

24,858 Kinder Morgan 465,342 0.18 10,757 Marathon Oil 161,463 0.06

7,031 Marathon Petroleum 266,897 0.10 2,161 Murphy Oil 68,612 0.03 5,024 National Oilwell Varco 169,058 0.07 2,246 Newfield Exploration 99,228 0.03 5,554 Noble Energy 199,222 0.08

10,139 Occidental Petroleum 766,103 0.30 2,583 OGE Energy 84,593 0.03 6,747 Phillips 535,307 0.21 2,100 Pioneer Natural Resources 317,541 0.12 2,936 Plains GP Holdings 30,622 0.01 2,176 Range Resources 93,873 0.04

18,257 Schlumberger 1,443,764 0.57 5,372 Southwestern Energy 67,580 0.03 1,579 Tesoro 118,299 0.05 6,400 Valero Energy 326,400 0.13

11,512 Weatherford International 63,892 0.03 9,206 Williams Cos 199,126 0.08


6,691 Adobe Systems 640,931 0.25 2,302 Akamai Technologies 128,751 0.05 7,993 Alphabet 5,576,749 2.19 4,062 Analog Devices 230,072 0.09 1,156 Ansys 104,907 0.04

72,979 Apple 6,976,792 2.74 15,572 Applied Materials 373,261 0.15

2,951 Autodesk 159,767 0.06 5,085 Broadcom 790,209 0.31 4,337 CA 142,384 0.06 2,905 Cadence Design System 70,591 0.03 1,755 CDK Global 97,385 0.04 1,893 CDW 75,871 0.03 4,012 Cerner 235,103 0.09

66,513 Cisco Systems 1,908,258 0.75 2,014 Citrix Systems 161,301 0.06 7,969 Cognizant Technology Solutions 456,145 0.18



>86< HSBC ETFs PLC



USD % of Net

Asset Value


Technology (31 December 2015: 17.41%) (continued) 15,506 Corning 317,563 0.12 25,408 EMC 690,335 0.27

945 F5 Networks 107,579 0.04 30,649 FaceBook 3,502,568 1.38

1,898 Fortinet 59,958 0.02 1,080 Gartner 105,203 0.04 1,594 Harris 133,003 0.05

23,526 Hewlett Packard 429,820 0.17 23,526 HP 295,251 0.12

2,150 IMS Health Holdings 54,524 0.02 61,839 Intel 2,028,319 0.80 12,068 International Business Machines 1,831,681 0.72

3,286 Intuit 366,750 0.14 4,595 Juniper Networks 103,342 0.04 2,310 KLA-Tencor 169,208 0.07 2,050 LAM Research 172,323 0.07 3,105 Linear Technology 144,476 0.05 1,493 LinkedIn Corporation 282,550 0.11 5,368 Marvell Technology Group 51,157 0.02 3,679 Maxim Integrated Products 131,304 0.05 2,806 Microchip Technology 142,433 0.06

13,990 Micron Technology 192,502 0.08 99,403 Microsoft 5,086,452 2.00

2,049 Motorola Solutions 135,173 0.05 3,828 NetApp 94,131 0.04

500 Netsuite 36,400 0.01 3,263 Nuance Communications 51,001 0.02 6,995 NVIDIA 328,835 0.13

41,916 Oracle 1,715,622 0.67 1,071 Palo Alto Networks 131,347 0.05 1,848 Qorvo 102,120 0.04

19,699 QUALCOMM 1,055,275 0.41 2,369 Red Hat 171,989 0.07 8,270 Salesforce.com 656,721 0.26 1,678 SBA Communications 181,123 0.08 3,921 Seagate Technology 95,516 0.04 1,981 Servicenow 131,538 0.05 2,469 Skyworks Solutions 156,238 0.07 1,623 Splunk 87,934 0.03 8,881 Symantec 182,416 0.07 1,998 Synopsys 108,052 0.04

13,317 Texas Instruments 834,310 0.33 7,515 Twitter 127,079 0.05 1,315 VeriSign 113,695 0.04 1,071 Vmware 61,283 0.03 3,618 Western Digital 170,987 0.07 1,468 Workday Incorporation 109,616 0.05

11,940 Xerox 113,311 0.04 3,351 Xilinx 154,582 0.06



HSBC ETFs PLC >87<



USD % of Net

Asset Value


Technology (31 December 2015: 17.41%) (continued) 11,760 Yahoo! 441,706 0.17


82,277 AT&T 3,555,189 1.40 7,196 CenturyLink 208,756 0.08

15,070 Frontier Communications 74,446 0.03 3,973 Level 3 Communications 204,570 0.08

10,180 Sprint 46,115 0.02 3,668 T-Mobile 158,714 0.06


7,224,955 2.84 Utilities (31 December 2015:2.93%)

8,865 AES 110,635 0.04 1,572 AGL Resources 103,705 0.04 2,918 Alliant Energy 115,845 0.05 3,141 Ameren 168,295 0.07 6,433 American Electric Power 450,889 0.18 2,864 American Water Works 242,037 0.10 1,864 Atmos Energy 151,580 0.06 4,599 Calpine 67,835 0.03 5,287 CenterPoint Energy 126,888 0.05 3,568 CMS Energy 163,628 0.06 3,841 Consolidated Edison 308,970 0.12 7,803 Dominion Resources 608,088 0.24 2,317 DTE Energy 229,661 0.09 9,023 Duke Energy 774,083 0.30 4,224 Edison International 328,078 0.13 2,330 Entergy 189,546 0.07 4,113 Eversource Energy 246,369 0.10

12,051 Exelon 438,174 0.17 5,459 FirstEnergy 190,574 0.07 6,403 NextEra Energy 834,951 0.33 4,520 NiSource 119,870 0.05 4,359 NRG Energy 65,341 0.03 2,707 ONEOK 128,447 0.05 6,400 PG&E 409,088 0.16 1,441 Pinnacle West Capital 116,807 0.05 9,697 PPL 366,062 0.14 6,630 Public Service Enterprise Group 309,024 0.12 1,749 SCANA 132,329 0.05 3,091 Sempra Energy 352,436 0.14

11,915 Southern 639,001 0.25 8,797 Spectra Energy 322,234 0.13 3,082 TECO Energy 85,186 0.03 1,777 UGI Corporation 80,409 0.03 4,078 Wec Energy Group 266,293 0.10



>88< HSBC ETFs PLC



USD % of Net

Asset Value


Utilities (31 December 2015:2.93%) (continued) 2,049 Westar Energy 114,928 0.05 6,653 Xcel Energy 297,921 0.12

9,655,207 3.80


Warrants (31 December 2015: Nil)

99,758 American International Group Warrants - - Total warrants* - -


14 CME S&P 500 E-Mini Index Future Sep 16 2,775 -

Total futures*** (Notional amount: USD 1,463,175) 2,775 -





USD % of Total

Assets ** Transferable securities admitted to an official stock exchange listing 252,884,981 92.30 * Transferable securities other than those referred above 5,654 - *** Financial derivative instruments dealt in on a regulated market 2,775 - Other assets 21,090,391 7.70

Total assets 273,983,801 100.00

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 2016 and as at 31 December 2015 are classified as Level 1. The investments in Casa Ley, PDC Contingent and warrants held have been classified as Level 3 as at 30 June 2016. See Note 6(d) for further details.


HSBC MSCI BRAZIL UCITS ETF

HSBC ETFs PLC >89<



USD % of Net

Asset Value

Equities

Basic Materials (31 December 2015: 9.00%) 6,199 Braskem 36,841 0.34

24,836 Cia Siderurgica Nacional 60,622 0.56 9,915 Fibria Celulose 66,631 0.61

36,649 Gerdau 67,378 0.62 16,152 Suzano Papel e Celulose 57,121 0.53

128,421 Vale SA 574,325 5.29

862,918 7.95 Consumer Goods (31 December 2015:19.64%)

188,428 Ambev 1,120,422 10.32 24,358 BRF - Brasil Foods 343,122 3.16

4,878 Cosan SA Industria e Comercio 50,718 0.47 13,856 Hypermarcas 100,944 0.93 28,451 JBS 88,805 0.82

1,344 M Dias Branco 44,426 0.41 6,887 Natura Cosmeticos 54,817 0.51


6,297 Cia Brasileira de Distribuicao Grupo Pao de Acucar 91,809 0.84 55,249 Kroton Educational 234,533 2.16

6,349 Localiza Rent a Car 68,370 0.63 30,910 Lojas Americanas 144,073 1.33 25,497 Lojas Renner 188,537 1.74

9,245 Raia Drogasil 182,202 1.68


144,298 Banco Bradesco 1,153,136 10.63 34,362 Banco do Brasil 184,265 1.70 16,633 Banco Santander Brasil 94,386 0.87 27,982 BB Seguridade Participacoes 245,517 2.26 68,924 BM&FBovespa 387,244 3.57 22,777 BR Malls Participacoes 91,357 0.84

8,891 CETIP - Balcao Organizado de Ativos e Derivativos 121,525 1.12 40,725 Cielo 430,417 3.97

115,283 Itau Unibanco 1,090,308 10.05 155,624 Itausa - Investimentos Itau 368,689 3.40

3,201 Multiplan Empreendimentos Imobiliarios 60,208 0.55 4,469 Porto Seguro 37,314 0.34 8,679 Qualicorp 50,415 0.46 7,089 Sul America 34,607 0.32


10,650 Odontoprev 44,245 0.41 44,245 0.41 Industrial (31 December 2015: 7.28%)

35,288 CCR 185,045 1.71 12,288 Duratex 32,602 0.30 26,565 Embraer 145,107 1.34 22,115 Klabin SA 106,442 0.98


HSBC MSCI BRAZIL UCITS ETF (continued)

>90< HSBC ETFs PLC



USD % of Net

Asset Value


31,957 Rumo Logistica Operadora Multimodal 48,877 0.45 22,561 Weg 96,758 0.89

614,831 5.67 Oil & Gas (31 December 2015: 6.95%)

156,754 Petrobras 460,905 4.25 119,000 Petroleo Brasileiro 427,527 3.93


4,965 Totvs 47,329 0.44


17,897 Telefonica Brasil 245,796 2.27 33,711 Tim Participacoes 71,973 0.66


7,504 AES Tiete 34,642 0.32 8,910 Centrais Eletricas Brasileiras 48,975 0.45

30,002 Cia Energetica de Minas Gerais 68,175 0.63 7,606 Cia Energetica de Sao Paulo 28,252 0.26 4,051 CIA Paranaense De Energia 36,947 0.34 8,100 CPFL Energia 52,057 0.48 9,401 EDP - Energias do Brasil SA 39,966 0.37 3,074 Energias do Brasil 13,241 0.12 7,938 Equatorial Energia 120,541 1.11

13,620 Sabesp 123,627 1.14 6,516 Tractebel Energia 77,917 0.72 3,755 Transmissora Alianca de Energia Eletrica 22,504 0.20

14,457 Ultrapar Participacoes 320,886 2.96 987,730 9.10






USD % of Total


Total assets 10,866,317 100.00

All equity positions held by the Fund at 30 June 2016 and at 31 December 2015 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 MSCI PACIFIC ex JAPAN UCITS ETF

HSBC ETFs PLC >91<



USD % of Net

Asset Value

Equities


74,484 Alumina 71,822 0.16 97,727 BHP Billiton 1,357,114 3.09 46,956 Fortescue Metals Group 122,372 0.28 51,341 Incitec Pivot 113,539 0.26 23,320 Newcrest Mining 399,374 0.91 11,361 Orica 104,304 0.24 12,910 Rio Tinto 437,382 1.00

161,998 South32 185,761 0.42


17,271 Coca-Cola Amatil 105,838 0.24 22,457 Treasury Wine Estates 154,339 0.35


16,418 Aristocrat Leisure 168,703 0.38 10,982 Crown 103,114 0.24

1,867 Domino's Pizza 94,712 0.22 1,679 Flight Centre 39,481 0.09

16,754 Harvey Norman Holdings 57,510 0.13 15,739 Qantas Airways 33,048 0.08 25,073 Tabcorp Holdings 85,319 0.19 44,563 Tatts Group 126,754 0.29 34,268 Wesfarmers 1,023,190 2.33 38,673 Woolworths 601,547 1.37


89,996 AMP 345,777 0.79 5,890 ASX 200,689 0.46

88,779 Australia & New Zealand Banking Group 1,594,449 3.63 11,448 Bank of Queensland 90,271 0.21 13,790 Bendigo and Adelaide Bank 98,573 0.22 17,209 Challenger 110,583 0.25 51,959 Commonwealth Bank of Australia 2,877,276 6.56 14,151 Computershare 96,623 0.22 29,454 Dexus Property Group 197,822 0.45 70,635 DUET 131,487 0.30 54,110 Goodman Group 286,464 0.65 54,680 GPT Group 220,267 0.50 73,987 Insurance Australia Group 300,244 0.68 16,800 Lend Lease Group 157,617 0.36

9,318 Macquarie Group 478,041 1.09 83,804 Medibank Private 184,081 0.42

112,620 Mirvac Group 169,391 0.39 80,269 National Australia Bank 1,519,908 3.46

7,145 Platinum Asset Management 30,644 0.07


HSBC MSCI PACIFIC ex JAPAN UCITS ETF (continued)

>92< HSBC ETFs PLC



USD % of Net

Asset Value

Equities (continued) Australia (continued) Financial (31 December 2015: 33.67%) (continued)

41,722 QBE Insurance Group 324,020 0.74 162,008 Scentre Group 593,505 1.35 72,788 Stockland 255,272 0.58 39,146 Suncorp Group 355,024 0.81

102,387 Vicinity Centres 253,108 0.58 60,072 Westfield Group 476,370 1.09

101,505 Westpac Banking 2,222,070 5.07


1,741 Cochlear 157,182 0.36 14,084 CSL 1,176,426 2.68 52,331 Healthscope 111,442 0.26

4,304 Ramsay Health Care 229,973 0.52 11,948 Sonic Healthcare 191,719 0.44


35,239 Amcor 391,748 0.89 17,809 Asciano 117,621 0.27 63,694 Aurizon Holdings 228,596 0.52 22,424 Boral 103,855 0.24 48,046 Brambles 443,253 1.01

3,064 CIMIC Group 81,562 0.19 9,869 Seek 111,770 0.25

33,245 Sydney Airport 171,794 0.39 61,938 Transurban Group 552,967 1.26

2,203,166 5.02 Oil & Gas (31 December 2015: 2.87%)

33,905 APA Group 233,270 0.53 8,215 Caltex Australia 195,129 0.44

53,244 Origin Energy 227,962 0.52 48,370 Santos 167,116 0.38 22,560 Woodside Petroleum 450,863 1.03


1,582 REA Group 70,077 0.16


130,204 Telstra 539,041 1.23 10,328 TPG Telecom Limited 91,514 0.20 13,629 Vocus Communications* 86,462 0.20


20,527 AGL Energy 294,836 0.67 53,822 Ausnet Services 65,724 0.15

360,560 0.82



HSBC ETFs PLC >93<



USD % of Net

Asset Value

Equities (continued) Hong Kong Consumer Goods (31 December 2015: 0.98%)

64,954 First Pacific 47,054 0.11 177,658 Li & Fung 85,646 0.20

41,850 Techtronic Industries 173,972 0.39 22,379 Yue Yuen Industrial Holdings 88,415 0.20


35,595 Cathay Pacific Airways 51,938 0.12 71,305 Galaxy Entertainment Group 211,398 0.48

5,789 Melco Crown Entertainment 72,826 0.17 28,650 MGM China Holdings 37,151 0.08 44,574 MTR 225,227 0.52 73,662 Sands China 246,396 0.56 37,792 Shangri-La Asia 37,753 0.09 59,713 SJM Holdings 36,253 0.08

178,289 WH Group 139,727 0.32 47,011 Wynn Macau 67,505 0.15


366,614 AIA Group 2,190,341 4.99 36,165 Bank of East Asia 138,918 0.32

112,601 BOC Hong Kong Holdings 336,731 0.77 82,213 Cheung Kong Property Holdings 512,907 1.17 82,213 CK Hutchison Holdings 895,998 2.04 68,425 Hang Lung Properties 137,768 0.31 23,272 Hang Seng Bank 396,868 0.90 33,208 Henderson Land Development 186,416 0.42 34,934 Hong Kong Exchanges and Clearing 844,762 1.93 35,793 Hongkong Land Holdings 217,979 0.50 19,193 Hysan Development 85,229 0.19 19,623 Kerry Properties 48,261 0.11 68,447 Link REIT 465,845 1.06

172,319 New World Development 174,364 0.40 93,082 Sino Land 151,898 0.35 44,022 Sun Hung Kai Properties 528,006 1.20 35,290 Swire Properties 93,480 0.22 24,733 Wheelock & Co 115,568 0.26


20,162 Cheung Kong Infrastructure Holdings 173,345 0.40 7,480 Jardine 436,159 0.99

266,590 Noble Group 28,721 0.07 46,313 NWS Holdings 72,950 0.16 16,529 Swire Pacific 186,640 0.43 41,503 Wharf Holdings 251,170 0.57 57,860 Yangzijiang Shipbuilding Holdings 38,476 0.09


7,287 ASM Pacific Technology 52,084 0.12

52,084 0.12



>94< HSBC ETFs PLC



USD % of Net

Asset Value

Equities (continued) Hong Kong (continued) Telecommunications (31 December 2015: 0.42%)

79,926 HKT Trust 115,182 0.26 126,381 PCCW 84,711 0.20


49,966 CLP Holdings 508,809 1.16 232,172 HK & China Gas 423,168 0.96 79,946 HK Electric Investments 74,505 0.17 42,211 Power Assets Holdings 386,583 0.89

1,393,065 3.18 Ireland Industrial (31 December 2015: Nil)

13,559 James Hardie Industries 206,464 0.47 206,464 0.47 New Zealand Healthcare (31 December 2015: 0.16%)

11,313 Ryman Healthcare 75,173 0.17


28,989 Auckland International Airport 134,199 0.31 21,012 Fletcher Building 128,398 0.29

262,597 0.60 Oil & Gas (31 December 2015: 0.48%)

41,704 Oil Search 207,122 0.47


55,671 Telecom 140,754 0.32


21,936 Contact Energy 80,926 0.18 38,650 Meridian Energy 72,532 0.17 21,375 Mighty River Power 45,822 0.10

199,280 0.45 Singapore Consumer Goods (31 December 2015: 0.41%)

212,939 Golden Agri-Resources 55,375 0.13 58,451 Wilmar International 141,578 0.32


12,337 City Developments 74,614 0.17 65,489 ComfortDelGro 133,810 0.31

182,337 Genting Singapore PLC 98,220 0.22 3,005 Jardine Cycle & Carriage 81,494 0.19

16,427 Singapore Airlines 130,108 0.29 48,706 Singapore Press Holdings 142,944 0.33

661,190 1.51



HSBC ETFs PLC >95<



USD % of Net

Asset Value

Equities (continued) Singapore (continued) Financial (31 December 2015: 6.34%)

66,453 Ascendas Real Estate Investment Trust 122,449 0.28 62,336 CapitaCommercial Trust 68,315 0.16 78,035 CapitaLand 177,998 0.41 74,762 CapitaMall Trust 118,317 0.27 53,562 DBS Group Holdings 627,192 1.43 81,072 Global Logistic Properties 108,726 0.25

159,038 Hutchison Port Holdings Trust 72,362 0.16 94,062 Oversea-Chinese Banking 607,325 1.38 24,454 Singapore Exchange 138,450 0.32 72,115 Suntec Real Estate Investment Trust 94,839 0.22 39,427 United Overseas Bank 539,598 1.23 14,412 UOL Group 58,466 0.13


44,257 Keppel 180,856 0.41 30,017 SembCorp Industries 62,893 0.14 25,210 SembCorp Marine 29,033 0.07 47,082 Singapore Technologies Engineering 110,193 0.25


242,569 Singapore Telecommunications 744,342 1.70 18,256 StarHub 51,408 0.12

795,750 1.82

Total equities*** (31 December 2015: 99.80%) 43,184,099 98.44


4 HKG H-Shares China Enterprises Future July 16 9,962 0.02 4 SGX MSCI Singapore Index ETS Future July 16 5,543 0.01

15,505 0.03

Total futures*** (Notional amount: USD 319,232) 15,505 0.03




4 SFE SPI 200 Future Sep 16 (372) -

Total futures (Notional amount: USD 385,405) (372) -

Total financial liabilities at fair value through profit or loss (372) -



>96< HSBC ETFs PLC


Fair Value

USD % of Net

Asset Value Other net assets 669,995 1.53



USD % of Total

Assets ** Transferable securities admitted to an official stock exchange listing or dealt in on another regulated market 43,097,637 98.09 *Transferable securities other than those referred above 86,462 0.20 *** Financial derivative instruments dealt in on a regulated market 15,505 0.04 Other assets 738,128 1.67

Total assets 43,937,732 100.00

All equity positions (with the exception of the investment held in Vocus Communications) and futures held by the Fund at 30 June 2016 and 31 December 2015 have been classified as Level 1. The investment in Vocus Communications has been classified as Level 3 as at 30 June 2016. See Note 6(d) for further details. The schedule of investments form an integral part of the audited financial statements.


HSBC MSCI EM FAR EAST UCITS ETF

HSBC ETFs PLC >97<



USD % of Net

Asset Value

Equities

China Basic Materials (31 December 2015: 0.31%)

11,941 Aluminum Corporation of China 3,740 0.01 50,800 China Coal Energy 26,389 0.10 27,899 China Shenhua Energy 51,282 0.19 25,335 Yanzhou Coal Mining 16,361 0.06


11,262 Alibaba Group Holding 895,667 3.32 16,456 Anta Sports Products 32,878 0.12 32,296 AviChina Industry & Technology 22,355 0.08 34,095 Dongfeng Motor Group 35,510 0.13 44,469 Great Wall Automobiles 36,800 0.14 41,600 Guangzhou Automobile Group 49,601 0.18

8,722 Hengan International Group 72,740 0.27 1,744 QinQin Foodstuffs Group - - 5,857 Shenzou International Group 28,274 0.10

21,665 Tingyi Cayman Islands Holding 20,414 0.08 5,200 Tsingtao Brewery 17,997 0.07

89,854 Want Want China Holding 63,702 0.24


41,600 Air China 28,420 0.11 127,774 Alibaba Pictures 29,646 0.11

3,580 Ctrip Com International 147,496 0.55 1,443 New Oriental Education & Technology 60,433 0.22

534 Qunar 15,908 0.06 3,407 SouFun Holdings 17,137 0.06

312 TAL Education 19,363 0.07 2,682 Vipshop Holdings 29,958 0.11


266,994 Agricultural Bank of China 97,396 0.36 945,529 Bank of China 376,605 1.40 129,390 China Citic Bank 78,555 0.29 945,005 China Construction Bank 623,673 2.31 24,762 China Galaxy Securities 22,119 0.08 91,525 China Life Insurance 196,076 0.73 52,867 China Merchants Bank 118,165 0.44 76,532 China Minsheng Banking 73,790 0.27 31,185 China Pacific Insurance Group 104,916 0.39 17,294 China Taiping Insurance Holdings 32,190 0.12

6,220 China Vanke 12,187 0.05 21,413 CITIC Securities 46,922 0.17 84,376 Country Garden Holdings 35,456 0.13 40,749 Evergrande Real Estate Group 24,950 0.09 14,857 GF Securities 33,705 0.13


HSBC MSCI EM FAR EAST UCITS ETF (continued)

>98< HSBC ETFs PLC



USD % of Net

Asset Value

Equities (continued) China (continued) Financial (31 December 2015: 13.27%) (continued)

17,680 Guangzhou R&F Properties 22,265 0.08 28,825 Haitong Securities 48,451 0.18 11,019 Huatai Secutiries Co Ltd 23,407 0.09

874,725 Industrial & Commercial Bank of China 483,707 1.79 26,000 Longfor Properties 33,715 0.13

5,200 New China Life Insurance 18,466 0.07 87,530 People s Insurance Company Group of China 33,509 0.12 46,338 PICC Property & Casualty 72,392 0.27 63,854 Ping An Insurance 281,081 1.04 17,100 Shanghai Lujiazui 26,625 0.10 67,600 Shui On Land 17,079 0.06 64,026 Sino-Ocean Land Holdings 27,647 0.10 32,500 Soho China 15,584 0.06


49,043 Shandong Weigao Group Medical Polymer 27,878 0.10 4,705 Shanghai Pharmaceuticals Holding 10,359 0.04

18,106 Sinopharm Group 86,236 0.32


578 58 Com 26,524 0.10 8,121 AAC Technologies Holdings 68,932 0.26

21,635 Anhui Conch Cement 51,926 0.19 36,400 Beijing Capital International Airport 39,412 0.15

6,902 Byd 41,325 0.15 131,420 China Cinda Asset Management 44,213 0.16 52,749 China Communications Construction 56,435 0.21 41,600 China National Building Material 18,124 0.07 19,287 China Railway Construction 24,041 0.09 69,316 China Railway Group 51,465 0.19 94,463 China Shipping Container Lines 19,482 0.07 47,870 CSR Corporation Limited 42,638 0.16

6,810 Dalian Wanda Commercial Properties 41,784 0.15 32,729 Fosun International 42,188 0.16 46,800 Shanghai Electric Group 19,606 0.07 29,114 Zhejiang Expressway 27,358 0.10

6,996 Zhuzhou CSR Times Electric 38,416 0.14

653,869 2.42 Oil & Gas (31 December 2015: 2.71%)

65,916 CGN Power 18,268 0.07 7,772 China Conch Venture Holdings 15,388 0.06

18,200 China Gas Holdings 27,729 0.10 49,400 China Longyuan Power Group 40,880 0.15

312,666 China Petroleum & Chemical 225,695 0.84 198,730 CNOOC 246,429 0.91 244,662 PetroChina 166,830 0.62

741,219 2.75



HSBC ETFs PLC >99<



USD % of Net

Asset Value

Equities (continued) China (continued) Technology (31 December 2015: 7.50%)

14,846 Alibaba Health Information Technology 10,870 0.04 3,062 Baidu 505,689 1.88

158,019 Hanergy Thin Film Power Group - - 7,002 JD.com 148,652 0.55

12,990 Kingsoft 25,016 0.09 74,450 Lenovo Group 44,816 0.17

907 NetEase 175,251 0.65 1,081 Qihoo 360 Technology 78,967 0.29

399,396 Semiconductor Manufacturing International 31,919 0.12 63,760 Tencent Holdings 1,447,307 5.37 17,154 Travelsky Technology 32,946 0.12

358 YY 12,125 0.04 14,710 ZTE 18,544 0.07


201,872 China Telecom 90,034 0.33


11,123 ENN Energy Holdings 54,698 0.20 62,194 Huaneng Power International 38,320 0.14

93,018 0.34 Hong Kong Basic Materials (31 December 2015: 0.06%)

28,600 Nine Dragons Paper Holdings 21,714 0.08


71,883 Belle International Holdings 42,066 0.16 40,150 Brilliance China Automotive Holdings 41,196 0.15 22,470 China Huishan Dairy 9,182 0.03 43,130 China Mengniu Dairy 74,942 0.28 65,000 Geely Automobile Holdings 35,106 0.13 16,021 Haier Electronics Group 24,451 0.09


179,504 GOME Electrical Appliances Holding 21,287 0.08 15,600 Sun Art Retail Group 10,919 0.04


13,000 China Everbright 24,968 0.09 42,411 China Everbright International 47,014 0.17 38,260 China Overseas Land & Investment 120,827 0.45 37,370 China Resources Land 87,188 0.32 67,600 Franshion Properties China 18,996 0.07 24,945 Shimao Property Holdings 31,382 0.12

330,375 1.22



>100< HSBC ETFs PLC



USD % of Net

Asset Value

Equities (continued) Hong Kong (continued) Healthcare (31 December 2015: 0.30%)

30,392 CSPC Pharmaceutical 27,031 0.10 54,600 Sino Biopharmaceutical 35,542 0.13


7,800 Beijing Enterprises Holdings 44,037 0.16 63,559 Beijing Enterprises Water Group 38,178 0.14 18,432 China Merchants Holdings International 48,943 0.18 15,269 China Resources Enterprise 33,262 0.12 25,175 China State Construction International Holdings 33,165 0.12 44,450 Citic Pacific 64,630 0.24 12,066 COSCO Pacific 11,991 0.05 10,400 Shanghai Industrial Holdings 23,487 0.09

297,693 1.10 Oil & Gas (31 December 2015: 0.14%)

41,600 Kunlun Energy 34,265 0.13


72,332 China Mobile 826,537 3.06 69,111 China Unicom Hong Kong 71,445 0.27


11,300 China Power International Development 4,151 0.01 3,524 China Resources Gas Group 10,675 0.04

30,807 China Resources Power Holdings 45,905 0.17 97,398 GCL-Poly Energy Holdings 12,680 0.05 46,211 Guangdong Investment 70,169 0.26

143,580 0.53 Indonesia Basic Materials (31 December 2015: 0.02%)

174,200 Adaro Energy 11,207 0.04


251,993 Astra International 141,135 0.52 100,433 Charoen Pokphand Indonesia 28,505 0.11

6,587 Gudang Garam 34,400 0.13 123,800 Hanjaya Mandala Sampoerna 35,606 0.13 70,200 Indofood Sukses Makmur 38,520 0.14 20,538 Unilever Indonesia 70,066 0.26


130,000 Global Mediacom 9,691 0.04 27,283 Matahari Department Store 41,299 0.15


147,278 Bank Central Asia 148,532 0.55 49,717 Bank Danamon Indonesia 13,321 0.05 98,930 Bank Mandiri 71,319 0.26 79,359 Bank Negara Indonesia Persero 31,233 0.12



HSBC ETFs PLC >101<



USD % of Net

Asset Value

Equities (continued) Indonesia (continued) Financial (31 December 2015: 1.48%) (continued)

127,040 Bank Rakyat Indonesia Persero 103,843 0.39 24,876 Bumi Serpong Damai 3,973 0.01

430,593 PT Lippo Karawaci 37,315 0.14


282,944 Kalbe Farma 32,765 0.12


23,400 Indocement Tunggal Prakarsa 29,886 0.11 52,000 Semen Gresik Persero 36,799 0.14 27,692 United Tractors 31,019 0.11


45,065 Tower Bersama Infrastructure 22,511 0.08


545,231 Telekomunikasi Indonesia 164,240 0.61


148,292 Perusahaan Gas Negara 26,263 0.10

26,263 0.10 Malaysia Basic Materials (31 December 2015: 0.28%)

38,371 Petronas Chemicals Group 62,913 0.23


1,160 British American Tobacco Malaysia 15,164 0.06 16,250 Felda Global Ventures Holdings 6,087 0.02 10,730 IOI 11,551 0.04

5,631 Kuala Lumpur Kepong 32,488 0.12 9,100 PPB Group 37,244 0.14

152 UMW Holdings 216 -


20,444 AirAsia 13,185 0.05 35,428 Genting 72,060 0.27 31,818 Genting Malaysia 35,121 0.13


30,112 AMMB Holdings 33,163 0.12 15,754 CIMB Group Holdings 17,077 0.06

8,836 Hong Leong Bank 28,887 0.11 40,080 Malayan Banking 80,926 0.30 31,478 Public Bank Berhad 151,475 0.56 20,773 RHB Capital 26,382 0.10

337,910 1.25



>102< HSBC ETFs PLC



USD % of Net

Asset Value

Equities (continued) Malaysia (continued) Healthcare (31 December 2015: 0.16%)

26,910 IHH Healthcare 44,055 0.16


28,600 Gamuda 34,477 0.13 39,000 IJM 33,762 0.12 15,895 Malaysia Airports Holdings 24,129 0.09 14,269 MISC 26,404 0.10 28,794 Sime Darby 54,210 0.20

172,982 0.64 Oil & Gas (31 December 2015: 0.21%)

88,894 Dialog Group 33,957 0.13 37,727 Sapurakencana Petroleum 13,756 0.05


36,455 Maxis 53,261 0.20 53,261 0.20 Telecommunications (31 December 2015: 0.33%)

32,250 Axiata Group 45,037 0.17 32,610 DiGi.Com 38,665 0.14

549 Telekom Malaysia 922 -


34,995 IOI Properties Group 20,399 0.08 11,834 Petronas Gas 64,578 0.24 40,434 Tenaga Nasional 141,416 0.52 31,039 YTL 12,858 0.05 29,401 YTL Power International 10,283 0.04

249,534 0.93 Philippines Consumer Goods (31 December 2015: 0.22%)

23,362 JG Summit Holdings 42,704 0.16 7,516 Universal Robina 33,229 0.12


5,290 Jollibee Foods 27,210 0.10 2,822 SM Investments 58,003 0.22


92,818 Ayala Land 76,547 0.28 17,773 Bank of the Philippine Islands 36,757 0.14 18,710 BDO Unibank 44,540 0.17

1,187 GT Capital Holdings 36,331 0.14 257,445 Megaworld Corporation 25,445 0.09

9,790 Metropolitan Bank & Trust 18,801 0.07 2,891 Security Bank 11,792 0.04

65,000 SM Prime Holdings 37,717 0.14 287,930 1.07



HSBC ETFs PLC >103<



USD % of Net

Asset Value

Equities (continued) Philippines (continued) Industrial (31 December 2015: 0.38%)

34,679 Aboitiz Equity Ventures 57,457 0.22 61,944 Alliance Global Group 19,486 0.07

1,868 Ayala 33,709 0.12 5,200 International Container Terminal 6,797 0.03


1,421 Philippine Long Distance Telephone 64,938 0.24


174,460 Energy Development 20,469 0.07 196,498 Metro Pacific 29,111 0.11

49,580 0.18 South Korea Basic Materials (31 December 2015: 1.87%)

1,456 Hanwha Chemical 30,021 0.11 226 Honam Petrochemical 55,526 0.21 839 Hyundai Steel 33,397 0.12 135 Korea Zinc 59,539 0.22 615 LG Chem 138,820 0.51 244 OCI Company 19,129 0.07 782 Pohang Iron Steel 136,800 0.51


818 Amorepacific 213,839 0.79 170 CJ 29,813 0.11 100 CJ CheilJedang 33,728 0.13 605 Coway 54,888 0.20 826 Hankook Tire 36,572 0.14

40 Hanssem 5,522 0.02 47,048 Huaneng Renewables Corp Ltd 15,586 0.06

853 Hyundai Mobis 186,618 0.69 2,469 Hyundai Motor 260,257 0.96 3,291 Kia Motors 123,429 0.46 1,407 KT & G 166,737 0.62 1,283 LG Electronics 60,037 0.22

128 LG Household & Healthcare 124,127 0.46 212 N C Soft 43,436 0.16

40 Orion 32,713 0.12


30 BGF Retail 5,561 0.02 1,319 Cheil Communications 19,352 0.07

324 E-Mart 48,663 0.18 265 Hotel Shilla 15,621 0.06 244 Hyundai Department Store 27,327 0.10

1,681 Kangwon Land 60,857 0.23 643 Korean Airlines 14,486 0.05 146 Lotte Shopping 25,667 0.10



>104< HSBC ETFs PLC



USD % of Net

Asset Value

Equities (continued) South Korea (continued) Consumer Services (31 December 2015: 1.07%) (continued)

40,660 Luye Pharma Group 24,895 0.09 114 Shinsegae Co Ltd 19,299 0.07


3,998 BS Financial Group 28,010 0.10 3,207 Daewoo Securities 21,689 0.08 2,817 DGB Financial Group 21,204 0.08

770 Dongbu Insurance 46,326 0.17 3,083 Hana Financial Holdings 62,230 0.23 1,505 Industrial Bank of Korea 14,569 0.05 3,913 KB Financial Group 110,747 0.41

624 Korea Investment Holdings 22,807 0.09 2,090 Korea Life Insurance 10,506 0.04

792 Samsung Card 28,535 0.11 433 Samsung Fire & Marine 99,054 0.37 787 Samsung Life Insurance 68,666 0.25 877 Samsung Securities 26,877 0.10

4,593 Shinhan Financial Group 151,525 0.56 3,880 Woori Bank 32,068 0.12 1,959 Woori Investment & Security 15,528 0.06


1,031 Celltrion 86,017 0.32 82 Hanmi Pharmaceuticals 50,260 0.19

132 Yuhan Corporation 35,067 0.13


922 Cheil Industries 98,456 0.36 551 Daelim Industrial 36,355 0.13 823 GS Engineering and Construction 19,827 0.07 371 Hyosung 40,100 0.15 204 Hyudai Glovis 30,374 0.11 936 Hyundai Development 32,139 0.12

1,108 Hyundai Engineering & Construction 32,080 0.12 628 Hyundai Heavy Industries 57,520 0.21

73 KCC 24,115 0.09 293 KEPCO Plant Service & Engineering 16,483 0.06 150 Korea Aerospace Industries 9,532 0.04

1,000 LG 55,302 0.21 822 Samsung Electro Mechanics 35,753 0.13

2,652 Samsung Heavy Industries 21,090 0.08 828 Samsung SDI 77,635 0.29 948 SK Networks 4,889 0.02

591,650 2.19 Oil & Gas (31 December 2015: 0.69%)

714 Doosan Heavy Industries & Construction 13,141 0.05 903 GS Holdings 37,199 0.14



HSBC ETFs PLC >105<



USD % of Net

Asset Value

Equities (continued) South Korea (continued) Oil & Gas (31 December 2015: 0.69%) (continued)

794 SK Innovation 96,850 0.36 620 S-Oil 40,747 0.15


232 Daum Kakao 18,752 0.07 2,641 LG Display 60,531 0.22

349 Naver 215,123 0.80 1,365 Samsung Electronics 1,645,627 6.10

365 Samsung SDS 45,472 0.17 464 SK C&C 81,573 0.30

7,430 Sk hynix 208,996 0.78


867 KT Corporation 12,363 0.05 3,779 LG Uplus 35,761 0.13 1,239 SK Telecom 25,920 0.10


2,798 Korea Electric Power 146,720 0.54

146,720 0.54 Taiwan Basic Materials (31 December 2015: 1.57%)

146,979 China Steel 95,225 0.35 34,924 Formosa Chemicals & Fibre 87,691 0.33 42,986 Formosa Plastics 103,671 0.38 48,060 Nan Ya Plastics 90,879 0.34 24,010 Taiwan Fertilizer 31,893 0.12


21,916 Cheng Shin Rubber Industry 45,926 0.17 75,882 China Airlines 22,794 0.08

1,888 Eclat Textile Company 18,172 0.07 40,040 Eva Airways 18,246 0.07 61,564 Far Eastern New Century 45,802 0.17

196 Feng Tay Enterprise 808 - 3,900 Giant Manufacturing 24,179 0.09 1,173 Largan Precision 107,086 0.40 5,399 Merida Industry 22,678 0.08

32,500 Pou Chen 43,372 0.16 11,918 Standard Foods 29,149 0.11 62,062 Uni-President Enterprises 122,165 0.45 15,600 Yulon Motor 13,202 0.05


3,768 Hotai Motor 36,793 0.13 7,188 President Chain Store 55,928 0.21

92,721 0.34



>106< HSBC ETFs PLC



USD % of Net

Asset Value

Equities (continued) Taiwan (continued) Financial (31 December 2015: 3.26%)

75,829 Cathay Financials Holding 82,272 0.30 5,584 Chailease Holding 9,018 0.03

81,447 Chang Hwa Commercial Bank 42,290 0.16 194,130 China Development Financials Holding 46,759 0.17 63,551 China Life Insurance/Taiwan 49,054 0.18

170,615 Chinatrust Financial Holding 89,118 0.33 89,511 E.Sun Financial Holding 52,720 0.20

136,640 First Financial Holding 71,584 0.27 74,179 Fubon Financials Holding 86,576 0.32 96,276 Hua Nan Financials Holdings 49,841 0.18

104,744 Mega Financial Holding 78,901 0.29 13,042 Shin Kong Financial Holding 2,551 0.01

162,533 SinoPac Financial Holdings 47,915 0.18 102,731 Taishin Financial Holding 39,489 0.15 42,199 Taiwan Cooperative Financial Holding 18,575 0.07

140,025 Yuanta Financials Holding 45,143 0.17

811,806 3.01 Healthcare (31 December 2015: Nil)

1,628 OBI Pharma 25,738 0.10


28,143 Asia Cement 24,340 0.09 7,804 Catcher Technology 57,455 0.21

20,748 Delta Electronics 100,334 0.37 61,386 Evergreen Marine 22,740 0.09

2,586 Hiwin Technologies 11,904 0.04 152,938 Hon Hai Precision Industry 391,128 1.45

390 Simplo Technology 1,360 0.01 22,377 Taiwan Cement 22,232 0.08

631,493 2.34 Oil & Gas (31 December 2015: 0.05%)

5,744 Formosa Petrochemical 15,580 0.06


54,580 Acer 25,548 0.09 64,274 Advanced Semiconductor Engineering 73,023 0.27

3,755 Advantech 28,460 0.11 6,848 Asustek Computer 56,361 0.21

120,900 AU Optronics 41,038 0.15 72,800 Compal Electronics 45,699 0.17 15,958 Foxconn Technology 37,299 0.14

58 Hermes Microvision 2,364 0.01 11,960 HTC 38,373 0.14 96,506 Innolux Crop 32,309 0.12

9,392 Inotera Memories 7,308 0.03 34,074 Inventec 24,136 0.09 31,108 Lite-On Technology 42,526 0.16 18,094 MediaTek 136,859 0.51



HSBC ETFs PLC >107<



USD % of Net

Asset Value

Equities (continued) Technology (31 December 2015: 8.53%) (continued)

10,400 Novatek Microelectronics 38,526 0.14 23,105 Pegatron 48,561 0.18

1,461 Phison Electronics 12,545 0.05 10,140 Powertech Technology 22,475 0.08 34,417 Quanta Computer 65,081 0.24 35,330 Siliconware Precision Industries 53,610 0.20 20,800 Synnex Technology International 22,406 0.08

285,673 Taiwan Semiconductor Manufacturing 1,439,036 5.34 9,459 Transcend Information 28,618 0.11

174,259 United Microelectronics 68,064 0.25 44,302 Wistron 30,762 0.11 17,004 WPG Holdings 19,740 0.07


49,631 Chunghwa Telecom 179,237 0.66 16,914 Far EasTone Telecommunicationcations 40,844 0.15 14,316 Taiwan Mobile 49,926 0.19

270,007 1.00 Thailand Basic Materials (31 December 2015: 0.22%)

16,012 Banpu 6,698 0.03 17,280 Indorama Ventures 14,261 0.05

158,860 IRPC 21,519 0.08 11,673 PTT Global Chemical 19,682 0.07


48,360 Charoen Pokphand Foods 39,566 0.15


36,102 BEC World 23,424 0.09 64,419 CP ALL 92,119 0.34

114,313 Home Product Center 32,205 0.12 21,012 Minor International 24,068 0.09


17,086 BTS Group Holdigns 4,668 0.02 27,488 Central Pattana 46,739 0.17


39,000 Bangkok Dusit Medical Services 26,525 0.10 1,486 Bumrungrad Hospital 7,718 0.03


3,825 Airports of Thailand 42,452 0.16 3,649 Siam Cement 49,428 0.18

91,880 0.34 Oil & Gas (31 December 2015: 0.60%)

12,455 PTT 110,939 0.41



>108< HSBC ETFs PLC



USD % of Net

Asset Value

Equities (continued) Thailand (continued) Oil & Gas (31 December 2015: 0.60%) (continued)

22,344 PTT Exploration & Production 53,253 0.20 17,178 Thai Oil 29,331 0.11


14,772 Advanced Info Service 66,419 0.25 209,534 True Corporation 42,932 0.15

109,351 0.40

Total equities* (31 December 2015: 98.52%) 26,400,677 97.86 Warrants**

14,300 Banpu 3,744 0.01

Total warrants (31 December 2015: Nil) 3,744 0.01


3 H Shares Index Fut Jul 16 7,006 0.03 3 MSCI Taiwan Index Future Jul 16 3,390 0.01

10,396 0.04

Total futures** (Notional amount: USD 263,948) 10,396 0.04 Total financial assets at fair value through profit or loss 26,414,817 97.91


Unrealised loss on contracts for difference

6,630 Bangkok Bank (5,795) (0.02) 114,000 Bank of Communications (11,557) (0.05) 22,200 Kasikorn Bank (1,088) -

44 Krung Thai Bank (5) - 18,607 Siam Commercial Bank (3,088) (0.01)

(21,253) (0.08)

Total unrealised loss on contracts for difference (31 December 2015: 0.16%) (21,253) (0.08)

Total financial liabilities at fair value through profit or loss (21,253) (0.08)





HSBC ETFs PLC >109<


USD % of Total

Assets *Transferable securities admitted to an official stock exchange listing 26,400,677 97.67 **Financial derivative instruments dealt in on a regulated market 14,140 0.05 Other assets 616,526 2.28

Total assets 27,031,343 100.00

With the exception of the Contracts for Differences and warrants, all equity positions (with the exception of Hanergy Thin Film Power Group and Qinqin Foodstuffs Group) and futures held by the Fund at 30 June 2016 and 31 December 2015 have been classified as Level 1. The Contracts for Differences and warrants have been classified as Level 2. The investment in Hanergy Thin Film Power Group and Qinqin Foodstuffs Group have been classified as Level 3 as at 30 June 2016 and 31 December 2015. See Note 6(d) for further details. The schedule of investments form an integral part of the audited financial statements


HSBC MSCI TURKEY UCITS ETF

>110< HSBC ETFs PLC



USD % of Net

Asset Value

Equities

Basic Materials (31 December 2015: 4.48%) 171,857 Eregli Demir ve Celik Fabrikalari TAS 242,637 3.92 82,860 Petkim Petrokimya 110,647 1.78


25,439 Anadolu Efes Biracilik Ve Malt Sanayii 172,061 2.77 29,032 Arcelik 191,114 3.08

9,368 Coca-Cola Icecek 114,410 1.85 8,615 Ford Otomotiv Sanayi 91,673 1.48

15,344 Tofas Turk Otomobil Fabrikasi 126,139 2.03 81,632 Turk Sise Ve Cam Fabrikalari 100,775 1.63 18,892 Ulker Biskuvi Sanayi 137,963 2.22


26,088 BIM Birlesik Magazalar 508,488 8.20 67,761 Turk Hava Yollari 134,784 2.17


270,061 Akbank TAS 772,904 12.46 233,235 Emlak Konut Gayrimenkul Yatirim Ortakligi 231,966 3.74 112,712 Haci Omer Sabanci Holding 369,220 5.95 77,824 KOC Holding 355,068 5.72

283,564 Turkiye Garanti Bankasi 747,454 12.05 76,722 Turkiye Halk Bankasi 227,846 3.68

193,338 Turkiye Is Bankasi 306,582 4.94 92,066 Turkiye Vakiflar Bankasi 144,391 2.33

106,725 Yapi ve Kredi Bankasi 147,711 2.38


20,068 Tav Havalimanlari Holding 86,046 1.39

86,046 1.39 Oil & Gas (31 December 2015: 6.41%)

15,370 Tupras Turkiye Petrol Rafinerileri 340,736 5.49

340,736 5.49 Telecommunications (31 December 2015:8.24%)

55,854 Turk Telekomunikasyon 117,510 1.89 108,025 Turkcell Iletisim Hizmetleri 397,066 6.40

514,576 8.29



8 IST BIST 30 Futures Aug 16 303 0.01

Total futures** (Notional amount: USD 26,651) 303 0.01


HSBC MSCI TURKEY UCITS ETF (continued)

HSBC ETFs PLC >111<

As at 30 June 2016


Fair Value

USD % of Net

Asset Value





USD % of Total

Assets * Transferable securities admitted to an official stock exchange listing or dealt in on another regulated market 6,175,191 99.45 ** Financial derivative instruments dealt in on a regulated market 303 - Other assets 33,991 0.55

Total Assets 6,209,485 100.00

All equity positions and futures held by the Fund at 30 June 2016 and at 31 December 2015 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.


HSBC MSCI WORLD UCITS ETF

>112< HSBC ETFs PLC



USD % of Net

Asset Value

Equities


80,223 Alumina 77,356 0.04 20,515 BHP Billiton NPV 284,887 0.16 16,250 Incitec Pivot 35,936 0.02

5,155 Newcrest Mining 88,284 0.06 2,768 Rio Tinto 93,778 0.06

31,657 South32 36,301 0.02


8,973 Treasury Wine Estates 61,668 0.04


2,230 Aristocrat Leisure 22,914 0.01 27,683 Tatts Group 78,741 0.05

7,040 Wesfarmers 210,204 0.12 9,935 Woolworths 154,536 0.09


16,121 Australia & New Zealand Banking Group 289,529 0.17 10,580 Commonwealth Bank of Australia 585,877 0.34 16,218 Goodman Group 85,860 0.05 18,973 GPT Group 76,429 0.04

2,160 Macquarie Group 110,814 0.06 14,282 Medibank Private Ltd 31,371 0.02 18,321 National Australia Bank 346,911 0.20

4,011 QBE Insurance Group 31,150 0.02 43,468 Scentre Group 159,242 0.09 18,154 Stockland 63,667 0.04 15,817 Suncorp Group 143,448 0.08 20,094 Westfield Group 159,345 0.09 17,058 Westpac Banking 373,421 0.22


3,118 CSL 260,444 0.15


10,122 Brambles 93,381 0.06 1,717 Seek 19,446 0.01 4,100 Sydney Airport 21,187 0.01

11,639 Transurban Group 103,910 0.06

237,924 0.14 Oil & Gas (31 December 2015: 0.08%)

8,768 Origin Energy 37,540 0.02 8,253 Santos 28,514 0.02 4,518 Woodside Petroleum 90,293 0.05

156,347 0.09


HSBC MSCI WORLD UCITS ETF (continued)

HSBC ETFs PLC >113<



USD % of Net

Asset Value

Equities (continued) Australia (continued) Technology (31 December 2015: 0.10%)

2,403 REA Group 106,444 0.06


4,166 Telstra 17,247 0.01 5,476 TPG Telecom Limited 48,521 0.03 8,546 Vocus Communications** 54,216 0.03

119,984 0.07 Utilities (31 December 2015: Nil)

1,263 AGL Energy Limited 18,141 0.01 18,141 0.01 Austria Basic Materials (31 December 2015: 0.02%)

1,262 Voestalpine 42,089 0.02


1,918 Erste Group Bank 43,277 0.03

43,277 0.03 Belgium Consumer Goods (31 December 2015: 0.39%)

4,954 Anheuser-Busch 647,228 0.37

647,228 0.37 Consumer Services (31 December 2015: Nil)

303 Colruyt 16,688 0.01 363 Delhaize Group 38,122 0.02


560 Ageas 19,277 0.01 1,889 KBC Groep 92,170 0.05


3,258 Belgacom 103,065 0.06

103,065 0.06 Canada Basic Materials (31 December 2015: 0.23%)

1,017 Agnico-Eagle Mines 54,143 0.03 923 Agrium 83,075 0.04

5,896 Barrick Gold 125,211 0.07 5,089 Goldcorp 96,866 0.06 5,704 Kinross Gold 27,846 0.02 5,616 Potash Corp of Saskatchewan 90,811 0.05 5,032 Silver Wheaton 117,828 0.07


3,444 Magna International 120,263 0.07 3,276 Saputo 96,789 0.06

217,052 0.13



>114< HSBC ETFs PLC



USD % of Net

Asset Value

Equities (continued) Canada (continued) Consumer Services (31 December 2015: 0.14%)

1,270 Alimentation Couche-Tard 54,254 0.03 992 Canadian Tire 107,511 0.06 682 Dollarama 47,368 0.03

1,251 George Weston 107,703 0.06


4,622 Bank of Montreal 291,655 0.17 8,040 Bank of Nova Scotia 391,940 0.23 4,899 Brookfield Asset Management 159,878 0.09 3,196 Canadian Imperial Bank of Commerce 238,808 0.14

47 Fairfax Financial Holdings 25,182 0.01 1,569 Franco-Nevada 118,687 0.07 2,510 Great West Lifeco 65,866 0.04

736 Industrial Alliance Insurance & Financial Services 23,015 0.01 13,692 Manulife Financial 186,292 0.11

9,315 Royal Bank of Canada 547,553 0.32 2,136 Sun Life Financial 69,802 0.04

11,815 Toronto-Dominion Bank 504,733 0.29


1,949 Valeant Pharmaceuticals International 39,094 0.02


8,325 CAE 100,064 0.06 5,643 Canadian National Railway 331,489 0.19

595 Canadian Pacific Railway 76,204 0.05 946 SNC-Lavalin Group 39,524 0.02

547,281 0.32 Oil & Gas (31 December 2015: 0.57%)

7,858 Canadian Natural Resources 241,180 0.14 6,012 Cenovus Energy 82,725 0.05 1,514 Crescent Point Energy 23,794 0.01 3,152 Enbridge 132,832 0.08 3,704 Prairiesky Royalty 69,933 0.04

11,551 Suncor Energy 318,771 0.18 3,048 Tourmaline Oil 79,820 0.05 5,845 TransCanada 263,108 0.15


3,618 Blackberry 24,153 0.02 289 Constellation Software 111,267 0.06

1,996 Open Text 117,405 0.07 252,825 0.15 Telecommunications (31 December 2015: 0.05%)

2,441 Rogers Communications 98,302 0.06 98,302 0.06



HSBC ETFs PLC >115<



USD % of Net

Asset Value

Equities (continued) Canada (continued) Utilities (31 December 2015: Nil)

851 Fortis 28,616 0.02

28,616 0.02 Denmark Consumer Goods (31 December 2015: 0.06%)

502 Carlsberg 47,563 0.03 759 Pandora 102,797 0.06


2,837 Danske Bank 74,306 0.04 74,306 0.04 Healthcare (31 December 2015: 0.43%)

1,766 Coloplast 131,247 0.07 385 Genmab 69,563 0.04

9,105 Novo Nordisk 486,874 0.28 560 Novozymes 26,726 0.02


99 AP Moeller - Maersk 128,688 0.07 1,055 DSV 44,142 0.03

172,830 0.10 Oil & Gas (31 December 2015: 0.07%)

1,833 Vestas Windsystems 123,855 0.07 123,855 0.07 Finland Basic Materials (31 December 2015: 0.13%)



1,034 Nokian Renkaat 36,794 0.02

36,794 0.02 Financial (31 December 2015: Nil)

473 Sampo 19,196 0.01


1,593 Wartsilap 64,684 0.04


21,429 Nokia 121,532 0.07

121,532 0.07 Telecommunications (31 December 2015: Nil)

1,153 Elisa 44,064 0.03 44,064 0.03 Utilities (31 December 2015: 0.06%)

7,064 Fortum 112,851 0.07 112,851 0.07



>116< HSBC ETFs PLC



USD % of Net

Asset Value

Equities (continued) France Basic Materials (31 December 2015: 0.19%)

2,618 Air Liquide 273,570 0.16


704 Cie Generale des Etablissements Michelin 66,643 0.04 4,365 Danone 307,494 0.17

68 Hermes International 25,455 0.01 1,809 L'Oreal 345,670 0.20 1,436 LVMH Moet Hennessy Louis Vuitton 216,964 0.13

869 Pernod-Ricard 96,638 0.06 3,632 Peugeot 43,638 0.03

806 Remy Cointreau SA 69,369 0.04 1,033 Renault 78,542 0.04 1,015 Valeo 45,251 0.03


5,051 Carrefour 124,629 0.07 315 Kering 50,900 0.03

1,467 Numericable - SFR 36,857 0.02 1,042 Publicis Groupe 70,070 0.04 8,231 Vivendi 154,537 0.09


11,199 AXA 221,521 0.13 5,914 BNP Paribas 261,197 0.15 6,305 Credit Agricole 52,954 0.03

490 Gecina 66,685 0.04 755 Klepierre 33,425 0.02

11,033 Natixis Banques Populai 41,784 0.02 4,799 Societe Generale 150,400 0.09

317 Unibail-Rodamco 82,285 0.05


828 Cie Generale d'Optique Essilor International 109,326 0.06 6,982 Sanofi 581,128 0.34


1,880 Cie de St-Gobain 71,753 0.04 404 Eiffage 28,819 0.02

9,065 Groupe Eurotunnel 96,176 0.06 1,454 Legrand 74,805 0.04 1,735 Safran 117,423 0.07 4,299 Schneider Electric 253,413 0.14

555 Thales 46,249 0.03 1,725 Vinci 122,055 0.07

810,693 0.47



HSBC ETFs PLC >117<



USD % of Net

Asset Value

Equities (continued) France (continued) Oil & Gas (31 December 2015: 0.34%)

13,505 Total 650,846 0.38


364 AtoS 30,139 0.02 642 Cap Gemini 55,775 0.03 989 Dassault Systemes 75,021 0.04 339 Iliad 68,732 0.04


13,835 France Telecom 225,247 0.13


3,147 EDF 38,353 0.02 6,176 GDF Suez 99,556 0.06 6,235 Veolia Environnement 134,864 0.08

272,773 0.16 Germany Basic Materials (31 December 2015: 0.90%)

5,982 BASF 456,161 0.26 5,266 Bayer 526,523 0.30 2,433 Fuchs Petrolub 95,373 0.06

806 K+S 16,427 0.01 703 Lanxess 30,678 0.02

1,316 Linde 183,263 0.11



176 Continental 33,103 0.02 5,592 Daimler 332,489 0.19

640 Henkel AG & Co KGaA 77,891 0.05 899 Hugo Boss AG 50,836 0.03

1,103 Porsche Automobil Holding 50,651 0.03 1,063 Volkswagen 127,896 0.07


1,389 Zalando 36,587 0.02


2,964 Allianz 420,827 0.24 3,514 Commerzbank 22,736 0.01

733 Deutsche Annington 26,669 0.02 7,166 Deutsche Bank 98,120 0.06 1,062 Deutsche Boerse 86,765 0.05



>118< HSBC ETFs PLC



USD % of Net

Asset Value

Equities (continued) Germany (continued) Financial (31 December 2015: 0.87%) (continued)

4,474 Deutsche Wohnen 151,721 0.09 1,016 Hannover Rueckversicherung 105,886 0.06 1,347 Muenchener Rueckversicherungs 224,841 0.13

1,137,565 0.66 Healthcare (31 December 2015: Nil)

572 Fresenius Medical Care & Co KGaA 49,585 0.03 1,545 Fresenius SE & Co KGaA 112,975 0.06


3,958 Deutsche Post 110,698 0.06 1,319 HeidelbergCement 98,867 0.06

759 Osram 39,243 0.03 3,607 Siemens 367,901 0.21 1,619 ThyssenKrupp 32,393 0.02


8,489 Infineon Technologies 122,365 0.07 5,570 SAP 415,585 0.24

514 United Internet 21,242 0.01


15,750 Deutsche Telekom 267,361 0.15


6,410 E.ON 64,276 0.04 3,701 RWE 58,344 0.03

122,620 0.07 Hong Kong Consumer Goods (31 December 2015: 0.03%)

44,655 Li & Fung 21,528 0.01 6,922 Yue Yuen Industrial Holdings 27,347 0.02


5,884 Galaxy Entertainment Group 17,444 0.01 17,444 0.01 Financial (31 December 2015: 0.74%)

52,038 AIA Group 310,902 0.18 28,213 Cheung Kong Property Holdings 176,014 0.10 21,704 CK Hutchison Holdings 236,541 0.14 37,564 Hang Lung Properties 75,632 0.05

6,795 Hong Kong Exchanges and Clearing 164,314 0.09 12,388 Kerry Properties 30,467 0.02



HSBC ETFs PLC >119<



USD % of Net

Asset Value

Equities (continued) Hong Kong (continued) Financial (31 December 2015: 0.74%) (continued)

25,942 Link REIT 176,559 0.10 64,830 New World Development 65,599 0.04 34,553 Sino Land 56,386 0.03 14,866 Sun Hung Kai Properties 178,305 0.10


7,204 Cheung Kong Infrastructure Holdings 61,937 0.04 25,745 NWS Holdings 40,552 0.02

4,963 Swire Pacific 56,040 0.03 11,144 Wharf Holdings 67,442 0.04 43,600 Yangzijiang Shipbuilding Holdings 28,993 0.02


2,371 ASM Pacific Technology 16,947 0.01


152,959 PCCW 102,525 0.06


69,179 HK Electric 64,471 0.04 6,099 Power Assets Holdings 55,857 0.03


1,599 Kerry Group 141,864 0.08


420 Paddy Power 44,094 0.03 6,192 WPP 128,466 0.07


125,217 Bank of Ireland 25,735 0.01 566 Willis Towers 70,359 0.05 666 XL Group 22,184 0.01


1,039 Alkermes 44,906 0.03 1,724 Allergan 398,399 0.23 1,824 Endo International 28,436 0.02

852 Jazz Pharmaceuticals 120,396 0.07 7,554 Medtronic 655,461 0.37 3,286 Shire 295,762 0.17

1,543,360 0.89



>120< HSBC ETFs PLC



USD % of Net

Asset Value

Equities (continued) Ireland (continued) Industrial (31 December 2015: 0.34%)

2,621 Accenture 296,933 0.17 3,328 CRH 96,128 0.06

435 DCC 38,292 0.02 5,382 Experian 101,589 0.06 1,436 Ingersoll-Rand 91,444 0.05 1,565 James Hardie Industries 23,830 0.01

648,216 0.37 Israel Financial (31 December 2015: 0.04%)

15,077 Bank Leumi Le Israel 52,970 0.03 3,466 Mizrahi Tefahot Bank 39,960 0.02


3,356 Teva Pharmaceutical Industries 168,624 0.10

168,624 0.10 Technology (31 December 2015: Nil)

970 Check Point Software 77,290 0.04


1,140 Nice Systems 71,074 0.04

71,074 0.04 Italy Consumer Goods (31 December 2015: 0.12%)

7,265 Fiat Chrysler Automobiles 44,350 0.03 989 Luxottica Group 47,949 0.02


4,168 Assicurazioni Generali 48,851 0.03 36,971 Intesa Sanpaolo 69,906 0.04

3,467 Mediobanca 19,855 0.01 32,024 UniCredit 70,087 0.04


4,490 Prysmian 97,968 0.06 97,968 0.06 Oil & Gas (31 December 2015: 0.11%)

10,564 ENI 170,408 0.10


104,451 Telecom Italia 85,289 0.05



440,528 0.25



HSBC ETFs PLC >121<



USD % of Net

Asset Value

Equities (continued) Japan Basic Materials (31 December 2015: 0.41%)

2,476 JFE Holdings 31,737 0.02 4,963 Kansai Paint 99,415 0.06

30,765 Kobe Steel 24,890 0.01 2,898 Maruichi Steel Tube 100,705 0.06 1,436 Nippon Paint 35,022 0.02 5,480 Nippon Steel 104,590 0.06 1,494 Nitto Denko 93,726 0.05 2,020 Shin-Etsu Chemical 117,392 0.07 4,565 Toyota Tsusho 97,272 0.06


409 ABC-Mart 27,309 0.02 2,476 Aisin Seiki 99,798 0.06 1,579 Ajinomoto 37,032 0.02

688 Asahi Group Holdings 22,171 0.01 3,000 Bridgestone 95,594 0.06 1,600 Calbee 66,439 0.04 1,229 Daiwa House Industry 35,724 0.02 3,515 Denso 122,557 0.07 5,525 Fuji Heavy Industries 187,308 0.11

10,029 Honda Motor 251,483 0.14 4,215 Japan Tobacco 168,575 0.10 2,505 Kao 144,772 0.08 4,215 Kirin Holdings 70,791 0.04 1,069 Konami 40,586 0.02 7,513 Konica Minolta Holdings 54,193 0.03

595 Kose 49,820 0.03 992 Makita 65,366 0.04

5,616 Mazda Motor 74,395 0.04 452 Meiji Holdings 45,953 0.03

5,494 Nikon 74,224 0.04 502 Nintendo 71,368 0.04

21,588 Nissan Motor 193,154 0.11 15,027 Panasonic 129,046 0.07

3,047 Sega Sammy Holdings 32,641 0.02 332 Shimano 50,258 0.03

1,410 Shiseido 36,243 0.02 8,045 Sony 234,316 0.14 4,290 Sumitomo Electric Industries 56,056 0.03 3,047 Suzuki Motor 81,781 0.05

12,621 Toyota Motor 621,516 0.36 392 Yakult Honsha 20,175 0.01





>122< HSBC ETFs PLC



USD % of Net

Asset Value

Equities (continued) Japan (continued) Consumer Services (31 December 2015: 1.21%) (continued)

1,494 Benesse Holdings 34,965 0.02 346 Central Japan Railway 61,129 0.04

11,185 Dai Nippon Printing 123,745 0.07 595 Don Quijote 21,923 0.01

2,731 East Japan Railway 251,111 0.15 88 Fast Retailing 23,417 0.01

3,001 Kakaku 59,236 0.03 15,000 Keihan Electric Railway 103,665 0.06

6,898 Keikyu 69,188 0.04 28,059 Kintetsu 119,796 0.07

3,566 McDonald's Holdings 97,153 0.06 1,273 Nitori Holdings 153,122 0.09 2,445 Oriental Land 157,868 0.09 1,857 Park24 63,626 0.04

315 Ryohin Keikaku 76,393 0.04 5,813 Seven & I Holdings 242,572 0.14 3,963 So-Net 137,135 0.08 6,662 USS 109,291 0.06


5,688 Dai-ichi Life Insurance 62,485 0.04 20,211 Daiwa Securities Group 105,892 0.06 16,848 Hachijuni Bank 72,917 0.04

7,718 Iyo Bank 46,869 0.03 4,822 Japan Exchange Group 54,899 0.03

12 Japan Prime Realty Investment 51,584 0.03 47 Japan Retail Fund Investment 120,077 0.07

9,913 Mitsubishi Estate 180,983 0.10 66,455 Mitsubishi UFJ Financial Group 295,320 0.17

4,963 Mitsui Fudosan 112,791 0.07 122,746 Mizuho Financial Group 177,437 0.10

2,505 MS&AD Insurance Group Holdings 64,011 0.04 12 Nippon Building Fund 74,042 0.04 12 Nippon Prologis REIT 29,360 0.02


6,527 ORIX 83,218 0.05 11,430 Resona Holdings 41,446 0.02

4,759 SBI Holdings 46,806 0.03 26,552 Seven Bank 81,786 0.04

8,045 Sumitomo Mitsui Financial Group 229,454 0.13 4,963 Sumitomo Realty & Development 133,255 0.08 5,242 T&D Holdings 43,887 0.03 3,000 Tokio Marine Holdings 98,460 0.06 1,456 Tokyo Tatemono 17,343 0.01

2,419,215 1.40



HSBC ETFs PLC >123<



USD % of Net

Asset Value

Equities (continued) Japan (continued) Healthcare (31 December 2015: 0.43%)

13,523 Astellas Pharma 210,906 0.12 2,085 Cyberdyne Inc 46,622 0.03 1,887 Eisai 104,623 0.06 2,476 Olympus 91,592 0.05 1,086 ONO Pharmaceutical 46,916 0.03

852 Otsuka Holdings 39,191 0.02 313 Shionogi 16,988 0.01 666 Sysmex Corporation 45,378 0.03

4,915 Takeda Pharmaceutical 211,950 0.12 1,663 Terumo 70,433 0.04


14,866 Asahi Glass 79,989 0.05 2,254 Daikin Industries 187,061 0.11

992 Fanuc 159,886 0.09 25,107 Hitachi 103,742 0.06

2,476 Hitachi Construction Machinery 35,744 0.02 1,050 Hoya 37,194 0.02 7,578 Isuzu Motors 92,223 0.05 8,045 ITOCHU 97,200 0.06 3,047 JGC 43,155 0.02

20,531 Kawasaki Heavy Industries 57,036 0.03 106 Keyence 71,438 0.04

6,527 Komatsu 112,579 0.07 9,913 Kubota 132,138 0.08 1,519 Kyocera 71,693 0.04 1,343 Mabuchi Motor 56,029 0.03 9,913 Marubeni 44,400 0.03

10,029 Mitsubishi 174,791 0.10 14,866 Mitsubishi Electric 175,048 0.10 24,787 Mitsubishi Heavy Industries 98,433 0.06 11,523 Mitsui & Co 136,301 0.08

688 Murata Manufacturing 76,318 0.04 969 Nidec 72,937 0.04

4,963 Nippon Electric Glass 20,560 0.01 17,268 Nippon Yusen 30,129 0.02

899 Secom 66,187 0.04 134 SMC 32,530 0.02 591 Sohgo Security Services 29,092 0.02

8,512 Sumitomo 85,004 0.05 9,913 Sumitomo Heavy Industries 42,903 0.02 1,260 TDK 69,638 0.04

22,962 Toshiba 61,865 0.04 2,553,243 1.48



>124< HSBC ETFs PLC



USD % of Net

Asset Value

Equities (continued) Japan (continued) Oil & Gas (31 December 2015: 0.05%)

10,029 JX Holdings 38,976 0.02 4,963 TonenGeneral Sekiyu 44,991 0.03


4,862 Brother Industries 51,563 0.03 7,017 Canon 199,211 0.12 3,000 FUJIFILM Holdings 115,333 0.07

16,007 Fujitsu 58,355 0.03 2,813 Hitachi High-Technologies 76,255 0.04 2,932 Nomura Research Institute 106,888 0.06

758 Oracle Japan 40,268 0.02 992 Tokyo Electron 82,916 0.05 769 Trend Micro 27,322 0.02


12,880 KDDI 390,832 0.23 3,372 Nippon Telegraph & Telephone 157,770 0.09

10,936 NTT DoCoMo 294,906 0.17 4,542 Softbank 256,298 0.15


4,702 Chubu Electric Power 66,389 0.04 3,883 Chugoku Electric Power 49,167 0.03 6,604 Kansai Electric Power 63,819 0.04 4,496 Kyushu Electric Power 44,789 0.03

18,809 Osaka Gas 71,943 0.04 1,670 Shikoku Electric Power 19,632 0.01

11,641 Toho Gas 94,748 0.05 18,599 Tokyo Electric Power 78,319 0.04 20,887 Tokyo Gas 85,592 0.05

574,398 0.33 Jersey Basic Materials (31 December 2015: 0.05%)

1,389 Randgold Resources 156,158 0.09

156,158 0.09 Luxembourg Basic Materials (31 December 2015: 0.02%)

2,394 Tenaris 34,602 0.02


2,580 SES 55,634 0.03


759 Millicom International Cellular 46,135 0.03

46,135 0.03



HSBC ETFs PLC >125<



USD % of Net

Asset Value

Equities (continued) Macau Consumer Services (31 December 2015: 0.05%)

23,783 Sands China 79,553 0.05

79,553 0.05 Netherlands Basic Materials (31 December 2015: 0.18%)

2,021 Akzo Nobel 126,564 0.07 1,810 Koninklijke DSM 104,542 0.06

900 Lyondell Basell Industries 66,978 0.04


955 Ferrari 38,884 0.02 376 Heineken 34,574 0.02

8,197 Koninklijke Philips Electronics 203,939 0.12 1,164 Mobileye 53,707 0.03 7,813 Unilever 363,772 0.21


7,718 Koninklijke Ahold 170,629 0.10 1,461 Reed Elsevier 25,337 0.01 1,678 Wolters Kluwer 68,154 0.04


7,414 Aegon 29,075 0.02 25,279 ING Groep 257,780 0.15

723 NN Group 19,916 0.01 306,771 0.18 Healthcare (31 December 2015: 0.05%)

3,141 QIAGEN 68,028 0.04


482 Aercap Holdings 16,190 0.01 8,301 CNH Industrial 59,759 0.03 1,880 European Aeronautic Defence and Space 108,043 0.06 1,051 Gemalto 63,973 0.04 1,983 Koninklijke Vopak 98,904 0.06 1,390 Randstad Holding 55,831 0.03

402,700 0.23 Oil & Gas (31 December 2015: 0.35%)





12,598 Koninklijke KPN 45,556 0.03

45,556 0.03



>126< HSBC ETFs PLC



USD % of Net

Asset Value

Equities (continued) New Zealand Healthcare (31 December 2015: 0.02%)

4,635 Ryman Healthcare 30,799 0.02


5,335 Contact Energy 19,682 0.01 23,199 Meridian Energy 43,536 0.03 19,847 Mighty River Power 42,546 0.02

105,764 0.06 Norway Basic Materials (31 December 2015: 0.04%)



1,553 DNB 18,438 0.01 1,521 Gjensidige Forsikring 25,211 0.02


6,340 Orkla 55,953 0.03

55,953 0.03 Oil & Gas (31 December 2015: 0.06%)

8,021 Statoil 138,125 0.08


5,639 Telenor 92,726 0.05

92,726 0.05 Portugal Utilities (31 December 2015: 0.06%)



14,866 Wilmar International 36,008 0.02 36,008 0.02 Consumer Services (31 December 2015: 0.12%)

14,866 City Developments 89,910 0.05 40,041 Genting Singapore PLC 21,569 0.01

3,795 Jardine Cycle & Carriage 102,918 0.06 6,387 Singapore Press Holdings 18,745 0.01


24,787 CapitaLand 56,539 0.03 14,866 DBS Group Holdings 174,075 0.10 54,884 Hutchison Port Holdings Trust 24,972 0.01 11,447 Oversea-Chinese Banking 73,909 0.04 10,753 Singapore Exchange 60,880 0.04

4,963 United Overseas Bank 67,924 0.04

458,299 0.26



HSBC ETFs PLC >127<



USD % of Net

Asset Value

Equities (continued) Singapore (continued) Industrial (31 December 2015: 0.03%)

11,144 Keppel 45,540 0.03


1,751 Broadcom 272,105 0.16


11,551 Singapore Telecommunications 35,445 0.02






28,343 Banco Bilbao Vizcaya Argentaria 159,453 0.09 12,729 Banco de Sabadell 16,673 0.01 22,448 Banco Popular Espanol** 28,696 0.02 61,784 Banco Santander 235,363 0.13 13,649 Bankinter 87,462 0.05 13,456 Mapfre 29,270 0.02


2,357 Grifols 53,051 0.03 53,051 0.03 Industrial (31 December 2015: 0.22%)

8,508 Abertis Infraestructuras 124,766 0.07 782 Aena 102,731 0.06

1,717 Amadeus IT Holding 74,917 0.04 9,085 Zardoya Otis 84,882 0.05

387,296 0.22 Oil & Gas (31 December 2015: 0.02%)

1,598 Repsol 19,947 0.01


29,644 Telefonica 278,613 0.16


38,144 Iberdrola 257,943 0.15

257,943 0.15 Sweden Consumer Goods (31 December 2015: 0.06%)

3,047 Electrolux 82,174 0.05



>128< HSBC ETFs PLC



USD % of Net

Asset Value

Equities (continued) Sweden (continued) Consumer Goods (31 December 2015: 0.06%) (continued)

1,019 Svenska Cellulosa 32,352 0.02 1,116 Swedish Match 38,527 0.02


7,788 Hennes & Mauritz 226,580 0.13


1,335 Investor 44,260 0.03 2,531 Kinnevik Investment 59,745 0.03

23,760 Nordea Bank 198,825 0.11 6,994 Skandinaviska Enskilda Banken 60,218 0.04 1,354 Svenska Handelsbanken 16,268 0.01

842 Swedbank 17,461 0.01


5,076 Getinge 103,465 0.06


2,865 Alfa Laval 44,635 0.03 5,826 Assa Abloy 118,339 0.07 6,538 Atlas Copco 161,549 0.09 6,640 Sandvik 65,634 0.04 1,994 SKF 31,560 0.02 8,582 Volvo 84,071 0.04

505,788 0.29 Oil & Gas (31 December 2015: 0.08%)

5,687 Lundin Petroleum 102,494 0.06


20,024 Telefonaktiebolaget LM Ericsson 151,964 0.09


6,433 TeliaSonera 30,158 0.02


23 Givaudan 46,179 0.03 55,821 Glencore International 114,059 0.07

708 Syngenta 271,877 0.15


4,249 Cie Financiere Richemont 247,517 0.14 7 Lindt & Spruengli 41,675 0.02

18,082 Nestle 1,394,849 0.81 58 Swatch Group 16,849 0.01

1,700,890 0.98



HSBC ETFs PLC >129<



USD % of Net

Asset Value

Equities (continued) Switzerland (continued) Consumer Services (31 December 2015: Nil)

19 Galenica Holding 25,569 0.01


2,417 ACE 315,926 0.18 8,553 Credit Suisse Group 90,517 0.05 1,669 Julius Baer Group 66,489 0.04

294 Partners Group Holding 125,769 0.07 1,380 Swiss Re 120,052 0.07

25,076 UBS 323,553 0.19 697 Zurich Financial Services 171,281 0.10


957 Actelion 160,319 0.09 190 Lonza Group 31,439 0.02

13,170 Novartis 1,083,531 0.63 3,654 Roche Holding 960,572 0.55

409 Sonova Holding 54,158 0.03


14,585 ABB 286,250 0.17 270 Geberit 101,991 0.06 864 Holcim 35,954 0.02 159 Schindler Holding 28,725 0.02

36 SGS 82,258 0.04 2,505 TE Connectivity 143,061 0.08 1,709 Tyco International 72,803 0.04 2,018 Wolseley 104,400 0.06


8,299 Anglo American 80,643 0.05 3,827 Antofagasta 23,820 0.02

11,150 BHP Billiton 140,527 0.08 2,670 Croda International 112,039 0.06 3,067 Johnson Matthey 114,840 0.07 8,605 Rio Tinto 263,883 0.15


2,407 Barratt Developments 13,044 0.01 721 Berkeley Group Holdings 24,318 0.01

11,298 British American Tobacco Malaysia 731,446 0.43 3,096 Burberry Group 48,009 0.03

16,501 Diageo 460,251 0.27 11,921 GKN 42,979 0.02

6,638 Imperial Tobacco Group 359,695 0.21 933 Persimmon 18,047 0.01

3,818 Reckitt Benckiser Group 382,282 0.22 6,265 SABMiller 365,990 0.21



>130< HSBC ETFs PLC



USD % of Net

Asset Value


13,444 Taylor Wimpey 23,777 0.01 8,688 Unilever 415,669 0.24

2,885,507 1.67 United Kingdom (continued) Consumer Services (31 December 2015: 0.60%)

11,521 British Sky Broadcasting Group 130,603 0.07 8,722 Compass Group 165,799 0.10

15,289 International Consolidated Airlines Group 75,160 0.04 46,169 ITV 110,909 0.06

1,043 Liberty Lilac Group 33,825 0.02 10,870 Marks & Spencer Group 46,310 0.03

818 Nielsen Holdings 42,511 0.02 1,489 Reed Elsevier 27,389 0.02

44,908 TESCO 104,998 0.06 14,280 William Hill 49,155 0.03


2,855 3i Group 20,896 0.01 3,074 Admiral Group 83,419 0.05

15,540 Aviva 81,828 0.05 97,182 Barclays 180,059 0.10

2,809 British Land 22,793 0.01 12,188 Direct Line Insurance Group 56,178 0.03

8,325 Hammerson 59,873 0.04 5,798 Hargreaves Lansdown 96,342 0.06

96,850 HSBC Holdings* 603,196 0.35 2,810 Land Securities Group 39,029 0.02

29,924 Legal & General Group 76,285 0.05 260,671 Lloyds Banking Group 188,380 0.11 24,344 Old Mutual 65,184 0.04 17,868 Prudential 300,246 0.17 16,840 Royal Bank of Scotland 38,630 0.02

4,728 RSA Insurance Group 31,570 0.02 4,013 Segro 22,247 0.01

20,837 Standard Chartered 157,269 0.09


1,441 Al Noor Hospitals Group 21,093 0.01 8,185 AstraZeneca 488,766 0.28

29,900 GlaxoSmithKline 641,324 0.37 9,725 Smith & Nephew 164,715 0.10


2,008 Aggreko 34,305 0.02 7,344 Ashtead Group 104,458 0.06 1,710 Babcock International 20,676 0.01

14,635 BAE Systems 102,516 0.06 1,031 Bunzl 31,727 0.02 9,632 G4S 23,550 0.01 1,739 IMI 22,480 0.01



HSBC ETFs PLC >131<



USD % of Net

Asset Value


970 Intertek Group 45,112 0.03 8,838 Rolls-Royce 84,061 0.05

788,668 Rolls-Royce Holdings* - - 1,827 Weir Group 35,194 0.02

504,079 0.29 Oil & Gas (31 December 2015: 0.47%)

102,687 BP 601,457 0.35


13,508 ARM Holdings 204,230 0.12 19,793 Auto Trader Group 93,507 0.05

4,126 Sage Group 35,603 0.02 333,340 0.19 Telecommunications (31 December 2015: 0.47%)

35,458 BT Group 194,341 0.11 8,771 Inmarsat 94,328 0.06

127,042 Vodafone Group 386,617 0.22


51,174 Centrica 154,263 0.09 25,770 National Grid 377,565 0.22

2,837 SSE 58,935 0.03

590,763 0.34 United States Basic Materials (31 December 2015: 1.20%)

1,682 Air Products & Chemicals 238,911 0.14 1,660 Albemarle 131,655 0.08 5,382 Alcoa 49,891 0.03 1,336 Celanese 87,441 0.05 2,105 CF Industries Holdings 50,731 0.03 7,219 Dow Chemical 358,856 0.21

697 Ecolab 82,664 0.04 5,882 EI du Pont de Nemours & Co 381,154 0.22 5,329 Freeport-McMoRan Copper & Gold 59,365 0.03 1,089 International Flavors & Fragrances 137,290 0.08 2,013 International Paper 85,311 0.05 2,209 Newmont Mining 86,416 0.05 1,717 Nucor 84,837 0.05

641 PPG Industries 66,760 0.04 2,280 Praxair 256,249 0.15


2,239 Activision Blizzard 88,732 0.05 11,734 Altria Group 809,177 0.47

2,837 Archer-Daniels-Midland 121,679 0.07 481 Campbell Soup 32,001 0.02 224 Church & Dwight 23,047 0.01 280 Clorox 38,749 0.02



>132< HSBC ETFs PLC



USD % of Net

Asset Value

Equities (continued) United States (continued) Consumer Goods (31 December 2015: 5.73%) (continued)

1,716 Coach 69,910 0.04 23,762 Coca-Cola 1,077,131 0.62

5,706 Colgate-Palmolive 417,679 0.24 873 ConAgra Foods 41,738 0.02 710 Constellation Brands 117,434 0.07 250 Delphi Automotive 15,650 0.01

1,298 DR Horton 40,861 0.02 493 Dr Pepper Snapple Group 47,639 0.03

1,389 Edgewell Personal Care 117,245 0.07 1,121 Electronic Arts 84,927 0.04

255 Estee Lauder Cos 23,210 0.01 17,245 Ford Motor 216,770 0.13

2,673 Garmin 113,389 0.07 3,677 General Mills 262,244 0.15 4,640 General Motors 131,312 0.08 5,258 Hanesbrands 132,134 0.08 1,593 Harley-Davidson 72,163 0.04

440 Hasbro 36,956 0.02 568 Hormel Foods 20,789 0.01 340 Ingredion 43,999 0.03 148 JM Smucker 22,557 0.01

4,798 Johnson Controls 212,359 0.12 255 Kellogg 20,821 0.01

2,588 Kimberly-Clark 355,798 0.21 4,078 Kraft Heinz 360,821 0.21

969 Lennar 44,671 0.03 853 LKQ 27,040 0.02 595 Lululemon Athletica 43,947 0.03

1,088 Mattel 34,044 0.02 448 McCormick & Co 47,788 0.03 549 Mead Johnson Nutrition 49,822 0.03

1,249 Michael Kors Holdings 61,801 0.04 167 Mohawk Industries 31,690 0.02 851 Molsonors Brewing 86,062 0.05

10,261 Mondelez International 466,978 0.27 3,070 Monsanto 317,469 0.18

782 Monster Beverage 125,675 0.07 1,861 Newell Rubbermaid 90,389 0.05 8,674 NIKE 478,805 0.28 8,518 PepsiCo 902,397 0.52 9,090 Philip Morris International 924,635 0.53

15,415 Procter & Gamble 1,305,188 0.75 217 PVH 20,448 0.01

2,869 Reynolds American 154,725 0.08 214 Snap-on 33,773 0.02 255 Stanley Black & Decker 28,361 0.02 819 Tesla Motors 173,857 0.10

2,863 Tyson Foods 191,220 0.11



HSBC ETFs PLC >133<



USD % of Net

Asset Value


4,690 Under Armour 179,433 0.10 510 VF 31,360 0.02 502 Wabco Holding 45,968 0.03 759 Whirlpool 126,480 0.07 595 Whitewave Foods 27,929 0.02


209 Advance Auto Parts 33,781 0.02 2,091 Amazon.Com 1,496,361 0.86 1,296 American Airlines Group 36,690 0.02

86 AutoZone 68,270 0.04 1,148 Bed Bath & Beyond 49,617 0.03

650 Cardinal Health 50,707 0.03 2,530 Carnival com 111,826 0.06 3,836 CBS 208,832 0.12

976 Chartered Communications 223,153 0.13 259 Chipotle Mexican Grill 104,315 0.06

14,284 Comcast 931,174 0.54 2,674 Costco Wholesale 419,925 0.24 6,708 CVS Caremark 642,224 0.37 1,941 Darden Restaurants 122,943 0.07

913 Dollar General 85,822 0.05 2,346 Dollar Tree 221,087 0.13

432 Dun & Bradstreet 52,635 0.03 8,201 eBay 191,985 0.11

969 Expedia 103,005 0.06 3,631 Gap 77,050 0.04 1,600 Hilton Worldwide Holdings 36,048 0.02 7,371 Home Depot 941,203 0.54 1,156 Kohl's 43,836 0.03 2,521 Kroger 92,748 0.05 2,037 Las Vegas Sands 88,589 0.05

10,133 Liberty Global 296,516 0.17 4,804 Liberty Interactive 121,877 0.07 2,630 Limited Brands 176,552 0.10 5,902 Lowe's Cos 467,261 0.27 2,860 Macy's 96,125 0.06 5,476 McDonald's 658,982 0.38 1,679 McKesson 313,385 0.18 1,592 MGM Resorts International 36,027 0.02 2,556 NetFlix 233,823 0.14 3,039 News Corp 34,493 0.02 1,265 Nordstrom 48,133 0.03

245 Omnicom Group 19,965 0.01 847 O'Reilly Automotive 229,622 0.14

8,031 PayPal Holdings 293,213 0.17 269 Priceline.com 335,822 0.19

3,129 Rite Aid 23,436 0.01



>134< HSBC ETFs PLC



USD % of Net

Asset Value

Equities (continued) United States (continued) Consumer Services (31 December 2015: 8.71%) (continued)

1,063 Ross Stores 60,261 0.03 1,477 Royal Caribbean Cruises 99,181 0.06

30,964 Sirius XM Holdings 122,308 0.07 2,316 Staples 19,964 0.01 9,385 Starbucks 536,071 0.31 1,250 Starwood Hotels & Resorts Worldwide 92,438 0.05 1,153 Sysco 58,503 0.03 4,278 Target 298,690 0.17 1,688 Thomson Reuters 67,939 0.04 5,359 Time Warner 394,101 0.23 3,466 TJX Cos 267,679 0.15

295 Tractor Supply 26,898 0.02 411 TripAdvisor 26,427 0.02

8,925 Twenty-First Century Fox 241,421 0.14 317 Ulta Salon Cosmetic 77,234 0.05

1,320 Viacom 54,740 0.03 5,972 Walgreens Boots Alliance 497,288 0.29 7,291 Wal-Mart Stores 532,389 0.31 9,087 Walt Disney 888,890 0.51 2,457 Whole Foods Market 78,673 0.05

514 Wynn Resorts 46,589 0.03 1,402 Yum! Brands 116,254 0.07


3,401 Aflac 245,416 0.14 3,271 Allstate 228,806 0.13 1,692 Ally Financial 28,882 0.02 5,663 American Express 344,084 0.20 5,008 American International Group 264,873 0.15 1,716 American Tower 194,955 0.11 1,506 Ameriprise Financial 135,314 0.08 1,118 Aon 122,119 0.07

487 Arch Capital Group 35,064 0.02 404 Assurant 34,869 0.02 647 AvalonBay Communities 116,712 0.07

57,245 Bank of America 759,641 0.44 7,756 Bank of New York Mellon 301,321 0.17 4,799 BB&T 170,892 0.10 5,733 Berkshire Hathaway 830,081 0.48

525 BlackRock 179,828 0.10 140 Boston Properties 18,466 0.01

1,462 Camden Property Trust 129,270 0.07 2,155 Capital One Financial 136,864 0.08 2,646 CBRE Group 70,066 0.04 3,513 Charles Schwab 88,914 0.05 2,043 Chicago Mercantile Exchange 198,988 0.11

423 Cincinnati Financial 31,678 0.02 1,250 CIT Group 39,888 0.02



HSBC ETFs PLC >135<



USD % of Net

Asset Value

Equities (continued) United States (continued) Financial (31 December 2015: 10.07%) (continued)

14,984 Citigroup 635,172 0.37 736 Comerica 30,272 0.02

1,250 Crown Castle REIT 126,788 0.07 747 Digital Realty Trust 81,416 0.05

2,790 Discover Financial Services 149,516 0.09 4,612 Duke Realty 122,956 0.07 2,969 Eaton Vance 104,924 0.06

494 Equifax 63,430 0.04 481 Equinix 186,498 0.11

1,381 Equity Residential 95,123 0.05 104 Essex Property 23,721 0.01 702 Extra Space Storage 64,963 0.04 924 Federal Realty Investment Trust 152,968 0.09

4,426 Fifth Third Bancorp 77,853 0.04 2,066 Franklin Resources 68,942 0.04 2,558 Goldman Sachs 380,068 0.22 2,928 Hartford Financial Services Group 129,945 0.08 1,570 HCP 55,547 0.03 4,962 Host Hotels & Resorts 80,434 0.05

809 Intercontinental Exchange 207,072 0.12 4,356 Invesco 111,252 0.06

527 Iron Mountain 20,990 0.01 18,174 JPMorgan Chase & Co 1,129,332 0.65

1,588 KeyCorp 17,547 0.01 3,047 Kimco Realty 95,615 0.06 2,744 Liberty Property Trust 108,992 0.06 2,089 Lincoln National 80,991 0.05

292 M&T Bank 34,523 0.02 1,491 Macerich 127,316 0.07

54 Markel 51,450 0.03 2,015 Marsh & McLennan Cos 137,947 0.08 4,326 Mastercard 380,948 0.22 6,153 MetLife 245,074 0.14

437 Mid-America Apartment Communities 46,497 0.03 1,802 Moody's 168,865 0.10 6,387 Morgan Stanley 165,934 0.10 4,335 Navient Corporation 51,803 0.03 8,121 New York Community Bancorp 121,734 0.07 1,016 Northern Trust 67,320 0.04 7,095 People's United Financial 104,013 0.06 3,423 PNC Financial Services Group 278,598 0.16 2,183 Principal Financial Group 89,743 0.05 2,510 Progressive 84,085 0.05 3,423 ProLogis 167,864 0.10 3,236 Prudential Financial 230,856 0.13

525 Public Storage 134,185 0.08 1,081 Realty Income 74,978 0.04 1,624 Regency Centers 135,978 0.08



>136< HSBC ETFs PLC



USD % of Net

Asset Value


964 RenaissanceRe Holdings 113,213 0.07 1,476 S And P Global 158,316 0.09 2,406 SEI Investments 115,753 0.07 2,073 Simon Property Group 449,634 0.26 2,201 State Street 118,678 0.07 3,096 SunTrust Banks 127,184 0.07 1,620 Synchrony Financial 40,954 0.02 1,133 T Rowe Price Group 82,675 0.05 2,317 Travelers Cos 275,816 0.16

10,402 US Bancorp 419,513 0.24 818 Ventas 59,567 0.03

11,265 Visa 835,525 0.48 820 Vornado Realty Trust 82,098 0.05

27,344 Wells Fargo & Co 1,294,192 0.75 689 Welltower 52,481 0.03

6,877 Western Union 131,901 0.08 6,924 Weyerhaeuser 206,127 0.12 2,028 WR Berkley 121,518 0.07 3,152 Zillow Group 114,355 0.07


10,066 Abbott Laboratories 395,694 0.23 9,960 Abbvie 616,624 0.36 2,156 Aetna 263,312 0.15

617 Alexion Pharmaceuticals 72,041 0.04 4,551 Amgen 692,435 0.40 2,050 Anthem 269,247 0.16

776 Bard 182,484 0.11 4,568 Baxter International 206,565 0.12

613 Becton Dickinson and Co 103,959 0.06 1,062 Biogen Idec 256,813 0.15

245 Biomarin Pharmaceutical 19,061 0.01 4,780 Boston Scientific 111,709 0.06

10,061 Bristol-Myers Squibb 739,987 0.43 4,972 Celgene 490,388 0.28

356 Centene 25,408 0.01 1,997 Cigna 255,596 0.15 1,992 DaVita 154,022 0.09

703 DENTSPLY International 43,614 0.03 1,085 Edwards Lifesciences 108,207 0.06 5,009 Eli Lilly & Co 394,459 0.23 4,693 Express Scripts 355,729 0.21 7,826 Gilead Sciences 652,845 0.38

748 HCA Holdings 57,603 0.03 599 Hologic 20,725 0.01

1,286 Humana 231,326 0.13 484 IDEXX Laboratories 44,944 0.03

1,246 Illumina 174,913 0.10



HSBC ETFs PLC >137<



USD % of Net

Asset Value

Equities (continued) United States (continued) Healthcare (31 December 2015: 7.89%) (continued)

1,416 Incyte Genomics Inc 113,252 0.07 211 Intuitive Surgical 139,558 0.08

1,761 Ionis Pharmaceuticals 41,014 0.02 15,144 Johnson & Johnson 1,836,967 1.06

1,623 Medivation 97,867 0.06 16,270 Merck & Co 937,315 0.54

402 Mylan 17,382 0.01 502 Patterson Cos 24,041 0.01

35,248 Pfizer 1,241,082 0.72 197 Regeneron Pharms 68,798 0.04

2,207 Resmed 139,549 0.08 1,296 St Jude Medical 101,088 0.06 1,110 Stryker 133,011 0.08 1,540 Thermo Fisher Scientific 227,550 0.13 5,690 UnitedHealth Group 803,428 0.46

181 Universal Health 24,272 0.01 759 Varian Medical Systems 62,413 0.04

1,287 Vertex Pharmaceuticals 110,708 0.06 1,052 Zimmer Holdings 126,640 0.07 2,599 Zoetis 123,349 0.07


3,718 3M 651,096 0.38 361 Acuity Brands 89,514 0.05

3,518 Agilent Technologies 156,058 0.09 721 Ametek 33,332 0.02 295 Amphenol 16,912 0.01

3,402 Automatic Data Processing 312,542 0.18 1,366 Avnet 55,337 0.03 4,009 Boeing 520,649 0.30 4,289 Caterpillar 325,149 0.19

876 CH Robinson Worldwide 65,043 0.04 365 Cintas 35,817 0.02

8,459 CSX 220,611 0.13 1,039 Cummins 116,825 0.07 4,136 Danaher 417,736 0.24 2,492 Deere & Co 201,952 0.12 1,078 Eaton 64,389 0.04 5,078 Emerson Electric 264,868 0.15 1,407 Expeditors International of Washington 68,999 0.04 1,825 Fastenal 81,012 0.05 1,167 FedEx 177,127 0.10 2,791 Fidelity National Information Services 205,641 0.12

397 Fiserv 43,166 0.02 216 FleetCor Technologies 30,916 0.02

1,717 Flowserve 77,557 0.04 936 Fluor 46,126 0.03

2,965 FNFV Group 111,188 0.06



>138< HSBC ETFs PLC



USD % of Net

Asset Value

Equities (continued) United States (continued) Industrial (31 December 2015: 6.08%) (continued)

1,562 Fortune Brands Home & Security 90,549 0.05 48,584 General Electric 1,529,424 0.88

649 Global Payments 46,326 0.03 109 Grainger 24,770 0.01

4,626 Honeywell International 538,096 0.31 2,113 Illinois Tool Works 220,090 0.13 1,177 Jacobs Engineering Group 58,626 0.03

423 Kansas City Southern 38,108 0.02 1,062 Manpower 68,329 0.04

238 Martin Marietta Materials 45,696 0.03 1,806 Masco 55,879 0.03 2,015 Norfolk Southern 171,537 0.10 1,121 Northrop Grumman 249,176 0.14 1,333 PACCAR 69,143 0.04

632 Parker Hannifin 68,288 0.04 321 Paychex 19,100 0.01 409 Pentair 23,841 0.01 900 Raytheon 122,355 0.07

2,783 Robert Half International 106,199 0.06 261 Rockwell Automation 29,968 0.02 220 Roper Industries 37,523 0.02 708 Sherwin-Williams 207,918 0.12 400 Smith Group 35,244 0.02

1,319 Stericycle 137,334 0.08 449 Total System Services 23,846 0.01 247 TransDigm Group 65,131 0.04

5,543 Union Pacific 483,627 0.28 4,499 United Parcel Service 484,632 0.28 1,713 United Rentals 114,942 0.07 5,072 United Technologies 520,134 0.30 1,927 Verisk Analytics 156,241 0.09

498 Vulcan Materials 59,939 0.04 878 Waste Connections 63,260 0.04

1,180 Waste Management 78,199 0.05 793 Xylem 35,407 0.02

10,468,439 6.05 Oil & Gas (31 December 2015: 3.91%)

2,139 Anadarko Petroleum 113,902 0.07 2,441 Apache 135,890 0.08 3,353 Baker Hughes 151,321 0.09 1,761 Cabot Oil & Gas 45,328 0.03 1,973 Cheniere Energy 74,086 0.04 9,515 Chevron 997,457 0.58

610 Cimarex Energy 72,785 0.04 1,112 Columbia Pipeline Group 28,345 0.02

512 Concho Resources 61,066 0.04 7,920 ConocoPhillips 345,312 0.20 3,584 Devon Energy 129,920 0.08



HSBC ETFs PLC >139<



USD % of Net

Asset Value

Equities (continued) United States (continued) Oil & Gas (31 December 2015: 3.91%) (continued)

3,136 EOG Resources 261,605 0.15 515 EQT 39,876 0.02

21,106 Exxon Mobil 1,978,476 1.14 1,473 FMC Technologies 39,285 0.02 6,480 Halliburton 293,479 0.17 1,086 Helmerich & Payne 72,903 0.04 1,451 Hess 87,205 0.05 7,533 Kinder Morgan 141,019 0.08 4,004 Marathon Oil 60,100 0.03 3,256 Marathon Petroleum 123,598 0.07 3,143 National Oilwell Varco 105,762 0.06

841 Newfield Exploration 37,155 0.02 1,991 Noble Energy 71,417 0.04 4,589 Occidental Petroleum 346,745 0.20 3,856 OGE Energy 126,284 0.07 3,588 Phillips 284,672 0.16

914 Pioneer Natural Resources 138,206 0.08 625 Range Resources 26,963 0.02

8,465 Schlumberger 669,412 0.39 363 Tesoro 27,196 0.02

4,036 Valero Energy 205,836 0.12 4,426 Weatherford Internation 24,564 0.01 3,048 Williams Cos 65,928 0.04


2,533 Adobe Systems 242,636 0.15 3,015 Alphabet 2,103,358 1.22 1,530 Analog Devices 86,659 0.05

30,317 Apple 2,898,305 1.67 4,688 Applied Materials 112,371 0.06 1,973 Autodesk 106,818 0.06

432 Cerner 25,315 0.01 29,714 Cisco Systems 852,495 0.49

876 Citrix Systems 70,159 0.04 2,743 Cognizant Technology Solutions 157,009 0.09

10,147 Corning 207,811 0.12 10,823 EMC 294,061 0.17

608 F5 Networks 69,215 0.04 11,654 FaceBook 1,331,819 0.77

1,310 Harris 109,306 0.06 11,292 Hewlett Packard 206,305 0.12 14,026 HP 176,026 0.10 27,829 Intel 912,791 0.53

5,422 International Business Machines 822,951 0.48 1,319 Intuit 147,214 0.09 3,117 Juniper Networks 70,101 0.04 2,199 KLA-Tencor 161,077 0.09

506 LinkedIn Corporation 95,761 0.06



>140< HSBC ETFs PLC



USD % of Net

Asset Value

Equities (continued) United States (continued) Technology (31 December 2015: 10.54%) (continued)

2,575 Marvell Technology Group 24,540 0.01 2,230 Maxim Integrated Products 79,589 0.05 2,927 Micron Technology 40,276 0.02

40,240 Microsoft 2,059,081 1.19 2,136 NetApp 52,524 0.03 1,288 Netsuite 93,766 0.05 3,561 NVIDIA 167,403 0.10

18,868 Oracle 772,267 0.45 1,016 Palo Alto Networks 124,602 0.07 9,469 QUALCOMM 507,254 0.29 1,109 Red Hat 80,513 0.05 3,234 Salesforce.com 256,812 0.15 1,133 SBA Communications 122,297 0.07 2,146 Seagate Technology 52,277 0.03 1,603 Servicenow 106,439 0.06

480 Skyworks Solutions 30,374 0.02 441 Splunk 23,893 0.01

7,064 Symantec 145,095 0.08 6,756 Texas Instruments 423,263 0.24 2,374 Twitter 40,144 0.02

872 VeriSign 75,393 0.05 2,037 Western Digital 96,269 0.06

642 Workday Incorporation 47,938 0.03 7,998 Xerox 75,901 0.05 7,045 Yahoo! 264,610 0.15


34,879 AT&T 1,507,122 0.87 586 Level 3 Comms 30,173 0.02



443 AGL Resources 29,225 0.02 2,292 Alliant Energy 90,992 0.05

589 Ameren 31,559 0.02 1,271 American Electric Power 89,084 0.05

839 American Water Works 70,905 0.04 573 Atmos Energy 46,596 0.03

4,051 Calpine 59,752 0.03 5,405 CenterPoint Energy 129,720 0.07 1,110 CMS Energy 50,905 0.03 2,740 Consolidated Edison 220,406 0.13 4,370 Dominion Resources 340,554 0.20

285 DTE Energy 28,249 0.02 3,281 Duke Energy 281,477 0.16 1,124 Edison International 87,302 0.05

681 Eversource Energy 40,792 0.02 7,391 Exelon 268,737 0.16



HSBC ETFs PLC >141<



USD % of Net

Asset Value

Equities (continued) United States (continued) Utilities (31 December 2015: 1.47%) (continued)

1,407 FirstEnergy 49,118 0.03 2,137 NextEra Energy 278,665 0.16 1,701 NiSource 45,111 0.03 2,810 ONEOK 133,335 0.08 2,720 PG&E 173,862 0.10

455 Pinnacle West Capital 36,882 0.02 2,790 PPL 105,323 0.06 1,646 Public Service Enterprise Group 76,720 0.04

545 SCANA 41,235 0.02 442 Sempra Energy 50,397 0.03

6,604 Southern 354,173 0.20 907 Spectra Energy 33,223 0.02

1,412 TECO Energy 39,028 0.02 1,734 Wec Energy Group 113,230 0.07

872 Westar Energy 48,910 0.03 1,086 Xcel Energy 48,631 0.03

3,494,098 2.02



5 S&P TSX 60 Index Mini Future Sep 16 857 - 13 Euro Stoxx 50 Future Sep 16 2,401 - 1 Swiss Market Index Future Sep 16 2,084 - 2 LIFFE FTSE 100 Index Future Sep 16 10,882 0.01

18 S&P 500 Mini Index Future Sep 16 3,005 -

19,229 0.01

Total futures**** (Notional amount: USD 2,703,932) 19,229 0.01




1 SPI 200 Future Sep 16 (93) - 24 Mini Topix Index Future Sep 16 (19,014) (0.01)

(19,107) (0.01)

Total futures (Notional amount: USD 387,725) (19,107) (0.01)



>142< HSBC ETFs PLC


Financial assets at fair value through profit or loss Fair Value

USD % of Net

Asset Value




* Investment in a related party investment.


USD % of Total

Assets

*** Transferable securities admitted to an official stock exchange listing 169,911,072 98.12 ** Transferable securities other than referred above 82,912 0.05 **** Financial derivative instruments dealt in on a regulated market 19,229 0.01 Other assets 3,152,387 1.82

Total assets 173,165,600 100.00

All equity positions (with the exception of the investment held in Banco Popular Espanol, Vocus Communications and Rolls Royce Holdings) and futures held by the Sub-Fund at 30 June 2016 and as at 31 December 2015 have been classified as Level 1. Banco Popular Espanol, Vocus Communications 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 financial statements.


HSBC S&P BRIC 40 UCITS ETF

HSBC ETFs PLC >143<

As at 30 June 2016

A schedule of investments was not presented as at 30 June 2016 as the Sub-Fund was fully redeemed on 27 April 2016.


HSBC MSCI CHINA UCITS ETF

>144< HSBC ETFs PLC



USD % of Net

Asset Value

Equities

Basic Materials (31 December 2015: 1.52%) 598,796 Aluminum Corporation of China 187,559 0.15 311,749 China Coal Energy 161,943 0.13 515,993 China Shenhua Energy 948,454 0.76 189,590 Jiangxipper Copper 210,901 0.17 247,959 Nine Dragons Paper Holdings 188,256 0.15 530,632 Sinopec Shanghai Petrochemical 242,131 0.19 282,469 Yanzhou Coal Mining 182,415 0.15 875,885 Zijin Mining Group 292,415 0.24


150,469 Alibaba Group Holding 11,966,800 9.60 151,894 Anta Sports Products 303,477 0.24 321,991 AviChina Industry & Technology 222,880 0.18 960,401 Belle International Holdings 562,033 0.45 458,890 Brilliance China Automotive Holdings 470,841 0.38 613,754 China Huishan Dairy 250,788 0.20 416,686 China Mengniu Dairy 724,022 0.58 130,016 Chongqing Changan Automobile 180,998 0.15 411,895 Dongfeng Motor Group 428,994 0.34 801,822 Geely Automobile Holdings 433,057 0.35 470,591 Great Wall Automobiles 389,432 0.31 319,235 Guangzhou Automobile Group 380,632 0.31 190,833 Haier Electronics Group 291,245 0.23 110,654 Hengan International Group 922,836 0.74 22,130 Qinqin Foodstuffs Group - - 84,962 Shenzou International Group 410,138 0.33

297,731 Tingyi Cayman Islands Holding 280,540 0.23 54,701 Tsingtao Brewery 189,318 0.15

870,233 Want Want China Holding 616,952 0.49 19,024,983 15.26 Consumer Services (31 December 2015: 2.94%)

277,093 Air China 189,302 0.15 1,724,067 Alibaba Pictures Group 400,018 0.32

275,821 China Southern Airline 155,368 0.12 51,271 Ctrip Com International 2,112,365 1.69

1,875,637 GOME Electrical Appliances Holding 222,428 0.18 20,197 New Oriental Education & Technology 845,850 0.68

5,403 Qunar 160,955 0.13 42,956 SouFun Holdings 216,069 0.18

362,094 Sun Art Retail Group 253,439 0.20 6,398 TAL Education Group 397,060 0.32

60,945 Vipshop Holdings 680,756 0.55


3,733,560 Agricultural Bank of China 1,361,954 1.09 12,061,225 Bank of China 4,803,999 3.85


HSBC MSCI CHINA UCITS ETF (continued)

HSBC ETFs PLC >145<



USD % of Net

Asset Value


1,355,699 China Citic Bank 823,071 0.66 12,775,534 China Construction Bank 8,431,446 6.76

140,726 China Everbright 270,280 0.22 469,284 China Everbright Bank 214,137 0.17 374,408 China Everbright International 415,046 0.33 448,310 China Galaxy Securities 400,465 0.32

1,129,763 China Life Insurance 2,420,312 1.94 592,465 China Merchants Bank 1,324,234 1.06 894,792 China Minsheng Banking 862,734 0.69 598,836 China Overseas Land & Investment 1,891,154 1.52 400,294 China Pacific Insurance Group 1,346,705 1.08 420,919 China Resources Land 982,042 0.79 245,550 China Taiping Insurance Holdings 457,046 0.37 199,644 China Vanke 391,159 0.31 381,590 Chongqing Rural Commercial Bank 192,813 0.15 328,613 CITIC Securities 720,090 0.58 850,114 Country Garden Holdings 357,230 0.29 89,167 Dalian Wanda Commercial Properties 547,097 0.44

622,831 Evergrande Real Estate Group 381,344 0.30 299,886 Far East Horizon 232,705 0.19 567,090 Franshion Properties China 159,353 0.13 206,701 GF Securities 468,930 0.38 146,435 Guangzhou R&F Properties 184,413 0.15 465,895 Haitong Securities 783,103 0.63 221,847 Huatai Secutiries 471,263 0.38

11,200,946 Industrial & Commercial Bank of China 6,193,912 4.97 221,439 Longfor Properties 287,147 0.23 117,754 New China Life Insurance 418,167 0.33

1,059,895 People s Insurance Company Group of China 405,763 0.33 698,328 PICC Property & Casualty 1,090,976 0.88 791,514 Ping An Insurance 3,484,194 2.79 139,105 Shanghai Lujiazui 216,586 0.17 184,530 Shimao Property Holdings 232,151 0.19 548,393 Shui On Land 138,548 0.11 456,303 Sino-Ocean Land Holdings 197,039 0.16 315,769 Soho China 151,414 0.12 283,868 Sunac China Holdings 175,635 0.14


152,756 3SBio 156,538 0.13 188,814 China Medical System Holdings 287,190 0.23 628,212 CSPC Pharmaceutical 558,738 0.45 201,690 Luye Pharma Group 123,490 0.10 285,999 Shandong Weigao Group Medical Polymer 162,576 0.13 61,229 Shanghai Fosun Pharmace 149,167 0.12

104,654 Shanghai Pharmaceuticals Holding 230,408 0.18 675,218 Sino Biopharmaceutical 439,530 0.35 181,099 Sinopharm Group 862,548 0.69

2,970,185 2.38



>146< HSBC ETFs PLC



USD % of Net

Asset Value

Equities (continued) Industrial (31 December 2015: 9.17%)

11,659 58.com 535,032 0.43 111,865 AAC Technologies Holdings 949,518 0.76 187,447 Anhui Conch Cement 449,895 0.36 228,268 Beijing Capital International Airport 247,160 0.20 77,908 Beijing Enterprises Holdings 439,855 0.35

660,720 Beijing Enterprises Water Group 396,877 0.32 97,244 Byd 582,239 0.47

1,327,690 China Cinda Asset Management 446,674 0.36 672,209 China Communications Construction 719,176 0.58 391,802 China COSCO Holdings 137,874 0.11 197,276 China Merchants Holdings International 523,835 0.42 437,133 China National Building Material 190,451 0.15 299,474 China Railway Construction 373,283 0.30 606,851 China Railway Group 450,565 0.36 184,707 China Resources Enterprise 402,368 0.32 569,499 China Shipping Container Lines 117,454 0.09 277,134 China State Construction International Holdings 365,085 0.29 662,498 Citic Pacific 963,267 0.77 247,720 COSCO Pacific 246,189 0.20 630,459 CSR 561,549 0.45 392,161 Fosun International 505,496 0.41 96,925 Haitian International Holdings 170,413 0.14

185,531 Jiangsu Expressway 257,803 0.21 428,797 Shanghai Electric Group 179,634 0.14 74,187 Shanghai Industrial Holdings 167,539 0.13

188,519 Sinopec Engineering Group 170,101 0.14 309,367 Sinotrans 136,780 0.11 147,502 Weichai Power 150,963 0.12 217,696 Zhejiang Expressway 204,565 0.16 83,099 Zhuzhou CSR Times Electric 456,308 0.37

11,497,948 9.22 Oil & Gas (31 December 2015: 7.03%)

1,610,181 CGN Power 446,238 0.36 205,506 China Conch Venture Holdings 406,882 0.33 262,259 China Gas Holdings 399,577 0.32 481,747 China Longyuan Power Group 398,664 0.32 274,975 China Oilfield Services 210,894 0.17

3,873,600 China Petroleum & Chemical 2,796,120 2.24 2,711,456 CNOOC 3,362,255 2.70

604,730 Huaneng Renewables 200,331 0.16 490,239 Kunlun Energy 403,796 0.32

3,203,360 PetroChina 2,184,311 1.75


496,328 Alibaba Health Information Technology 363,388 0.29 41,194 Baidu 6,803,189 5.46

363,080 China Communications Services 189,076 0.15 2,382,192 Hanergy Thin Film Power Group - -

104,361 JD.com 2,215,584 1.78



HSBC ETFs PLC >147<



USD % of Net

Asset Value


118,651 Kingsoft 228,494 0.18 1,096,278 Lenovo Group 659,919 0.53

11,986 NetEase 2,315,935 1.86 13,802 Qihoo 360 Technology 1,008,236 0.81

4,152,281 Semiconductor Manufacturing International 331,842 0.26 856,680 Tencent Holdings 19,446,033 15.60 141,587 Travelsky Technology 271,933 0.22

4,422 YY 149,773 0.12 114,705 ZTE 144,602 0.11


932,613 China Mobile 10,656,957 8.55 2,106,950 China Telecom 939,687 0.76

908,947 China Unicom Hong Kong 939,650 0.75


502,517 China Power International Development 184,607 0.15 135,065 China Resources Gas Group 409,132 0.33 291,944 China Resources Power Holdings 435,021 0.35 115,052 ENN Energy Holdings 565,772 0.45

1,975,452 GCL Poly Energy Holdings 257,182 0.21 427,780 Guangdong Investment 649,559 0.52 247,685 Huadian Power International 117,809 0.09 642,276 Huaneng Power International 395,733 0.32

3,014,815 2.42



57 H-Shares Index Future Jul 16 148,017 0.11

Total futures** (Notional amount: USD 3,205,260) 148,017 0.11



Unrealised loss on contracts for difference (31 December 2015: (0.14%))

1,329,408 Bank of Communications (279,477) (0.22)

Total unrealised loss on contracts for difference (279,477) (0.22)




>148< HSBC ETFs PLC


Fair Value

USD % of Net

Asset Value Other net liabilities (21,108,405) (16.93)



USD % of Total


Total assets 150,659,265 100.00

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 Qinqin Foodstuffs Group) and futures held by the Sub-Fund at 30 June 2016 and 31 December 2015 have been classified as Level 1. The Contracts for Differences have been classified as Level 2 and investment in Hanergy Thin Film Group and Qinqin Foodstuffs Group 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 MSCI SOUTH AFRICA UCITS ETF

HSBC ETFs PLC >149<



USD % of Net

Asset Value

Equities

Basic Materials (31 December 2015: 4.96%) 894 Anglo American Platinum 22,420 0.50

6,679 AngloGold Ashanti 122,037 2.70 2,372 Exxaro Resources 10,926 0.24

12,959 Gold Fields 63,065 1.39 10,342 Impala Platinum Holdings 33,332 0.74

1,958 Mondi 35,847 0.79 8,965 Sappi 41,914 0.93

12,135 Sibanye Gold 41,530 0.92


2,159 Pioneer Foods 25,460 0.56 47,810 Steinhoff International 275,107 6.09

2,685 Tiger Brands 66,466 1.47


3,365 Foschini Group 31,938 0.71 1,798 Massmart Holdings 15,469 0.34 4,015 Mr Price Group 56,544 1.25 7,219 Naspers 1,104,164 24.43 4,115 Pick n Pay Stores 20,127 0.45 7,067 Shoprite Holdings 80,258 1.78 3,091 Spar Group 42,635 0.94 7,282 Truworths International 42,663 0.94 6,212 Tsogo Sun Holdings 11,279 0.25

16,493 Woolworths Holdings 94,622 2.09


26,272 African Bank Investments - - 6,972 Barclays Africa Group 68,592 1.52 5,566 Brait 53,190 1.18

666 Capitec Bank Holdings 27,058 0.60 3,765 Coronation Fund Manager 17,196 0.38 5,929 Discovery Holdings 49,594 1.10

55,360 FirstRand 169,501 3.75 28,501 Fortress Income Fund 47,859 1.06 33,696 Growthpoint Properties 59,086 1.31

4,061 Hyprop Investments 36,018 0.80 4,101 Investec 25,244 0.56 1,895 Liberty Holdings 15,657 0.35

16,817 MMI Holdings 25,998 0.57 3,274 Nedbank Group 41,671 0.92 3,438 New Europe Property Investment 39,439 0.87 1,481 PSG Group 19,617 0.43

11,159 Rand Merchant Investment 31,393 0.69 71,804 Redefine Properties 55,502 1.23

4,816 Resilient Property Income 43,342 0.96 11,687 RMB Holdings 44,889 0.99


HSBC MSCI SOUTH AFRICA UCITS ETF (continued)

>150< HSBC ETFs PLC



USD % of Net

Asset Value


23,163 Sanlam 95,467 2.11 21,294 Standard Bank Group 185,823 4.11


5,630 Aspen Pharmacare Holdings 139,272 3.08 15,827 Life Healthcare Group Holdings 39,122 0.87 15,683 Netcare 33,390 0.74


5,306 Bidvest Group 50,248 1.11 2,502 Imperial Holdings 25,538 0.56 7,913 Remgro 137,598 3.05

213,384 4.72 Oil & Gas (31 December 2015: 6.39%)

9,111 Sasol 247,089 5.47


5,306 Bid Corporation 99,997 2.21


27,320 MTN Group 266,615 5.90 4,334 Telkom 19,615 0.43 6,119 Vodacom Group 70,152 1.55

356,382 7.88






USD % of Total


Total assets 4,524,835 100.00

All equity positions (with the exception of the investment held in African Bank Investments) held by the Sub-Fund 30 June 2016 and at 31 December 2015 are classified as Level 1. The investment in African Bank Investments 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 MSCI CANADA UCITS ETF

HSBC ETFs PLC >151<



USD % of Net

Asset Value

Equities

Basic Materials (31 December 2015: 7.97%) 6,839 Agnico-Eagle Mines 364,094 1.02 4,119 Agrium 370,732 1.04

36,565 Barrick Gold 776,517 2.18 12,423 Cameco 135,737 0.38 22,495 Eldorado Gold 100,636 0.28 21,592 First Quantum Minerals 150,797 0.42 26,057 Goldcorp 495,980 1.40 38,531 Kinross Gold 188,101 0.53

2,817 Methanex 81,536 0.23 26,254 Potash Corp of Saskatchewan 424,528 1.19 13,671 Silver Wheaton 320,116 0.90 17,793 Teck Resources 233,048 0.66 31,585 Turquoise Hill Resource 106,280 0.30

2,137 West fraser Timber 62,150 0.17 29,657 Yamana Gold 153,457 0.43


7,270 Gildan Activewear 211,825 0.59 1,528 Linamar 54,145 0.15



13,161 Alimentation Couche-Tard 562,233 1.58 2,206 Canadian Tire 239,081 0.67 3,644 Dollarama 253,091 0.71 5,163 Empire 76,370 0.22 1,608 George Weston 138,439 0.39 2,654 Jean Coutu Group 40,872 0.11 7,079 Loblaw 376,707 1.06 7,476 Metro 259,101 0.73 6,907 Restaurant Brands International 286,023 0.80

12,830 Shaw Communications 245,002 0.69 10,798 Thomson Reuters 434,597 1.22


20,188 Bank of Montreal 1,273,894 3.58 37,779 Bank of Nova Scotia 1,841,679 5.18 28,459 Brookfield Asset Management 928,748 2.61 12,475 Canadian Imperial Bank of Commerce 932,143 2.62

7,804 CI Financial 161,945 0.46 12,118 Element Financial Corporation 127,833 0.36

691 Fairfax Financial Holdings 370,231 1.04 3,893 First Capital Realty 66,427 0.19 5,564 Franco-Nevada 420,888 1.18 9,335 Great West Lifeco 244,965 0.69 4,310 H&R Real Estate Investment Trust 74,704 0.21


HSBC MSCI CANADA UCITS ETF (continued)

>152< HSBC ETFs PLC



USD % of Net

Asset Value


3,058 IGM Financial 82,813 0.23 3,217 Industrial Alliance Insurance & Financial Services 100,595 0.28 4,130 Intact Financial 293,492 0.82

61,886 Manulife Financial 842,016 2.37 10,584 National Bank Of Canada 360,135 1.01 11,703 Power Corp of Canada 247,811 0.70

7,835 Power Financial 178,877 0.50 4,950 RioCan Real Estate Investment Trust 111,791 0.31

46,654 Royal Bank of Canada 2,742,409 7.71 2,025 Smart Real Estate Investment 59,563 0.17

19,217 Sun Life Financial 627,989 1.77 58,255 Toronto-Dominion Bank 2,488,633 6.99


10,173 Valeant Pharmaceuticals International 204,055 0.57 204,055 0.57 Industrial (31 December 2015: 8.60%)

60,648 Bombardier 90,596 0.26 8,431 CAE 101,338 0.28

24,752 Canadian National Railway 1,454,016 4.09 4,562 Canadian Pacific Railway 584,275 1.64

873 CCL Industries 151,140 0.43 5,305 Finning International 85,945 0.24 2,630 Onex 159,983 0.45 4,706 SNC-Lavalin Group 196,618 0.55

2,823,911 7.94 Oil & Gas (31 December 2015: 18.40%)

5,041 Altagas Income 121,881 0.34 10,932 Arc Resources 186,114 0.52 34,355 Canadian Natural Resources 1,054,432 2.96 26,158 Cenovus Energy 359,932 1.01 15,847 Crescent Point Energy 249,047 0.70 28,771 Enbridge 1,212,472 3.41 26,670 Encana 206,386 0.58 11,044 Husky Energy 134,106 0.38

9,313 Imperial Oil 293,151 0.83 10,535 Inter Pipeline 222,268 0.63

5,721 Keyera 174,092 0.49 4,993 Peyto Exploration and Develpoment 133,331 0.37 6,448 Prairiesky Royalty 121,741 0.34 6,061 Seven Generations Energy 115,088 0.32

52,240 Suncor Energy 1,441,658 4.05 6,252 Tourmaline Oil 163,726 0.46

22,251 TransCanada 1,001,612 2.82 9,512 Veresen Inc 80,201 0.23 3,489 Vermilion Energy 110,524 0.31

7,381,762 20.75


HSBC MSCI CANADA UCITS ETF (continued)

HSBC ETFs PLC >153<



USD % of Net

Asset Value

Equities (continued) Technology (31 December 2015: 2.75%)

15,625 Blackberry 104,311 0.29 6,988 CGI 296,964 0.84

600 Constellation Software 231,005 0.65 3,799 Open Text 223,459 0.63


4,617 BCE 217,358 0.61 11,363 Rogers Communications 457,600 1.29

6,202 Telus 198,663 0.56


2,392 Atco Ltd 83,472 0.23 3,916 Canadian Utilities 112,864 0.32 8,838 Fortis 297,186 0.84 5,602 Hydro One 111,980 0.31

11,718 Pembina Pipeline 354,238 1.00

959,740 2.70


Futures** (31 December 2015: 0.01%)

2 S&P TSX 60 Index Future Sep 16 346 -

Total futures** (Notional amount: USD 62,701) 346 - Total financial assets at fair value through profit or loss 35,497,641 99.77




USD % of Total

Assets * Transferable securities admitted to an official stock exchange listing 35,497,295 99.62 ** Financial derivative instruments dealt in on a regulated market 346 - Other assets 133,859 0.38

Total assets 35,631,500 100.00



HSBC MSCI MEXICO CAPPED UCITS ETF

>154< HSBC ETFs PLC



USD % of Net

Asset Value

Equities

Basic Materials (31 December 2015: 7.72 %) 273,156 Grupo Mexico 637,982 5.78

9,962 Industrias Penoles 235,167 2.13 75,328 Mexichem 157,807 1.44


30,009 Arca Continental 213,162 1.93 35,676 Coca-Cola Femsa 293,213 2.65

131,542 Fomento Economico Mexicano 1,206,243 10.94 15,494 Gruma 221,544 2.01

118,094 Grupo Bimbo 366,266 3.32 44,379 Grupo Lala 96,507 0.87

109,731 Kimberly-Clark de Mexico 256,525 2.33 2,653,460 24.05 Consumer Services (31 December 2015: 20.16%)

13,457 El Puerto De Liverpool 140,790 1.28 24,119 Grupo Comercial Chedraui 59,757 0.54

175,093 Grupo Televisa 905,681 8.21 375,108 WalMart de Mexico 892,773 8.09


183,175 Fibra Uno Administration 385,825 3.50 70,407 Gentera 124,066 1.13

131,081 Grupo Fin Santander 235,458 2.14 178,757 Grupo Financiero Banorte 993,329 9.00 167,404 Grupo Financiero Inbursa 281,286 2.55


201,665 Alfa 344,102 3.12 1,004,719 Cemex 615,381 5.58

14,879 Grupo Aeroportuario 234,243 2.12 25,609 Grupo Aeroportuario del Pacifico 260,709 2.37 40,805 Grupo Carso 172,604 1.56 55,725 OHL Mexico 67,356 0.61 19,054 Promotora y Operadora de Infraestructura 233,914 2.12


2,249,246 America Movil 1,367,890 12.40

1,367,890 12.40



1 MDX Mexico Bolsa Index Future Sep 16 510 -

Total futures** (Notional amount: USD 24,993) 510 -


HSBC MSCI MEXICO CAPPED UCITS ETF (continued)

HSBC ETFs PLC >155<


Fair Value

USD % of Net

Asset Value





USD % of Total

Assets * Transferable securities admitted to an official stock exchange listing 10,999,580 99.61 ** Financial derivative instruments dealt in on a regulated market 510 - Other assets 43,211 0.39

Total assets 11,043,301 100.00



HSBC MSCI EM LATIN AMERICA UCITS ETF

>156< HSBC ETFs PLC



USD % of Net

Asset Value

Equities

Brazil Basic Materials (31 December 2015: 4.13%)

3,470 Braskem 20,622 0.18 14,067 Cia Siderurgica Nacional 34,336 0.30

5,603 Fibria Celulose 37,654 0.33 20,658 Gerdau 37,979 0.34

9,103 Suzano Papel e Celulose 32,193 0.28 72,387 Vale SA 323,730 2.85


106,242 Ambev 631,732 5.56 13,729 BRF - Brasil Foods 193,395 1.70

2,740 Cosan SA Industria e Comercio 28,488 0.25 7,773 Hypermarcas 56,628 0.50

16,058 JBS 50,123 0.45 763 M Dias Branco 25,221 0.22

3,882 Natura Cosmeticos 30,898 0.27


3,526 Cia Brasileira de Distribuicao Grupo Pao de Acucar 51,408 0.45 31,028 Kroton Educational 131,715 1.16

3,578 Localiza Rent a Car 38,530 0.34 17,364 Lojas Americanas 80,889 0.71 14,393 Lojas Renner 106,428 0.94

5,212 Raia Drogasil 102,719 0.90 511,689 4.50 Financial (31 December 2015: 17.20%)

81,335 Banco Bradesco 649,977 5.72 19,298 Banco do Brasil 103,485 0.91

9,354 Banco Santander Brasil 53,080 0.47 15,774 BB Seguridade Participacoes 138,403 1.22 38,850 BM&FBovespa 218,275 1.92 12,845 BR Malls Participacoes 51,520 0.45

4,996 CETIP - Balcao Organizado de Ativos e Derivativos 68,287 0.60 22,955 Cielo 242,608 2.14

3,500,494 Itau Unibanco 643,929 5.67 87,718 Itausa - Investimentos Itau 207,813 1.83

1,801 Multiplan Empreendimentos Imobiliarios 33,875 0.30 2,523 Porto Seguro 21,066 0.19 4,922 Qualicorp 28,591 0.25 3,953 Sul America 19,298 0.16


5,980 Odontoprev 24,844 0.22

24,844 0.22


HSBC MSCI EM LATIN AMERICA UCITS ETF (continued)

HSBC ETFs PLC >157<



USD % of Net

Asset Value

Equities (continued) Brazil (continued) Industrial (31 December 2015: 3.35%)

19,872 CCR 104,206 0.92 7,015 Duratex 18,612 0.16

14,947 Embraer 81,646 0.72 12,434 Klabin SA 59,846 0.53 17,982 Rumo Logistica 27,503 0.24 12,719 Weg 54,548 0.48

346,361 3.05 Oil & Gas (31 December 2015: 3.20%)



2,798 Totvs 26,672 0.23





16,887 Cia Energetica de Minas Gerais 38,373 0.34 4,258 Cia Energetica de Sao Paulo 15,816 0.14 2,302 CIA Paranaense De Energia 20,996 0.18 4,586 CPFL Energia 29,474 0.26 7,213 EDP - Energias de Brasil SA 30,845 0.27 4,474 Equatorial Energia 67,939 0.60 7,643 Sabesp 69,374 0.61 3,660 Tractebel Energia 43,766 0.39 2,132 Transmissora Alianca de Energia Eletrica 12,777 0.11 8,148 Ultrapar Participacoes 180,852 1.59

557,565 4.91 Chile Basic Materials (31 December 2015: 1.10%)

28,139 Empres CMPC 58,538 0.51 2,153 Sociedad Quimica y Minera de Chile 53,247 0.47


3,303 Cia Cervecerias Unidas 38,630 0.34 5,860 Embotelladora Andina 20,863 0.18


28,578 Cencosud 81,530 0.72 6,707 Latam Airlines 44,378 0.39

10,933 SACI Falabella 83,362 0.73

209,270 1.84



>158< HSBC ETFs PLC



USD % of Net

Asset Value

Equities (continued) Chile (continued) Financial (31 December 2015: 1.93%)

865,605 Banco De Chile 92,736 0.82 818 Banco de Credito e Inversiones 35,336 0.31

1,484,773 Banco Santander Chile 71,585 0.63

199,657 1.76 Oil & Gas (31 December 2015: 0.95%)

10,214 Empresas COPEC 89,819 0.79


Telecommunications (31 December 2015: 0.26%)

1,458 Empresa Nacional de Electricidad 1,409 0.01 1,933 ENTEL Chile 17,507 0.16


56,732 AES Gener SA 27,739 0.24 58,655 Aguas Andinas 33,636 0.30

176,369 Colbun 42,732 0.37 73,658 Empresa Nacional de Electricidad 68,056 0.60 73,658 Endesa 33,916 0.30

881,774 Enersis 127,139 1.12

333,218 2.93 Colombia Financial (31 December 2015: 2.15%)

10,186 Bancolombia 89,219 0.79 1,908 Corporation Financiera Colombiana 25,029 0.22

78,907 Grupo Aval Acciones 32,008 0.28 7,556 Grupo De Inv Suramericana 98,919 0.87


10,379 Cementos Argos 42,529 0.38 6,514 Inversiones Argos 41,426 0.36

83,955 0.74 Oil & Gas (31 December 2015: 0.42%)

110,274 Ecopetrol 52,881 0.47


8,697 Interconexion Electrica ESP 26,728 0.24 26,728 0.24 Mexico Basic Materials (31 December 2015: 3.92%)

85,950 Grupo Mexico 200,745 1.77 3,109 Industrias Penoles 73,392 0.64

23,468 Mexichem 49,164 0.43 1,918 Southern Copper 51,748 0.46

375,049 3.30



HSBC ETFs PLC >159<



USD % of Net

Asset Value

Equities (continued) Mexico (continued) Consumer Goods (31 December 2015: 8.62%)

9,442 Arca Continental 67,069 0.59 11,177 Coca-Cola Femsa 91,861 0.81 41,391 Fomento Economico Mexicano 379,556 3.34

4,875 Gruma 69,706 0.61 36,966 Grupo Bimbo 114,649 1.01 13,876 Grupo Lala 30,175 0.26 34,322 Kimberly-Clark de Mexico 80,237 0.71


4,193 El Puerto De Liverpool 43,868 0.39 7,457 Grupo Comercial Chedraui 18,476 0.16

55,093 Grupo Televisa 284,972 2.51 118,029 WalMart de Mexico 280,914 2.47


57,636 Fibra Uno Administration 121,400 1.07 22,153 Gentera 39,036 0.34 41,004 Grupo Fin Santander 73,655 0.65 56,248 Grupo Financiero Banorte 312,563 2.75 52,377 Grupo Financiero Inbursa 88,008 0.77


63,222 Alfa 107,876 0.95 315,553 Cemex 193,273 1.70

4,677 Grupo Aeroportuario 73,631 0.65 8,056 Grupo Aeroportuario del Pacifico 82,013 0.72

12,713 Grupo Carso 53,776 0.47 17,227 OHL Mexico 20,823 0.18

5,996 Promotora y Operadora de Infraestructura 73,609 0.65


707,736 America Movil 430,413 3.79

430,413 3.79 Peru Basic Materials (31 December 2015: 0.19%)

4,283 Cia de Minas Buenaventura 51,182 0.45 51,182 0.45 Financial (31 December 2015: 1.61%)

1,528 Credicorp 235,816 2.08

235,816 2.08




>160< HSBC ETFs PLC



USD % of Net

Asset Value


2 MDX Mexico Bolsa Index Future Sep 16 1,019 0.01

1,019 0.01

Total futures (Notional amount: USD Nil) 1,019 0.01

Total financial** assets at fair value through profit or loss 11,355,594 99.95




USD % of Total

Assets *Transferable securities admitted to an official stock exchange listing 11,354,575 62.79 **Financial derivative instruments dealt in on a regulated market 1,019 0.01 Other assets 6,727,210 37.20

Total assets 18,082,804 100.00

All equity positions and futures held by the Sub-Fund at 30 June 2016 and at 31 December 2015 are classified as Level 1. See Note 6 (d) for further details.


HSBC MSCI INDONESIA UCITS ETF

HSBC ETFs PLC >161<



USD % of Net

Asset Value

Equities

Basic Materials (31 December 2015: 0.61%) 3,776,686 Adaro Energy 242,966 0.91


5,311,138 Astra International 2,974,639 11.11 1,936,166 Charoen Pokphand Indonesia 549,527 2.05

126,213 Gudang Garam 659,126 2.46 305,990 Indofood CBP Sukses Makmur 398,916 1.49

1,151,926 Indofood Sukses Makmur 632,088 2.36 400,399 Unilever Indonesia 1,365,978 5.10


1,862,753 Global Mediacom 138,870 0.52 612,494 Matahari Department Store 927,143 3.47

1,311,041 Media Nusantara Citra 218,300 0.82 1,534,596 Surya Citra Media 383,286 1.43


3,234,552 Bank Central Asia 3,262,093 12.18 880,204 Bank Danamon Indonesia 235,831 0.88

2,448,928 Bank Mandiri 1,765,452 6.59 1,957,252 Bank Negara Indonesia Persero 770,309 2.88 2,912,769 Bank Rakyat Indonesia Persero 2,380,920 8.89 2,020,019 Bumi Serpong Damai 322,592 1.20 4,844,193 PT Lippo Karawaci 419,800 1.57 2,649,761 PT Summarecon Agung 362,995 1.36


5,534,701 Kalbe Farma 640,915 2.39


466,276 AKR Corporindo 225,859 0.84 2,441,625 Hanjaya Mandala Sampoerna 702,227 2.62

386,360 Indocement Tunggal Prakarsa 493,459 1.85 535,266 Jasa Marga Persero 213,701 0.80 778,174 Semen Gresik Persero 550,685 2.06 440,430 United Tractors 493,348 1.84

1,246,676 Waskita Karya Persero 240,607 0.90


629,269 Tower Bersama Infrastructure 314,337 1.17 314,337 1.17 Telecommunications (31 December 2015: 13.73%)

13,224,206 Telekomunikasi Indonesia 3,983,526 14.87 979,704 XL Axiata 272,130 1.02

4,255,656 15.89


HSBC MSCI INDONESIA UCITS ETF (continued)

>162< HSBC ETFs PLC



USD % of Net

Asset Value

Equities (continued) Utilities (31 December 2015: 2.46%)

2,862,274 Perusahaan Gas Negara 506,923 1.89

506,923 1.89

Total equities* (31 December 2015: 99.94%) 26,648,548 99.52 Futures (31 December 2015: 0.00%)

11 MSCI Indonesia Index Jul 16 4,640 0.02

Total futures** (Notional amount: USD 131,780) 4,640 0.02





USD % of Total

Assets * Transferable securities admitted to an official stock exchange listing 26,648,548 99.39 ** Financial derivative instruments dealt in on a regulated market 4,640 0.02 Other assets 159,479 0.59

Total assets 26,812,667 100.00

All equity positions and futures held by the Fund at 30 June 2016 and at 31 December 2015 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 MSCI MALAYSIA UCITS ETF

HSBC ETFs PLC >163<



USD % of Net

Asset Value

Equities

Basic Materials (31 December 2015: 4.97%) 34,823 HAP Seng Consolidated Berhad 66,683 0.97



8,836 British American Tobacco Malaysia 115,505 1.68 79,029 Felda Global Ventures Holdings 29,600 0.43 14,560 Genting Plantations 38,355 0.56

139,980 IOI 150,691 2.19 26,429 Kuala Lumpur Kepong 152,484 2.22 29,350 PPB Group 120,123 1.74 28,924 UMW Holdings 41,110 0.60


77,511 AirAsia 49,988 0.73 96,647 Astro Malaysia Holdings 70,241 1.02 41,810 Berjaya Sports Toto 31,527 0.46

139,008 Genting 282,740 4.11 183,763 Genting Malaysia 202,839 2.94


62,390 Alliance Financial Group 62,367 0.91 111,935 AMMB Holdings 123,277 1.79 184,724 CIMB Group Holdings 200,234 2.91 40,250 Hong Leong Bank 131,587 1.91 14,205 Hong Leong Financial Group 51,725 0.75

211,466 Malayan Banking 426,971 6.21 168,195 Public Bank 809,372 11.76 50,147 RHB Capital 63,687 0.93


40,626 Hartalega Holdings 43,634 0.63 178,145 IHH Healthcare 291,643 4.24


104,244 Gamuda 125,667 1.82 177,380 IJM 153,555 2.23 21,036 Lafarge Malayan Cement 40,856 0.59 46,212 Malaysia Airports Holdings 70,152 1.02 69,070 MISC 127,809 1.86

156,642 Sime Darby 294,906 4.29 63,317 Westports Holdings 65,963 0.96

878,908 12.77 Oil & Gas (31 December 2015: 4.40%)

193,415 Dialog Group 73,883 1.07 12,298 Petronas Dagangan 71,381 1.04

203,981 Sapurakencana Petroleum 74,377 1.08

219,641 3.19


HSBC MSCI MALAYSIA UCITS ETF (continued)

>164< HSBC ETFs PLC



USD % of Net

Asset Value Equities (continued) Technology (31 December 2015: 2.64%)

116,207 Maxis 169,778 2.47


163,721 Axiata Group 228,637 3.33 216,550 DiGi.Com 256,755 3.73 69,777 Telekom Malaysia 117,175 1.70


95,828 IOI Properties Group 55,859 0.81 42,865 Petronas Gas 233,915 3.40

209,581 Tenaga Nasional 733,001 10.65 267,231 YTL 110,697 1.61 125,359 YTL Power International 43,844 0.64

1,177,316 17.11

Total equities* (31 December 2015: 99.93%) 6,848,144 99.53 Futures (31 December 2015: Nil)

1 MDE FTSE KLCI Future July 2016 484 0.01

Total futures** (Notional amount: USD 20,507) 484 0.01





USD % of Total

Assets * Transferable securities admitted to an official stock exchange listing or dealt in on another regulated market 6,848,144 99.43 ** Financial derivative instruments dealt in on a regulated market 484 0.01 Other assets 38,523 0.56

Total assets 6,887,151 100.00

All equity positions and futures held by the Sub-Fund at 30 June 2016 and 31 December 2015 are classified as Level 1. See Note 6(d) for further details. Warrants held at period end were classified as Level 3. The schedule of investments form an integral part of the audited financial statements


HSBC MSCI TAIWAN UCITS ETF

HSBC ETFs PLC >165<



USD % of Net

Asset Value

Equities

Basic Materials (31 December 2015: 7.98%) 220,290 China Steel 142,722 1.67 60,175 Formosa Chemicals & Fibre 151,095 1.76 77,385 Formosa Plastics 186,632 2.18 88,995 Nan Ya Plastics 168,285 1.96 13,603 Taiwan Fertilizer 18,069 0.21



3,528 Eclat Textile Company 33,958 0.40 36,211 Eva Airways 16,501 0.19 61,055 Far Eastern New Century 45,423 0.53

5,671 Feng Tay Enterprise 23,381 0.27 14,341 Formosa Taffeta 13,803 0.16

5,275 Giant Manufacturing 32,704 0.38 1,878 Largan Precision 171,447 2.00 3,949 Merida Industry 16,587 0.20

41,663 Pou Chen 55,600 0.65 10,643 Ruentex Industries 15,968 0.19

6,749 Standard Foods 16,507 0.19 35,499 Teco Electric and Machinery 29,822 0.35 90,155 Uni-President Enterprises 177,465 2.07 16,585 Yulon Motor 14,035 0.16


4,674 Hotai Motor 45,640 0.53 2,735 Nien Made Enterprise 24,841 0.29

10,674 President Chain Store 83,052 0.97 15,552 Ruentex Development 18,055 0.21


152,435 Cathay Financials Holding 165,387 1.93 19,505 Chailease Holding 31,502 0.37 88,583 Chang Hwa Commercial Bank 45,995 0.54

254,083 China Development Financials Holding 61,199 0.71 62,199 China Life Insurance/Taiwan 48,010 0.56

303,509 Chinatrust Financial Holding 158,533 1.85 135,539 E.Sun Financial Holding 79,830 0.93 170,885 First Financial Holding 89,524 1.04 124,091 Fubon Financials Holding 144,829 1.69 15,033 Highwealth Construction 24,698 0.29

129,443 Hua Nan Financials Holdings 67,011 0.78 203,092 Mega Financial Holding 152,985 1.79 153,943 Shin Kong Financial Holding 30,112 0.35 179,905 SinoPac Financial Holdings 53,036 0.62 151,675 Taishin Financial Holding 58,302 0.68 69,404 Taiwan Business Bank 17,599 0.21


HSBC MSCI TAIWAN UCITS ETF (continued)

>166< HSBC ETFs PLC



USD % of Net

Asset Value


134,344 Taiwan Cooperative Financial Holding 59,136 0.69 182,175 Yuanta Financials Holding 58,731 0.69


2,071 OBI Pharma 32,742 0.38 3,000 TaiMed Biologics 20,041 0.24


44,799 Asia Cement 38,746 0.45 2,531 Casetek Holdings Limited 8,827 0.10

12,224 Catcher Technology 89,997 1.05 36,366 Delta Electronics 175,861 2.05 32,297 Evergreen Marine 11,964 0.14

3,762 Hiwin Technologies 17,318 0.20 263,145 Hon Hai Precision Industry 672,974 7.86

5,167 Simplo Technology 18,019 0.21 63,186 Taiwan Cement 62,777 0.74

7,753 Zhen Ding Technology Holding 13,867 0.16

1,110,350 12.96 Oil & Gas (31 December 2015: 0.66%)





161,645 AU Optronics 54,869 0.64 9,853 Chicony Electronics 22,144 0.26

80,169 Compal Electronics 50,325 0.59 17,187 Foxconn Technology 40,172 0.47

861 Hermes Microvision 35,098 0.41 12,567 HTC 40,320 0.47

167,216 Innolux Crop 55,982 0.65 49,043 Inotera Memories 38,159 0.45 46,877 Inventec 33,204 0.39 39,227 Lite-On Technology 53,626 0.63 27,870 MediaTek 210,802 2.46 13,000 Nanya Technology 15,878 0.18 10,863 Novatek Microelectronics 40,241 0.47 36,561 Pegatron 76,842 0.90

2,727 Phison Electronics 23,416 0.27 12,467 Powertech Technology 27,632 0.32 50,414 Quanta Computer 95,330 1.11

8,465 Realtek Semiconductor 26,214 0.31 40,731 Siliconware Precision Industries 61,805 0.72 25,147 Synnex Technology International 27,089 0.32

460,897 Taiwan Semiconductor Manufacturing 2,321,701 27.10 3,666 Transcend Information 11,092 0.13


HSBC MSCI TAIWAN UCITS ETF (continued)

HSBC ETFs PLC >167<



USD % of Net

Asset Value


225,953 United Microelectronics 88,255 1.03 16,827 Vanguard International Semiconductors 27,542 0.32 45,085 Wistron 31,306 0.36 27,753 WPG Holdings 32,219 0.38


39,337 Asia Pacific Telecom 13,048 0.15 70,926 Chunghwa Telecom 256,142 2.99 29,805 Far EasTone Telecommunicationcations 71,974 0.84 31,289 Taiwan Mobile 109,117 1.27

450,281 5.25

Total equities* (31 December 2015: 99.93%) 8,465,739 98.82 Futures (31 December 2015: Nil)

3 MSCI Taiwan Index Future Jul 16 3,390 0.04

Total futures** (Notional amount: USD 95,250) 3,390 0.04





USD % of Total

Assets * Transferable securities admitted to an official stock exchange listing 8,465,739 98.43 ** Financial derivative instruments dealt in on a regulated market 3,390 0.04 Other assets 131,357 1.53

Total assets 8,600,486 100.00

All equity positions and futures held by the Sub-Fund at 30 June 2016 and 31 December 2015 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 MSCI KOREA UCITS ETF

>168< HSBC ETFs PLC



USD % of Net

Asset Value

Equities

Basic Materials (31 December 2015: 7.18%) 1,487 Hanwha Chemical 30,660 0.40

218 Honam Petrochemical 53,561 0.69 1,131 Hyundai Steel 45,020 0.58

120 Korea Zinc 52,924 0.69 258 Kumho Petro Chemical 13,327 0.17 763 LG Chem 165,758 2.14 236 OCI 18,501 0.24 984 Pohang Iron Steel 172,137 2.22


976 Amorepacific 254,749 3.29 216 CJ 37,880 0.49 112 CJ CheilJedang 37,776 0.49 763 Coway 69,222 0.89 493 Dongsuh 14,274 0.18

2,640 Halla Visteon Climate Control 24,066 0.31 1,050 Hankook Tire 46,490 0.60

150 Hanssem 20,706 0.27 962 Hyundai Mobis 210,465 2.72

3,102 Hyundai Motor 326,178 4.21 3,723 Kia Motors 139,631 1.80 1,647 KT & G 195,178 2.52 1,503 LG Electronics 70,332 0.91

162 LG Household & Healthcare 145,196 1.88 9 Lotte Chilsung Beverage 13,955 0.18

80 Lotte Confectionery 13,578 0.17 248 N C Soft 50,812 0.66

51 Orion 41,708 0.54 17 Ottogi Corporation 12,147 0.16


140 BGF Retail 25,950 0.33 975 Cheil Communications 14,305 0.18 268 CJ E&M 16,124 0.21 276 E-Mart 41,453 0.54 381 GS Retail 18,027 0.23 471 Hotel Shilla 27,765 0.36 215 Hyundai Department Store 24,079 0.31

1,663 Kangwon Land 60,205 0.78 515 Korean Airlines 11,602 0.15 156 Lotte Shopping 27,425 0.35 643 Paradise 8,457 0.11 104 Shinsegae 17,606 0.23


3,684 BS Financial Group 25,811 0.33 2,539 Daewoo Securities 17,171 0.22


HSBC MSCI KOREA UCITS ETF (continued)

HSBC ETFs PLC >169<



USD % of Net

Asset Value


2,389 DGB Financial Group 17,982 0.23 700 Dongbu Insurance 42,115 0.55

4,182 Hana Financial Holdings 84,413 1.09 884 Hyundai Marine & Fire Insurance 22,448 0.29

3,538 Industrial Bank of Korea 34,248 0.44 5,459 KB Financial Group 154,502 2.00

551 Korea Investment Holdings 20,139 0.26 3,068 Korea Life Insurance 15,422 0.20 1,050 Mirae Asset Securities 21,012 0.27

491 Samsung Card 17,690 0.23 469 Samsung Fire & Marine 107,290 1.39 989 Samsung Life Insurance 86,291 1.11 810 Samsung Securities 24,823 0.32



1,064 Celltrion 88,771 1.15 74 Hanmi Pharmaceutical 45,357 0.58

165 Hanmi Science 21,917 0.28 110 Yuhan Corporation 29,223 0.38


1,072 Cheil Industries 114,473 1.48 97 CJ Korea Express 18,274 0.23

413 Daelim Industrial 27,250 0.35 1,962 Daewoo Engineering & Construction 9,556 0.12

794 Daewoo International 17,233 0.22 702 GS Engineering and Construction 16,912 0.22 298 Hyosung 32,210 0.42 265 Hyudai Glovis 39,456 0.51 849 Hyundai Development 29,151 0.38

1,073 Hyundai Engineering & Construction 31,067 0.40 611 Hyundai Heavy Industries 55,963 0.72


1,341 LG 74,160 0.96 201 LG Innotek 13,751 0.18 288 S1 27,004 0.35 792 Samsung Electro Mechanics 34,448 0.44

2,220 Samsung Heavy Industries 17,654 0.23 777 Samsung SDI 72,853 0.94

1,753 SK Networks 9,040 0.12

737,925 9.53


HSBC MSCI KOREA UCITS ETF (continued)

>170< HSBC ETFs PLC



USD % of Net

Asset Value

Equities (continued) Oil & Gas (31 December 2015: 2.46%)

725 Doosan Heavy Industries & Construction 13,344 0.17 722 GS Holdings 29,743 0.39 915 SK Innovation 111,610 1.44 636 S-Oil 41,798 0.54


428 Daum Kakao 34,594 0.45 3,286 LG Display 75,314 0.97

395 Naver 243,478 3.14 1,689 Samsung Electronics 2,035,115 26.29

492 Samsung SDS 61,294 0.79 646 SK C&C 113,569 1.47

8,227 Sk hynix 231,415 2.99


834 KT Corporation 11,893 0.15 3,023 LG Uplus 28,607 0.37 2,582 SK Telecom 54,015 0.70


3,626 Korea Electric Power 190,138 2.46 391 Korea Gas 13,493 0.17

203,631 2.63






USD % of Total


Total assets 7,751,854 100.00

All equity positions held by the Sub-Fund at 30 June 2016 and at 31 December 2015 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 >171<



USD % of Net

Asset Value

Equities

Australia Financial (31 December 2015: 5.27%)

10,882 Buwog-Bauen Und Wohnen Gesellschaft 251,277 0.12 74,072 BWP Trust 200,761 0.09 51,850 Charter Hall Retail 183,772 0.09

218,718 Cromwell Property Group 165,300 0.08 146,028 Dexus Property Group 980,767 0.46 267,495 Goodman Group 1,416,147 0.67 269,976 GPT Group 1,087,541 0.51 85,027 Investa Office Fund 270,972 0.13

559,235 Mirvac Group 841,141 0.40 771,057 Scentre Group 2,824,715 1.33 111,865 Shopping Centres Australasia 189,912 0.08 359,811 Stockland 1,261,881 0.59 291,541 Westfield Group 2,311,917 1.09

11,986,103 5.64 Austria Financial (31 December 2015: 0.18%)

10,906 CA Immobilien Anlagen 181,861 0.09 10,314 Conwert Immobilien Iest 165,859 0.07

347,720 0.16 Belgium Financial (31 December 2015: 0.47%)

1,918 Aedifica 148,474 0.07 2,622 Befimmo Sicafi 168,657 0.08 3,022 Cofinimmo 355,033 0.17 2,176 Intervest Offices & Warehouses 61,644 0.03

315 Leasiest Real Estate 37,130 0.02 2,135 Warehouses De Pauw 199,831 0.09

344 Wereldhave Belgium 42,268 0.02

1,013,037 0.48 Canada Financial (31 December 2015: 2.18%)

11,632 Allied Properties Real Estate Investment Trust 346,443 0.16 20,488 Artis Real Estate Investment Trust 212,973 0.10

5,977 Boardwalk Real Estate Investment Trust 264,908 0.12 18,911 Canadian Apartment Properties 482,859 0.23 10,843 Canadian Real Estate Investment Trust 403,262 0.19 25,962 Chartwell Retirement Residences 315,254 0.15 25,375 Cominar Real Estate Investment Trust 329,033 0.15 11,861 Crombie Real Estate Investment Trust 140,191 0.07 14,498 Dream Global Real Estate Investment Trust 104,713 0.05 16,265 Dream Office Real Estate Investment 232,697 0.11 13,739 First Capital Realty 234,432 0.11

7,059 Granite Real Estate Investment Trust 210,623 0.10 42,260 H&R Real Estate Investment Trust 732,481 0.34 15,026 InnVest REIT 80,643 0.04


HSBC FTSE EPRA/NAREIT DEVELOPED UCITS ETF (continued)

>172< HSBC ETFs PLC



USD % of Net

Asset Value

Equities (continued) Canada (continued) Financial (31 December 2015: 2.18%) (continued)

7,496 Killam Properties 73,246 0.03 10,495 Milestone Apartments 152,653 0.08 33,201 Pure Industrial Real Estate Trust 131,659 0.06 47,702 RioCan Real Estate Investment Trust 1,077,308 0.51

5,525,378 2.60 Channel Islands Financial (31 December 2015: Nil)

17,857 Kennedy Wilson Europe Real Estate 229,403 0.11 32,049 Regional 42,843 0.02

272,246 0.13 Finland Financial (31 December 2015: 0.19%)

58,676 Citycon 133,371 0.06 36,647 Sponda 158,781 0.07 14,425 Technopolis 56,890 0.03

349,042 0.16 France Financial (31 December 2015: 4.04%)

1,040 Affine 18,024 0.01 1,139 ANF Immobilier 27,686 0.01

368 Fonciere De Paris 57,445 0.03 5,497 Fonciere Des Regions 488,612 0.23 6,016 Gecina 818,725 0.39 5,291 ICADE 374,254 0.18

30,874 Klepierre 1,366,833 0.64 6,201 Mercialys 132,303 0.06

14,862 Unibail-Rodamco 3,857,779 1.81 494,232 Vicinity Centres 1,221,777 0.57

8,363,438 3.93 Germany Financial (31 December 2015: 2.81%)

7,610 Adler Real Estate 46,341 0.02 15,930 Alstria Office 214,847 0.10 70,298 Deutsche Annington 2,557,694 1.20

6,902 Deutsche Euroshop 315,107 0.15 50,664 Deutsche Wohnen 1,718,104 0.81

5,500 DIC Asset 52,016 0.02 9,135 Hamborner REIT AG 98,735 0.05 9,441 LEG Immobilien 879,878 0.41

19,854 TAG Immobilien 260,050 0.12 8,318 TLG Immobilien 174,468 0.08

11,944 WCM Beteiligungs And Grund 42,992 0.03

6,360,232 2.99 Guernsey Basic Materials (31 December 2015: 0.03%)

59,016 Standard Life Investment Propertyome Trust 62,522 0.03

62,522 0.03



HSBC ETFs PLC >173<



USD % of Net

Asset Value

Equities (continued) Guernsey (continued) Financial (31 December 2015: 0.25%)

79,052 F&C Commercial Property Trust 120,260 0.06 78,671 Iista Foundation Property Trust 53,110 0.02 37,726 IRP Property Investments 44,632 0.02 80,921 Picton Propertyome 71,666 0.03

100,545 UK Commercial Property Trust 96,976 0.05 386,644 0.18 Hong Kong Financial (31 December 2015: 5.57%)

355,381 Champion 200,642 0.09 302,190 Hang Lung Properties 608,435 0.29 169,287 Henderson Land Development 950,309 0.45 176,567 Hongkong Land Holdings 1,075,293 0.51 93,061 Hysan Development 413,247 0.19 97,910 Kerry Properties 240,801 0.11

338,816 Link REIT 2,305,955 1.08 847,295 New World Development 857,348 0.40 463,736 Sino Land 756,759 0.36 212,417 Sun Hung Kai Properties 2,547,761 1.20 176,782 Swire Properties 468,277 0.22


182,143 Wharf Holdings 1,102,303 0.52

1,102,303 0.52 Ireland Financial (31 December 2015: 0.17%)

100,182 Green REIT 154,592 0.07 102,905 Hibernia 153,192 0.08 53,145 Irish Residential Properties 65,536 0.03

373,320 0.18 Israel Financial (31 December 2015: 0.11%)

6,542 Azrieli Group 277,913 0.13

277,913 0.13 Italy Financial (31 December 2015: 0.09%)

163,657 Beni Stabili 101,180 0.05 55,510 Immobiliare Grande Distribuzione 45,265 0.02

146,445 0.07 Japan Consumer Goods (31 December 2015: Nil)

150 Sekisui House 173,994 0.08


81 Activia Properties 429,516 0.20 182 Advance Residence Investment 488,397 0.23

17,759 Aeon Mall 230,924 0.11



>174< HSBC ETFs PLC



USD % of Net

Asset Value

Equities (continued) Japan (continued) Financial (31 December 2015: 10.87%) (continued)

154 AEON REIT Investemnt Corporation 176,382 0.08 46 Daiwa House Reit Investment 270,826 0.13 97 Daiwa House Residential Investment Corporation 263,892 0.12 40 Daiwa Office Investment 237,450 0.11 67 Frontier Real Estate Investment 348,747 0.16 94 Fukuora Reit 186,369 0.09

331 GLP J REIT 418,791 0.20 53,885 Hulic 790,581 0.37

49 Industrial & Infrastructure Fund Investment Corporation 273,682 0.13 970 Invincible Investment 1,120,371 0.53 173 Japan Excellent 237,097 0.11 125 Japan Logistics Fund 292,061 0.14 120 Japan Prime Realty Investment 515,840 0.24 185 Japan Real Estate Investment 1,143,289 0.54 229 Japan Rental Housing Investment 187,950 0.09 383 Japan Retail Fund Investment 978,500 0.46

54 Kenedix Realty Investment 322,663 0.15 62 Kenedix Retail 167,223 0.08

190,868 Mitsubishi Estate 3,484,704 1.64 143,102 Mitsui Fudosan 3,252,191 1.53

220 Mori Hills Reit 345,687 0.16 149 Mori Trust Sogo 282,924 0.13

67 Nippon Accommodations Fund 305,644 0.14 204 Nippon Building Fund 1,258,719 0.59 499 Nippon Hotel Fund 420,738 0.20 233 Nippon Prologis REIT 570,065 0.27

18,047 Nomura Real Estate Holdings 312,951 0.15 16,472 NTT Urban Development 175,333 0.08

364 Orix J 629,079 0.30 190 Premier Investment Corporation 250,210 0.12

65,168 Sumitomo Realty & Development 1,749,734 0.82 30,822 Tokyo Tatemono 367,136 0.17

132 Tokyu REIT 187,983 0.09 25 Top 101,253 0.05

394 United Urban Investment Corporation 710,882 0.33

23,485,784 11.04 Luxembourg Financial (31 December 2015: 0.22%)

3,807 ADO Properties 146,210 0.07 15,209 Grand City Properties 311,993 0.15

458,203 0.22 Netherlands Financial (31 December 2015: 0.44%)

6,973 Eurocommercial Properties 297,859 0.14 21,051 Nieuwe Steen Investment 84,379 0.04

2,922 Vastned Retail 118,502 0.05 6,061 Wereldhave 274,389 0.13

775,129 0.36



HSBC ETFs PLC >175<



USD % of Net

Asset Value

Equities (continued) New Zealand Financial (31 December 2015: 0.09%)

191,995 Kiwi Property Group 203,741 0.10

203,741 0.10 Norway Financial (31 December 2015: 0.06%)

9,478 Entra 88,913 0.04 39,917 Norwegian Property 43,600 0.02

132,513 0.06 Singapore Consumer Services (31 December 2015: Nil)

88,906 City Developments 537,703 0.25


329,626 Ascendas Real Estate Investment Trust 607,380 0.29 301,589 CapitaCommercial Trust 330,518 0.16 381,597 CapitaLand 870,423 0.41 401,204 CapitaMall Trust 634,939 0.30 96,867 CDL Hospitality Trusts 101,480 0.05

198,013 Fortune Real Estate Investment 236,096 0.11 282,147 Keppel REIT 220,116 0.10 198,665 Mapletree Commercial Trust 218,459 0.10 188,050 Mapletree Industrial Trust 240,319 0.11 218,723 Mapletree Logistics Trust 162,511 0.08 363,259 Suntec Real Estate Investment Trust 477,724 0.22 70,379 UOL Group 285,511 0.13

4,385,476 2.06 Spain Financial (31 December 2015: 0.54%)

8,850 Axiare patrimonio Socimi 112,870 0.05 13,485 Hispania Activos Inmobiliarios 157,302 0.07

341,222 Inmobiliaria Colonial 246,781 0.12 8,021 Lar Espana Real Estate 71,760 0.04

48,809 Merlin Properties Socimi 510,414 0.24

1,099,127 0.52 Sweden Financial (31 December 2015: 1.19%)

37,170 Castellum 526,005 0.25 6,791 D Carnegie 77,547 0.04 7,086 Dios Fastigheter 50,180 0.02

13,765 Fastighets AB Balder 345,884 0.16 19,915 Fege 335,650 0.16 14,450 Hemfosa Fastigheter 147,524 0.07 16,822 Hufvudstaden 262,276 0.12 56,854 Klovern 65,224 0.03 27,272 Kungsleden 176,230 0.08

7,867 Pandox 123,028 0.06



>176< HSBC ETFs PLC



USD % of Net

Asset Value

Equities (continued) Sweden (continued) Financial (31 December 2015: 1.19%) (continued)

29,752 Wallenstam 240,714 0.11 10,028 Wihlborgs Fastigheter 203,810 0.10

2,554,072 1.20 Switzerland Financial (31 December 2015: 0.86%)

1,440 Allreal Holding 199,548 0.09 934 Mobimo Holding 212,552 0.10

6,013 PSP Swiss Property 583,277 0.27 9,534 Swiss Prime Site 863,169 0.41

1,858,546 0.87 United Kingdom Financial (31 December 2015: 5.93%)

244,685 Assura 179,084 0.09 21,602 Big Yellow Group REIT 225,534 0.11

154,067 British Land 1,250,158 0.59 109,785 Capital & Counties Properties 435,879 0.20 141,642 Capital Shopping Centres 549,296 0.26

742 Daejan Holdings 50,042 0.02 15,048 Derwent London REIT 525,635 0.25 76,428 Empiric Student Property 110,087 0.05 61,831 Grainger 174,982 0.08 51,966 Great Portland Estates 435,218 0.20

117,970 Hammerson 848,438 0.40 111,509 Hansteen Holdings 152,047 0.07 14,419 Helical Bar 54,838 0.03

118,334 Land Securities Group 1,643,583 0.77 88,618 London & Stamford Property 177,460 0.08 58,457 MedicX Fund 69,159 0.03 85,822 Primary Health Properties 122,471 0.06

179,536 Redefine International 109,154 0.05 113,290 Segro 628,047 0.30 41,981 Shaftesbury 493,297 0.23 37,786 Target Healthcare 55,058 0.03

126,300 Tritax Big Box 220,671 0.10 33,242 Unite Group 275,515 0.13 17,453 Workspace Group 160,868 0.08


31,008 Safestore Holdings 153,039 0.07

153,039 0.07 United States Financial (31 December 2015: 54.95%)

10,691 Acadia Realty Trust 379,744 0.18 3,346 Agree Realty 161,411 0.08

306 Alexander's 125,224 0.06 11,038 Alexandria Real Estate Equities 1,142,654 0.54



HSBC ETFs PLC >177<



USD % of Net

Asset Value


5,853 American Assets Trust 248,401 0.12 19,599 American Campus Communities 1,036,199 0.49 27,883 American Homes 4 Rent 571,044 0.27 23,507 Apartment Investment & Management 1,038,069 0.49 25,180 Apple Hospitality Real Estate Investment Trust 473,636 0.22 13,906 Ashford Hospitality Trust 74,675 0.04 20,649 AvalonBay Communities 3,724,873 1.75 23,141 Boston Properties 3,052,298 1.44 26,353 Brandywine Realty Trust 442,730 0.21 12,996 Camden Property Trust 1,149,106 0.54 12,538 Care Capital Properties 328,621 0.15 25,573 CBL & Associates Properties 238,085 0.11 12,779 Cedar Realty Trust 94,948 0.04

5,573 Chatham Lodging Trust 122,495 0.06 8,978 Chesapeake Lodging Trust 208,739 0.10

425,037 Cheung Kong Property Holdings 2,651,704 1.25 7,299 Colony Starwood Homes 222,036 0.10

18,573 Columbia Property Trust 397,462 0.19 14,220 Corporate Office Properties Trust 420,485 0.20 31,048 Cousins Properties 322,899 0.15 26,703 CubeSmart 824,589 0.39 13,528 DCT Industrial Trust 649,885 0.31 46,721 DDR 847,519 0.40 30,452 DiamondRock Hospitality 274,982 0.13 24,035 Digital Realty Trust 2,619,575 1.23 20,704 Douglas Emmett 735,406 0.35 51,903 Duke Realty 1,383,734 0.65 11,095 DuPont Fros Technology 527,456 0.25

4,862 EastGroup Properties 335,089 0.16 9,938 Education Realty Trust 458,539 0.21

14,564 Empire State Realty 276,570 0.13 9,530 EPR Properties 768,880 0.36

19,091 Equity Commonwealth 556,121 0.26 11,484 Equity Lifestyle Properties 919,294 0.43 13,775 Equity One 443,280 0.21 54,359 Equity Residential 3,744,248 1.76

9,868 Essex Property 2,250,792 1.06 17,703 Extra Space Storage 1,638,236 0.77 10,653 Federal Realty Investment Trust 1,763,604 0.83 20,829 FelCor Lodging Trust 129,765 0.06 17,576 First Industrial Realty Trust 488,964 0.23

9,020 First Potomac Realty Trust 82,984 0.04 35,508 Forest City Realty Trust 792,183 0.37

8,904 Four Corners Property Trust 183,333 0.09 13,211 Franklin Street Properties 162,099 0.08 29,648 Gaming And Leisure Properties 1,022,263 0.48 75,766 General Growth Properties 2,259,342 1.06

3,800 Getty Realty 81,510 0.04



>178< HSBC ETFs PLC



USD % of Net

Asset Value


10,699 Government Propertiesome Trust 246,719 0.12 63,353 Gramercy Property Trust 584,115 0.27 70,153 HCP 2,482,013 1.17 15,766 Healthcare Realty Trust 551,652 0.26 20,436 Healthcare Trust of America 660,900 0.31

5,733 Hersha Hospitality Trust 98,321 0.04 14,653 Highwoods Properties 773,678 0.36 22,889 Hospitality Properties Trust 659,203 0.31

112,411 Host Hotels & Resorts 1,822,182 0.86 12,302 Hudson Pacific Properties 358,972 0.17 18,575 Investors Real Estate Trust 120,180 0.06 13,870 Kilroy Realty 919,442 0.43 63,124 Kimco Realty 1,980,831 0.93 12,303 Kite Realty Group Trust 344,853 0.16 16,903 LaSalle Hotel Properties 398,573 0.19 35,353 Lexington Realty Trust 357,419 0.17 22,228 Liberty Property Trust 882,896 0.42

5,696 LTC Properties 294,654 0.14 22,435 Macerich 1,915,725 0.90 13,334 Mack-Cali Realty 360,018 0.17 35,936 Medical Properties Trust 546,587 0.26 11,320 Mid-America Apartment Communities 1,204,448 0.56 25,620 Monogram Residential Trust 261,580 0.12

5,315 National Health Investors 399,103 0.19 21,665 National Retail Properties 1,120,514 0.53 12,118 New Senior Investment Group 129,420 0.06 24,599 New York Real Estate Investment Trust 227,541 0.11

6,652 Northern Property Real Estate Investment Trust 114,887 0.05 25,040 Omega Healthcare Investors 850,108 0.40 21,590 Paramount Group 344,145 0.16 11,988 Parkway Properties 200,559 0.09 10,902 Pebblebrook Hotel Trust 286,178 0.13

9,987 Pennsylvania Real Estate Investment Trust 214,221 0.10 20,260 Physicians Realty Trust 425,663 0.20 21,986 Piedmont Office Realty Trust 473,578 0.22

8,045 Post Properties 491,147 0.23 79,054 ProLogis 3,876,808 1.82

3,039 PS Business Parks 322,377 0.15 21,884 Public Storage 5,593,332 2.63

6,778 QTS Realty Trust 379,432 0.18 11,794 Ramco-Gershenson Properties Trust 231,280 0.11 38,864 Realty Income 2,695,607 1.27 14,682 Regency Centers 1,229,324 0.58 15,000 Retail Opportunity Investments 325,050 0.15 35,744 Retail Properties of America 604,074 0.28

9,693 Rexford Industrial 204,425 0.10 18,839 RLJ Lodging Trust 404,097 0.19

5,564 Rouse Properties 101,543 0.05



HSBC ETFs PLC >179<



USD % of Net

Asset Value


7,296 Ryman Hospitality Properties 369,542 0.17 9,803 Sabra Healthcare 202,285 0.09 2,049 Saul Centers 126,444 0.06

10,300 Select Income 267,697 0.13 35,870 Senior Housing Properties Trust 747,172 0.35

3,876 Seritage Growth Properties 193,180 0.09 5,257 Silver Bay Realty Trust Corp 89,527 0.04

46,884 Simon Property Group 10,169,140 4.78 14,979 SL Green Realty 1,594,814 0.75 16,743 Smart Real Estate Investment 492,479 0.23

6,870 Sovran Self Storage 720,800 0.34 69,265 Spirit Realty Capital 884,514 0.42 10,363 Stag Industrial 246,743 0.12 22,394 Store Capital Corporation 659,503 0.31 12,456 Summit Hotel Properties 164,917 0.08

8,645 Sun Communities 662,553 0.31 32,446 Sunstone Hotel Investors 391,623 0.18 14,482 Tanger Factory Outlet Centers 581,887 0.27

9,101 Taubman Centers 675,294 0.32 6,461 Terreno Realty 167,146 0.08 7,284 Tier REIT 111,664 0.05

40,182 UDR 1,483,519 0.70 2,002 Universal Health Realtyome Trust 114,474 0.05

13,436 Urban Edge Properties 401,199 0.19 4,033 Urstadt Biddle Properties 99,938 0.05

50,697 Ventas 3,691,756 1.74 136,151 VEREIT 1,380,571 0.64 25,561 Vornado Realty Trust 2,559,167 1.20 11,035 Washington Real Estate Investment Trust 347,161 0.16 16,988 Weingarten Realty Investors 693,450 0.33 53,574 Welltower 4,080,731 1.92 13,409 WP Carey 930,853 0.44 27,696 WP Glimcher 309,918 0.15 16,176 Xenia Hotels & Resorts 271,433 0.13


31,603 Brixmor Property Group 836,215 0.39 836,215 0.39

Total equities (31 December 2015: 99.62%)* 212,391,481 99.88






>180< HSBC ETFs PLC


USD % of Total

Assets * Transferable securities admitted to an official stock exchange listing 212,391,481 99.42 Other assets 1,233,198 0.58

Total assets 213,624,679 100.00

All equity positions held by the Sub-Fund at 30 June 2016 and at 31 December 2015 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.


HSBC MSCI RUSSIA CAPPED UCITS ETF

HSBC ETFs PLC >181<



USD % of Net

Asset Value

Equities

Basic Materials (31 December 2015: 8.51%) 624,880 ALROSA 673,817 1.41 18,797 MMC Norilsk Nickel 2,504,207 5.23 32,962 Phosagro 486,189 1.01 71,076 Severstal 778,328 1.62


96,277 Magnit 3,198,322 6.67


463,994 Moscow Exchange 816,597 1.70 3,663,085 Sberbank of Russia 7,643,004 15.94

1,759,417,278 VTB Bank 1,881,780 3.93

10,341,381 21.57 Oil & Gas (31 December 2015: 57.13%)

4,017,154 Gazprom 8,815,696 18.39 144,332 Lukoil 6,062,272 12.64 30,914 NovaTek 3,153,228 6.58

395,649 Rosneft Oil 2,043,668 4.26 4,777,446 Surgutneftegas 2,668,486 5.57

480,612 Tatneft 2,461,089 5.13 528 Transneft 1,372,126 2.86


57,313 AFK Sistema 431,567 0.90 31,562 Megafon 328,245 0.68

175,325 Mobile Telesystems OJSC 1,451,691 3.03 305,856 Rostelecom 440,607 0.92


39,326,166 Rushydro 378,625 0.79

378,625 0.79



27 EUX RDX USD Index Future Sep 2016 5,135 0.01 Total futures** (Notional amount: USD 284,850 ) 5,135 0.01





HSBC MSCI RUSSIA CAPPED UCITS ETF (continued)

>182< HSBC ETFs PLC


USD % of Total

Assets * Transferable securities admitted to an official stock exchange listing 47,589,544 99.09 **Financial derivative instruments dealt in on a regulated market 5,135 0.01 Other assets 431,211 0.90

Total assets 48,025,890 100.00

All equity positions and futures held by the Sub-Fund at 30 June 2016 and as at 31 December 2015 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.


HSBC MSCI EMERGING MARKETS UCITS ETF

HSBC ETFs PLC >183<



USD % of Net

Asset Value

Equities


9,257 Braskem 55,015 0.02 65,651 Cia Siderurgica Nacional 160,247 0.06 21,676 Fibria Celulose 145,668 0.05 77,256 Gerdau 142,033 0.05 29,575 Suzano Papel e Celulose 104,591 0.04

249,353 Vale SA 1,123,151 0.41


343,905 Ambev 2,044,913 0.75 29,352 BRF - Brasil Foods 413,470 0.15

8,631 Cosan SA Industria e Comercio 89,738 0.03 13,065 Hypermarcas 95,181 0.04 58,295 JBS 181,959 0.07 18,322 Natura Cosmeticos 145,833 0.05


70,330 Alibaba Group Holding 5,593,345 2.06 8,622 Cia Brasileira de Distribuicao Grupo Pao de Acucar 125,707 0.05

108,143 Kroton Educational 459,070 0.17 11,827 Localiza Rent a Car 127,361 0.05 54,402 Lojas Americanas 273,050 0.10 60,048 Lojas Renner 444,023 0.16 17,208 Raia Drogasil 339,138 0.12


244,101 Banco Bradesco 1,948,490 0.72 65,641 Banco do Brasil 351,998 0.13 30,306 Banco Santander Brasil 171,974 0.06 53,160 BB Seguridade Participacoes 466,431 0.17

106,918 BM&FBovespa 600,710 0.22 41,108 BR Malls Participacoes 164,881 0.06 25,188 CETIP - Balcao Organizado de Ativos e Derivativos 344,279 0.13 82,152 Cielo 868,253 0.32


6,814 Multiplan Empreendimentos Imobiliarios 128,166 0.05 21,906 Qualicorp 127,248 0.05


62,117 Odontoprev 258,065 0.10


85,005 CCR 445,754 0.16 57,363 Embraer 313,337 0.12 36,437 Klabin SA 175,375 0.06 40,169 Weg 172,274 0.06

1,106,740 0.40


HSBC MSCI EMERGING MARKETS UCITS ETF (continued)

>184< HSBC ETFs PLC



USD % of Net

Asset Value

Equities (continued) Brazil (continued) Oil & Gas (31 December 2015: 0.39%)



9,943 Totvs 94,782 0.03




6,485 AES Tiete 29,938 0.01 62,268 Cia Energetica de Minas Gerais 141,494 0.05 17,622 CPFL Energia 113,254 0.04 25,728 Equatorial Energia 390,688 0.15 30,192 Sabesp 274,049 0.10 30,623 Ultrapar Participacoes 679,704 0.25

1,629,127 0.60 Chile Basic Materials (31 December 2015: 0.10%)



26,856 Cia Cervecerias Unidas 314,095 0.12


58,729 Cencosud 167,548 0.06 27,121 Latam Airlines 179,452 0.07 36,390 SACI Falabella 277,466 0.10


6,296 Banco de Credito e Inversiones 271,976 0.10 7,668,103 Banco Santander Chile 369,701 0.14

641,677 0.24 Oil & Gas (31 December 2015: 0.09%)

26,517 Empresas COPEC 233,183 0.09


2,883 Empresa Nacional de Electricidad 2,787 - 10,523 ENTEL Chile 95,306 0.04


574,745 AES Gener SA 281,024 0.10 622,597 Colbun 150,847 0.06 218,135 Empresa Nacional de Electricidad 201,544 0.07



HSBC ETFs PLC >185<



USD % of Net

Asset Value

Equities (continued) Chile (continued) Utilities (31 December 2015: 0.42%) (continued)

218,135 Endesa 100,441 0.04 2,373,342 Enersis 313,108 0.12

1,046,964 0.39 China Basic Materials (31 December 2015: 0.33%)

360,223 Aluminum Corporation of China 112,832 0.04 306,824 China Shenhua Energy 563,978 0.21 112,173 Jiangxipper Copper 124,782 0.05 248,314 Yanzhou Coal Mining 160,358 0.05


88,919 Anta Sports Products 177,656 0.07 88,000 AviChina Industry & Technology 60,913 0.02

3,400 Chongqing Changan Automobile 4,733 - 269,577 Dongfeng Motor Group 280,768 0.10 309,116 Great Wall Automobiles 255,805 0.09 209,798 Guangzhou Automobile Group 250,147 0.09 42,165 Hengan International Group 351,649 0.13 51,000 Shenzou International Group 246,193 0.09

100,887 Tingyi Cayman Islands Holding 95,062 0.04 594,863 Want Want China Holding 421,728 0.16


121,775 Air China 83,193 0.03 860,000 Alibaba Pictures 199,537 0.08 72,222 China Southern Airline 40,682 0.01 22,842 Ctrip Com International 941,090 0.35

7,583 New Oriental Education & Technology 317,576 0.12 23,962 SouFun Holdings 120,529 0.04 15,476 Vipshop Holdings 172,867 0.06


2,088,019 Agricultural Bank of China 761,682 0.28 5,223,720 Bank of China 2,080,613 0.77

832,463 China Citic Bank 505,404 0.19 6,218,594 China Construction Bank 4,104,074 1.51

308,169 China Galaxy Securities 275,280 0.10 562,290 China Life Insurance 1,204,604 0.44 368,736 China Merchants Bank 824,172 0.30 550,078 China Minsheng Banking 530,370 0.20 210,822 China Pacific Insurance Group 709,267 0.26 131,849 China Taiping Insurance Holdings 245,413 0.09 104,908 China Vanke 205,544 0.08 163,703 CITIC Securities 358,722 0.13 555,525 Country Garden Holdings 233,439 0.09 345,627 Evergrande Real Estate Group 211,619 0.08 75,142 GF Securities 170,470 0.06

214,981 Guangzhou R&F Properties 270,737 0.10



>186< HSBC ETFs PLC



USD % of Net

Asset Value


207,803 Haitong Securities 349,287 0.13 8,000 Huatai Secutiries Co Ltd 16,994 0.01

5,461,154 Industrial & Commercial Bank of China 3,019,915 1.11 85,071 New China Life Insurance 302,104 0.11

523,215 People s Insurance Company Group of China 200,304 0.07 324,715 PICC Property & Casualty 507,292 0.19 413,026 Ping An Insurance 1,818,114 0.67 799,096 Shui On Land 201,887 0.07


226,148 Shandong Weigao Group Medical Polymer 128,554 0.05 97,211 Sinopharm Group 463,002 0.17


4,765 58 Com 218,666 0.08 63,877 AAC Technologies Holdings 542,192 0.20

115,818 Anhui Conch Cement 277,977 0.10 35,667 Beijing Capital International Airport 38,619 0.01 38,392 Byd 229,869 0.08

476,846 China Cinda Asset Management 160,425 0.06 375,712 China Communications Construction 401,963 0.15 545,586 China COSCO Holdings 191,990 0.07 340,937 China National Building Material 148,540 0.05 122,353 China Railway Construction 152,509 0.06 321,012 China Railway Group 238,340 0.09 492,622 China Shipping Container Lines 101,598 0.04 290,361 CSR Corporation Limited 258,624 0.10 14,329 Dalian Wanda Commercial Properties 87,918 0.03

138,952 Fosun International 179,109 0.07 93,180 Jiangsu Expressway 129,478 0.05

151,479 Shanghai Electric Group 63,458 0.02 122,479 Sinopec Engineering Group 110,513 0.04 138,658 Sinotrans 61,304 0.02 116,630 Weichai Power 119,367 0.04 43,321 Zhuzhou CSR Times Electric 237,882 0.09

3,950,341 1.45 Oil & Gas (31 December 2015: 1.90%)

371,106 CGN Power 102,846 0.04 172,951 China Conch Venture Holdings 342,426 0.13 258,185 China Longyuan Power Group 213,658 0.08

1,719,895 China Petroleum & Chemical 1,241,489 0.45 1,294,588 CNOOC 1,605,313 0.59

672,624 Huaneng Renewables Corp Ltd 222,822 0.08 1,639,849 PetroChina 1,118,182 0.41





HSBC ETFs PLC >187<



USD % of Net

Asset Value

Equities (continued) China (continued) Technology (31 December 2015: 4.77%) (continued)

1,019,852 Hanergy Thin Film Power Group - - 42,490 JD.Com 902,063 0.33 63,458 Kingsoft 122,205 0.04

584,099 Lenovo Group 351,606 0.13 5,597 NetEase 1,081,452 0.40 6,964 Qihoo 360 Technology 508,720 0.19

2,445,958 Semiconductor Manufacturing International 195,476 0.07 395,824 Tencent Holdings 8,984,926 3.31

3,011 YY Inc 101,983 0.04 3,600 ZTE 4,538 -


1,076,156 China Telecom 479,959 0.18


72,008 ENN Energy Holdings 354,102 0.13 126,488 Huadian Power International 60,163 0.02 309,137 Huaneng Power International 190,472 0.07


35,235 Bancolombia 308,624 0.12 16,200 Corp Financiera Colombiana 212,510 0.08 42,551 Grupo De Inv Suramericana 555,509 0.20


41,742 Cementos Argos 171,043 0.06 26,638 Inversiones Argos 169,406 0.06


25,024 Interconexion Electrica ESP 76,904 0.03

76,904 0.03 Czech Republic Financial (31 December 2015: 0.12%)

7,865 Komercni Banka 293,594 0.11


9,915 CEZ 168,546 0.06

168,546 0.06 Egypt Financial (31 December 2015: 0.17%)

69,544 Commercial International Bank Egypt 311,932 0.11 83,034 Talaat Mostafa Group 45,632 0.02


213,157 Global Telecom 76,574 0.03

76,574 0.03



>188< HSBC ETFs PLC



USD % of Net

Asset Value

Equities (continued) Greece Consumer Goods (31 December 2015: 0.02%)

10,058 Jumbo 131,629 0.05


2,508 Folli Follie 46,726 0.02 13,821 Greek Organisation of Football Prognostics 95,505 0.03

142,231 0.05 Financial (31 December 2015:0.21 %)

74,422 Alpha Bank 133,940 0.05 5,741 Eurobank Ergasias 3,508 -

408,440 National Bank of Greece 87,121 0.03 569,861 Piraeus Bank 101,927 0.04


6,643 Titan Cement 136,531 0.05

136,531 0.05 Telecommunications (31 December 2015:0.11%)

29,304 OTE-Hellenic Telecom 262,721 0.10

262,721 0.10 Hong Kong Consumer Goods (31 December 2015: 0.70%)


8,433 Qinqin Foodstuffs Group - -


569,001 GOME Electrical Appliances Holding 67,477 0.02 106,445 Sun Art Retail Group 74,504 0.03


74,142 China Everbright 142,398 0.06 205,011 China Everbright International 227,263 0.08 341,496 China Overseas Land & Investment 1,078,462 0.40 198,741 China Resources Land 463,681 0.17 131,960 Shimao Property Holdings 166,014 0.06


103,325 China Medical System Holdings 157,159 0.06 369,879 CSPC Pharmaceutical 328,974 0.12 212,461 Luye Pharma Group 130,085 0.04 446,925 Sino Biopharmaceutical 290,924 0.11


52,549 Beijing Enterprises Holdings 296,682 0.11



HSBC ETFs PLC >189<



USD % of Net

Asset Value

Equities (continued) Hong Kong (continued) Industrial (31 December 2015: 0.90%) (continued)

364,586 Beijing Enterprises Water Group 218,997 0.08 94,921 China Merchants Holdings International 252,048 0.09

117,844 China Resources Enterprise 256,713 0.09 137,363 China State Construction International Holdings 180,956 0.07 233,870 Citic Pacific 340,045 0.13 234,008 COSCO Pacific 232,562 0.09 99,047 Shanghai Industrial Holdings 223,681 0.08

2,001,684 0.74 Oil & Gas (31 December 2015: 0.08%)

220,113 Kunlun Energy 181,301 0.07


454,779 China Mobile 5,196,754 1.91 467,099 China Unicom Hong Kong 482,877 0.18


77,221 China Resources Gas Group 233,914 0.08 164,590 China Resources Power Holdings 245,253 0.09 374,000 GCL-Poly Energy Holdings 48,691 0.02 195,758 Guangdong Investment 297,247 0.11

825,105 0.30 Hungary Financial (31 December 2015: 0.14%)

17,297 OTP Bank 386,544 0.14 386,544 0.14 Healthcare (31 December 2015: 0.07%)

10,294 Richter Gedeon Nyrt 204,685 0.08

204,685 0.08 Oil & Gas (31 December 2015: 0.04%)

2,076 MOL Hungarian Oil and Gas 120,148 0.04

120,148 0.04 India

Basic Materials (31 December 2015: 0.08%)

Financial (31 December 2015: 0.15%)

Healthcare (31 December 2015: 0.18%)

Industrial (31 December 2015: 0.39%)

Oil & Gas (31 December 2015: 0.64%)

Indonesia Consumer Goods (31 December 2015: 0.61%)

1,516,135 Astra International 849,150 0.31 204,177 Charoen Pokphand Indonesia 57,950 0.02 20,956 Gudang Garam 109,439 0.04



>190< HSBC ETFs PLC



USD % of Net

Asset Value

Equities (continued) Indonesia (continued) Consumer Goods (31 December 2015: 0.61%) (continued)

764,250 Hanjaya Mandala Sampoerna 219,803 0.08 538,787 Indofood Sukses Makmur 295,645 0.11 142,432 Unilever Indonesia 485,913 0.18


627,816 Global Mediacom 46,804 0.02 117,347 Matahari Department Store 177,630 0.07 512,382 Surya Citra Media 127,974 0.04


903,891 Bank Central Asia 911,587 0.34 334,203 Bank Danamon Indonesia 89,542 0.03 873,884 Bank Mandiri 629,990 0.23 738,471 Bank Negara Indonesia Persero 290,638 0.11 594,338 Bank Rakyat Indonesia Persero 485,816 0.18 751,227 Bumi Serpong Damai 119,969 0.04

1,800,760 PT Lippo Karawaci 156,055 0.06


1,706,743 Kalbe Farma 197,640 0.07




230,767 Tower Bersama Infrastructure 115,274 0.04


3,878,099 Telekomunikasi Indonesia 1,168,199 0.43 1,168,199 0.43 Utilities (31 December 2015: 0.08%)

997,437 Perusahaan Gas Negara 176,651 0.07 176,651 0.07 Malaysia Basic Materials (31 December 2015: 0.19%)



14,470 British American Tobacco Malaysia 189,153 0.07 102,864 Felda Global Ventures Holdings 38,528 0.01 49,298 Genting Plantations 129,864 0.05

315,743 IOI Properties 339,904 0.13 9,772 Kuala Lumpur Kepong 56,380 0.02

48,902 PPB Group 200,145 0.07

953,974 0.35



HSBC ETFs PLC >191<



USD % of Net

Asset Value

Equities (continued) Malaysia (continued) Consumer Services (31 December 2015: 0.17%)



171,349 AMMB Holdings 188,711 0.07 156,390 CIMB Group Holdings 169,521 0.06 50,514 Hong Leong Financial Group 183,938 0.07

304,814 Malayan Banking 615,450 0.23 174,716 Public Bank Berhad 840,752 0.31


253,814 IHH Healthcare 415,521 0.15 415,521 0.15 Industrial (31 December 2015: 0.30%)

116,974 Gamuda 141,013 0.05 55,150 Malaysia Airports Holdings 83,720 0.04

162,951 Sime Darby 306,784 0.11 87,322 Westports Holdings 90,972 0.03

622,489 0.23 Oil & Gas (31 December 2015: 0.17%)

548,917 Dialog Group 209,682 0.07 17,020 Petronas Dagangan 98,789 0.04

289,246 Sapurakencana Petroleum 105,467 0.04


219,015 Maxis 319,980 0.12





242,055 Tenaga Nasional 846,577 0.31 482,908 YTL 200,039 0.07 262,822 YTL Power International 91,921 0.03

1,515,720 0.56 Mexico Basic Materials (31 December 2015: 0.48%)

301,062 Grupo Mexico 703,159 0.26 16,943 Industrias Penoles 399,963 0.15 25,605 Mexichem 53,641 0.02 12,289 Southern Copper 331,557 0.12


25,220 Arca Continental 179,144 0.07 14,670 Coca-Cola 120,569 0.04



>192< HSBC ETFs PLC



USD % of Net

Asset Value

Equities (continued) Mexico (continued) Consumer Goods (31 December 2015: 0.99%) (continued)

145,767 Fomento Economico Mexicano 1,336,686 0.49 14,867 Gruma 212,579 0.08 63,702 Grupo Bimbo 197,571 0.07

145,924 Kimberly-Clark de Mexico 341,136 0.13


22,622 El Puerto De Liverpool 236,676 0.09 157,092 Grupo Televisa 812,569 0.30 446,660 WalMart de Mexico 1,063,070 0.39


132,873 Fibra Uno Administration 279,873 0.10 149,117 Grupo Fin Santander 267,856 0.10 189,610 Grupo Financiero Banorte 1,053,637 0.39 186,472 Grupo Financiero Inbursa 313,326 0.12


256,659 Alfa 437,938 0.16 1,058,346 Cemex 648,227 0.24

26,832 Grupo Aeroportuario 422,421 0.15 7,094 Grupo Aeroportuario del Pacifico 72,219 0.03

51,613 Grupo Carso 218,322 0.08 78,305 OHL Mexico 94,649 0.03

3,381 Promotora y Operadora de Infraestructura 41,506 0.02


2,535,108 America Movil 1,541,738 0.57 1,541,738 0.57 Netherlands Consumer Goods (31 December 2015: Nil)

185,800 Steinhoff International 1,069,127 0.39


Peru Basic Materials (31 December 2015: 0.05%)

12,324 Cia de Minas Buenaventura 147,272 0.05


3,944 Credicorp 608,678 0.22 608,678 0.22 Philippines Consumer Goods (31 December 2015: 0.22%)


636,297 0.23



HSBC ETFs PLC >193<



USD % of Net

Asset Value

Equities (continued) Philippines (continued) Consumer Services (31 December 2015: 0.16%)



708,299 Ayala Land 584,133 0.22 43,642 Bank of the Philippine Islands 90,257 0.03

167,134 BDO Unibank 397,875 0.14 897 GT Capital Holdings 27,455 0.01

1,086,174 Megaworld Corporation 107,353 0.04 40,613 Metropolitan Bank & Trust 77,993 0.03 16,996 Security Bank 69,324 0.03

770,239 SM Prime Holdings 446,942 0.16


60,990 Aboitiz Equity Ventures 101,050 0.04 292,544 Alliance Global Group 92,027 0.03 18,305 Ayala 330,325 0.12

3,523 International Container Terminal 4,605 -


4,876 Globe Telecom 245,834 0.09 5,202 Philippine Long Distance Telephone 237,724 0.09


200,374 Aboitiz Power 196,126 0.07 1,045,119 Energy Development 122,622 0.05

318,748 0.12 Poland Basic Materials (31 December 2015: 0.08%)

8,342 Grupa Azoty 144,798 0.05 12,406 KGHM Polska Miedz 206,696 0.08


82 Lpp 104,307 0.04


3,697 CCC S.A. 148,996 0.05 27,078 Cyfrowy Polt 150,382 0.06

7,848 Eurocash 91,331 0.03


125,181 Bank Millennium 147,891 0.06 13,218 Bank Pekao 457,300 0.17

2,700 Bank Zachodni WBK 179,087 0.07 764 BRE Bank 59,585 0.02

57,132 Powszechna Kasa Oszczednosci Bank Polski 335,752 0.12 24,141 Powszechny Zaklad Ubezpieczen 173,988 0.06

1,353,603 0.50



>194< HSBC ETFs PLC



USD % of Net

Asset Value

Equities (continued) Poland (continued) Oil & Gas (31 December 2015: 0.24%)

62,755 Polish Oil & Gas 88,714 0.03 19,596 Polski Koncern Naftowy Orlen 341,576 0.13


72,989 Telekomunikacja Polska 93,416 0.03


30,861 Enea 77,126 0.03 58,670 PGE 175,061 0.07 86,756 Tauron Polska Energia 62,198 0.02

314,385 0.12 Qatar Financial (31 December 2015: 0.70%)

14,716 Barwa Real Estate 133,367 0.05 24,575 Commercial Bank of Qatar 249,712 0.09 50,492 Ezdan Real Estate 248,626 0.09 36,022 Masraf Al Rayan 336,349 0.12 13,438 Qatar Insurance 271,985 0.10 10,655 Qatar National Bank 409,661 0.16


12,251 Qatar Industries 329,717 0.12


8,933 Ooredoo QSC 216,867 0.08 37,269 Vodafone Qatar 108,287 0.04


1,906 Qatar Electricity And Water 108,875 0.04

108,875 0.04 Russia Basic Materials (31 December 2015: 0.30%)

143,027 ALROSA 154,228 0.06 4,173 MMC Norilsk Nickel 555,943 0.21

15,954 Severstal 174,707 0.06


21,084 Magnit 700,410 0.26


106,346 Moscow Exchange 187,162 0.07 788,473 Sberbank of Russia 1,645,144 0.61

413,542,440 VTB Bank 442,303 0.16

2,274,609 0.84 Oil & Gas (31 December 2015: 1.98%)

886,875 Gazprom 1,946,259 0.71 28,585 Lukoil 1,200,635 0.44

7,707 NovaTek 786,114 0.29



HSBC ETFs PLC >195<



USD % of Net

Asset Value

Equities (continued) Russia (continued) Oil & Gas (31 December 2015: 1.98%) (continued)

45,383 Rosneft Oil 234,419 0.09 1,106,196 Surgutneftegas 617,439 0.23

84,032 Tatneft 430,306 0.16 140 Transneft 363,821 0.13


15,714 AFK Sistema 118,326 0.04 44,613 Mobile Telesystems OJSC 369,396 0.14 73,770 Rostelecom 106,271 0.04

593,993 0.22 South Africa Basic Materials (31 December 2015: 0.28%)

6,709 Anglo American Platinum 168,250 0.06 30,957 AngloGold Ashanti 565,639 0.21 14,455 Exxaro Resources 66,585 0.02 54,232 Gold Fields 263,920 0.10 35,446 Impala Platinum Holdings 114,240 0.05 41,284 Sappi 193,016 0.07


17,879 Tiger Brands 442,586 0.16 442,586 0.16 Consumer Services (31 December 2015: 2.22%)

22,838 Foschini Group 216,762 0.08 9,655 Massmart Holdings 83,068 0.03

17,359 Mr Price Group 244,472 0.09 30,038 Naspers 4,594,389 1.69 30,627 Pick n Pay Stores 149,799 0.06 34,469 Shoprite Holdings 391,457 0.14 10,599 Spar Group 146,193 0.05 35,761 Truworths International 209,511 0.08 76,423 Woolworths Holdings 438,447 0.16


114,330 African Bank Investments - - 44,004 Barclays Africa Group 432,919 0.16 27,671 Discovery Holdings 231,458 0.09

276,795 FirstRand 847,490 0.31 227,060 Growthpoint Properties 398,150 0.14

6,620 Investec 40,751 0.02 24,945 MMI Holdings 38,563 0.01 25,687 Nedbank Group 326,941 0.12

8,322 PSG Group 110,229 0.04 441,330 Redefine Properties 341,130 0.13 40,355 Resilient Property 363,181 0.13 97,915 RMB Holdings 376,082 0.14



>196< HSBC ETFs PLC



USD % of Net

Asset Value

Equities (continued) South Africa (continued) Financial (31 December 2015: 1.69%) (continued)

129,598 Sanlam 534,144 0.20 103,637 Standard Bank Group 904,391 0.33


24,577 Aspen Pharmacare Holdings 607,972 0.23 64,252 Life Healthcare Group Holdings 158,820 0.06 82,387 Netcare 175,406 0.06



1,079,918 0.40 Oil & Gas (31 December 2015: 0.47%)

44,666 Sasol 1,211,335 0.45 1,211,335 0.45 Technology (31 December 2015: Nil)

28,669 Bidvest Group 540,297 0.20


114,504 MTN Group 1,117,440 0.42 18,134 Telkom 82,070 0.03 26,823 Vodacom Group 307,517 0.11

1,507,027 0.56 South Korea Basic Materials (31 December 2015: 1.22%)

11,138 Hanwha Chemical 229,654 0.08 1,027 Honam Petrochemical 252,325 0.09 3,701 Hyundai Steel 147,320 0.05

866 Korea Zinc 381,932 0.15 1,148 Kumho Petro Chemical 59,301 0.02 4,007 LG Chem 904,475 0.33 1,454 OCI Company 113,987 0.05 5,422 Pohang Iron Steel 948,503 0.35


4,980 Amorepacific 1,301,758 0.47 1,200 CJ 210,444 0.08

482 CJ CheilJedang 162,571 0.06 1,653 Coway 149,966 0.06

16,709 Halla Visteon Climate 152,315 0.06 5,561 Hankook Tire 246,222 0.09

890 Hanssem 122,855 0.04 4,998 Hyundai Mobis 1,093,455 0.40

15,250 Hyundai Motor 1,597,178 0.59 20,139 Kia Motors 755,311 0.28



HSBC ETFs PLC >197<



USD % of Net

Asset Value

Equities (continued) South Africa (continued) Consumer Goods (31 December 2015: 3.44%) (continued)

10,057 KT & G 1,191,805 0.44 9,230 LG Electronics 431,911 0.16

788 LG Household & Healthcare 764,159 0.28 700 Lotte Confectionery 118,809 0.04

1,424 N C Soft 291,760 0.11 234 Orion 191,369 0.07


7,322 Cheil Communications 107,429 0.04 2,361 CJ E&M 142,047 0.05 1,800 E-Mart 270,348 0.10 2,791 Hotel Shilla 164,526 0.06 1,330 Hyundai Department Store 148,952 0.05 6,671 Kangwon Land 241,508 0.09 2,882 Korean Airlines 64,929 0.03

965 Lotte Shopping 169,651 0.06 5,057 Paradise 66,513 0.02

653 Shinsegae Co Ltd 110,548 0.05


27,818 Brait 265,833 0.10 29,237 BS Financial Group 204,838 0.08 17,329 Daewoo Securities 117,197 0.04 19,671 DGB Financial Group 148,064 0.05

4,020 Dongbu Insurance 241,860 0.09 14,871 Hana Financial Holdings 300,170 0.11 23,088 Industrial Bank of Korea 223,494 0.08 32,659 KB Financial Group 924,325 0.34

3,379 Samsung Card 121,742 0.04 3,012 Samsung Fire & Marine 689,032 0.25 5,773 Samsung Life Insurance 503,700 0.19 6,782 Samsung Securities 207,844 0.08



5,705 Celltrion 475,974 0.18 332 Hanmi Pharmaceuticals 203,492 0.07 899 Yuhan Corporation 238,828 0.09


5,753 Cheil Industries 614,333 0.23 560 CJ Korea Express 105,500 0.04

3,302 Daelim Industrial 217,869 0.08 4,394 Daewoo International 95,368 0.04 7,436 GS Engineering and Construction 179,146 0.07 2,098 Hyosung 226,767 0.08



>198< HSBC ETFs PLC



USD % of Net

Asset Value

Equities (continued) South Africa (continued) Industrial (31 December 2015: 1.42%) (continued)

1,599 Hyudai Glovis 238,077 0.09 4,861 Hyundai Development 166,908 0.06 7,297 Hyundai Engineering & Construction 211,273 0.08 3,618 Hyundai Heavy Industries 331,379 0.12

500 KCC 165,169 0.06 3,911 LG 216,287 0.08 1,237 LG Innotek 84,625 0.03 5,400 Samsung Electro Mechanics 234,874 0.09

15,291 Samsung Heavy Industries 121,601 0.04 4,740 Samsung SDI 444,433 0.16

3,653,609 1.35 Oil & Gas (31 December 2015: 0.41%)

5,456 Doosan Heavy Industries & Construction 100,419 0.04 5,910 GS Holdings 243,460 0.09 4,054 SK Innovation 494,498 0.18 3,563 S-Oil 234,162 0.09


2,203 Daum Kakao 178,061 0.07 13,946 LG Display 319,637 0.12

2,139 Naver 1,318,479 0.48 8,385 Samsung Electronics 10,133,491 3.73 2,192 Samsung SDS 273,084 0.10 3,302 SK C&C 580,505 0.21

38,576 Sk hynix 1,085,091 0.40


19,240 LG Uplus 182,069 0.07 667 SK Telecom 124,789 0.04


20,110 Korea Electric Power 1,054,516 0.39

1,054,516 0.39 Taiwan Basic Materials (31 December 2015: 0.98%)

609,156 China Steel 394,661 0.14 246,607 Formosa Chemicals & Fibre 619,212 0.23 374,584 Formosa Plastics 903,395 0.33 400,271 Nan Ya Plastics 756,891 0.28


66,776 Cheng Shin Rubber Industry 139,932 0.05 366,999 China Airlines 110,240 0.04 15,036 Eclat Textile Company 144,725 0.05

385,955 Far Eastern New Century 287,142 0.11 46,369 Feng Tay Enterprise 191,174 0.07 21,282 Giant Manufacturing 131,945 0.04

8,224 Largan Precision 750,788 0.28



HSBC ETFs PLC >199<



USD % of Net

Asset Value

Equities (continued) Taiwan (continued) Consumer Goods (31 December 2015: 1.24%) (continued)

198,471 Pou Chen 264,862 0.10 61,216 Standard Foods 149,724 0.05

291,871 Teco Electric and Machinery 245,194 0.09 326,570 Uni-President Enterprises 642,834 0.24 210,550 Yulon Motor 178,183 0.07


18,693 Hotai Motor 182,532 0.07 55,030 President Chain Store 428,176 0.16

171,292 Ruentex Development 198,856 0.07


669,055 Cathay Financials Holding 725,904 0.26 526,640 Chang Hwa Commercial Bank 273,450 0.10

1,499,530 China Development Financials Holding 361,181 0.13 1,119,029 Chinatrust Financial Holding 584,508 0.22

463,803 E.Sun Financial Holding 273,172 0.10 570,110 First Financial Holding 298,672 0.11 486,431 Fubon Financials Holding 567,721 0.21 73,199 Highwealth Construction 120,262 0.05

586,443 Hua Nan Financials Holdings 303,593 0.11 709,273 Mega Financial Holding 534,280 0.20 611,755 SinoPac Financial Holdings 180,346 0.07

1,037,089 Taishin Financial Holding 398,645 0.14 225,907 Taiwan Cooperative Financial Holding 99,441 0.04

1,102,575 Yuanta Financials Holding 355,460 0.13 5,076,635 1.87 Industrial (31 December 2015: 1.75%)

57,924 Catcher Technology 426,453 0.16 166,332 Delta Electronics 804,358 0.30 18,109 Hiwin Technologies 83,362 0.03

1,082,538 Hon Hai Precision Industry 2,768,511 1.02 27,021 Simplo Technology 94,233 0.03 91,074 Taiwan Cement 90,484 0.03

3,000 Zhen Ding Technology Holding 5,366 - 4,272,767 1.57 Oil & Gas (31 December 2015: 0.07%)



379,631 Acer 177,700 0.07 543,910 Advanced Semiconductor Engineering 617,945 0.23 26,109 Advantech 197,887 0.07 54,050 Asustek Computer 444,846 0.16


421,135 Compal Electronics 264,360 0.10 3,382 Hermes Microvision 137,863 0.05



>200< HSBC ETFs PLC



USD % of Net

Asset Value

Equities (continued) Taiwan (continued) Technology (31 December 2015: 5.34%) (continued)

652,380 Innolux Crop 218,410 0.08 191,617 Inotera Memories 149,093 0.05 208,055 Inventec 147,371 0.05

4,000 Lite-On Technology 5,468 - 113,395 MediaTek 857,695 0.32 80,658 Novatek Microelectronics 298,789 0.11

129,579 Pegatron 272,341 0.10 86,047 Quanta Computer 162,710 0.06

277,226 Siliconware Precision Industries 420,664 0.15 153,216 Synnex Technology International 165,047 0.06

1,740,158 Taiwan Semiconductor Manufacturing 8,765,792 3.23 1,170,172 United Microelectronics 457,056 0.17

69,542 Vanguard International Semiconductors 113,823 0.04 263,924 Wistron 183,264 0.07 270,939 WPG Holdings 314,538 0.12



1,453,436 0.54 Thailand Basic Materials (31 December 2015: 0.10%)

240,712 Banpu 100,696 0.04 157,304 Indorama Ventures 129,818 0.05 683,870 IRPC 92,636 0.03 35,590 PTT Global Chemical 60,009 0.02


315,502 Charoen Pokphand Foods 258,130 0.10


152,762 BEC World 99,117 0.04 434,599 CP ALL 621,474 0.23 320,749 Home Product Center 90,365 0.03 283,885 Minor International 325,167 0.12


138,029 Central Pattana 234,696 0.09 234,696 0.09 Healthcare (31 December 2015: 0.11%)

50,378 Bumrungrad Hospital Public 261,639 0.10


44,364 Airports of Thailand 492,372 0.18 53,448 Delta Electronics 103,808 0.04 34,920 Siam Cement 473,020 0.17

1,069,200 0.39



HSBC ETFs PLC >201<



USD % of Net

Asset Value

Equities (continued) Thailand (continued) Oil & Gas (31 December 2015: 0.28%)

89,390 Energy Absolute 54,183 0.02 73,747 PTT 656,881 0.24

105,673 PTT Exploration & Production 251,853 0.09



552,128 0.20 Turkey Basic Materials (31 December 2015: 0.00%)

6,644 Eregli Demir ve Celik Fabrikalari TAS 9,380 -

9,380 - Consumer Goods (31 December 2015: 0.21%)

20,705 Anadolu Efes Biracilik Ve Malt Sanayii 140,042 0.05 44,719 Arcelik 294,379 0.11

7,826 Coca-Cola Icecek 95,578 0.03 83,731 Turk Sise Ve Cam Fabrikalari 103,366 0.04


23,212 BIM Birlesik Magazalar 452,431 0.17 70,815 Turk Hava Yollari 140,859 0.05


145,035 Akbank TAS 415,085 0.16 179,531 Emlak Konut Gayrimenkul Yatirim Ortakligi 178,554 0.07 53,764 Haci Omer Sabanci Holding 176,119 0.06 41,675 KOC Holding 190,140 0.07


157,804 Turkiye Is Bankasi 250,234 0.09 52,389 Turkiye Vakiflar Bankasi 82,164 0.03

1,819,321 0.67 Industrial (31 December 2015: Nil)

14,852 Tav Havalimanlari Holding 63,681 0.02

63,681 0.02 Oil & Gas (31 December 2015: 0.15%)

8,760 Tupras Turkiye Petrol Rafinerileri 194,200 0.07 194,200 0.07 Telecommunications (31 December 2015: 0.11%)

72,960 Turkcell Iletisim Hizmetleri 268,178 0.10

268,178 0.10 United Arab Emirates Financial (31 December 2015: 0.42%)

104,798 Abu Dhabi Commercial Bank 172,614 0.06 188,707 Dubai Financial Market 64,733 0.02 100,052 Dubai Islamic Bank 139,192 0.05 417,359 Emaar Malls 558,908 0.21 49,397 National Bank Of Abu Dhabi 129,911 0.05



>202< HSBC ETFs PLC



USD % of Net

Asset Value

Equities (continued) United Arab Emirates (continued) Financial (31 December 2015: 0.42%) (continued)

224,247 Aldar Properties 164,228 0.06 52,209 First Gulf Bank 179,095 0.07


189,991 Arabtec Holding 70,346 0.03 17,863 DP World 296,347 0.11


107,222 Emirates Telecommunications 553,172 0.20 553,172 0.20


Warrants

65,437 Banpu Public 17,132 0.01

17,132 0.01

Total warrants** (31 December 2015: 0.86%) 17,132 0.01


440 ICF MSCI India Future September 2016 379,060 0.14 47 NYF Mini MSCI Emerging Market Future September 2016 59,670 0.02

438,730 0.16

Total futures** (Notional amount: USD 24,410,517 ) 438,730 0.16 Total financial assets at fair value through profit or loss 245,762,337 90.51

Financial liabilities at fair value through profit or loss Unrealised loss on contracts for differences***

26,014 Bangkok Bank (28,674) (0.01) 471,800 Bank Of Communications (43,715) (0.02) 118,000 Kasikorn Bank (148,582) (0.05) 131,412 Siam Commercial Bank (76,044) (0.03)

(297,015) (0.11)

Total unrealised loss on contracts for differences (31 December 2015: (0.18%)) (297,015) (0.11)






HSBC ETFs PLC >203<


USD % of Total


Total assets 272,238,036 100.00

With the exception of the Warrants, Contracts for Differences and the investments held in African Bank Investments, Hanergy Thin Film Power Group and Qinqin Foodstuffs Group, all other equity positions and futures held by the Fund at 30 June 2016 and at 31 December 2015 have been classified as Level 1. The Warrants and the Contracts for Differences have been classified as Level 2. The investments in African Bank Investments, Hanergy Thin Film Power Group and Qinqin Foodstuffs Group have been classified as Level 3. See Note 6 (d) for further details.



>204< HSBC ETFs PLC



USD % of Net

Asset Value

Equities

China Basic Materials (31 December 2015: 0.48%)

280,700 China Coal Energy 145,814 0.10 172,280 China Shenhua Energy 316,670 0.21 118,990 Jiangxipper Copper 132,365 0.09 38,771 Sinopec Shanghai Petrochemical 17,691 0.01 59,705 Yanzhou Coal Mining 38,557 0.02


89,145 Anta Sports Products 178,107 0.12 182,041 AviChina Industry & Technology 126,008 0.08

7,400 Chongqing Changan Automobile 10,302 0.01 194,288 Dongfeng Motor Group 202,353 0.13 135,908 Great Wall Automobiles 112,469 0.07 156,556 Guangzhou Automobile Group 186,666 0.12 37,404 Hengan International Group 311,943 0.21

7,399 Shenzou International Group 35,717 0.02 116,849 Tingyi Cayman Islands Holding 110,102 0.07 34,183 Tsingtao Brewery 118,306 0.08

330,427 Want Want China Holding 234,256 0.16


17,911 Air China 12,236 0.01 49,768 Alibaba Group Holding 3,958,049 2.63

474,230 Alibaba Pictures Group 110,031 0.07 21,606 China Southern Airline 12,171 0.01 14,885 Ctrip Com International 613,262 0.41

4,047 New Oriental Education and Technology 169,488 0.11 5,126 Qunar Cayman Islands 152,703 0.10

34,766 SouFun Holdings 174,873 0.12 4,294 TAL Education 266,486 0.18

10,383 Vipshop Holdings 115,978 0.08

5,585,277 3.72 Financial (31 December 2015:10.63%)

1,037,862 Agricultural Bank of China 378,599 0.25 4,233,454 Bank of China 1,686,189 1.12

612,419 China Citic Bank 371,811 0.25 4,463,537 China Construction Bank 2,945,792 1.96

138,420 China Galaxy Securities 123,647 0.08 395,991 China Life Insurance 848,339 0.56 223,562 China Merchants Bank 499,689 0.33 362,499 China Minsheng Banking 349,511 0.23 121,120 China Pacific Insurance Group 407,483 0.27 106,118 China Taiping Insurance Holdings 197,519 0.13 104,742 China Vanke 205,219 0.14 263,669 Chongqing Rural Commercial Bank 133,229 0.09


HSBC MSCI AC FAR EAST ex JAPAN UCITS ETF (continued)

HSBC ETFs PLC >205<



USD % of Net

Asset Value

Equities (continued) China (continued) Financial (31 December 2015:10.63%) (continued)

84,753 CITIC Securities 185,719 0.12 323,042 Country Garden Holdings 135,747 0.09 318,244 Evergrande Real Estate Group 194,853 0.13 106,835 Far East Horizon 82,902 0.06 99,563 GF Securities 225,873 0.15

111,760 Haitong Securities 187,853 0.13 51,270 Huatai Secutiries Co Ltd 108,911 0.07

3,901,857 Industrial & Commercial Bank of China 2,157,653 1.44 26,512 New China Life Insurance 94,149 0.06

495,810 People s Insurance Company Group of China 189,812 0.13 189,518 PICC Property & Casualty 296,078 0.19 279,003 Ping An Insurance 1,228,153 0.82

6,120 Shanghai Lujiazui 9,529 0.01 271,548 Sino-Ocean Land Holdings 117,259 0.08 191,419 Soho China 91,787 0.06 22,421 Sunac China Holdings 13,872 0.01


10,819 China Medical System Holdings 16,456 0.01 130,048 Shandong Weigao Group Medical Polymer 73,926 0.05

4,590 Shanghai Fosun Pharmace 11,182 0.01 6,625 Shanghai Pharmaceuticals Holding 14,586 0.01

58,137 Sinopharm Group 276,898 0.18 393,048 0.26 Industrial (31 December 2015: 2.28%)

2,335 58 Com 107,153 0.07 48,003 AAC Technologies Holdings 407,453 0.27 74,289 Anhui Conch Cement 178,302 0.12

184,025 Beijing Capital International Airport 199,255 0.14 45,234 Byd 270,834 0.18

628,169 China Cinda Asset Management 211,334 0.14 298,815 China Communications Construction 319,693 0.21 315,952 China COSCO Holdings 111,183 0.07 208,614 China National Building Material 90,889 0.07

21,881 China Railway Construction 27,274 0.02 231,218 China Railway Group 171,671 0.11 210,884 CSR Corporation Limited 187,834 0.13

17,456 Dalian Wanda Commercial Properties 107,104 0.07 156,749 Fosun International 202,050 0.13 144,957 Jiangsu Expressway 201,424 0.13

7,690 Shanghai Electric Group 3,222 - 25,051 Sinotrans 11,076 0.01

172,915 Zhejiang Expressway 162,485 0.11 35,773 Zhuzhou CSR Times Electric 196,435 0.13

3,166,671 2.11 Oil & Gas (31 December 2015:2.18%)

559,431 CGN Power 155,038 0.10 23,042 China Conch Venture Holdings 45,621 0.03

127,120 China Gas Holdings 193,680 0.13



>206< HSBC ETFs PLC



USD % of Net

Asset Value

Equities (continued) China (continued) Oil & Gas (31 December 2015:2.18%) (continued)

201,699 China Longyuan Power Group 166,914 0.11 107,009 China Oilfield Services 82,071 0.05

1,371,740 China Petroleum & Chemical 990,177 0.66 891,118 CNOOC 1,105,003 0.74

1,083,684 PetroChina 738,944 0.49 3,477,448 2.31 Technology (31 December 2015: 5.80%)


563,281 Hanergy Thin Film Power Group - - 30,759 JD Com 653,013 0.43 91,629 Kingsoft 176,456 0.12

372,333 Lenovo Group 224,131 0.15 3,394 NetEase 655,789 0.44 3,577 Qihoo 360 Technology 261,300 0.17

1,211,361 Semiconductor Manufacturing International 96,810 0.06 285,876 Tencent Holdings 6,489,184 4.32

8,628 Travelsky Technology 16,571 0.01 3,955 YY 133,956 0.09


885,882 China Telecom 395,098 0.26




125,683 Nine Dragons Paper Holdings 95,421 0.06 95,421 0.06 Consumer Goods (31 December 2015: 1.34%)


357,138 Li & Fung 172,171 0.11 7,480 Qinqin Foodstuffs Group - -

53,737 Techtronic Industries 223,386 0.15 50,228 Yue Yuen Industrial Holdings 198,440 0.13


9,132 Cathay Pacific Airways 13,325 0.01 145,335 Galaxy Entertainment Group 430,875 0.29 753,079 GOME Electrical Appliances Holding 89,306 0.06

1,988 Melco Crown Entertainment 25,009 0.02



HSBC ETFs PLC >207<



USD % of Net

Asset Value

Equities (continued) Hong Kong (continued) Consumer Services (31 December 2015: 1.00%) (continued)

11,472 MGM China Holdings 14,876 - 90,997 MTR 459,797 0.31

142,145 Sands China 475,469 0.32 16,319 Shangri-La Asia 16,302 0.01

118,166 SJM Holdings 71,741 0.04 114,015 Sun Art Retail Group 79,802 0.05 259,769 WH Group 203,584 0.14


620,770 AIA Group 3,708,801 2.47 54,793 Bank of East Asia 210,472 0.14

167,706 BOC Hong Kong Holdings 501,522 0.34 150,302 Cheung Kong Property Holdings 937,698 0.62 86,617 China Everbright 166,358 0.11

148,502 China Everbright International 164,620 0.11 239,748 China Overseas Land & Investment 757,136 0.50 137,971 China Resources Land 321,899 0.21 139,555 CK Hutchison Holdings 1,520,940 1.01 140,242 Hang Lung Properties 282,366 0.19 43,577 Hang Seng Bank 743,139 0.50 62,829 Henderson Land Development 352,697 0.23 62,147 Hong Kong Exchanges and Clearing 1,502,817 1.00 42,386 Hongkong Land Holdings 258,131 0.17 52,793 Hysan Development 234,433 0.16 48,953 Kerry Properties 120,396 0.08

106,749 Link REIT 726,525 0.48 391,191 New World Development 395,833 0.27 89,360 Shimao Property Holdings 112,421 0.07

112,617 Sino Land 183,777 0.12 70,022 Sun Hung Kai Properties 839,854 0.56 64,056 Swire Properties 169,678 0.12 53,452 Wheelock & Co 249,761 0.17


187,778 CSPC Pharmaceutical 167,012 0.11 206,280 Luye Pharma Group 126,300 0.08 339,823 Sino Biopharmaceutical 221,206 0.15


42,122 Beijing Enterprises Holdings 237,813 0.16 84,793 Beijing Enterprises Water Group 50,933 0.03 33,842 Cheung Kong Infrastructure Holdings 290,961 0.19 84,951 China Merchants Holdings International 225,574 0.15 51,885 China Resources Enterprise 113,027 0.08

139,553 China State Construction International Holdings 183,841 0.12 186,140 Citic Pacific 270,646 0.18

11,500 Jardine 670,565 0.45 787,264 Noble Group 84,816 0.06

6,827 NWS Holdings 10,754 0.01



>208< HSBC ETFs PLC



USD % of Net

Asset Value

Equities (continued) Hong Kong (continued) Industrial (31 December 2015: 1.87%) (continued)

24,333 Swire Pacific 274,760 0.18 62,138 Wharf Holdings 376,050 0.25

272,121 Yangzijiang Shipbuilding Holdings 180,956 0.12

2,970,696 1.98 Oil & Gas (31 December 2015: 0.12%)

192,453 Kunlun Energy 158,518 0.11


18,421 ASM Pacific Technology 131,664 0.09 131,664 0.09 Telecommunications (31 December 2015: 3.10%)

327,622 China Mobile 3,743,733 2.49 258,720 China Unicom Hong Kong 267,459 0.17 183,624 HKT Trust 264,621 0.18 378,105 PCCW 253,436 0.17


26,398 China Power International Development 9,698 - 28,890 China Resources Gas Group 87,512 0.06

119,214 China Resources Power Holdings 177,639 0.12 91,729 CLP Holdings 934,086 0.62

1,067,472 GCL-Poly Energy Holdings 138,973 0.09 75,631 Guangdong Investment 114,841 0.08

453,812 HongKong & China Gas 827,139 0.55 8,986 HK Electric Investments 8,374 0.01

83,027 Power Assets Holdings 760,390 0.51

3,058,652 2.04 Indonesia Consumer Goods (31 December 2015: 0.69%)

1,081,426 Astra International 605,680 0.40 495,527 Charoen Pokphand Indonesia 140,642 0.09

3,755 Gudang Garam 19,610 0.01 518,400 Hanjaya Mandala Sampoerna 149,095 0.10 299,552 Indofood Sukses Makmur 164,371 0.11 98,723 Unilever Indonesia 336,798 0.23


204,428 Matahari Department Store 309,446 0.21 739,192 Media Nusantara Citra 123,082 0.08


572,879 Bank Central Asia 577,757 0.38 388,769 Bank Mandiri 280,267 0.19 652,804 Bank Negara Indonesia Persero 256,922 0.17 570,353 Bank Rakyat Indonesia Persero 466,211 0.32

1,465,380 PT Lippo Karawaci 126,990 0.08

1,708,147 1.14



HSBC ETFs PLC >209<



USD % of Net

Asset Value

Equities (continued) Indonesia (continued) Healthcare (31 December 2015: 0.13%)

2,037,959 Kalbe Farma 235,995 0.16


88,629 Indocement Tunggal Prakarsa 113,197 0.08 376,673 Jasa Marga Persero 150,384 0.10 257,613 Semen Gresik Persero 182,303 0.12 122,700 United Tractors 137,443 0.09


2,592,405 Telekomunikasi Indonesia 780,910 0.52



112,689 0.07 Macau Consumer Services (31 December 2015: 0.35%)

22,141 Wynn Macau 31,793 0.02

31,793 0.02 Malaysia Basic Materials (31 December 2015: 0.19%)



10,614 British American Tobacco Malaysia 138,747 0.09 211,272 IOI Corporation 227,439 0.15 31,810 Kuala Lumpur Kepong 183,530 0.12


96,881 AirAsia 62,481 0.04 165,392 Berjaya Sports Toto 124,716 0.08 97,235 Genting 197,774 0.13

153,147 Genting Malaysia 169,045 0.12


153,381 Alliance Financial Group 153,324 0.10 143,506 AMMB Holdings 158,047 0.11 65,057 CIMB Group Holdings 70,519 0.05





160,297 IJM 138,766 0.09 48,220 Lafarge Malayan Cement 93,653 0.06



>210< HSBC ETFs PLC



USD % of Net

Asset Value

Equities (continued) Malaysia (continued) Industrial (31 December 2015: 0.49%) (continued)

13,821 Malaysia Airports Holdings 20,981 0.01 51,729 MISC 95,721 0.07

149,557 Sime Darby 281,567 0.19

630,688 0.42 Oil & Gas (31 December 2015: 0.16%)

132,010 Dialog Group 50,427 0.03 302,263 Sapurakencana Petroleum 110,214 0.08


137,728 Maxis 201,220 0.13





200,890 Tenaga Nasional 702,604 0.47 105,706 YTL Power International 36,970 0.02

1,130,474 0.75 Philippines Basic Materials (31 December 2015: 0.08%)

416,633 DMCI 111,580 0.07






490,314 Ayala Land 404,361 0.27 67,508 BDO Unibank 160,708 0.11

3,306 GT Capital Holdings 101,188 0.07 824,784 Megaworld Corporation 81,519 0.05 499,681 SM Prime Holdings 289,947 0.19


166,161 Aboitiz Equity Ventures 275,302 0.18 107,321 Alliance Global Group 33,761 0.03 12,236 Ayala 220,806 0.15 73,655 International Container Terminal 96,281 0.06

626,150 0.42



HSBC ETFs PLC >211<



USD % of Net

Asset Value

Equities (continued) Philippines (continued) Telecommunications (31 December 2015: 0.13%)

4,261 Philippine Long Distance Telephone 194,721 0.13


998,331 Metro Pacific 147,901 0.10


315,582 Golden Agri-Resources 82,067 0.05 112,111 Wilmar International 271,552 0.19


21,400 City Developments 129,427 0.09 102,657 ComfortDelGro 209,753 0.14 509,722 Genting Singapore PLC 274,573 0.18

6,370 Jardine Cycle & Carriage 172,751 0.11 28,061 Singapore Airlines 222,253 0.15 51,658 Singapore Press Holdings 151,608 0.10


101,604 Ascendas Real Estate Investment Trust 187,219 0.12 137,869 CapitaLand 314,479 0.21 125,125 CapitaMall Trust 198,021 0.13 99,669 DBS Group Holdings 1,167,088 0.78

172,201 Global Logistic Properties 230,940 0.15 113,942 Hutchison Port Holdings Trust 51,844 0.03 156,099 Oversea-Chinese Banking 1,007,876 0.67 48,230 Singapore Exchange 273,061 0.18 31,151 Suntec Real Estate Investment Trust 40,967 0.03 58,355 United Overseas Bank 798,647 0.53 43,044 UOL Group 174,619 0.12


90,637 Keppel 370,387 0.25 51,935 SembCorp Industries 108,817 0.07 70,389 SembCorp Marine 81,063 0.05 74,943 Singapore Technologies Engineering 175,400 0.12


403,735 Singapore Telecommunications 1,238,893 0.83


8,104 Hanwha Chemical 167,096 0.11 1,193 Honam Petrochemical 293,110 0.20 4,284 Hyundai Steel 170,527 0.11

534 Korea Zinc 235,510 0.16 902 Kumho Petro Chemical 46,594 0.03



>212< HSBC ETFs PLC



USD % of Net

Asset Value

Equities (continued) South Korea (continued) Basic Materials (31 December 2015: 1.49%) (continued)

2,456 LG Chem 554,378 0.37 1,223 OCI Company 95,878 0.06 3,242 Pohang Iron Steel 567,142 0.38


3,150 Amorepacific 909,585 0.61 1,053 CJ 184,665 0.12

357 CJ CheilJedang 120,410 0.08 2,486 Coway 225,539 0.15

492 Dongsuh Companies 14,245 0.01 4,682 Hankook Tire 207,303 0.14

672 Hanssem 92,762 0.06 3,678 Hyundai Mobis 804,667 0.54

10,545 Hyundai Motor 1,099,384 0.73 15,458 Kia Motors 579,750 0.39

6,746 KT & G 799,435 0.53 6,596 LG Electronics 308,655 0.20

573 LG Household & Healthcare 555,664 0.37 1,476 N C Soft 302,414 0.20

286 Orion 233,895 0.15 15 Ottogi Corporation 10,717 0.01


110 BGF Retail 20,389 0.01 10,731 Cheil Communications 157,446 0.10

219 CJ E&M 13,176 0.01 1,353 E-Mart 203,211 0.14 2,556 GS Retail 120,938 0.08 1,409 Hotel Shilla 83,059 0.06

142 Hyundai Department Store 15,903 0.01 4,965 Kangwon Land 179,746 0.12

628 Korean Airlines 14,148 0.01 740 Lotte Shopping 130,095 0.08 860 Paradise 11,311 0.01

72 Shinsegae Co Ltd 12,189 0.01


18,563 BS Financial Group 130,055 0.09 9,275 Daewoo Securities 62,727 0.04 3,284 Dongbu Insurance 197,579 0.13

17,290 Hana Financial Holdings 348,997 0.23 6,110 Hyundai Marine & Fire Insurance 155,157 0.10 8,337 Industrial Bank of Korea 80,703 0.05

19,409 KB Financial Group 549,319 0.37 318 Korea Investment Holdings 11,623 0.01

1,901 Samsung Fire & Marine 434,877 0.29 4,317 Samsung Life Insurance 376,662 0.25 4,143 Samsung Securities 126,968 0.08



HSBC ETFs PLC >213<



USD % of Net

Asset Value

Equities (continued) South Korea (continued) Financial (31 December 2015: 2.54%) (continued)

18,808 Shinhan Financial Group 620,483 0.41 24,082 Woori Bank 199,037 0.14


3,899 Celltrion 325,297 0.22 241 Hanmi Pharm Company 147,715 0.10 237 HANMI Science 31,481 0.02

62 Yuhan Corporation 16,471 0.01


4,277 Cheil Industries 456,718 0.30 1,899 Daelim Industrial 125,298 0.08 3,692 GS Engineering and Construction 88,946 0.06 2,128 Hyosung 230,009 0.15 1,107 Hyudai Glovis 164,822 0.11 4,598 Hyundai Development 157,877 0.11 5,275 Hyundai Engineering & Construction 152,729 0.10 2,535 Hyundai Heavy Industries 232,185 0.15


6,147 LG 339,943 0.23 4,417 Samsung Electro Mechanics 192,118 0.13

10,432 Samsung Heavy Industries 82,960 0.06 3,641 Samsung SDI 341,388 0.23

2,745,262 1.83 Oil & Gas (31 December 2015: 1.97%)

3,286 Doosan Heavy Industries & Construction 60,479 0.04 4,130 GS Holdings 170,134 0.11 3,592 SK Innovation 438,144 0.29 3,731 S-Oil 245,203 0.17


2,080 Daum Kakao 168,119 0.11 13,650 LG Display 312,853 0.21

1,597 Naver 984,390 0.66 6,062 Samsung Electronics 7,307,096 4.86 1,558 Samsung SDS 194,099 0.13 1,860 SK C&C 326,996 0.22

30,586 Sk hynix 860,343 0.57


5,503 KT Corporation 78,473 0.05 11,590 LG Uplus 109,677 0.07

500 SK Telecom 93,545 0.07





>214< HSBC ETFs PLC



USD % of Net

Asset Value

Equities (continued) South Korea (continued) Utilities (31 December 2015: 0.45%) (continued)

1,547 Korea Gas 53,386 0.04


523,166 China Steel 338,949 0.23 185,314 Formosa Chemicals & Fibre 465,310 0.31 225,010 Formosa Plastics 542,663 0.36 249,838 Nan Ya Plastics 472,430 0.31


107,552 Cheng Shin Rubber Industry 225,379 0.15 45,394 China Airlines 13,636 0.01 10,237 Eclat Textile Company 98,533 0.06 28,603 Eva Airways 13,034 0.01

313,284 Far Eastern New Century 233,077 0.16 2,676 Feng Tay Enterprise 11,033 0.01

148,914 Formosa Taffeta 143,333 0.10 4,917 Largan Precision 448,884 0.29

200,639 Pou Chen 267,755 0.18 233,286 Teco Electric and Machinery 195,978 0.13 227,704 Uni-President Enterprises 448,222 0.30


18,200 Hotai Motor 177,718 0.12 20,490 Nien Made Enterprise 186,105 0.12 31,993 President Chain Store 248,930 0.17


465,601 Cathay Financials Holding 505,162 0.34 110,154 Chang Hwa Commercial Bank 57,196 0.04

1,039,048 China Development Financials Holding 250,268 0.17 24,655 China Life Insurance/Taiwan 19,031 0.01

997,849 Chinatrust Financial Holding 521,211 0.35 273,557 E.Sun Financial Holding 161,120 0.11 514,576 First Financial Holding 269,579 0.18 402,048 Fubon Financials Holding 469,237 0.31 120,706 Highwealth Construction 198,314 0.13 197,280 Hua Nan Financials Holdings 102,129 0.07 557,365 Mega Financial Holding 419,851 0.28 433,901 Shin Kong Financial Holding 84,873 0.06 601,015 SinoPac Financial Holdings 177,180 0.11 580,816 Taishin Financial Holding 223,259 0.15 367,419 Taiwan Business Bank 93,167 0.06 133,907 Taiwan Cooperative Financial Holding 58,944 0.03 743,144 Yuanta Financials Holding 239,583 0.16

3,850,104 2.56



HSBC ETFs PLC >215<



USD % of Net

Asset Value

Equities (continued) Taiwan (continued) Healthcare (31 December 2015: 0.01%)

8,757 OBI Pharma 138,444 0.09


49,067 Asia Cement 42,437 0.03 22,347 Catcher Technology 164,525 0.11 99,267 Delta Electronics 480,041 0.32 10,528 Hiwin Technologies 48,464 0.03

746,612 Hon Hai Precision Industry 1,909,405 1.27 268,038 Taiwan Cement 266,301 0.18

2,911,173 1.94 Oil & Gas (31 December 2015: 0.02%)

17,589 Formosa Petrochemical 47,709 0.03 47,709 0.03 Technology (31 December 2015: 6.71%)




337,524 Compal Electronics 211,875 0.14 40,354 Foxconn Technology 94,321 0.06

1,589 Hermes Microvision 64,774 0.04 41,362 HTC 132,706 0.09

423,375 Innolux Crop 141,743 0.10 22,037 Inotera Memories 17,146 0.01

143,596 Lite-On Technology 196,304 0.13 76,625 MediaTek 579,575 0.39 36,400 Novatek Microelectronics 134,840 0.09

104,238 Pegatron 219,081 0.15 8,276 Phison Electronics 71,064 0.05

46,324 Powertech Technology 102,674 0.07 167,287 Quanta Computer 316,330 0.21

4,951 Realtek Semiconductor 15,332 0.01 185,872 Siliconware Precision Industries 282,043 0.19

1,247,295 Taiwan Semiconductor Manufacturing 6,283,066 4.18 37,717 Transcend Information 114,113 0.08

703,190 United Microelectronics 274,658 0.18 180,578 Wistron 125,390 0.08 117,084 WPG Holdings 135,925 0.09



1,182,859 0.79



>216< HSBC ETFs PLC



USD % of Net

Asset Value

Equities (continued) Thailand Basic Materials (31 December 2015: 0.07%)

71,266 PTT Global Chemical 120,162 0.08


70,289 BEC World 45,606 0.03 290,151 CP ALL 414,914 0.28 479,899 Home Product Center 135,202 0.09 52,550 Minor International 60,192 0.04 94,408 Robinson Department Store Public 182,019 0.12


Healthcare (31 December 2015: 0.13%)

284,241 Bangkok Dusit Medical Services 193,323 0.13 2,722 Bumrungrad Hospital Foreign 14,137 0.01


26,475 Airports of Thailand 293,832 0.20 20,058 Siam Cement 271,702 0.18

565,534 0.38 Oil & Gas (31 December 2015: 0.42%)

43,924 PTT 391,241 0.26 107,964 PTT Exploration & Production 257,313 0.17 60,000 Thai Oil 102,447 0.07


75,078 Advanced Info Service 337,573 0.22 1,169,789 True Corporation 239,684 0.16


182,543 Energy Absolute 110,648 0.07 34,683 Glow Energy 84,635 0.06

195,283 0.13



25 H-Shares Index Future Jul 16 70,180 0.05 15 MSCI Taiwan Index Future Jul 16 16,250 0.01

86,430 0.06

Total futures** (Notional amount: USD 1,882,066) 86,430 0.06 Total financial assets at fair value through profit or loss 146,831,367 97.73



HSBC ETFs PLC >217<

As at 30 June 2016

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

USD % of Net

Asset Value


36,184 Bangkok Bank (26,641) (0.02) 491,000 Bank of Communications (56,100) (0.04) 127,900 Kasikorn Bank (51,604) (0.03) 83,400 Siam Commercial Bank (36,605) (0.02)

(170,950) (0.11)

Total unrealised loss on contracts for difference** (31 December 2015: (0.22%)) (170,950) (0.11)





USD % of Total


Total assets 150,708,925 100.00

With the exception of the Contracts for Differences, all equity positions (with the exception of the investment held in Qinqin Foodstuffs Group and Hanergy Thin Film Power Group) and futures held by the Sub-Fund at 30 June 2016 and 31 December 2015 have been classified as Level 1.The Contracts for Differences have been classified as Level 2. The investment in Qinqin Foodstuffs Group and Hanergy Thin Film Power Group have been classified as Level 3 as at 30 June 2016. See Note 6(d) for further details. The schedule of investments form an integral part of the financial statements.



>218< HSBC ETFs PLC



USD % of Net

Asset Value

Equities


48,292 Alumina 46,566 - 68,715 BHP Billiton 954,231 0.12 22,718 Bluescope Steel 107,754 0.01 49,844 Fortescue Metals Group 129,898 0.02 10,964 Iluka Resources 52,983 0.01 21,486 Incitec Pivot 47,515 0.01

4,140 Newcrest Mining 70,901 0.01 11,187 Northern Star Resources 41,149 -

9,814 Orica 90,102 0.01 8,966 OZ Minerals 37,720 - 7,647 Rio Tinto 259,075 0.03

133,306 South32 152,860 0.02


12,094 ALS 44,035 0.01 10,748 Coca-Cola Amatil 65,864 0.01 16,283 Treasury Wine Estates 111,907 0.01


5,883 Crown 55,238 0.01 137,370 Fairfax Media Limited 95,126 0.01

2,429 Flight Centre 57,117 0.01 8,818 Harvey Norman Holdings 30,269 - 2,039 JB Hi-Fi 36,590 -

27,373 Metcash 38,726 - 134,434 Qantas Airways 282,281 0.04 10,346 Star Entertainment Group 41,600 0.01 11,201 TABCORP Holdings 38,115 - 14,813 Tatts Group 42,134 0.01 22,897 Wesfarmers 683,669 0.08 36,831 Woolworths 572,895 0.07


29,138 AMP 111,952 0.02 995 ASX 33,903 -

31,522 Australia & New Zealand Banking Group 566,127 0.07 2,852 Bendigo and Adelaide Bank 20,387 -

10,144 BWP Trust 27,494 - 8,067 Charter Hall Retail 28,592 -

14,003 Commonwealth Bank of Australia 775,429 0.10 7,004 Computershare 47,823 0.01

52,017 DUET 96,830 0.01 35,409 GPT Group 142,638 0.02 21,606 Insurance Australia Group 87,679 0.01

2,500 Investa Office Fund 7,967 -


HSBC ESI WORLDWIDE EQUITY UCITS ETF (continued)

HSBC ETFs PLC >219<



USD % of Net

Asset Value

Equities (continued) Australia (continued) Financial (31 December 2015: 0.60%) (continued)

10,398 Lend Lease Group 97,554 0.01 5,934 Macquarie Group 304,432 0.04

17,185 Medibank 37,748 - 15,127 Mirvac Group 22,752 - 27,047 National Australia Bank 512,140 0.07

8,233 QBE Insurance Group 63,939 0.01 100,323 Scentre Group 367,526 0.05 14,986 Shopping Centres Australasia 25,442 - 14,941 Stockland 52,399 0.01 17,270 Suncorp Group 156,626 0.02 14,006 Vicinity Centres 34,624 - 40,671 Westfield Group 322,521 0.04 31,319 Westpac Banking 685,612 0.08


341 Cochlear 30,786 - 1,725 CSL 144,088 0.02

39,338 Healthscope Limited 83,772 0.01 15,373 Primary Health Care 45,215 0.01

3,048 Ramsay Health Care 162,862 0.02 7,914 Sonic Healthcare 126,989 0.01


17,308 Amcor 192,411 0.03 14,344 Asciano 94,736 0.01 26,156 Aurizon Holdings 93,873 0.01 13,767 Boral 63,761 0.01 11,923 Brambles 109,997 0.02 13,436 CIMIC Group 357,659 0.04 13,101 CSR 35,508 -

5,079 Duluxgroup 23,901 - 4,683 Link Administration 28,488 -

11,021 Macquarie Atlas Roads 42,508 0.01 24,918 Orora 51,209 0.01

7,325 Sydney Airport 37,852 -

1,131,903 0.14 Oil & Gas (31 December 2015: 0.07%)

3,769 APA Group 25,931 - 1,458 Caltex Australia 34,631 0.01 5,808 Origin Energy 24,867 -

15,419 Santos 53,272 0.01 9,914 Woodside Petroleum 198,132 0.02


218,901 Telstra 906,245 0.11

906,245 0.11



>220< HSBC ETFs PLC



USD % of Net

Asset Value

Equities (continued) Australia (continued) Utilities (31 December 2015: 0.02%)

3,135 AGL Energy 45,029 0.01 24,487 Ausnet Services 29,902 -

74,931 0.01 Austria Basic Materials (31 December 2015: 0.04%)

10,029 Voestalpine 334,474 0.04


12,838 Erste Group Bank 289,669 0.04 289,669 0.04 Industrial (31 December 2015: 0.02%)

Oil & Gas (31 December 2015: Nil)

13,954 OMV 390,888 0.05

390,888 0.05 Belgium Basic Materials (31 December 2015: 0.04%)

1,616 Solvay 149,692 0.02 2,169 Umicore 111,494 0.01


9,569 Anheuser-Busch 1,250,167 0.15 1,250,167 0.15 Consumer Services (31 December 2015: 0.05%)

2,798 Colruyt 154,101 0.02 3,986 Delhaize Group 418,602 0.05


3,869 Ageas 133,182 0.02 8,559 KBC Group 417,618 0.05


2,053 UCB 153,268 0.02


8,818 Belgacom 278,951 0.03

278,951 0.03 Bermuda Consumer Services (31 December 2015: 0.02%)

35,513 Dairy Farm International 239,358 0.03 3,326 Markit 108,428 0.01 1,557 Signet Jewelers 128,312 0.02


2,479 Hiscox 34,200 -

34,200 -



HSBC ETFs PLC >221<



USD % of Net

Asset Value

Equities (continued) Bermuda (continued) Healthcare (31 December 2015: Nil)

35,860 Luye Pharma Group 21,956 - 106,884 Sihuan Pharmaceutical Holdings Group 20,253 -

42,209 - Industrial (31 December 2015: 0.01%)

1,115 Norwegian Cruise Line Holdings 44,422 - 36,318 Shenzhen International Holdings 52,432 0.01

96,854 0.01 Oil & Gas (31 December 2015: 0.01%)


40,880 Braskem 242,951 0.03 74,171 Cia Siderurgica Nacional 181,043 0.02 23,846 Fibria Celulose 160,251 0.02

260,911 Gerdau 479,677 0.06 19,739 Suzano Papel e Celulose 69,807 0.01

378,715 Vale 1,540,275 0.19


239,241 Ambev 1,422,565 0.17 26,022 BRF - Brasil Foods 366,562 0.05 10,871 Cosan SA Industria e Comercio 113,028 0.01

5,855 Hypermarcas 42,655 0.01 108,083 JBS 337,364 0.04

1,660 M Dias Branco 54,871 0.01 12,834 Natura Cosmeticos 102,151 0.01 96,398 Via Varejo SA 224,164 0.03


37,496 Cia Brasileira de Distribuicao Grupo Pao de Acucar 546,684 0.07 7,883 Estacio Participacoes 41,731 0.01

17,667 Kroton Educational 74,997 0.01 4,451 Localiza Rent a Car 47,931 - 9,789 Lojas Americanas 49,132 - 8,590 Lojas Renner 63,518 0.01 3,398 Raia Drogasil 66,968 0.01 2,120 Smiles SA 31,756 -


140,010 Banco Bradesco 1,100,414 0.14 282,822 Banco do Brasil 1,516,623 0.19 90,319 Banco Santander 514,818 0.06 11,755 BB Seguridade Participacoes 103,139 0.01 25,866 BM&FBovespa 145,326 0.02 14,323 BR Malls Participacoes 57,448 0.01

2,026 CETIP - Balcao Organizado de Ativos e Derivativos 27,692 -



>222< HSBC ETFs PLC



USD % of Net

Asset Value

Equities (continued) Brazil (continued) Financial (31 December 2015: 0.61%) (continued)

10,630 Cielo 112,347 0.01 18,405 Cyrela Brazil Realty SA Empreendimentos e Participacoes 59,114 0.01


8,468 MRV Engenharia e Participacoes 28,572 - 11,540 Porto Seguro 96,354 0.01 10,163 Sul America 49,614 0.01


4,672 Fleury SA 40,103 0.01 6,687 Odontoprev 27,781 -


25,890 CCR 135,763 0.02 26,247 Duratex 69,637 0.01 10,528 Embraer 57,508 0.01 17,282 Klabin SA 83,180 0.01 29,545 Rumo Logistica Operadora Multimodal 45,188 - 22,176 Weg 95,107 0.01

486,383 0.06 Oil & Gas (31 December 2015: 0.12%)

660,417 Petrobras 1,941,827 0.24

1,941,827 0.24 Technology (31 December 2015: Nil)

4,356 Totvs 41,524 0.01





2,244 CIA De Transmissao De Energia 43,777 0.01 157,325 Cia Energetica de Minas Gerais 357,495 0.04 41,300 Cia Energetica de Sao Paulo 153,405 0.02 12,487 CIA Paranaense De Energia 113,888 0.01 18,273 CPFL Energia 117,438 0.01 23,959 EDP - Energias do Brasil SA 102,233 0.01 23,789 Sabesp 215,930 0.03 14,320 Tractebel Energia 171,237 0.02

4,224 Transmissora Alianca de Energia Eletrica 25,314 - 9,070 Ultrapar Participacoes 201,317 0.03

2,191,439 0.27



HSBC ETFs PLC >223<



USD % of Net

Asset Value

Equities (continued) British Virgin Islands Industrial (31 December 2015: Nil)


5,265 Mail.ru Group 95,823 0.01


1,625 Agnico-Eagle Mines 86,512 0.01 1,652 Agrium 148,689 0.02

10,343 Barrick Gold 219,650 0.03 3,202 Goldcorp 60,948 -

13,809 Potash Corp of Saskatchewan 223,292 0.03


4,006 Gildan Activewear 116,722 0.01 17,885 Magna International 624,536 0.08

2,846 Saputo 84,085 0.01


4,207 Alimentation Couche-Tard 179,722 0.02 1,245 Canadian Tire 134,930 0.02 2,453 Dollarama 170,371 0.02 6,158 Loblaw 327,696 0.04 3,864 Metro 133,918 0.01 3,655 Restaurant Brands 152,048 0.02 7,509 Shaw Communications 143,392 0.02


9,413 Bank of Montreal 593,975 0.07 13,640 Bank of Nova Scotia 664,933 0.08

6,411 Canadian Imperial Bank of Commerce 479,036 0.06 5,787 CI Financial 120,089 0.01

117 Fairfax Financial Holdings 62,687 0.01 8,498 Great West Lifeco 223,001 0.03 3,005 Intact Financial 213,545 0.03

45,718 Manulife Financial 622,035 0.08 5,655 National Bank Of Canada 192,419 0.02

11,573 Power Corp of Canada 245,059 0.03 13,023 Power Financial 297,322 0.03 18,441 Royal Bank of Canada 1,083,996 0.13

6,686 Sun Life Financial 218,491 0.03 18,598 Toronto-Dominion Bank 794,500 0.10



118,265 0.01



>224< HSBC ETFs PLC



USD % of Net

Asset Value

Equities (continued) Canada (continued) Industrial (31 December 2015: 0.09%)

7,349 Canadian National Railway 431,705 0.05 1,493 Canadian Pacific Railway 191,215 0.03 4,060 SNC-Lavalin Group 169,628 0.02

792,548 0.10 Oil & Gas (31 December 2015: 0.30%)

4,934 Arc Resources 84,000 0.01 14,648 Canadian Natural Resources 449,580 0.06 13,227 Cenovus Energy 182,002 0.02

9,245 Crescent Point Energy 145,292 0.02 865 Enbridge 36,453 -

23,778 Encana 184,006 0.02 4,552 Imperial Oil 143,286 0.02 7,001 Inter Pipeline 147,707 0.02

28,828 Suncor Energy 795,561 0.10 3,386 TransCanada 152,418 0.02


8,503 CGI 361,346 0.05 184 Constellation Software 70,842 0.01 462 Open Text 27,175 -


15,723 BCE 740,205 0.09 6,994 Rogers Communications 281,656 0.03

11,145 Telus 356,997 0.05


5,925 Fortis 199,234 0.02

199,234 0.02 Cayman Islands Consumer Goods (31 December 2015: 0.01%)

123,857 Chow Tai Fook Jewellery 88,766 0.01 48,678 Dali Foods 27,671 - 10,870 Minth 35,099 0.01 59,966 Nexteer Automotive 54,571 0.01

1,283 Qinqin Foodstuffs** - - 206,107 0.03 Consumer Services (31 December 2015: 0.01%)

1,424 Alibaba Group Holding 113,251 0.02 94,975 CK Hutchison Holdings 1,035,085 0.13

3,749 Gourmet Master 33,005 - 122,333 WH Group 95,874 0.01


10,489 Cheung Kong Property Holdings 65,438 0.01

65,438 0.01



HSBC ETFs PLC >225<



USD % of Net

Asset Value

Equities (continued) Cayman Islands (continued) Industrial (31 December 2015: 0.01%)

11,110 Sunny Optical Tech Group 38,881 - 4,229 Xinyi Automobile Glass** - -

38,881 - Oil & Gas (31 December 2015: Nil)


59,421 JD.com 1,261,508 0.16 6,367 Momo 64,370 0.01

152 NetEase 29,369 - 1,243,322 Semiconductor Manufacturing International 99,364 0.01

1,956 Weibo 55,570 0.01

1,510,181 0.19 Channel Islands Basic Materials (31 December 2015: 0.04%)

7,398 Polymetal International 103,545 0.01


3,025 Amdocs 174,603 0.02 174,603 0.02 Chile Basic Materials (31 December 2015: 0.03%)



5,841 Cia Cervecerias Unidas 68,314 0.01 30,789 Embotelladora Andina 109,616 0.01


448,081 Cencosud 1,278,327 0.16 55,444 Latam Airlines 366,858 0.04


1,605,134 Banco De Chile 171,965 0.02 2,849 Banco de Credito e Inversiones 123,072 0.02

3,614,453 Banco Santander Chile 174,263 0.02

469,300 0.06 Oil & Gas (31 December 2015: Nil)

8,605 Empresas COPEC 75,670 0.01



4,266 Empresa Nacional De Telecom 4,124 - 15,568 ENTEL Chile 140,999 0.02

145,123 0.02



>226< HSBC ETFs PLC



USD % of Net

Asset Value

Equities (continued) Chile (continued) Utilities (31 December 2015: 0.11%)

137,991 AES Gener SA 67,471 0.01 117,279 Aguas Andinas 67,253 0.01 191,684 Colbun 46,443 0.01 172,784 Empresa Nacional de Electricidad 159,642 0.02 197,138 Endesa Americas 90,773 0.01

3,464,997 Enersis 494,506 0.06

926,088 0.12 China Basic Materials (31 December 2015: 0.45%)

3,285,183 Aluminum Corporation of China 1,029,008 0.13 68,674 China Coal Energy 35,674 -

176,106 China Molybdenum 39,271 - 888,249 China Shenhua Energy 1,632,703 0.20 52,797 Jiangxipper Copper 58,732 0.01

282,434 Sinopec Shanghai Petrochemical 128,876 0.02 311,601 Yanzhou Coal Mining 201,229 0.02 204,060 Zijin Mining Group 68,126 0.01


30,507 Anta Sports Products 60,951 0.01 85,875 AviChina Industry & Technology 59,442 0.01 52,331 Chongqing Changan Automobile 72,851 0.01

274,592 Dongfeng Motor Group 285,991 0.03 9,282 Fuyao Glass Industry 21,488 -

139,416 Great Wall Automobiles 115,372 0.01 69,694 Guangzhou Automobile Group 83,098 0.01

6,419 Hengan International Group 53,533 0.01 7,400 Lao Feng Xiang 26,640 -

18,428 Shenzou International Group 88,958 0.01 217,386 Tingyi Cayman Islands Holding 204,834 0.03 36,456 Tsingtao Brewery 126,173 0.02 56,840 Uni- President China 47,770 0.01

218,176 Want Want China Holding 154,676 0.02 8,594 Yantai Changyu Pioneer 26,033 -


1,138,802 Air China 777,996 0.10 618,963 China Eastern Airlines 307,968 0.04

1,152,405 China Southern Airline 649,142 0.08 31,197 Dazhong Transportation Group 24,646 -

390,655 Guangshen Railway 185,308 0.02 1,945,060 0.24 Financial (31 December 2015: 3.04%)

229,018 Agile Property Holdings 120,739 0.02 11,666,954 Agricultural Bank of China 4,255,954 0.52

8,681,155 Bank of China 3,457,714 0.42



HSBC ETFs PLC >227<



USD % of Net

Asset Value


28,805 Bank of Chongqing 22,129 - 1,095,908 China Citic Bank 665,347 0.08 7,676,173 China Construction Bank 5,066,030 0.62

83,428 China Galaxy Securities 74,524 0.01 306,024 China Life Insurance 655,601 0.08 548,841 China Merchants Bank 1,226,729 0.15

1,002,903 China Minsheng Banking 966,971 0.12 129,631 China Pacific Insurance Group 436,116 0.06 120,586 China Reinsurance Group Corporation 27,512 - 58,338 China Taiping Insurance Holdings 108,585 0.01

168,767 China Vanke 330,662 0.04 343,096 Chongqing Rural Commercial Bank 173,362 0.02 163,175 CITIC Securities 357,565 0.05 62,580 Country Garden Holdings 26,297 - 13,487 Dalian Wanda Commercial Properties 82,751 0.01 41,454 Evergrande Real Estate Group 25,381 - 28,927 Far East Horizon 22,447 - 35,222 GF Securities 79,906 0.01

141,621 Greentown China 99,124 0.01 45,216 Guangzhou R&F Properties 56,943 0.01 45,358 Haitong Securities 76,240 0.01 35,499 Huatai Secutiries 75,410 0.01 98,818 Huishang Bank Corporation Limited 44,582 0.01

11,004,669 Industrial & Commercial Bank of China 6,085,374 0.75 23,503 Longfor Properties 30,477 - 45,848 New China Life Insurance 162,815 0.02

1,274,528 People s Insurance Company Group of China 487,932 0.06 266,851 PICC Property & Casualty 416,893 0.05 220,000 Ping An Insurance 968,426 0.12 46,288 Sino-Ocean Land Holdings 19,988 -

227,923 Soho China 109,291 0.02 26,815,817 3.29 Healthcare (31 December 2015: 0.02%)

44,731 Shandong Weigao Group Medical Polymer 25,427 - 8,092 Shanghai Fosun Pharmace 19,714 -

38,137 Shanghai Pharmaceuticals Holding 83,963 0.01 24,439 Sinopharm Group 116,399 0.02


7,867 AAC Technologies Holdings 66,776 0.01 107,009 Anhui Conch Cement 256,834 0.03 102,950 BBMG 30,654 - 74,517 Beijing Capital International Airport 80,684 0.01 28,768 Byd 172,246 0.02

309,363 China Cinda Asset Management 104,079 0.01 216,087 China Communications Construction 231,185 0.03



>228< HSBC ETFs PLC



USD % of Net

Asset Value

Equities (continued) China (continued) Industrial (31 December 2015: 0.44%) (continued)

530,059 China COSCO Holdings 186,526 0.02 139,658 China National Building Material 60,847 0.01 317,587 China Railway Construction 395,861 0.05 297,464 China Railway Group 220,856 0.03 357,693 China Shipping Container Lines 73,771 0.01 66,879 China Shipping Development 37,672 - 38,754 CSG Holding 30,522 -

513,670 CSR Corporation Limited 457,525 0.06 77,256 Jiangsu Expressway 107,350 0.01

1,821,007 Metallurgical Corporation 556,305 0.07 475,659 Shanghai Electric Group 199,266 0.03 72,093 Shenzhen Expressway 65,514 0.01

158,674 Sinopec Engineering Group 143,172 0.02 203,681 Sinotrans 90,053 0.01 168,630 Weichai Power 172,587 0.02 88,784 Zhejiang Expressway 83,429 0.01

4,290 Zhuzhou CSR Times Electric 23,557 -

3,847,271 0.47 Oil & Gas (31 December 2015: 1.55%)

129,336 CGN Power 35,844 - 14,586 China Gas Holdings 22,223 - 70,114 China Longyuan Power Group 58,022 0.01

210,389 China Oilfield Services 161,359 0.02 5,494,130 China Petroleum & Chemical 3,965,884 0.49 1,116,375 CNOOC 1,384,325 0.17 9,721,674 PetroChina 6,629,026 0.82


442 Baidu 72,996 0.01 781,803 China Communications Services 407,129 0.05 509,176 Lenovo Group 306,505 0.04 11,448 Tencent Holdings 259,862 0.03 26,929 Travelsky Technology 51,720 0.01

210,346 ZTE 265,171 0.03


6,733,317 China Telecom 3,003,020 0.37


1,779,761 Datang International Power Generation 495,528 0.06 4,562 ENN Energy Holdings 22,434 -

421,080 Huadian Power International 200,283 0.03 989,124 Huaneng Power International 609,441 0.07

1,327,686 0.16 Colombia Financial (31 December 2015: 0.07%)

10,608 Banco Davivienda 98,021 0.01



HSBC ETFs PLC >229<



USD % of Net

Asset Value

Equities (continued) Colombia (continued) Financial (31 December 2015: 0.07%) (continued)

18,152 Bancolombia 158,994 0.02 613,169 Grupo Aval Acciones 248,724 0.03

7,680 Grupo De Inv Suramericana 101,115 0.01

606,854 0.07 Industrial (31 December 2015: Nil)

11,325 Cementos Argos 46,406 0.01

46,406 0.01 Oil & Gas (31 December 2015: 0.16%)

2,600,106 Ecopetrol 1,246,871 0.15 1,246,871 0.15 Utilities (31 December 2015: Nil)

42,374 Interconexion Electrica ESP 130,225 0.02 130,225 0.02 Czech Republic Financial (31 December 2015: 0.01%)

2,855 Komercni Banka 106,575 0.01


28,681 CEZ 487,551 0.06 487,551 0.06 Denmark Consumer Goods (31 December 2015: 0.04%)

2,231 Carlsberg 211,380 0.03 480 Christian Hansen Holding 31,387 - 346 Pandora 46,862 0.01


5,694 Danske Bank 149,135 0.02 848 Jyske Bank 32,011 -


860 Coloplast 63,914 0.01 11,602 Novo Nordisk 620,397 0.07

1,292 Novozymes 61,660 0.01


890 AP Moeller - Maersk 1,156,888 0.14 2,165 DSV 90,586 0.01

15,937 ISS A/S 597,804 0.08

1,845,278 0.23 Oil & Gas (31 December 2015: 0.02%)



25,745 TDC 125,519 0.02

125,519 0.02



>230< HSBC ETFs PLC



USD % of Net

Asset Value

Equities (continued) Dubai Financial (31 December 2015: 0.01%)

71,804 Emaar Properties 121,201 0.01

121,201 0.01 Egypt Basic Materials (31 December 2015: 0.01%)

Financial (31 December 2015: 0.03%)

28,779 Commercial International Bank Egypt 129,085 0.01 40,490 EFG-Hermes Holding 48,652 0.01


1,741,674 Global Telecom 625,672 0.08




1,433 Amer Sports 39,099 - 1,262 Nokian Renkaat 44,907 0.01

84,006 0.01 Consumer Services (31 December 2015: Nil)

2,155 Kesko 91,263 0.01


3,514 Sampo 142,609 0.02


1,497 Orion oyj 57,876 0.01


1,379 Huhtamaki 56,960 0.01 6,239 Kone 285,913 0.03 3,202 Wartsilap 130,018 0.02


2,390 Neste Oil 85,311 0.01


192,357 Nokia 1,090,933 0.13


1,818 Elisa 69,478 0.01


13,638 Fortum 217,873 0.03

217,873 0.03



HSBC ETFs PLC >231<



USD % of Net

Asset Value

Equities (continued) France Basic Materials (31 December 2015: 0.08%)

5,117 Air Liquide 534,706 0.07 1,201 Arkema 92,157 0.01


5,612 Christian Dior 902,777 0.11 4,375 Cie Generale des Etablissements Michelin 414,155 0.05 4,042 Danone 284,740 0.04

530 Hermes International 198,397 0.03 4,421 L'Oreal 844,779 0.10 5,998 LVMH Moet Hennessy Louis Vuitton 906,233 0.11 2,273 Pernod-Ricard 252,771 0.03

79,825 Peugeot 959,091 0.12 10,759 Renault 818,043 0.10

655 Societe BIC 92,378 0.01 5,307 Valeo 236,599 0.03


5,268 Accor 203,023 0.02 44,383 Carrefour 1,095,114 0.14

1,785 Kering 288,434 0.04 7,480 Publicis Groupe 502,998 0.06 8,267 Sodexo 888,665 0.11

35,893 Vivendi 673,893 0.08 3,652,127 0.45 Financial (31 December 2015: 0.70%)

42,172 AXA 834,181 0.10 35,156 BNP Paribas 1,552,693 0.19 92,020 Credit Agricole 772,856 0.09

1,814 Eurazeo 107,817 0.01 443 Fonciere Des Regions 39,377 - 430 Gecina 58,519 0.01

2,901 Klepierre 128,431 0.02 104,656 Natixis Banques Populai 396,356 0.05

2,417 SCOR 72,030 0.01 31,275 Societe Generale 980,155 0.12



1,570 Cie Generale d'Optique Essilor International 207,297 0.02 118 Eurofins Scientific 43,732 0.01 801 Orpea 65,922 0.01

22,059 Sanofi 1,836,022 0.22


1,147 Aeroports de Paris 126,190 0.02 18,985 Alstom 440,282 0.05



>232< HSBC ETFs PLC



USD % of Net

Asset Value

Equities (continued) France (continued) Industrial (31 December 2015: 0.89%) (continued)

32,824 Bouygues 945,558 0.12 11,038 Bureau Veritas 233,052 0.03 24,350 Cie de St-Gobain 929,358 0.11

2,896 Edenred 59,504 0.01 6,041 Eiffage 430,929 0.05 3,803 Groupe Eurotunnel 40,348 - 2,708 Legrand 139,321 0.02

13,756 Rexel 172,918 0.02 8,384 Safran 567,421 0.07

13,301 Schneider Electric 784,054 0.09 6,611 Thales 550,910 0.07

21,914 Vinci 1,550,555 0.19 5,717 Zodiac Aerospace 134,076 0.02

7,104,476 0.87 Oil & Gas (31 December 2015: 0.35%)

3,382 Technip 183,409 0.02 54,190 Total 2,611,578 0.32


5,446 AtoS 450,924 0.06 5,447 Cap Gemini 473,215 0.06 1,309 Dassault Systemes 99,295 0.01

383 Iliad 77,653 0.01 2,292 SR Teleperformance 195,988 0.02


127,603 France Telecom 2,077,500 0.26


161,760 EDF 1,971,388 0.24 148,754 GDF Suez 2,397,896 0.29 33,862 Suez Environnement 529,675 0.07 56,024 Veolia Environnement 1,211,809 0.15

6,110,768 0.75 Germany Basic Materials (31 December 2015: 0.56%)

25,490 BASF 1,943,754 0.24 14,231 Bayer 1,422,893 0.17

2,551 Brennt 123,082 0.01 14,447 Evonik Industries 429,174 0.05

1,422 Fuchs Petrolub 51,106 0.01 6,455 K+S 131,555 0.02 3,895 Lanxess 169,970 0.02 4,638 Linde 645,876 0.08

952 Symrise 64,674 0.01

4,982,084 0.61



HSBC ETFs PLC >233<



USD % of Net

Asset Value

Equities (continued) Germany (continued) Consumer Goods (31 December 2015: 1.43%)

2,228 Adidas 317,939 0.04 23,723 Bayerische Motoren Werke 1,733,899 0.21

1,964 Beiersdorf 185,222 0.02 5,167 Continental 971,829 0.12

36,062 Daimler 2,144,175 0.26 4,367 Henkel AG & Co KGaA 531,484 0.07 1,640 Hugo Boss AG 92,738 0.01 2,246 Porsche Automobil Holding 103,139 0.01

31,488 Volkswagen 4,211,782 0.52


3,053 Prosieben Sat.1 Media 133,007 0.02 27,093 TUI AG 308,396 0.03


7,946 Allianz 1,128,168 0.14 64,090 Commerzbank 414,673 0.05

1,491 Deutsche Annington 54,248 0.01 89,549 Deutsche Bank 1,226,145 0.15

1,522 Deutsche Boerse 124,346 0.01 952 Hannover Rueckversicherung 99,216 0.01

2,942 Muenchener Rueckversicherungs 491,079 0.06


9,255 Fresenius Medical Care & Co KGaA 802,292 0.10 14,252 Fresenius SE & Co KGaA 1,042,145 0.13

4,170 Merck KGaA 421,804 0.05


77,168 Deutsche Post 2,158,246 0.27 3,935 GEA Group 184,809 0.02 5,214 HeidelbergCement 390,819 0.05 3,817 KION Group AG 184,186 0.02 4,251 MAN 433,964 0.05

896 MTU Aero Engines 83,405 0.01 4,697 Osram 242,852 0.03

33,655 Siemens 3,432,684 0.42 59,202 ThyssenKrupp 1,184,525 0.15


15,805 Infineon Technologies 227,822 0.03 11,716 SAP 874,147 0.10

1,512 United Internet 62,487 0.01


164,550 Deutsche Telekom 2,793,287 0.34 1,888 Freenet AG 48,399 0.01

2,841,686 0.35



>234< HSBC ETFs PLC



USD % of Net

Asset Value

Equities (continued) Germany (continued) Utilities (31 December 2015: 0.42%)

171,098 E.ON 1,715,673 0.21 89,584 RWE 1,412,236 0.17

3,127,909 0.38 Greece Consumer Services (31 December 2015: 0.01%)

1,691 Folli Follie 31,504 - 6,872 Greek Organisation of Football Prognostics 47,486 0.01




33,704 OTE-Hellenic Telecom 302,169 0.04


30,249 Kingboard Chemical Holdings 59,968 0.01 67,088 Nine Dragons Paper Holdings 50,935 -

351,678 Shougang Fushan Resources Group 62,557 0.01


427,202 Belle International Holdings 250,001 0.03 160,774 China Agri-Industries Holdings 52,846 0.01 30,324 China Mengniu Dairy 52,690 0.01

179,140 First Pacific 129,772 0.02 93,434 Geely Automobile Holdings 50,463 - 33,777 Haier Electronics Group 51,550 0.01

402,977 Li & Fung 194,270 0.02 19,904 Techtronic Industries 82,741 0.01 33,838 Xinyi Glass 24,862 - 71,349 Yue Yuen Industrial Holdings 281,885 0.03


216,336 Cathay Pacific Airways 315,666 0.04 88,135 China Travel International 25,448 -

107,828 Esprit Holdings 80,058 0.01 45,619 Galaxy Entertainment Group 135,247 0.01

904,347 GOME Electrical Appliances Holding 107,245 0.01 29,396 Intime Retail Group 24,326 - 59,161 MGM China Holdings 76,716 0.01 72,944 MTR 368,577 0.05 49,271 Shangri-La Asia 49,221 0.01

285,369 SJM Holdings 173,253 0.02 414,174 Sun Art Retail Group 289,892 0.04

1,645,649 0.20



HSBC ETFs PLC >235<



USD % of Net

Asset Value

Equities (continued) Hong Kong (continued) Financial (31 December 2015: 0.23%)

42,285 AIA Group 252,632 0.03 24,737 Bank of East Asia 95,020 0.01

118,336 BOC Hong Kong Holdings 353,882 0.05 12,642 China Overseas Land & Investment 39,924 - 55,448 China Resources Land 129,365 0.02 37,543 Hang Lung Properties 91,326 0.01 14,416 Hang Seng Bank 245,843 0.03 10,462 Henderson Land Development 58,729 0.01

3,035 Hong Kong Exchanges and Clearing 73,391 0.01 11,298 Hongkong Land Holdings 68,805 0.01

6,047 Hysan Development 26,852 - 11,745 Kerry Properties 28,886 -

5,367 Link REIT 36,527 - 20,999 New World Development 21,248 - 93,253 Shenzhen Investment 37,143 - 34,875 Shimao Property Holdings 43,875 0.01 54,703 Sino Land 89,268 0.01 10,719 Sun Hung Kai Properties 128,565 0.02 19,106 Swire Properties 50,610 0.01


29,282 CSPC Pharmaceutical 26,044 - 35,457 Sino Biopharmaceutical 23,081 -


11,124 Beijing Enterprises Holdings 62,804 0.01 83,461 Beijing Enterprises Water Group 50,133 0.01

2,293 Cheung Kong Infrastructure Holdings 19,714 - 13,968 China Merchants Holdings International 37,090 -

216,133 China Resources Cement Holdings 69,092 0.01 148,042 China Resources Enterprise 322,496 0.04 61,028 COSCO Pacific 60,651 0.01 34,882 NWS Holdings 54,945 0.01 13,906 Shanghai Industrial Holdings 31,404 - 22,458 Swire Pacific 253,588 0.03 31,633 Wharf Holdings 191,438 0.02 65,819 Yangzijiang Shipbuilding Holdings 43,769 0.01

1,197,124 0.15 Oil & Gas (31 December 2015: 0.01%)

162,446 Kunlun Energy 133,802 0.02


8,467 ASM Pacific Technology 60,518 0.01 6,162 Vtech Holdings 64,774 0.01


405,465 China Mobile 4,633,244 0.57



>236< HSBC ETFs PLC



USD % of Net

Asset Value

Equities (continued) Hong Kong (continued) Telecommunications (31 December 2015: 0.78%) (continued)

1,754,675 China Unicom Hong Kong 1,813,945 0.22 59,583 Citic 1616 Holdings 22,426 - 84,938 HKT Trust 122,404 0.02

209,776 PCCW 140,609 0.02


212,749 China Power International Development 78,157 0.01 13,959 China Resources Gas Group 42,284 0.01

179,493 China Resources Power Holdings 267,460 0.03 25,503 CLP Holdings 259,700 0.03

179,861 GCL-Poly Energy Holdings 23,416 - 49,801 Guangdong Investment 75,620 0.01 51,437 HK & China Gas 93,751 0.01 49,418 HK Electric Investments 46,055 0.01 11,719 Power Assets Holdings 107,327 0.01

993,770 0.12 Hungary Financial (31 December 2015: 0.02%)

6,334 OTP Bank 141,549 0.02

141,549 0.02 Healthcare (31 December 2015: Nil)

3,672 Richter Gedeon Nyrt 73,014 0.01

73,014 0.01 Oil & Gas (31 December 2015: 0.07%)

9,471 MOL Hungarian Oil and Gas 548,131 0.07


116,540 Magyar Telekom Telecommunications 182,921 0.02

182,921 0.02 India Basic Materials (31 December 2015: 0.17%)

286,638 Tata Steel 1,337,166 0.16


6,332 HDFC Bank 420,128 0.05 77,802 ICICI Bank 558,618 0.07


1,078 Dr Reddy's Laboratories 55,226 0.01


14,599 Mahindra & Mahindra 309,499 0.04 35,648 Tata Motors 1,235,916 0.15

1,545,415 0.19 Oil & Gas (31 December 2015: 0.12%)

31,174 Reliance Industries 890,018 0.11

890,018 0.11



HSBC ETFs PLC >237<



USD % of Net

Asset Value

Equities (continued) Indonesia Basic Materials (31 December 2015: 0.02%)

2,227,470 Adaro Energy 143,300 0.02


1,040,231 Astra International 582,608 0.07 169,362 Charoen Pokphand Indonesia 48,069 0.01

9,924 Gudang Garam 51,826 0.01 980,000 Hanjaya Mandala Sampoerna 281,854 0.03 53,255 Indofood CBP Sukses Makmur 69,428 0.01

213,093 Indofood Sukses Makmur 116,929 0.01 24,552 Unilever Indonesia 83,760 0.01


283,738 Media Nusantara Citra 47,245 0.01 189,190 Surya Citra Media 47,253 0.01


295,076 Bank Central Asia 297,588 0.04 517,268 Bank Mandiri 372,903 0.04 686,558 Bank Negara Indonesia Persero 270,206 0.03 683,235 Bank Rakyat Indonesia Persero 558,482 0.07


676,942 Kalbe Farma 78,390 0.01


51,010 AKR Corporindo 24,709 - 107,018 Indocement Tunggal Prakarsa 136,683 0.02 94,855 Jasa Marga Persero 37,870 -

205,534 Semen Gresik Persero 145,449 0.02 239,532 United Tractors 268,312 0.04


3,239,765 Telekomunikasi Indonesia 975,914 0.12 533,207 XL Axiata 148,107 0.02


936,886 Perusahaan Gas Negara 165,927 0.02 165,927 0.02 Ireland Consumer Goods (31 December 2015: 0.02%)

1,946 Glanbia 36,601 - 1,434 Kerry Group 127,225 0.02


265 Paddy Power 27,821 - 40,350 WPP 837,147 0.11

864,968 0.11



>238< HSBC ETFs PLC



USD % of Net

Asset Value

Equities (continued) Ireland (continued) Financial (31 December 2015: 0.02%)

311,248 Bank of Ireland 63,969 0.01 3,326 Willis Towers Watson 413,455 0.05 2,512 XL Group 83,675 0.01


913 Allergan 210,985 0.03 5,481 Medtronic 475,586 0.06

234 Perrigo Co Ltd 21,217 - 1,247 Shire 77,365 0.01


16,057 Accenture 1,819,098 0.22 700 Allegion Public Limited Company 48,601 0.01

14,351 CRH 414,524 0.05 583 DCC 51,321 0.01

11,995 Experian 226,413 0.03 6,770 Ingersoll-Rand 431,114 0.05 2,607 James Hardie Industries 39,697 - 1,341 Kingspan Group 29,215 -

10,105 Ryanair Holdings 127,827 0.02 10,583 Smurfit Kappa 232,792 0.03

3,420,602 0.42 Israel Financial (31 December 2015: 0.03%)

27,017 Bank Hapoalim 136,099 0.02 39,125 Bank Leumi Le Israel 137,457 0.02


4,428 Teva Pharm 222,418 0.03


766 Check Point Software 61,035 0.01


69,530 Bezeq The Israeli Telecom 137,847 0.02 336 Nice Systems 20,948 -


208,320 Fiat Chrysler Automobiles 1,271,724 0.16 10,859 Luxottica Group 526,464 0.06

1,798,188 0.22 Consumer Services (31 December 2015: Nil)

49,503 Mediaset 172,245 0.02


44,566 Assicurazioni Generali 522,337 0.06



HSBC ETFs PLC >239<



USD % of Net

Asset Value

Equities (continued) Italy (continued) Financial (31 December 2015: 0.56%) (continued)

49,780 Exor 1,823,895 0.22 285,901 Intesa Sanpaolo 540,592 0.07 10,460 Mediobanca 59,904 0.01 10,032 Poste Italiane 66,424 0.01

321,256 UniCredit 703,091 0.09 3,716,243 0.46 Industrial (31 December 2015: 0.12%)

10,511 Atlantia 261,219 0.03 54,305 Finmeccanica 546,591 0.07

5,263 Prysmian 114,834 0.01

922,644 0.11 Oil & Gas (31 December 2015: 0.38%)

180,743 ENI 2,915,563 0.36


1,274,753 Telecom Italia 1,040,897 0.13


337,772 Enel 1,493,485 0.18 39,851 Snam 237,300 0.03 15,325 Terna Rete Elettrica Nazionale 85,024 0.01

1,815,809 0.22 Japan Basic Materials (31 December 2015: 0.65%)

4,063 Air Water 59,288 0.01 35,129 Asahi Kasei 242,434 0.03

4,355 Daicel 44,700 0.01 17,121 Daido Steel 58,244 0.01 12,623 Denki Kagaku Kogyo 50,571 0.01

4,495 DIC 93,151 0.01 7,649 Dowa Mining 38,994 - 5,531 Hitachi Chemical 102,059 0.01

13,901 Hitachi Metals 139,430 0.02 23,314 JFE Holdings 298,839 0.03

3,557 JSR 46,669 0.01 6,160 Kaneka 40,710 0.01 3,268 Kansai Paint 65,462 0.01

204,224 Kobe Steel 165,227 0.02 6,307 Kuraray 74,695 0.01

80,774 Mitsubishi Chemical Holdings 365,880 0.04 10,015 Mitsubishi Gas Chemical 51,837 0.01 22,484 Mitsui Chemicals 81,529 0.01

2,774 Nagase & Company 30,393 - 3,914 Nippon Kayaku 38,572 - 1,886 Nippon Paint 45,996 0.01 6,951 Nippon Paper Industries 121,078 0.01

469 Nippon Shokubai 26,652 -



>240< HSBC ETFs PLC



USD % of Net

Asset Value

Equities (continued) Japan (continued) Basic Materials (31 December 2015: 0.65%) (continued)

27,078 Nippon Steel 516,802 0.06 1,427 Nissan Chemical Industries 41,284 0.01 3,233 Nisshin Steel Holding 40,968 0.01 2,331 Nitto Denko 146,236 0.02 2,718 NOF 22,387 -

39,337 Oji Holdings 150,308 0.01 3,367 Shin-Etsu Chemical 195,673 0.02 7,041 Showa Denko 65,956 0.01

63,060 Sumitomo Chemical 256,936 0.03 5,889 Sumitomo Metal Mining 59,039 0.01 9,683 Taiyo Nippon Sanso 88,156 0.01

28,027 Teijin 92,066 0.01 22,235 Toray Industries 188,431 0.02 16,778 Tosoh 76,539 0.01 10,333 Toyota Tsusho 220,177 0.03 41,140 UBE Industries 67,370 0.01

6,469 Zeon 41,554 0.01


506 ABC-Mart 33,786 - 8,077 Aisin Seiki 325,552 0.04 7,898 Ajinomoto 185,228 0.02 6,439 Asahi Group Holdings 207,499 0.03 1,557 Asics Corporation 26,044 - 3,396 Bandai Namco Holdings 87,159 0.01

18,816 Bridgestone 599,566 0.07 613 Calbee 25,455 -

6,840 Calsonic Kansei 51,472 0.01 4,477 Casio Computer 63,889 0.01

10,563 Citizen Holdings 51,070 0.01 2,291 Coca-Cola Central Japan 43,703 0.01 2,250 Coca-Cola West Japan 63,427 0.01

17,746 Daihatsu Motor 228,852 0.03 875 Daiichikosho 36,632 -

8,381 Daiwa House Industry 243,612 0.03 15,389 Denso 536,567 0.07

702 Ezaki Glico 40,851 0.01 5,539 Fuji Heavy Industries 187,783 0.02

14,383 GS Yuasa 54,678 0.01 58,788 Honda Motor 1,474,141 0.18

1,557 House Foods 35,969 - 3,821 Iida Group Holdings 77,582 0.01 1,601 ITO 61,721 0.01 3,029 Itoham Yonekyu Holdings 31,031 -

18,605 Japan Tobacco 744,091 0.09 10,847 JTEKT 121,274 0.01

810 Kagome 21,389 -



HSBC ETFs PLC >241<



USD % of Net

Asset Value

Equities (continued) Japan (continued) Consumer Goods (31 December 2015: 2.54%) (continued)

6,126 Kao 354,041 0.04 1,688 Kewpie 53,475 0.01 1,504 Kikkoman 54,976 0.01

20,229 Kirin Holdings 339,746 0.04 1,325 Koito Manufacturing 60,380 0.01 1,401 Konami 53,191 0.01

26,697 Konica Minolta Holdings 192,570 0.02 488 Kose 40,861 0.01

2,256 Lion 37,054 - 1,585 Makita 104,441 0.01

10,023 Mazda Motor 132,774 0.02 964 Megmilk Snow Brand 33,593 -

1,159 Meiji Holdings 117,832 0.01 35,168 Mitsubishi Motors 160,774 0.02

6,567 Morinaga Milk Industry 45,577 0.01 2,144 NGK Spark Plug 31,954 - 7,513 NHK Spring 60,491 0.01 4,982 Nichirei 45,600 0.01

696 Nifco 36,228 - 8,315 Nikon 112,336 0.01

539 Nintendo 76,628 0.01 5,146 Nippon Meat Packers 125,051 0.02 8,643 Nippon Suisan Kaisha 44,146 0.01

101,777 Nissan Motor 910,626 0.11 3,047 Nisshin Seifun 48,650 0.01 8,656 Nisshinbo Industries 77,878 0.01 1,072 Nissin Food Products 58,412 0.01 6,608 NOK 110,981 0.01

224,104 Panasonic Corporation 1,924,511 0.23 450 Pola Orbis Holdings 41,890 0.01 513 Rinnai 45,004 0.01

2,586 Sapporo Breweries 74,689 0.01 3,798 Sega Sammy Holdings 40,686 -

12,852 Sekisui Chemical 157,095 0.02 9,604 Sekisui House 166,589 0.02

304,576 Sharp 326,575 0.04 372 Shimano 56,313 0.01

8,855 Shiseido 227,611 0.03 43,929 Sony 1,279,461 0.16

2,892 Stanley Electric 61,087 0.01 31,083 Sumitomo Electric Industries 406,148 0.05

5,709 Sumitomo Forest 76,795 0.01 9,719 Sumitomo Rubber Industries 129,126 0.02 2,075 Suntory Beverage And Food 93,445 0.01 9,863 Suzuki Motor 264,721 0.03 2,709 Takara Shuzo 24,795 - 1,052 Toyo Suisan Kaisha 42,453 0.01



>242< HSBC ETFs PLC



USD % of Net

Asset Value


4,214 Toyo Tire & Rubber 45,512 0.01 18,991 Toyobo 35,727 -

4,944 Toyoda Gosei 87,275 0.01 4,846 Toyota Boshoku 99,953 0.01 4,663 Toyota Industries 183,402 0.02

58,435 Toyota Motor 2,877,606 0.35 1,171 TS Tech 28,410 - 4,527 Unicharm 100,830 0.01 8,175 Wacoal 80,324 0.01 1,550 Yakult Honsha 79,774 0.01 2,912 Yamaha 77,689 0.01

14,106 Yamaha Motor 211,886 0.03 6,468 Yamazaki Baking 179,684 0.02 7,067 Yokohama Rubber 87,623 0.01



1,046 Aoyama Trading 38,337 - 2,709 Benesse Holdings 63,401 0.01 2,709 Central Japan Railway 478,610 0.06

128 Cosmos Pharmaceutical 25,752 - 20,797 Dai Nippon Printing 230,087 0.03

2,208 DeNA 51,181 0.01 4,180 Dentsu 194,352 0.02 1,062 Don Quijote 39,130 - 6,262 East Japan Railway 575,782 0.07 1,584 FamilyMart 96,501 0.01

618 Fast Retailing 164,455 0.02 7,243 Fuji Media Holdings 81,121 0.01 3,824 H2O Retailing Group 51,327 0.01 7,608 Hakuhodo DY Holdings 90,623 0.01

22,941 Hankyu 170,397 0.02 1,218 Heiwa 24,564 -

10,726 Isetan Mitsukoshi Holdings 94,724 0.01 1,495 Izumi 57,926 0.01 7,729 J Front Retailing 79,482 0.01 7,611 Japan Airlines 244,229 0.03 6,170 Keihan Electric Railway 42,641 0.01 6,146 Keikyu 61,646 0.01 8,012 Keio 75,208 0.01 5,122 Keisei Electric Railway 65,604 0.01

34,153 Kintetsu 145,814 0.02 3,000 K's Holdings 55,766 0.01 1,441 Lawson 114,757 0.01 1,845 Marui Group 24,674 -

921 Matsumotokiyoshi 44,753 0.01



HSBC ETFs PLC >243<



USD % of Net

Asset Value


754 McDonald's Holdings 20,542 - 19,449 Nagoya Railroad 109,388 0.01

9,928 Nankai Electric Railway 55,838 0.01 2,113 Nippon Television Holdings 34,602 -

12,779 Nishi-Nippon Railroad 66,143 0.01 811 Nitori Holdings 97,551 0.01

9,828 Odakyu Electric Railway 114,575 0.01 1,442 Oriental Land 93,107 0.01 1,368 Park24 46,871 0.01 7,085 Rakuten 76,140 0.01 1,184 Resort Trust 25,413 -

125 Ryohin Keikaku 30,315 - 1,087 Sankyo 40,581 - 2,841 Seibu Holdings 47,881 0.01

14,622 Seven & I Holdings 610,165 0.08 454 Shimamura 67,177 0.01

2,156 Skylark 27,236 - 8,166 Sotetsu Holdings 45,689 0.01

583 Sugi Holdings 32,335 - 594 Sundrug 55,353 0.01

12,846 Takashimaya 91,534 0.01 22,101 Tobu Railway 120,856 0.01

1,433 Toho 39,446 - 3,189 Tokyo Broadcasting Systems 42,711 0.01

21,556 Tokyu 188,476 0.02 350 Tsuruha Holdings 42,202 0.01

16,205 UNY Group Holding 136,003 0.02 1,828 USS 29,989 -

747 Welcia Holdings 46,965 0.01 4,602 West Japan Railway 290,098 0.04

31,062 Yamada Denki 163,500 0.02 7,440,810 0.91 Financial (31 December 2015: 1.08%)

20 Activia Properties 106,053 0.01 3,870 Aeon Financial Service 82,802 0.01

24 AEON REIT Corporation 27,488 - 14,233 Aozora Bank 49,113 0.01

4,229 Bank of Kyoto 25,682 - 14,576 Chiba Bank 68,341 0.01

3,577 Chugoku Bank 36,192 - 20,073 Concordia Financial Group 78,030 0.01

2,093 Credit Saison 34,948 - 37,653 Dai-ichi Life Insurance 413,636 0.06

9 Daiwa Office Investment 53,426 0.01 34,573 Daiwa Securities Group 181,138 0.03

25 Frontier Real Estate Investment 130,130 0.02 20,165 Fukuoka Financial Group 65,847 0.01



>244< HSBC ETFs PLC



USD % of Net

Asset Value

Equities (continued) Japan (continued) Financial (31 December 2015: 1.08%) (continued)

14 Fukuora Reit 27,757 - 10,925 Gunma Bank 39,402 0.01

7,546 Hachijuni Bank 32,658 - 10,614 Hiroshima Bank 35,177 - 50,632 Hokuhoku Financial Group 57,250 0.01

19 Hulic 34,781 - 4,186 Iyo Bank 25,420 - 2,199 Japan Exchange Group 25,036 -

11,071 Japan Post Bank 129,390 0.02 19,948 Japan Post Holdings 241,305 0.03

1,510 Japan Post Insurance 30,777 - 10,823 Joyo Bank 40,195 -

8,208 Kyushu Financial Group 40,484 - 8,074 Mitsubishi Estate 147,408 0.02

272,269 Mitsubishi UFJ Financial Group 1,209,937 0.15 7,034 Mitsubishi UFJ Lease & Finance 26,740 - 5,211 Mitsui Fudosan 118,427 0.02

478,393 Mizuho Financial Group 691,546 0.08 50 Mori Hills Reit 78,565 0.01 25 Mori Trust Sogo 47,471 0.01

12,545 MS&AD Insurance Group Holdings 320,565 0.04 12 Nippon Accommodations Fund 54,742 0.01

19,779 Nishi-Nippon Bank 34,511 - 11,712 NKSJ Holdings 308,069 0.04

152,971 Nomura Holding 544,546 0.07 4,897 Nomura Real Estate Holdings 84,918 0.01

82 Nomura Real Estate Master Fund 130,046 0.02 17,352 ORIX 221,234 0.03 89,010 Resona Holdings 322,758 0.04

1,806 SBI Holdings 17,763 - 6,388 Seventy Seven Bank 22,167 -

26,470 Shinsei Bank 38,187 - 10,065 Shizuoka Bank 70,344 0.01

7,193 Sony Financial Holdings 80,210 0.01 30,477 Sumitomo Mitsui Financial Group 869,244 0.11 90,545 Sumitomo Mitsui Trust Holdings 291,078 0.04

822 Sumitomo Realty & Development 22,070 - 1,775 Suruga Bank 39,881 -

20,713 T&D Holdings 173,413 0.02 5,978 Tokai Tokyo Securities 25,173 -

10,750 Tokio Marine Holdings 352,815 0.05 6,387 Tokyo Tatemono 76,079 0.01

10,374 Tokyu Fudosan Holdings 64,111 0.01 3,707 Yamaguchi Financial Group 34,869 -


3,872 Alfresa Holdings 80,241 0.01



HSBC ETFs PLC >245<



USD % of Net

Asset Value

Equities (continued) Japan (continued) Healthcare (31 December 2015: 0.35%) (continued)

17,728 Astellas Pharma 276,487 0.03 4,577 Chugai Pharmaceutical 162,174 0.02 1,923 Cyberdyne 43,000 0.01

11,133 Daiichi Sankyo 268,423 0.03 5,596 Dainippon Sumitomo Pharma 96,385 0.01 2,942 Eisai 163,116 0.02

877 Hisamitsu Pharmaceutical 50,266 0.01 343 Kaken Pharmaceutical 22,367 - 532 Kobayashi Pharmaceutical 23,517 -

5,252 Kyowa Hakko Kirin 88,873 0.01 5,691 Medipal Holdings 92,973 0.01

873 Miraca Holdings 37,612 - 5,703 Mitsubishi Tanabe Pharma 102,453 0.01 1,341 Nihon Kohden 37,450 - 3,764 Nipro 46,449 0.01 5,463 Olympus 202,087 0.02 1,200 ONO Pharmaceutical 51,841 0.01 4,707 Otsuka Holdings 216,516 0.03

714 PeptiDream 42,315 0.01 1,477 Rohto Pharmaceutical 22,388 - 1,675 Santen Pharmaceutical 26,123 - 1,579 Shionogi 85,699 0.01

349 Sosei 64,296 0.01 2,235 Suzuken 69,932 0.01

673 Sysmex Corporation 45,855 0.01 619 Taisho Pharmaceutical Holdings 64,923 0.01

8,551 Takeda Pharmaceutical 368,746 0.05 1,435 Terumo 60,777 0.01 2,311 Toho Holdings 55,438 0.01

974 Tsumura & Co 26,308 -


4,484 Alps Electric 83,439 0.01 4,593 Amada 46,203 0.01 1,434 Amano 24,825 -

62,466 Asahi Glass 336,107 0.04 1,913 Azbil 56,034 0.01

809 Century Tokyo Leasing 25,905 - 3,134 Comsys Holdings 50,528 0.01 1,780 Daifuku 31,543 - 2,558 Daikin Industries 212,290 0.03

958 Daito Trust Construction 155,387 0.02 16,048 Ebara 87,756 0.01

907 Fanuc 146,186 0.02 35,339 Fuji Electric 145,366 0.02 18,661 Fujikura 85,129 0.01 49,733 Furukawa Electric 114,407 0.01



>246< HSBC ETFs PLC



USD % of Net

Asset Value

Equities (continued) Japan (continued) Industrial (31 December 2015: 2.11%) (continued)

1,257 Glory 33,952 - 1,180 Hamamatsu Photonics 32,838 - 3,639 Haseko 36,216 -

12,706 Hino Motors 125,215 0.02 367 Hirose Electric 44,753 0.01

474,206 Hitachi 1,959,411 0.24 7,945 Hitachi Construction Machinery 114,695 0.01

778 Horiba 33,974 - 473 Hoshizaki Electric 46,060 0.01

6,552 Hoya 232,089 0.03 4,922 Ibiden 55,174 0.01

52,177 IHI 138,338 0.02 14,427 Isuzu Motors 175,574 0.02

2,743 IT Holdings 62,699 0.01 41,343 ITOCHU 499,509 0.06

427 Japan Airport Terminal 15,317 - 12,043 Japan Steel Works 54,586 0.01

2,917 JGC 41,314 0.01 16,507 Kajima 113,919 0.01

3,795 Kamigumi 34,846 - 45,388 Kawasaki Heavy Industries 126,090 0.02 41,845 Kawasaki Kisen 97,893 0.01

116 Keyence 78,178 0.01 4,609 Kinden 49,599 0.01

26,441 Komatsu 456,062 0.06 18,598 Kubota 247,907 0.03

2,190 Kurita Water Industries 48,629 0.01 9,416 Kyocera 444,412 0.05 2,497 Kyowa Exeo 31,009 -

10,556 LIXIL Group 173,378 0.02 1,146 Mabuchi Motor 47,811 0.01

51,837 Marubeni 232,178 0.03 13,964 Minebea 93,239 0.01

2,056 Misumi 36,735 - 21,149 Mitsubishi 368,597 0.05 69,458 Mitsubishi Electric 817,870 0.10

119,422 Mitsubishi Heavy Industries 474,242 0.06 2,000 Mitsubishi Logistics 27,722 -

55,458 Mitsubishi Materials 131,361 0.02 42,443 Mitsui & Co 502,043 0.06 34,623 Mitsui Engr & Shipbldg 47,248 0.01 32,465 Mitsui Osk Lines 68,354 0.01

2,702 Murata Manufacturing 299,725 0.04 1,498 Nabtesco 35,453 - 2,247 NGK Insulators 44,835 0.01 7,476 Nidec 562,722 0.07 1,074 Nikkon Holdings 19,158 -



HSBC ETFs PLC >247<



USD % of Net

Asset Value


13,485 Nippon Electric Glass 55,864 0.01 34,269 Nippon Express 155,662 0.02

103,434 Nippon Yusen 180,473 0.02 14,417 NSK 105,679 0.01 16,366 NTN 43,392 0.01

7,757 Obayashi 82,039 0.01 2,078 Okuma Corp 13,470 - 7,084 Omron 228,561 0.03 1,444 OSG 23,872 - 6,411 Recruit Holdings 233,406 0.03 8,433 Rengo 54,417 0.01

10,544 Sankyu Inc 56,220 0.01 5,536 Sanwa Holdings 49,807 0.01 2,459 Secom 181,039 0.02 7,080 Seino Holdings 64,527 0.01 3,579 Shimadzu 53,167 0.01 6,725 Shimizu 62,668 0.01

386 SMC 93,706 0.01 1,728 Sohgo Security Services 85,061 0.01

60,250 Sojitz 141,537 0.02 52,388 Sumitomo 523,165 0.06 17,030 Sumitomo Heavy Industries 73,704 0.01 12,225 Sumitomo Osaka Cement 52,313 0.01 39,360 Taiheiyo Cement 92,463 0.01 12,917 Taisei 105,512 0.01

4,065 Taiyo Yuden 35,027 - 8,569 TDK 473,596 0.05 1,311 Temp Holdings 22,517 - 1,847 THK 31,200 -

21,870 Toppan Printing 187,171 0.02 468,999 Toshiba 1,263,586 0.16

2,679 Toto 106,021 0.01 3,069 Toyo Seikan Group Holding 58,095 0.01 3,848 Tsubakimoto Chain 23,480 - 1,133 Ulvac 34,402 - 2,155 Ushio 25,102 -

11,574 Yamato Holdings 264,051 0.03 3,291 Yaskawa Electric 42,441 0.01 8,600 Yokogawa Electric 96,068 0.01

16,488,515 2.03 Oil & Gas (31 December 2015: 0.13%)

5,551 Idemitsu Kosan 119,688 0.01 54,353 Inpex 420,350 0.05 86,641 JX Holdings 336,717 0.04

5,601 TonenGeneral Sekiyu 50,774 0.01

927,529 0.11



>248< HSBC ETFs PLC



USD % of Net

Asset Value

Equities (continued) Japan (continued) Technology (31 December 2015: 0.69%)

3,000 Advantest 33,190 - 9,147 Brother Industries 97,007 0.01

49,019 Canon 1,391,635 0.17 429 Cyber Agent 25,801 -

13,277 FUJIFILM Holdings 510,425 0.06 121,927 Fujitsu 444,495 0.05

1,804 GMO Internet 18,587 - 15,244 Gungho Online Entertainment 41,011 0.01

2,126 Hitachi High-Technologies 57,631 0.01 2,399 Itochu Techno-Solutions 51,352 0.01

201,428 NEC 465,332 0.06 2,512 Nexon Company 36,900 - 2,289 Nomura Research Institute 83,447 0.01 5,543 NTT Data 260,968 0.03

54,158 Oki Electric Industries 71,795 0.01 864 Oracle Japan 45,899 0.01

1,061 Otsuka 49,384 0.01 68,767 Ricoh 592,553 0.07

1,977 Rohm 77,180 0.01 4,827 Screen Holdings 52,039 0.01 1,262 SCSK 47,053 0.01

12,430 Seiko Epson 197,857 0.03 960 Square Enix 30,974 -

7,127 Sumco 44,948 0.01 1,267 Tokyo Electron 105,902 0.01 1,096 Trend Micro 38,941 -

30,742 Yahoo Japan 135,446 0.02


589 Hikari Tsushin 49,203 0.01 29,927 KDDI 908,108 0.11 87,675 Nippon Telegraph & Telephone 4,102,154 0.51 51,786 NTT DoCoMo 1,396,491 0.17 10,566 Softbank 596,224 0.07


26,444 Chubu Electric Power 373,371 0.04 13,551 Chugoku Electric Power 171,583 0.02

2,799 Electric Power Development 64,907 0.01 8,779 Hokkaido Electric Power 70,769 0.01

10,380 Hokuriku Electric Power 127,992 0.02 40,201 Kansai Electric Power 388,491 0.04

4,996 Kyushu Electric Power 49,770 0.01 46,021 Osaka Gas 176,027 0.02

7,838 Shikoku Electric Power 92,140 0.01 9,139 Toho Gas 74,384 0.01

17,451 Tohoku Electric Power 218,924 0.03



HSBC ETFs PLC >249<



USD % of Net

Asset Value

Equities (continued) Japan (continued) Utilities (31 December 2015: 0.39%) (continued)

215,179 Tokyo Electric Power 906,105 0.11 54,559 Tokyo Gas 223,575 0.03

2,938,038 0.36 Jersey Basic Materials (31 December 2015: Nil)

270 Randgold Resources 30,355 -

30,355 - Luxembourg Basic Materials (31 December 2015: 0.17%)



18,281 Samsonite International 50,545 0.01


2,946 RTL Group 240,031 0.03 5,133 SES 110,686 0.01


6,644 Axis Bank 257,787 0.04 5,893 Douja Promotion Groupe 21,895 -

42,924 Reinet Investments 101,617 0.01


1,947 Millicom International Cellular 118,345 0.01


94,039 Sands China 314,556 0.04 50,045 Wynn Macau 71,862 0.01

386,418 0.05 Malaysia Basic Materials (31 December 2015: Nil)

23,940 HAP Seng Consolidated 45,843 0.01 190,836 Petronas Chemicals Group 312,892 0.03


5,860 British American Tobacco Malaysia 76,602 0.01 218,883 Felda Global Ventures Holdings 81,983 0.01 117,557 IOI 126,553 0.02 18,339 Kuala Lumpur Kepong 105,808 0.01

7,155 PPB Group 29,284 - 88,944 UMW Holdings 126,417 0.02


111,253 AirAsia 71,749 0.01



>250< HSBC ETFs PLC



USD % of Net

Asset Value

Equities (continued) Malaysia (continued) Consumer Services (31 December 2015: 0.09%) (continued)

140,724 Astro Malaysia Holdings 102,275 0.01 169,164 Genting 344,077 0.04 113,596 Genting Malaysia 125,388 0.02


53,931 Alliance Financial Group 53,911 0.01 126,021 AMMB Holdings 138,790 0.02 318,796 CIMB Group Holdings 345,563 0.04 24,582 Hong Leong Bank 80,365 0.01 27,099 Hong Leong Financial Group 98,676 0.01



112,196 IHH Healthcare 183,677 0.03 17,635 Top Glove 20,122 -


31,249 Malaysia Airports Holdings 47,437 0.01 244,906 Sime Darby 461,078 0.06 28,975 Westports Holdings 30,186 -

538,701 0.07 Oil & Gas (31 December 2015: 0.01%)

13,586 Petronas Dagangan 78,857 0.01 171,065 Sapurakencana Petroleum 62,375 0.01


182,330 Maxis 266,383 0.03




28,106 Petronas Gas 153,375 0.02 164,560 Tenaga Nasional 575,542 0.07 391,266 YTL 162,077 0.02

890,994 0.11 Mexico Basic Materials (31 December 2015: 0.13%)

51,723 Alpek 84,134 0.01 213,862 Grupo Mexico 499,495 0.06 11,344 Industrias Penoles 267,791 0.04 41,521 Mexichem 86,984 0.01

9,485 Southern Copper 255,905 0.03 1,194,309 0.15



HSBC ETFs PLC >251<



USD % of Net

Asset Value

Equities (continued) Mexico (continued) Consumer Goods (31 December 2015: 0.16%)

19,239 Arca Continental 136,660 0.02 20,292 Coca-Cola Femsa 166,775 0.02 34,113 Fomento Economico Mexicano 312,817 0.04 12,612 Gruma 180,335 0.02

108,931 Grupo Bimbo 337,847 0.04 36,527 Grupo Lala 79,432 0.01 37,244 Kimberly-Clark de Mexico 87,068 0.01


5,777 Alsea 21,769 - 13,384 Controladora Vuela Compania De Avicion 24,912 - 13,521 El Puerto De Liverpool 141,460 0.02 29,377 Grupo Comercial Chedraui 72,785 0.01 11,766 Grupo Elektra 163,053 0.02 37,963 Grupo Televisa 196,366 0.03

8,330 Megacable Holdings 33,443 - 243,429 WalMart de Mexico SAB 579,371 0.07


71,675 Fibra Uno Administration 150,970 0.02 18,067 Gentera 31,836 -

137,782 Grupo Fin Santander 247,495 0.04 27,197 Grupo Financiero Banorte 151,130 0.02 51,017 Grupo Financiero Inbursa 85,723 0.01 20,607 Macquarie Mexico Real Estate 26,807 - 13,679 ProLogis 21,947 - 15,844 TF Administradora Industrial 26,537 -


101,268 Alfa 172,794 0.02 476,205 Cemex 291,671 0.03

1,431 Grupo Aeroportuario 22,529 - 5,045 Grupo Aeroportuario del Pacifico 51,360 0.01

52,126 Grupo Carso 220,492 0.03


3,148,657 America Movil 1,914,871 0.24

1,914,871 0.24 Netherlands Basic Materials (31 December 2015: 0.14%)

6,631 Akzo Nobel 415,261 0.05 4,146 Koninklijke DSM 239,466 0.03 7,233 Lyondell Basell Industries 538,280 0.07


9,495 Ferrari 386,601 0.05 6,385 Heineken 587,122 0.07



>252< HSBC ETFs PLC



USD % of Net

Asset Value

Equities (continued) Netherlands (continued) Consumer Goods (31 December 2015: 0.33%) (continued)

7,260 Heineken Holding 590,071 0.07 28,509 Koninklijke Philips Electronics 709,296 0.09

3,973 Mobileye 183,314 0.02 19,242 Steinhoff International Holdings 110,722 0.02 16,177 Unilever 753,199 0.09


35,276 Koninklijke Ahold 779,878 0.10 13,263 Reed Elsevier 230,006 0.03

5,893 Wolters Kluwer 239,352 0.02 16,069 X 5 Retail Group 319,773 0.04


4,898 ABN AMRO 81,050 0.01 55,963 Aegon 219,467 0.03 71,435 ING Group 728,452 0.09

6,806 NN Group 187,478 0.02


1,659 Qiagen 35,931 -


2,389 Aalberts Industries 71,792 0.01 2,643 Aercap Holdings 88,778 0.01

75,893 CNH Industrial 546,350 0.06 27,373 European Aeronautic Defence and Space 1,573,110 0.19

1,444 Gemalto 87,895 0.01 1,001 Koninklijke Vopak 49,926 0.01

19,878 Randstad Holding 798,427 0.10 30,230 TNT Express 313,675 0.04

3,529,953 0.43 Oil & Gas (31 December 2015: 0.58%)

183,682 Royal Dutch Shell 5,027,557 0.62 5,027,557 0.62 Technology (31 December 2015: 0.04%)



127,531 Koninklijke KPN 461,170 0.06 461,170 0.06 New Zealand Consumer Services (31 December 2015: 0.01%)

11,407 Sky City Entertainment 37,208 -

37,208 - Financial (31 December 2015: Nil)

26,595 Kiwi Property Group 28,222 -

28,222 -



HSBC ETFs PLC >253<



USD % of Net

Asset Value

Equities (continued) New Zealand (continued) Healthcare (31 December 2015: 0.01%)


11,318 Fletcher Building 69,161 0.01


50,097 Telecom 126,661 0.02


6,482 Contact Energy 23,913 - 24,083 Meridian Energy 45,195 0.01 11,675 Mighty River Power 25,028 -




2,787 Marine Harvest 46,461 0.01


1,989 Schibsted 59,114 0.01 59,114 0.01 Financial (31 December 2015: 0.02%)

15,645 DNB 185,748 0.02 185,748 0.02 Industrial (31 December 2015: 0.02%)

17,317 Orkla 152,828 0.02

152,828 0.02 Oil & Gas (31 December 2015: 0.24%)

114,088 Statoil 1,964,649 0.24


24,263 Telenor 398,973 0.05

398,973 0.05 Peru Basic Materials (31 December 2015: 0.01%)

6,004 Cia de Minas Buenaventura 71,748 0.01


1,895 Credicorp 292,455 0.04


17,345 Grana Y Montero 123,843 0.02

123,843 0.02



>254< HSBC ETFs PLC



USD % of Net

Asset Value

Equities (continued) Philippines Basic Materials (31 December 2015: 0.01%)

124,169 DMCI 33,254 - 7,711 Semirara Mining And Power Corporation 20,504 -

53,758 - Consumer Goods (31 December 2015: 0.01%)

119,503 LT Group 40,438 - 19,714 Universal Robina 87,157 0.01


15,056 Jollibee Foods 77,444 0.01 77,444 0.01 Financial (31 December 2015: 0.01%)

46,397 BDO Unibank 110,451 0.02 732 GT Capital Holdings 22,405 -

43,154 Metropolitan Bank & Trust 82,873 0.01 49,037 Robinsons Land 30,747 -


67,397 Alliance Global Group 21,201 - 6,139 Ayala 110,782 0.02


381,815 Petron 90,407 0.01 90,407 0.01 Telecommunications (31 December 2015: 0.09%)

3,535 Globe Telecom 178,225 0.02 9,851 Philippine Long Distance Telephone 450,176 0.06


86,972 Aboitiz Power 85,128 0.02 310,025 Energy Development 36,375 - 22,797 Manila Electric 150,211 0.02 41,663 Manilla Water Company 23,998 -


2,986 Grupa Azoty 51,830 0.01 27,006 KGHM Polska Miedz 449,947 0.05


17 Lpp 21,625 -

21,625 - Consumer Services (31 December 2015: 0.01%)

3,920 Eurocash 45,619 0.01


22,672 Bank Millennium 26,785 - 6,036 Bank Pekao 208,826 0.03



HSBC ETFs PLC >255<



USD % of Net

Asset Value

Equities (continued) Poland (continued) Financial (31 December 2015: 0.13%) (continued)

1,611 Bank Zachodni WBK 106,855 0.01 718 BRE Bank 55,998 0.01



Oil & Gas (31 December 2015: 0.07%)

6,826 Grupa Lotos 52,504 0.01 199,866 Polish Oil & Gas 282,542 0.03 14,287 Polski Koncern Naftowy Orlen 249,036 0.03


11,065 Asseco Poland 145,835 0.02


266,578 Telekomunikacja Polska 341,184 0.04


164,783 PGE 491,685 0.06 244,946 Tauron Polska Energia 175,608 0.02

667,293 0.08 Portugal Consumer Services (31 December 2015: Nil)

13,634 Jeronimo Martins 214,477 0.03


24,773 Banco Espirito Santo** - - - - Oil & Gas (31 December 2015: Nil)

9,431 Galp Energia 130,967 0.02




17,194 Barwa Real Estate 155,824 0.02 4,566 Commercial Bank of Qatar 46,396 0.01 2,449 Doha Bank 23,775 - 2,059 Masraf Al Rayan 19,226 - 1,089 Qatar Insurance 22,041 - 1,569 Qatar Islamic Bank 41,365 0.01


7,107 Qatar Gas Transport 44,891 0.01 8,404 Qatar Industries 226,181 0.02

271,072 0.03



>256< HSBC ETFs PLC



USD % of Net

Asset Value

Equities (continued) Qatar (continued) Oil & Gas (31 December 2015: Nil)

894 Qatar Fuel 37,098 -

37,098 - Telecommunications (31 December 2015: Nil)

20,302 Ooredoo QSC 492,873 0.06 11,586 Vodafone Qatar 33,664 -

526,537 0.06 Russia Basic Materials (31 December 2015: 0.23%)

354,056 ALROSA 384,056 0.05 883,524 Magnitogorsk Iron and Steel 331,957 0.04

8,736 MMC Norilsk Nickel 1,167,946 0.15 28,098 Novelipetsk Iron & Steel 36,509 - 12,497 PhosAgro 184,331 0.02 60,648 Severstal 665,274 0.08


2,451 Magnit 345,793 0.04


35,523 Moscow Exchange 62,574 0.01 910,032 Sberbank of Russia 1,894,787 0.23

388,212,747 VTB Bank 413,267 0.05

2,370,628 0.29 Oil & Gas (31 December 2015: 1.50%)

2,575,022 Gazprom 5,623,910 0.69 40,179 Lukoil 1,688,238 0.21 17,229 NovaTek 174,670 0.02

696,088 Rosneft Oil 3,596,087 0.44 2,209,722 Surgutneftegas 1,328,376 0.16

123,480 Tatneft 640,814 0.08 464 Transneft 1,209,440 0.15

14,261,535 1.75 Technology (31 December 2015: Nil)

2,058 Yandex 44,967 0.01


55,687 MegaFon 584,527 0.07 190,221 Mobile Telesystems 723,779 0.09 512,918 Rostelecom 740,340 0.09


47,531,477 Federal Hydrogenerating 458,368 0.06 1 Inter Rao Ues - -


184,763 Golden Agri-Resources 48,047 0.01



HSBC ETFs PLC >257<



USD % of Net

Asset Value

Equities (continued) Singapore (continued) Consumer Goods (31 December 2015: 0.01%) (continued)

151,853 Wilmar International 367,814 0.04


17,149 City Developments 103,717 0.01 93,196 ComfortDelGro 190,422 0.02

217,851 Genting Singapore PLC 117,350 0.02 10,301 Jardine Cycle & Carriage 279,357 0.03 59,281 Singapore Airlines 469,526 0.06 33,131 Singapore Press Holdings 97,234 0.01


56,895 Ascendas Real Estate Investment Trust 104,837 0.01 46,633 CapitaCommercial Trust 51,106 0.01 27,975 CapitaLand 63,811 0.01 55,357 CapitaMall Trust 87,607 0.01 39,938 DBS Group Holdings 467,659 0.06 35,808 Global Logistic Properties 48,022 0.01

223,203 Hutchison Port Holdings Trust 101,557 0.01 38,020 Keppel REIT 29,661 - 28,786 Mapletree Commercial Trust 31,654 - 77,625 Mapletree Greater China Commercial Trust 58,252 0.01 25,607 Mapletree Industrial Trust 32,725 - 43,475 Oversea-Chinese Banking 280,703 0.04

9,782 Singapore Exchange 55,382 0.01 63,801 Suntec Real Estate Investment Trust 83,905 0.01 25,848 United Overseas Bank 353,756 0.04

7,189 UOL Group 29,164 -


41,427 Keppel 169,291 0.02 38,968 SATS 118,997 0.02 33,749 SembCorp Industries 70,713 0.01 26,579 Singapore Post 29,030 -

110,706 Singapore Technologies Engineering 259,101 0.03 7,524 Venture Corporation 46,288 0.01


886 Broadcom 137,684 0.02


273,517 Singapore Telecommunications 839,308 0.11 39,355 StarHub 110,822 0.01


11,016 Anglo American Platinum 276,261 0.03 17,137 AngloGold Ashanti 313,123 0.04 53,887 Gold Fields 262,241 0.03



>258< HSBC ETFs PLC



USD % of Net

Asset Value

Equities (continued) South Africa (continued) Basic Materials (31 December 2015: 0.32%) (continued)

63,811 Impala Platinum Holdings 205,659 0.03 7,573 Northam Platinum 22,236 -

51,711 Sappi 241,765 0.03 39,855 Sibanye Gold 136,397 0.02


9,729 AVI 55,139 0.01 4,115 Tiger Brands 101,865 0.01


6,651 Clicks Group 55,724 0.01 5,335 Foschini Group 50,636 0.01

15,235 Massmart Holdings 131,076 0.01 4,532 Mr Price Group 63,826 0.01 1,049 Naspers 160,447 0.01

24,723 Pick n Pay Stores 120,922 0.01 15,362 Shoprite Holdings 174,463 0.02

3,683 Spar Group 50,800 0.01 10,051 Truworths International 58,885 0.01 41,792 Tsogo Sun Holdings 75,879 0.01 21,536 Woolworths Holdings 123,554 0.02


47,815 Barclays Africa Group 470,412 0.06 10,539 Coronation Fund Manager 48,136 0.01 10,066 Discovery Holdings 84,198 0.01

168,795 FirstRand 516,816 0.06 11,837 Liberty Holdings 97,800 0.01 92,393 MMI Holdings 142,832 0.02 27,473 Nedbank Group 349,673 0.04 19,950 Rand Merchant Investment 56,124 0.01 10,258 RMB Holdings 39,400 - 60,903 Sanlam 251,014 0.03 94,117 Standard Bank Group 821,315 0.10


1,479 Aspen Pharmacare Holdings 36,587 - 44,843 Life Healthcare Group Holdings 110,844 0.01 60,784 Netcare 129,412 0.02


30,281 Barloworld 151,250 0.02 8,820 Bidvest Group 83,527 0.01

29,612 Imperial Holdings 302,247 0.04 56,283 Nampak 73,289 0.01

6,076 Remgro 105,655 0.01 10,634 Reunert 45,448 0.01



HSBC ETFs PLC >259<



USD % of Net

Asset Value


15,114 Super Group Ltd 40,610 -

802,026 0.10 Oil & Gas (31 December 2015: 0.12%)

31,448 Sasol 852,865 0.10


13,297 Bid Corporation 250,596 0.03 250,596 0.03 Telecommunications (31 December 2015: 0.25%)

103,420 MTN Group 1,009,272 0.13 62,758 Telkom 284,029 0.03 38,755 Vodacom Group 444,313 0.05


3,285 Hanwha Chemical 67,733 0.01 307 Honam Petrochemical 75,427 0.01

2,530 Hyundai Steel 100,708 0.01 612 Kolon Industries 38,414 - 142 Korea Zinc 62,626 0.01 515 Kumho Petro Chemical 26,603 -

1,268 LG Chem 286,218 0.04 595 OCI Company 46,645 0.01

2,080 Pohang Iron Steel 363,867 0.04


183 Amorepacific Corporation 68,555 0.01 577 Amorepacific Group 83,906 0.01

1,127 CJ 197,642 0.02 224 CJ CheilJedang 75,552 0.01 184 Cosmax 27,236 - 797 Coway 72,307 0.01

5,075 Halla Visteon Climate 46,263 0.01 1,265 Hankook Tire 56,010 0.01 1,991 Hitejinro 41,225 0.01 1,101 Hyundai Mobis 240,875 0.03 3,266 Hyundai Motor 384,202 0.05

10,911 Kia Motors 409,216 0.05 1,249 KT & G 148,013 0.02 6,295 Kumho Tire 52,192 0.01

12,030 LG Electronics 562,935 0.07 55 LG Household & Healthcare 53,336 0.01 21 Lotte Chilsung Beverage 32,562 -

170 Lotte Confectionery 28,854 - 185 N C Soft 37,904 -

96 Nong Shim 31,171 - 37 Orion 30,259 -

2,680,215 0.33



>260< HSBC ETFs PLC



USD % of Net

Asset Value

Equities (continued) South Korea (continued) Consumer Services (31 December 2015: 0.11%) (continued)

207 BGF Retail 38,368 - 3,390 Cheil Communications 49,738 0.01

472 CJ E&M 28,397 - 188 CJ Home Shopping 28,628 - 763 E-Mart 114,597 0.02

1,100 GS Retail 52,047 0.01 1,874 Hanjin Kal 26,845 -

443 Hyundai Department Store 49,613 0.01 1,277 Hyundai Greenfood 20,621 - 1,583 Kangwon Land 57,309 0.01

12,808 Korean Airlines 288,551 0.04 888 Lotte Shopping 156,114 0.02 156 Shinsegae Co Ltd 26,410 -


4,366 BS Financial Group 30,589 - 5,166 Daewoo Securities 34,938 - 3,379 Daishin Securities 29,335 - 4,687 DGB Financial Group 35,279 -

930 Dongbu Insurance 55,953 0.01 14,373 Hana Financial Holdings 290,118 0.04

2,049 Hyundai Marine & Fire Insurance 52,032 0.01 6,576 Hyundai Securities 35,739 -

15,017 Industrial Bank of Korea 145,366 0.02 10,163 KB Financial Group 287,636 0.04

726 Korea Investment Holdings 26,535 - 17,837 Korea Life Insurance 89,661 0.01

1,556 Lg Insurance 37,824 - 7,983 Macquarie Korea 60,712 0.01 1,734 Meritz Fire And Marine Insurance 22,129 - 1,893 Mirae Asset Securities 37,881 - 1,836 Samsung Card 66,149 0.01

379 Samsung Fire & Marine 86,701 0.01 1,961 Samsung Life Insurance 171,099 0.03 1,289 Samsung Securities 39,503 -

12,257 Shinhan Financial Group 404,363 0.05 24,651 Woori Bank 203,740 0.03

6,068 Woori Investment & Security 48,097 0.01


1,494 Cheil Industries 159,536 0.02 167 CJ Korea Express 31,462 - 493 Daelim Industrial 32,529 -

1,104 Daewoo International 23,961 - 10,848 Doosan Infracore 64,136 0.01

645 Hyosung 69,716 0.01 174 Hyudai Glovis 25,907 -

1,286 Hyundai Development 44,156 0.01



HSBC ETFs PLC >261<



USD % of Net

Asset Value

Equities (continued) South Korea (continued) Industrial (31 December 2015: 0.23%) (continued)

2,443 Hyundai Engineering & Construction 70,733 0.01 2,034 Hyundai Heavy Industries 186,298 0.02

174 KCC 57,479 0.01 603 KEPCO Plant Service & Engineering 33,923 -

1,753 LG 96,945 0.01 273 LG Hausys Limited 30,219 -

1,201 LG Innotek 82,162 0.01 1,458 LS Cable 71,011 0.01

565 LS Industrial Systems 23,324 - 20,064 Pan Ocean 60,879 0.01

435 S1 40,787 0.01 4,113 Samsung Electro Mechanics 178,896 0.02 7,392 Samsung Engineering 65,779 0.01

11,979 Samsung Heavy Industries 95,262 0.01 998 Samsung SDI 93,575 0.01

1,014 Samsung Techwin 42,784 0.01 8,249 SK Networks 42,539 0.01 1,556 Ssangyong Cement Industrial 25,261 -

1,749,259 0.21 Oil & Gas (31 December 2015: 0.06%)

9,101 Doosan Heavy Industries & Construction 167,506 0.02 817 GS Holdings 33,656 -

1,608 SK Innovation 196,140 0.03 1,020 S-Oil 67,035 0.01


25,523 LG Display 584,978 0.07 150 Naver 92,460 0.01

2,625 Samsung Electronics 3,247,493 0.40 731 Samsung SDS 91,070 0.01

3,472 SK C&C 610,392 0.08 20,758 Sk hynix 583,895 0.07


25,536 KT CORP 657,327 0.08 18,907 LG Uplus 178,918 0.02

3,046 SK Telecom 569,877 0.07


12,489 Korea Electric Power 654,890 0.08 2,613 Korea Gas 90,174 0.01



153,818 0.02



>262< HSBC ETFs PLC



USD % of Net

Asset Value

Equities (continued) Spain (continued) Consumer Services (31 December 2015: 0.08%)



141,186 Banco Bilbao Vizcaya Argentaria 794,291 0.10 32,940 Banco de Sabadell 43,145 0.01 76,918 Banco Popular Espanol** 98,347 0.01

436,059 Banco Santander 1,661,143 0.20 83,908 Bankia 60,219 0.01

7,847 Bankinter 50,283 0.01 131,462 CaixaBank 287,276 0.03

7,405 Merlin Properties Socimi 77,437 0.01


4,332 Grifols 97,504 0.01


29,998 Abertis Infraestructuras 439,907 0.06 39,658 ACS Actividades de Construccion y Servicios 1,074,796 0.13

1,966 Aena 258,273 0.03 5,579 Amadeus IT Holding 243,426 0.03

17,608 Ferrovial 341,056 0.04 39,658 Grupo ACS 27,889 -

2,385,347 0.29 Oil & Gas (31 December 2015: 0.12%)

3,126 Gamesa 61,452 0.01 68,565 Repsol 869,101 0.10


284,165 Telefonica 2,670,762 0.33


2,340 Enagas 70,983 0.01 46,425 Endesa 929,912 0.11 28,717 Gas Natural SDG 563,569 0.07

133,782 Iberdrola 904,681 0.11 910 Red Electrica 81,049 0.01

2,550,194 0.31 Sweden Basic Materials (31 December 2015: 0.01%)

4,094 Boliden 78,665 0.01 78,665 0.01 Consumer Goods (31 December 2015: 0.08%)

8,332 Electrolux 224,705 0.03 8,942 Husqvarna 66,015 0.01 9,821 Svenska Cellulosa 311,807 0.03 1,678 Swedish Match 57,929 0.01

660,456 0.08



HSBC ETFs PLC >263<



USD % of Net

Asset Value

Equities (continued) Sweden (continued) Consumer Services (31 December 2015: 0.06%)

16,485 Hennes & Mauritz 479,605 0.06 1,666 ICA Gruppen 55,391 0.01


1,285 Industrivarden 20,641 - 3,743 Investor 124,094 0.02

616 Kinnevik Investment 14,541 - 53,915 Nordea Bank 451,164 0.05 25,825 Skandinaviska Enskilda Banken 222,353 0.03 18,957 Svenska Handelsbanken 227,770 0.03 11,072 Swedbank 229,602 0.03


3,862 Getinge 78,720 0.01 2,614 Meda AB-A 47,173 0.01


3,766 Alfa Laval 58,672 0.01 9,098 Assa Abloy 184,801 0.02

13,325 Atlas Copco 341,747 0.04 2,704 Hexagon 97,626 0.01 3,727 NCC 85,777 0.01

33,498 Sandvik 331,117 0.04 46,389 Securitas 707,932 0.09 10,966 Skanska 227,016 0.03 14,309 SKF 226,473 0.03

4,738 Trelleborg 83,154 0.01 52,136 Volvo 510,733 0.06




88,325 TeliaSonera 414,067 0.05


6,442 Clariant 108,645 0.02 77 EMS Chemie Holdings 39,717 - 47 Givaudan 94,367 0.01

235,968 Glencore International 482,153 0.06 649 Syngenta 249,221 0.03


1,909 Aryzta 70,231 0.01 4,061 Cie Financiere Richemont 236,565 0.03 8,164 Coca Cola Hellenic Bottling Company 164,796 0.02



>264< HSBC ETFs PLC



USD % of Net

Asset Value

Equities (continued) Switzerland (continued) Consumer Goods (31 December 2015: 0.36%) (continued)


660 Swatch Group 191,727 0.02


39 Galenica Holding 52,483 0.01


3,346 ACE 437,356 0.05 600 Baloise Holding 66,639 0.01

60,451 Credit Suisse Group 639,756 0.08 107 Helvetia Holding AG 55,631 0.01

1,639 Julius Baer Group 65,294 0.01 78 Partners Group Holding 33,367 -

254 Swiss Life Holding 58,377 0.01 308 Swiss Prime Site 27,885 -

3,101 Swiss Re 269,770 0.03 73,254 UBS 945,189 0.12

2,528 Zurich Financial Services 621,231 0.08


294 Actelion 49,252 0.01 498 Lonza Group 82,404 0.01

18,958 Novartis 1,559,725 0.19 5,984 Roche Holding 1,573,088 0.19

475 Sonova Holding 62,898 0.01 58 Straumann Holdings 22,847 -


44,171 ABB 866,916 0.11 3,140 Adecco 157,580 0.02

417 Flughafen Zuerich 73,709 0.01 188 Geberit 71,016 0.01

10,449 Holcim 434,821 0.05 2,035 Kuehne + Nagel International 284,507 0.03 1,427 Schindler Holding 259,415 0.03

96 SGS 219,355 0.03 25 Sika 104,599 0.01

7,585 TE Connectivity 433,179 0.06 14,038 Tyco International 598,019 0.07

5,997 Wolseley 310,250 0.04

3,813,366 0.47 Oil & Gas (31 December 2015: 0.03%)

24,331 Transocean 289,296 0.04


56,666 STMicroelectronics 330,252 0.04

330,252 0.04



HSBC ETFs PLC >265<



USD % of Net

Asset Value

Equities (continued) Switzerland (continued) Telecommunications (31 December 2015: 0.05%)

821 Swisscom 406,792 0.05


522,731 China Steel 338,668 0.04 121,800 Formosa Chemicals & Fibre 305,831 0.03 85,034 Formosa Plastics 205,079 0.03

208,779 Nan Ya Plastics 394,790 0.05 12,680 Taiwan Fertilizer 16,843 - 62,492 TSRC 57,341 0.01



2,404 Eclat Textile Company 23,139 - 332,043 Eva Airways 151,308 0.02 209,731 Far Eastern New Century 156,035 0.02 23,559 Feng Tay Enterprise 97,131 0.01 81,541 Formosa Taffeta 78,485 0.01

8,910 Giant Manufacturing 55,240 0.01 18,248 Kenda Rubber 28,906 -

726 Largan Precision 66,278 0.01 3,571 Makalot Industrial 16,660 - 3,510 Merida Industry 14,743 -

314,653 Pou Chen 419,908 0.06 101,061 Teco Electric and Machinery 84,899 0.01 20,619 Tong Yang Industry 30,552 -

210,574 Uni-President Enterprises 414,503 0.05 85,347 Yulon Motor 72,227 0.01


10,802 Hotai Motor 105,478 0.01 3,019 Nien Made Enterprise 27,421 -

24,886 President Chain Store 193,632 0.03


240,964 Cathay Financials Holding 261,438 0.04 13,118 Chailease Holding 21,186 -

142,734 Chang Hwa Commercial Bank 74,112 0.01 382,419 China Development Financials Holding 92,111 0.01 306,261 Chinatrust Financial Holding 159,971 0.02 42,708 E.Sun Financial Holding 25,154 -

124,007 First Financial Holding 64,965 0.01 201,234 Fubon Financials Holding 234,863 0.03 172,227 Hua Nan Financials Holdings 89,159 0.01 147,866 Mega Financial Holding 111,384 0.01 419,285 Shin Kong Financial Holding 82,014 0.01



>266< HSBC ETFs PLC



USD % of Net

Asset Value

Equities (continued) Taiwan (continued) Financial (31 December 2015: 0.20%) (continued)

208,536 SinoPac Financial Holdings 61,477 0.01 302,074 Taishin Financial Holding 116,114 0.02 91,738 Taiwan Business Bank 23,262 -

170,875 Taiwan Cooperative Financial Holding 75,217 0.01 363,692 Yuanta Financials Holding 117,251 0.01


971 ST Shine Optical 21,762 -


112,992 Asia Cement 97,724 0.01 18,473 Catcher Technology 136,004 0.02 15,967 Chin Poon industrial 34,301 - 48,023 CTCI Corporation 69,967 0.01 56,157 Delta Electronics 271,567 0.03 73,464 Epistar 51,809 0.01 28,722 Everlight Electronics 46,566 0.01

6,752 Hiwin Technologies 31,082 - 873,168 Hon Hai Precision Industry 2,233,062 0.27 40,040 Radiant Opto Electronic 62,308 0.01 10,158 Simplo Technology 35,425 -

188,330 Taiwan Cement 187,110 0.02 51,762 Tripod Technology 100,286 0.01

286,454 Unimicron Technology 125,205 0.02 161,527 Walsin Lihwa 43,813 0.01 84,039 Wan Hai Lines 46,371 0.01

331,274 Wintek** 18,793 - 45,856 Yageo Corporation 75,908 0.01

3,667,301 0.45 Oil & Gas (31 December 2015: 0.05%)



15,503 Accton Technology 20,761 - 281,963 Acer 131,983 0.02 373,184 Advanced Semiconductor Engineering 423,981 0.05


2,335,830 AU Optronics 792,875 0.10 38,008 Chicony Electronics 85,421 0.01 30,119 Chipbond Technology 38,327 -

361,925 Compal Electronics 227,192 0.03 52,995 Foxconn Technology 123,867 0.02 36,542 Gigabyte 43,328 0.01

1,201 Hermes Microvision 48,957 0.01 86,831 HTC 278,589 0.03

2,900,947 Innolux Crop 971,209 0.12



HSBC ETFs PLC >267<



USD % of Net

Asset Value

Equities (continued) Taiwan (continued) Technology (31 December 2015: 1.03%) (continued)

189,352 Inotera Memories 147,331 0.02 262,556 Inventec 185,976 0.02 66,303 King Vuan Electronics 58,680 0.01 18,873 Kinsus Interconnect Technology 41,187 0.01

174,466 Lite-On Technology 238,506 0.03 40,298 MediaTek 304,805 0.04 38,966 Micro-Star 71,388 0.01 81,462 Nanya Technology 99,495 0.01 11,311 Novatek Microelectronics 41,900 0.01

194,900 Pegatron 409,629 0.05 46,770 Powertech Technology 103,663 0.01

221,532 Quanta Computer 418,905 0.05 18,261 Realtek Semiconductor 56,551 0.01

105,119 Siliconware Precision Industries 159,508 0.02 46,344 Sino-American Silicon Products 51,790 0.01 56,705 Synnex Technology International 61,084 0.01

341,858 Taiwan Semiconductor Manufacturing 1,722,060 0.21 9,938 Transcend Information 30,068 -

876,127 United Microelectronics 342,205 0.04 42,349 Vanguard International Semiconductors 69,315 0.01 16,451 Win Semiconductors 33,301 -

325,503 Winbond Electronics 90,005 0.01 319,842 Wistron 222,092 0.02 14,159 Wistron Neweb 36,035 - 57,335 WPG Holdings 66,561 0.01


97,827 Asia Pacific Telecom 32,448 - 209,377 Chunghwa Telecom 756,143 0.09 53,902 Far EasTone Telecommunicationcations 130,164 0.02 49,790 Taiwan Mobile 173,638 0.02

1,092,393 0.13 Thailand Basic Materials (31 December 2015: 0.07%)

48,455 Indorama Ventures 39,988 - 450,649 IRPC 61,044 0.01 147,740 PTT Global Chemical 249,106 0.03


255,708 Charoen Pkph Foods 209,209 0.03 139,969 Thai Union Frozen Products 87,630 0.01


66,941 BEC World 43,434 0.01 27,049 Central Plaza Hotel 28,673 - 89,961 CP ALL 128,644 0.02

125,006 Home Product Center 35,218 -



>268< HSBC ETFs PLC



USD % of Net

Asset Value

Equities (continued) Thailand (continued) Consumer Services (31 December 2015: 0.09%) (continued)

47,126 Minor International 53,979 0.01


161,925 BTS Group Holdings 44,237 - 34,243 Central Pattana 58,225 0.01


159,559 Bangkok Dusit Medical Services 108,522 0.01


15,908 Airports of Thailand 176,554 0.02 28,374 Delta Electronics 55,109 0.01 25,433 Siam Cement 344,511 0.04 43,388 Sino Thai Engineering & Construction 29,386 -

605,560 0.07 Oil & Gas (31 December 2015: 0.21%)

99,333 Energy Absolute Public 60,210 0.01 143,340 PTT 1,276,762 0.16 286,135 PTT Exploration & Production 681,952 0.08 51,037 Thai Oil 87,143 0.01


68,876 Shin Corporation 106,332 0.01


82,521 Advanced Information Service 371,039 0.05 198,532 Total Access Communication 182,204 0.02 955,775 True Corporation 195,833 0.02


6,000 Glow Energy 14,641 -

14,641 - Turkey Basic Materials (31 December 2015: 0.03%)

192,503 Eregli Demir ve Celik Fabrikalari TAS 271,786 0.03


21,561 Anadolu Efes Biracilik Ve Malt Sanayii 145,832 0.01 9,965 Arcelik 65,598 0.01 4,606 Ford Otomotiv Sanayi 49,013 0.01

46,309 Turk Sise Ve Cam Fabrikalari 57,169 0.01 4,203 Ulker Biskuvi Sanayi 30,693 -


4,405 BIM Birlesik Magazalar 85,859 0.01 15,919 Carrefoursa 36,536 -

227,753 Turk Hava Yollari 453,027 0.06 575,422 0.07



HSBC ETFs PLC >269<



USD % of Net

Asset Value

Equities (continued) Financial (31 December 2015: 0.25%)

75,138 Akbank TAS 215,042 0.03 Turkey (continued) Financial (31 December 2015: 0.25%) (continued)

35,676 Emlak Konut Gayrimenkul Yatirim Ortakligi 35,482 - 83,626 Haci Omer Sabanci Holding 273,940 0.03 62,305 KOC Holding 284,263 0.03


238,984 Turkiye Is Bankasi 378,964 0.05 93,174 Turkiye Vakiflar Bankasi 146,129 0.02 15,000 Yapi ve Kredi Bankasi 20,761 -


85,923 Enka Insaat ve Sanayi 131,171 0.02 23,437 Tav Havalimanlari Holding 100,491 0.01

231,662 0.03 Oil & Gas (31 December 2015: 0.01%)

2,522 Tupras Turkiye Petrol Rafinerileri 55,910 0.01


230,146 Turk Telekomunikasyon 484,198 0.06 97,637 Turkcell Iletisim Hizmetleri 358,883 0.04

843,081 0.10 United Arab Emirates Consumer Services (31 December 2015: 0.01%)

118,551 Air Arabia 42,281 0.01


64,781 Abu Dhabi Commercial Bank 106,701 0.01 256,690 Aldar Properties 187,987 0.03 35,208 First Gulf Bank 120,776 0.01


67,484 Dubai Parks And Resorts 28,661 -

28,661 - United Kingdom Basic Materials (31 December 2015: 0.42%)

62,915 Anglo American 611,358 0.08 65,952 BHP Billiton 831,216 0.10

849 Croda International 35,626 - 2,244 Johnson Matthey 84,024 0.01

24,575 Mondi 452,793 0.06 35,124 Rio Tinto 1,077,119 0.13



563 Bellway 14,285 -



>270< HSBC ETFs PLC



USD % of Net

Asset Value

Equities (continued) United Kingdom (continued) Consumer Goods (31 December 2015: 0.50%) (continued)

628 Berkeley Group Holdings 21,181 - 13,199 British American Tobacco 854,519 0.10

6,474 Burberry Group 100,392 0.01 5,044 Coca-Cola European Partners 180,020 0.02

15,764 Diageo 439,695 0.05 65,099 GKN 234,705 0.03

6,790 Imperial Tobacco Group 367,931 0.05 1,559 Persimmon 30,157 - 4,169 Reckitt Benckiser Group 417,427 0.05 7,949 SABMiller 464,366 0.06 8,905 Tate & Lyle 79,580 0.01



16,241 Booker Group 37,647 - 18,134 British Sky Broadcasting Group 205,568 0.03

2,248 Carnival 99,470 0.01 28,640 Carphone Warehouse 122,515 0.02 58,974 Compass Group 1,121,054 0.13

5,763 Easyjet 83,665 0.01 4,017 Greene King 41,885 0.01 9,162 Inchcape 76,916 0.01 7,974 Informa 77,656 0.01 2,414 Intercontinental Hotels 88,840 0.01

90,826 International Consolidated Airlines Group 449,240 0.06 37,957 ITV 91,181 0.01

112,951 J Sainsbury 350,757 0.04 73,825 Kingfisher 318,273 0.04

2,751 Liberty Lilac Group 88,747 0.01 54,947 Marks & Spencer Group 234,095 0.03 10,659 Merlin Entertainments 62,738 0.01

2,611 Next 172,076 0.02 4,844 Nielsen Holdings 251,743 0.03

28,178 Pearson 364,253 0.04 17,417 Reed Elsevier 320,375 0.04

549,898 TESCO 1,285,696 0.15 5,362 UBM 45,946 0.01 1,844 Whitbread 86,080 0.01

14,004 William Hill 48,205 0.01 125,772 WM Morrison Supermarkets 315,079 0.04


3,448 3i Group 25,236 - 21,798 Aberdeen Asset Management 81,416 0.01

2,064 Admiral Group 56,011 0.01 57,679 Aviva 303,718 0.04

649,348 Barclays 1,203,115 0.15



HSBC ETFs PLC >271<



USD % of Net

Asset Value


6,937 CYBG 21,539 - 22,223 Direct Line Insurance 102,432 0.01

1,014 Hargreaves Lansdown 16,849 - 8,114 Henderson Group 22,887 -

383,551 HSBC Holdings* 2,388,814 0.29 21,318 ICAP 119,606 0.02

2,442 IG Group Holdings 26,426 - 22,966 Investec 142,176 0.02

2,568 Land Securities Group 35,668 - 54,379 Legal & General Group 138,627 0.02

748,551 Lloyds Banking Group 540,958 0.07 794 London Stock Exchange Group 26,865 -

138,903 Old Mutual 371,928 0.05 658 Provident Financial 20,231 -

16,104 Prudential 270,605 0.04 315,682 Royal Bank of Scotland 724,158 0.09 22,219 RSA Insurance Group 148,363 0.02

3,240 Schroders 102,044 0.01 2,038 St James's Place 21,387 -

88,117 Standard Chartered 665,070 0.08 44,025 Standard Life 172,791 0.02 23,160 Worldpay Group 84,119 0.01


11,647 Al Noor Hospitals Group 170,488 0.02 19,063 AstraZeneca 1,138,344 0.14 83,923 GlaxoSmithKline 1,800,061 0.22

1,005 Hikma Pharmaceuticals 33,117 - 777 New STERIS Limited 53,419 0.01

8,611 Smith & Nephew 145,847 0.02


5,596 Aggreko 95,604 0.01 28,227 Ashtead Group 401,488 0.05

9,295 Babcock International 112,389 0.01 118,080 BAE Systems 827,131 0.10

3,236 Bunzl 99,582 0.01 16,247 Capita 208,937 0.03 13,868 DS Smith 71,615 0.01

253,237 G4S 619,166 0.08 2,387 Halma 32,452 - 5,553 Howden Joinery Group 28,513 - 8,126 IMI 105,044 0.01 2,931 Intertek Group 136,313 0.02

17,121 Meggitt 92,900 0.01 60,490 Rentokil Initial 156,227 0.02

*Investment in a related entity.



>272< HSBC ETFs PLC



USD % of Net

Asset Value


53,513 Rolls-Royce 508,980 0.07 3,875,890 Rolls-Royce Holdings** - -

96,000 Royal Mail 642,947 0.08 2,077 RPC Group 21,754 - 9,193 Smiths Group 141,695 0.02 3,277 Travis Perkins 64,571 0.01 5,144 Weir Group 99,090 0.01

4,466,398 0.55

Oil & Gas (31 December 2015: 0.42%) 539,734 BP 3,161,324 0.39


4,222 ARM Holdings 63,833 0.01 18,968 Auto Trader Group 89,610 0.01

1,323 Micro Focus International 28,527 - 14,531 Sage Group 125,389 0.02

751 Spirax Sarco Engineering 37,547 - 344,906 0.04

Telecommunications (31 December 2015: 0.51%) 169,051 BT Group 926,548 0.11

5,622 Inmarsat 60,462 0.01 830,565 Vodafone Group 2,527,597 0.31

3,514,607 0.43

Utilities (31 December 2015: 0.18%) 209,222 Centrica 630,696 0.08 35,837 National Grid 525,060 0.07

2,676 Pennon Group 33,823 - 3,050 Severn Trent 99,281 0.01 8,536 SSE 177,326 0.02 5,149 United Utilities Group 71,241 0.01

1,537,427 0.19

United States Basic Materials (31 December 2015: 0.87%)

1,975 Air Products & Chemicals 280,529 0.03 959 Albemarle 76,058 0.01

57,452 Alcoa 532,580 0.07 1,156 Ashland 132,674 0.02 2,959 Avery Dennison 221,185 0.03 1,858 Celanese 121,606 0.01 5,663 CF Industries Holdings 136,478 0.02

18,456 Dow Chemical 917,448 0.11 1,693 Eastman Chemical 114,955 0.01 3,189 Ecolab 378,215 0.05

11,277 EI du Pont de Nemours & Co 730,750 0.09 1,106 FMC 51,219 0.01

47,966 Freeport-McMoRan Copper & Gold 534,341 0.07 561 International Flavors & Fragrances 70,725 0.01

14,610 International Paper 619,172 0.08 7,574 Mosaic 198,287 0.02



HSBC ETFs PLC >273<



USD % of Net

Asset Value

Equities (continued) United States (continued) Basic Materials (31 December 2015: 0.87%) (continued)

6,794 Newmont Mining 265,781 0.03 5,343 Nucor 263,998 0.03 4,029 PPG Industries 419,620 0.05 3,110 Praxair 349,533 0.04 1,878 RPM International 93,806 0.01 1,914 Steel Dynamics 46,893 0.01


4,195 Activision Blizzard 166,248 0.02 10,278 Altria Group 708,771 0.09 10,245 Archer-Daniels-Midland 439,408 0.06

3,279 Autoliv 352,329 0.04 3,894 BorgWarner 114,951 0.02

890 Brown-Forman 88,786 0.01 4,860 Bunge 287,469 0.04 3,728 Campbell Soup 248,024 0.03

826 Church & Dwight 84,987 0.01 1,190 Clorox 164,684 0.02 4,885 Coach 199,015 0.03

29,597 Coca-Cola 1,341,632 0.16 7,806 Colgate-Palmolive 571,399 0.07 5,399 ConAgra Foods 258,126 0.03

482 Constellation Brands 79,723 0.01 12,789 Delphi Automotive 800,591 0.10

1,113 DR Horton 35,037 - 2,065 Dr Pepper Snapple Group 199,541 0.02 1,228 Electronic Arts 93,033 0.01 4,151 Estee Lauder Cos 377,824 0.05

92,641 Ford Motor 1,164,497 0.15 7,093 General Mills 505,873 0.06

36,681 General Motors 1,038,072 0.13 2,396 Genuine Parts 242,595 0.03

17,189 Goodyear Tire & Rubber 441,070 0.05 14,340 Hanesbrands 360,364 0.05

3,403 Harley-Davidson 154,156 0.02 1,037 Hasbro 87,098 0.01 2,216 Hershey 251,494 0.03 5,433 Hormel Foods 198,848 0.03 1,025 Ingredion 132,645 0.02

579 JM Smucker 88,245 0.01 27,070 Johnson Controls 1,198,118 0.15

4,391 Kellogg 358,525 0.04 4,906 Kimberly-Clark 674,477 0.08 2,180 Kraft Heinz 192,886 0.02 7,282 Lear Corporation 741,016 0.09 3,266 Leggett & Platt 166,925 0.02

628 Lennar 28,951 -



>274< HSBC ETFs PLC



USD % of Net

Asset Value


2,772 LKQ 87,872 0.01 370 Lululemon Athletica 27,328 -

8,460 Mattel 264,713 0.03 1,185 McCormick & Co 126,404 0.01 1,071 Mead Johnson Nutrition 97,193 0.01 1,544 Michael Kors Holdings 76,397 0.01

260 Middleby Corporation 29,965 - 1,090 Mohawk Industries 206,838 0.03 1,668 Molsonors Brewing 168,685 0.02

27,463 Mondelez International 1,249,841 0.15 3,535 Monsanto 365,554 0.04

299 Monster Beverage 48,052 0.01 5,782 Newell Rubbermaid 280,832 0.03

11,571 NIKE 638,719 0.08 38 NVR 67,653 0.01

22,075 PepsiCo 2,338,626 0.29 15,328 Philip Morris International 1,559,164 0.19 26,280 Procter & Gamble 2,225,128 0.27

3,471 Pulte Group 67,650 0.01 2,202 PVH 207,494 0.03 4,783 Reynolds American 257,947 0.03

631 Snap-on 99,584 0.01 3,754 Stanley Black & Decker 417,520 0.05

14,697 Tyson Foods 981,613 0.12 778 Under Armour 29,766 -

7,291 VF 448,324 0.06 930 Wabco Holding 85,160 0.01

3,291 Whirlpool 548,412 0.07 27,639,867 3.39 Consumer Services (31 December 2015: 6.96%)

1,804 Advance Auto Parts 291,581 0.04 2,846 Alaska Air Group 165,893 0.02 1,169 Amazon.Com 836,560 0.10

21,559 American Airlines Group 610,335 0.07 2,078 AmerisourceBergen 164,827 0.02

583 AutoZone 462,809 0.06 10,584 Bed Bath & Beyond 457,440 0.06 25,087 Best Buy 767,662 0.09

3,112 Cardinal Health 242,767 0.03 527 CarMax 25,839 -

7,412 Carnival com 327,610 0.04 35,503 Casa Ley** 36,032 -

9,427 CBS 513,206 0.06 2,967 Charter Communications 678,375 0.08

279 Chipotle Mexican Grill 112,370 0.01 42,927 Comcast 2,798,411 0.34

6,407 Costco Wholesale 1,006,155 0.12



HSBC ETFs PLC >275<



USD % of Net

Asset Value


15,401 CVS Caremark 1,474,492 0.18 4,430 Darden Restaurants 280,596 0.03

22,144 Delta Air Lines 806,706 0.10 8,829 Discovery Communications 222,756 0.03 4,142 Dish Network 217,041 0.03 5,762 Dollar General 541,628 0.07 4,611 Dollar Tree 434,541 0.05

699 Domino's Pizza 91,835 0.01 8,121 eBay 190,113 0.02

965 Expedia 102,580 0.01 502 Factset Research Systems 81,033 0.01

4,157 Foot Locker 228,053 0.03 20,985 Hilton Worldwide Holdings 472,792 0.06 18,267 Home Depot 2,332,513 0.29 19,694 Interpublic Group of Companies 454,931 0.06

9,181 Jetblue Airways 152,037 0.02 1,769 KAR Auction Services 73,838 0.01

21,595 Kohl's 818,882 0.10 49,251 Kroger 1,811,944 0.22

8,484 Las Vegas Sands 368,969 0.05 506 Liberty Broadband 30,056 -

22,050 Liberty Global 640,773 0.08 7,480 Liberty Interactive 189,768 0.02 6,417 Limited Brands 430,773 0.05

20,149 Lowe's Cos 1,595,196 0.20 29,045 Macy's 976,202 0.12

8,942 Marriott International 594,285 0.07 8,653 McDonald's 1,041,302 0.13 2,163 McKesson 403,724 0.05 6,528 MGM Resorts International 147,729 0.02 1,842 NetFlix 168,506 0.02

18,903 News Corp 214,549 0.03 10,409 Omnicom Group 848,229 0.10

1,303 O'Reilly Automotive 353,243 0.05 6,285 PayPal Holdings 229,465 0.03

63 Priceline.com 78,650 0.01 35,503 Professional Darts Corporation** 1,733 - 45,974 Rite Aid 344,345 0.04

7,114 Ross Stores 403,293 0.05 3,008 Royal Caribbean Cruises 201,987 0.02 2,315 Sabre 62,019 0.01 1,347 Scripps Networks Interactive 83,878 0.01

25,937 Sirius XM Holdings 102,451 0.01 15,153 Southwest Airlines 594,149 0.07 51,347 Staples 442,611 0.06

8,555 Starbucks 488,662 0.06 5,039 Starwood Hotels & Resorts Worldwide 372,634 0.05



>276< HSBC ETFs PLC



USD % of Net

Asset Value


6,781 Sysco 344,068 0.04 29,896 Target 2,087,339 0.26 15,834 Thomson Reuters 637,286 0.08

1,480 Tiffany & Co 89,747 0.01 9,815 Time Warner 721,795 0.09

13,173 TJX Cos 1,017,351 0.12 1,520 Tractor Supply 138,594 0.02

360 TripAdvisor 23,148 - 24,336 Twenty-First Century Fox 658,289 0.08

519 Ulta Salon Cosmetic 126,449 0.02 21,002 United Continental Holdings 861,922 0.11

8,310 Viacom 344,616 0.04 17,261 Walgreens Boots Alliance 1,437,323 0.18

159,497 Wal-Mart Stores 11,646,471 1.43 23,377 Walt Disney 2,286,738 0.28 11,264 Whole Foods Market 360,673 0.05

2,110 Wyndham Worldwide 150,295 0.02 768 Wynn Resorts 69,612 0.01

5,638 Yum! Brands 467,503 0.06


593 Affiliated Managers 83,477 0.01 4,324 Aflac 312,020 0.04

63 Alleghany 34,624 - 7,576 Allstate 529,941 0.07

20,346 Ally Financial 347,306 0.04 7,225 American Capital Agency 143,200 0.02

16,675 American Express 1,013,173 0.12 18,381 American International Group 972,171 0.12

267 American Tower 30,334 - 2,832 Ameriprise Financial 254,455 0.03

52,791 Annaly Capital Management 584,396 0.07 7,535 Aon 823,048 0.10 1,905 Apartment Investment & Management 84,125 0.01

611 Arch Capital Group 43,992 0.01 473 AvalonBay Communities 85,324 0.01

243,979 Bank of America 3,237,601 0.40 16,720 Bank of New York Mellon 649,572 0.08 10,497 BB&T 373,798 0.05 19,762 Berkshire Hathaway 2,861,340 0.35

1,747 BlackRock 598,400 0.07 11,960 Blackstone Group 293,498 0.04

277 Boston Properties 36,536 - 462 Camden Property Trust 40,850 0.01

7,527 Capital One Financial 478,040 0.06 10,330 CBRE Group 273,538 0.03

7,874 Charles Schwab 199,291 0.02



HSBC ETFs PLC >277<



USD % of Net

Asset Value


1,805 Chicago Mercantile Exchange 175,807 0.02 1,077 Cincinnati Financial 80,657 0.01 1,704 CIT Group 54,375 0.01

53,142 Citigroup 2,252,689 0.28 8,146 Citizens Financial Group 162,757 0.02 3,042 Comerica 125,117 0.02 1,212 Crown Castle REIT 122,933 0.02 6,183 Discover Financial Services 331,347 0.04 2,668 Duke Realty 71,129 0.01 1,272 E*Trade Financial 29,879 -

784 Equifax 100,666 0.01 128 Equinix 49,629 0.01 483 Equity Lifestyle Properties 38,664 -

2,531 Equity Residential 174,335 0.02 304 Everest Re Group 55,532 0.01

17,687 Fifth Third Bancorp 311,114 0.04 401 First Republic Bank 28,066 -

9,071 Franklin Resources 302,699 0.04 2,797 Gallagher 133,137 0.02 4,887 General Growth Properties 145,730 0.02

12,806 Goldman Sachs 1,902,715 0.23 5,033 Hartford Financial Services Group 223,365 0.03

828 HCP 29,295 - 5,785 Host Hotels & Resorts 93,775 0.01

12,167 Huntington Bancshares 108,773 0.01 382 Intercontinental Exchange 97,777 0.01

7,366 Invesco 188,128 0.02 3,347 Iron Mountain 133,186 0.02

61,855 JPMorgan Chase & Co 3,843,670 0.47 20,139 KeyCorp 222,536 0.03

2,886 Kimco Realty 90,563 0.01 10,925 KKR & Co 134,815 0.02

6,632 Leucadia National 114,933 0.01 3,612 Lincoln National 140,037 0.02 4,651 Loews 191,110 0.02 1,532 M&T Bank 181,128 0.02

562 Macerich 47,989 0.01 59 Markel 56,214 0.01

8,784 Marsh & McLennan Cos 601,353 0.07 4,883 Mastercard 429,997 0.05

17,193 MetLife 684,797 0.09 299 Mid-America Apartment Communities 31,814 -

1,624 Moody's 152,185 0.02 65,976 Morgan Stanley 1,714,056 0.21

590 MSCI 45,501 0.01 1,305 NASDAQ OMX Group 84,394 0.01 5,753 New York Community Bancorp 86,237 0.01



>278< HSBC ETFs PLC



USD % of Net

Asset Value


2,758 Northern Trust 182,745 0.02 6,573 PNC Financial Services Group 534,976 0.07 4,176 Principal Financial Group 171,675 0.02 9,468 Progressive 317,178 0.04 2,384 ProLogis 116,911 0.01 2,811 Prudential Financial 200,537 0.02

565 Public Storage 144,408 0.02 5,197 Raymond James Financial 256,212 0.03

391 Regency Centers 32,738 - 27,252 Regions Financial 231,915 0.03

639 Reinsurance Group of America 61,977 0.01 2,698 S&P Global 289,387 0.04 1,027 SEI Investments 49,409 0.01

159 Signature Bank 19,862 - 391 Silicon Valley Bank 37,208 - 784 Simon Property Group 170,050 0.02

8,612 State Street 464,359 0.06 8,761 SunTrust Banks 359,902 0.04 4,508 Synchrony Financial 113,962 0.01 3,245 T Rowe Price Group 236,788 0.03 4,751 TD Ameritrade Holding 135,285 0.02 1,378 Torchmark 85,188 0.01 4,970 Travelers Cos 591,629 0.07

859 UDR 31,714 - 3,974 Unum Group 126,333 0.02

20,398 US Bancorp 822,651 0.10 666 Ventas 48,498 0.01

9,502 Vereit 96,350 0.01 8,374 Visa 621,100 0.08 1,223 Vornado Realty Trust 122,447 0.02 1,911 Voya Financial 47,316 0.01

77,673 Wells Fargo & Co 3,676,263 0.45 7,021 Western Union 134,663 0.02 6,192 Weyerhaeuser 184,336 0.02 1,666 WR Berkley 99,827 0.01 4,519 Zions Bancorporation 113,562 0.01


24,548 Abbott Laboratories 964,982 0.12 4,434 Abbvie 274,509 0.03 5,262 Aetna 642,648 0.08

174 Alexion Pharmaceuticals 20,316 - 386 Align Tech 31,092 -

2,497 Amgen 379,919 0.05 4,997 Anthem 656,306 0.08

693 Bard 162,966 0.02 6,207 Baxter International 280,681 0.04



HSBC ETFs PLC >279<



USD % of Net

Asset Value


1,644 Becton Dickinson and Co 278,806 0.04 740 Biogen Idec 178,947 0.02

6,977 Boston Scientific 163,053 0.02 7,537 Bristol-Myers Squibb 554,346 0.07 1,160 Celgene 114,411 0.01 1,746 Centene Corporation 124,612 0.02 3,005 Cigna 384,610 0.05

433 Cooper Companies 74,290 0.01 3,386 DaVita 261,806 0.03 1,957 DENTSPLY International 121,412 0.01

869 Edwards Lifesciences 86,665 0.01 9,451 Eli Lilly & Co 744,266 0.09 7,200 Express Scripts 545,760 0.07

29,973 Gilead Sciences 2,500,348 0.31 21,533 HCA Holdings 1,658,256 0.21

675 Henry Schein 119,340 0.01 2,656 Hologic 91,898 0.01 2,413 Humana 434,050 0.05

847 IDEXX Laboratories 78,652 0.01 226 Illumina 31,726 - 113 Intuitive Surgical 74,739 0.01

19,901 Johnson & Johnson 2,413,991 0.30 1,558 Laboratory Corporation of America Holdings 202,961 0.02 1,630 Mednax 118,061 0.01

33,526 Merck & Co 1,931,433 0.24 6,277 Mylan 271,417 0.03

81,349 Pfizer 2,864,298 0.35 3,804 Quest Diagnostics 309,684 0.04 1,895 Quintiles Transnational 123,781 0.02

99 Regeneron Pharms 34,574 - 928 Resmed 58,677 0.01

2,744 St Jude Medical 214,032 0.03 2,231 Stryker 267,341 0.03

505 Teleflex 89,542 0.01 1,829 Thermo Fisher Scientific 270,253 0.03

10,348 UnitedHealth Group 1,461,138 0.18 2,906 Universal Health 389,695 0.05 1,215 Varian Medical Systems 99,909 0.01

425 Waters 59,776 0.01 1,138 Zimmer Holdings 136,992 0.02 1,333 Zoetis 63,264 0.01


7,268 3M 1,272,772 0.16 224 Acuity Brands 55,543 0.01

4,691 Agilent Technologies 208,093 0.02 182 Alliance Data Systems 35,657 -



>280< HSBC ETFs PLC



USD % of Net

Asset Value


2,666 Ametek 123,249 0.02 5,586 Amphenol 320,245 0.04

13,891 Aramark Holdings Corporation 464,237 0.05 1,756 Arrow Electronics 108,696 0.01 7,046 Automatic Data Processing 647,316 0.08 1,755 Ball 126,869 0.01

13,579 Boeing 1,763,505 0.22 1,264 Broadridge Financial Solutions 82,413 0.01

878 Carlisle Companies 92,787 0.01 16,956 Caterpillar 1,285,434 0.15

1,960 CH Robinson Worldwide 145,530 0.02 1,915 Cintas 187,919 0.02 2,828 Crown Holdings 143,295 0.02

20,724 CSX 540,482 0.06 4,199 Cummins 472,136 0.06 5,091 Danaher 514,191 0.06 7,760 Deere & Co 628,870 0.08 4,354 Dover 301,819 0.04

13,103 Eaton 782,642 0.10 22,899 Emerson Electric 1,194,412 0.14

3,034 Expeditors International of Washington 148,787 0.02 3,153 Fastenal 139,962 0.02

10,671 FedEx 1,619,644 0.20 4,332 Fidelity National Information Services 319,182 0.04 2,830 Fiserv 307,706 0.04

205 FleetCor Technologies 29,342 - 92,438 Flextronics International 1,090,768 0.13

3,181 Flowserve 143,686 0.02 5,422 Fluor 267,196 0.03 5,966 FNFV Group 223,725 0.03 2,815 Fortune Brands Home & Security 163,186 0.02

209,267 General Electric 6,587,725 0.81 428 Global Payments 30,551 - 857 Grainger 194,753 0.02

2,128 HD Supply Holdings 74,097 0.01 10,487 Honeywell International 1,219,848 0.15

1,307 Huntington Ingalls Industies 219,615 0.03 862 Idex Corporation 70,770 0.01

5,888 Illinois Tool Works 613,294 0.08 5,972 Jacobs Engineering Group 297,465 0.04 2,050 JB Hunt Transport Services 165,907 0.02

865 Kansas City Southern 77,928 0.01 1,418 Martin Marietta Materials 272,256 0.03 7,610 Masco 235,453 0.03

336 Mettler Toledo International 122,613 0.02 5,913 Norfolk Southern 503,374 0.06 3,502 Northrop Grumman 778,425 0.10



HSBC ETFs PLC >281<



USD % of Net

Asset Value


2,778 Owens Corning 143,123 0.02 4,892 PACCAR 253,748 0.03 1,490 Packaging Corp of America 99,726 0.01 5,077 Parker Hannifin 548,570 0.07 2,744 Paychex 163,268 0.02 2,905 Pentair 169,332 0.02 1,312 PerkinElmer 68,775 0.01 4,734 Raytheon 643,587 0.08 5,211 Republic Services 267,376 0.03 1,861 Rockwell Automation 213,680 0.03 2,039 Rockwell Collins 173,600 0.02

374 Roper Industries 63,789 0.01 3,755 Sealed Air 172,617 0.02 2,487 Sensata Technologies 86,771 0.01 1,043 Sherwin-Williams 306,298 0.04 1,164 Smith 102,560 0.01

848 Stericycle 88,294 0.01 1,368 Total Systems Services 72,654 0.01

148 TransDigm Group 39,026 - 2,248 Trimble Navigation 54,761 0.01

11,898 Union Pacific 1,038,101 0.13 32,097 United Parcel Service 3,457,489 0.42

2,216 United Rentals 148,694 0.02 18,392 United Technologies 1,886,100 0.23

960 Valspar 103,709 0.01 798 Vantiv 45,167 0.01 900 Verisk Analytics 72,972 0.01

2,952 Vulcan Materials 355,303 0.04 1,010 Wabtec Corporation 70,932 0.01 7,012 Waste Management 464,685 0.06 9,592 WestRock 372,841 0.05 2,363 Xylem 105,508 0.01

39,268,426 4.82 Oil & Gas (31 December 2015: 3.38%)

7,131 Anadarko Petroleum 379,726 0.05 21,752 Apache 1,210,934 0.14 11,740 Baker Hughes 529,826 0.07

1,789 Cabot Oil & Gas 46,049 0.01 34,601 Chevron 3,627,223 0.45

398 Cimarex Energy 47,489 0.01 1,302 Columbia Pipeline Group 33,188 -

212 Concho Resources 25,285 - 41,851 ConocoPhillips 1,824,704 0.22

6,307 Devon Energy 228,629 0.03 3,786 Enterprise Products Partners 110,778 0.01 3,893 EOG Resources 324,754 0.04

522 EQT 40,418 -



>282< HSBC ETFs PLC



USD % of Net

Asset Value


65,757 Exxon Mobil 6,164,061 0.76 5,693 FMC Technologies 151,832 0.02

13,380 Halliburton 605,980 0.07 1,987 Helmerich & Payne 133,387 0.02 8,055 Hess 484,106 0.05 8,574 Kinder Morgan 160,505 0.02

474 Magellan Midstream Partners 36,024 - 38,671 Marathon Oil 580,452 0.07 15,111 Marathon Petroleum 573,614 0.07 14,162 National Oilwell Varco 476,551 0.06

1,863 Newfield Exploration 82,307 0.01 3,731 Noble Energy 133,831 0.02

11,224 Occidental Petroleum 848,085 0.10 1,852 OGE Energy 60,653 0.01 4,671 Phillips 370,597 0.05

302 Pioneer Natural Resources 45,665 0.01 1,836 Plains All American Pipeline 50,472 0.01 1,181 Range Resources 50,948 0.01

15,599 Schlumberger 1,233,569 0.15 1,306 Tesoro 97,846 0.01

10,540 Valero Energy 537,540 0.07 15,630 Williams Cos 338,077 0.04

1,624 Williams Partners 56,255 0.01


1,707 Adobe Systems 163,514 0.02 875 Akamai Technologies 48,939 0.01

1,318 Alphabet Inc 927,253 0.11 1,791 Analog Devices 101,442 0.01

405 Ansys 36,754 - 35,813 Apple 3,423,723 0.42

6,701 Applied Materials 160,623 0.02 1,215 Autodesk 65,780 0.01 7,098 CA Inc 233,027 0.03 2,460 Cadence Design System 59,778 0.01 2,886 CDK Global 160,144 0.02 3,573 CDW 143,206 0.02 2,405 Cerner 140,933 0.02

43,393 Cisco Systems 1,244,945 0.15 1,346 Citrix Systems 107,801 0.01

18,589 Cognizant Technology Solutions 1,064,034 0.13 13,047 Computer Sciences 647,784 0.08 22,729 Corning 465,490 0.06 28,248 EMC 767,498 0.09

555 F5 Networks 63,181 0.01 2,042 FaceBook 233,360 0.03

653 Gartner 63,609 0.01



HSBC ETFs PLC >283<



USD % of Net

Asset Value


1,668 Harris 139,178 0.02 704 Henry Schein 61,438 0.01

89,951 Hewlett Packard Enterprise 1,643,405 0.20 113,342 HP 1,422,442 0.17 65,318 Intel 2,142,430 0.26 15,678 International Business Machines 2,379,607 0.29

1,939 Intuit 216,412 0.03 5,760 Juniper Networks 129,542 0.02 1,299 KLA-Tencor 95,152 0.01 1,070 LAM Research 89,944 0.01 1,696 Linear Technology 78,915 0.01

283 LinkedIn Corporation 53,558 0.01 3,039 Maxim Integrated Products 108,462 0.01 1,540 Microchip Technology 78,170 0.01

33,053 Micron Technology 454,809 0.05 47,781 Microsoft 2,444,954 0.30

4,760 Motorola Solutions 314,017 0.04 8,279 NetApp 203,581 0.03 2,230 NVIDIA 104,832 0.01

39,571 Oracle 1,619,641 0.20 1,148 Qorvo 63,438 0.01

11,442 QUALCOMM 612,948 0.07 719 Red Hat 52,199 0.01

1,259 Salesforce.com 99,977 0.01 379 SBA Communications 40,909 0.01

24,485 Seagate Technology 596,455 0.07 1,002 Skyworks Solutions 63,407 0.01

748 Sohu 28,319 - 20,890 Symantec 429,081 0.05

1,853 Synopsys 100,210 0.01 9,032 Texas Instruments 565,855 0.07

550 Twitter 9,301 - 829 VeriSign 71,675 0.01

14,608 Western Digital 690,374 0.08 100,611 Xerox 954,798 0.12

1,481 Xilinx 68,319 0.01 10,034 Yahoo! 376,877 0.05


125,814 AT&T 5,436,423 0.67 36,058 CenturyLink 1,046,043 0.13 37,861 Frontier Communications 187,033 0.02

2,404 Level 3 Comms 123,782 0.02 6,161 T-Mobile 266,586 0.03


11,489,096 1.41



>284< HSBC ETFs PLC



USD % of Net

Asset Value

Equities (continued) United States (continued) Utilities (31 December 2015: 0.83%)

19,522 AES 243,635 0.03 1,016 AGL Resources 67,026 0.01 1,700 Alliant Energy 67,490 0.01 3,639 Ameren 194,978 0.02 4,978 American Electric Power 348,908 0.04 1,391 American Water Works 117,553 0.01

725 Aqua America 25,854 - 718 Atmos Energy 58,388 0.01

6,827 CenterPoint Energy 163,848 0.02 2,140 CMS Energy 98,140 0.01 2,912 Consolidated Edison 234,241 0.03 2,761 Dominion Resources 215,165 0.02 1,812 DTE Energy 179,605 0.02 7,486 Duke Energy 642,224 0.08 2,692 Edison International 209,088 0.03 3,305 Entergy 268,862 0.03 2,450 Eversource Energy 146,755 0.02

12,472 Exelon 453,482 0.05 7,820 FirstEnergy 272,996 0.03 1,590 NextEra Energy 207,336 0.03 2,750 NiSource 72,930 0.01 4,382 ONEOK 207,926 0.03 3,901 PG&E 249,352 0.03 1,057 Pinnacle West Capital 85,680 0.01 3,381 PPL 127,633 0.02 6,151 Public Service Enterprise Group 286,698 0.04 1,150 SCANA 87,009 0.01 1,171 Sempra Energy 133,517 0.02 9,036 Southern 484,601 0.06 2,439 Spectra Energy 89,341 0.01 2,289 TECO Energy 63,268 0.01 1,499 UGI Corporation 67,830 0.01 2,068 Wec Energy Group 135,040 0.02

721 Westar Energy 40,441 - 3,444 Xcel Energy 154,222 0.02

6,501,062 0.80


Warrants

2,686 Asea Brown Boveri India Warrants 48,620 0.01 4,540 Aurobindo Pharma Warrants 49,854 0.01 5,341 Bharat Electronics Warrants 100,088 0.01

803 Britannia Industries Warrants 32,765 - 113,158 Cairn India Warrants 235,210 0.03

7,924 Castrol (India) Limited Warrants 44,415 0.01



HSBC ETFs PLC >285<



USD % of Net

Asset Value

Warrants (continued)

2,612 Colgate Palmolive India Warrants 35,481 - 96,671 DLF Limited Warrants 214,387 0.02 69,004 Federal Bank Warrants 58,785 0.01

435 GlaxoSmithkline Consumer Healthcare Warrants 38,059 - 1,590 Godrej Consumer Products Warrants 37,794 - 3,753 Grasim Industries Warrants 258,963 0.03

14,652 Havells India Warrants 77,988 0.01 4,652 Hindustan Petroleum Warrants 68,542 0.01 2,864 HSBC Bank Glenmark Pharmaceutical Warrants 33,845 -

98,840 Indian Oil Warrants 644,644 0.08 115,254 Jasmine International Warrants 6,625 - 609,737 National Hydroelectric Power Warrants 227,249 0.03 210,030 NMDC Warrants 291,522 0.03 11,837 Petronet LNG Warrants 51,503 0.01

5,860 Pidilite Industries Warrants 62,390 0.01 534,523 State Bank of India 1,729,663 0.21 521,245 Suzlon Energy Limited Warrants 134,116 0.02 73,082 Tech Mahindra Warrants 546,631 0.07

2,164 Torrent Pharmaceuticals Warrants 43,937 0.01 11,080 TVS Motor Company Warrants 50,716 0.01

8,945 Voltas Warrants 42,630 0.01

5,166,422 0.64

Total warrants**** (31 December 2015: 0.71%) 5,166,422 0.64

LEPOs***

India Basic Materials (31 December 2015: 0.42%)

5,996 ACC LEPO 12/11/2019 143,306 0.02 34,041 Ambuja Cements (HSBC) LEPO 12/11/2019 128,277 0.02

581,968 Coal India (HSBC) LEPO 02/11/2020 2,693,930 0.33 116,413 Hindalco Industries LEPO 12/11/2019 211,511 0.02

5,869 JSW Steel LEPO 21/11/2023 127,103 0.02 15,547 Tata Chemicals LEPO 18/06/2024 98,961 0.01

3,088 Ultratech Cement LEPO 21/11/2023 155,778 0.02 11,227 UPL LEPO 18/06/2024 91,338 0.01


46,381 Apollo Tyres LEPO 18/06/2024 103,921 0.01 4,398 Bajaj Auto Limited LEPO 12/11/2019 174,963 0.02 9,439 Dabur India Lepo 21/11/2023 43,086 0.01

182 Eicher Motors LEPO 22/11/2023 (HSBC) 51,740 0.01 4,815 Hero Honda Motors (HSBC) LEPO 29/07/2019 226,324 0.03

20,908 Hindustan Unilever LEPO 11/04/2018 277,844 0.03 2,914 HSBC Maruti Suzuki India LEPO 14/01/2019 180,451 0.02

104,646 ITC LEPO 18/02/2018 570,153 0.07 48,209 Motherson Sumi Systems LEPO 22/11/2023 (HSBC) 206,836 0.03

89 MRF LEPO 22/11/2023 (HSBC) 43,538 0.01 1,254 Nestle India LEPO 19/11/2018 120,405 0.01

1,999,261 0.25



>286< HSBC ETFs PLC



USD % of Net

Asset Value

LEPOs*** (continued) India (continued) Financial (31 December 2015: 0.11%)

91,866 Bank of Baroda LEPO 21/11/2023 209,161 0.03 10,833

Housing Development Finance Corporation LEPO 20/02/2018 200,842 0.02

48,308 IDFC LEPO 06/11/2018 (HSBC) 32,294 - 4,164 Indiabulls Housing Lepo 18/06/2024 41,325 0.01

20,429 Infrastructure Development Finance LEPO 20/08/2 14,351 - 12,059 Kotak Mahindra Bank LEPO 25/11/2019 136,139 0.02 35,991 Power Financial Corporation LEPO 21/11/2023 90,168 0.01

5,238 Shriram Transport Finance LEPO 21/11/2023 93,262 0.01 4,911 Yes Bank LEPO 18/06/2024 80,409 0.01


1,510 Apollo Hospitals Enterprise LEPO 31/07/2023 29,378 - 9,485 Cadila Healthcare LEPO 18/06/2024 46,038 0.01 9,916 Cipla LEPO 26/03/2020 73,472 0.01

29,078 Sun Pharmaceuticals LEPO 24/10/2018 328,166 0.04


55,793 Ashok Leyland LEPO 18/06/2024 81,151 0.01 6,979 Asian Paints (India) LEPO 17/05/2021 103,555 0.01 5,654 Bharat Forge LEPO 18/06/2024 63,571 0.01

246,886 Bharat Heavy Electricals LEPO 07/01/2019 466,269 0.05 1,846 Container Corporation of India LEPO 22/11/2023 (HSBC) 39,055 - 3,258 Cummins India LEPO 18/06/2024 40,903 0.01 3,668 Larsen & Toubro LEPO 12/11/2018 81,181 0.01 5,720 Siemens LEPO 21/11/2023 110,794 0.01 7,490 Titan Industries (HSBC) LEPO 07/07/2020 45,001 0.01

1,031,480 0.12 Oil & Gas (31 December 2015: 0.36%)

25,626 Bharat Petroleum (HSBC) LEPO 12/11/2019 406,334 0.05 21,646 Gail India LEPO 12/11/2019 123,298 0.02

471,870 Oil & Natural Gas LEPO 12/11/2019 1,509,465 0.18 289,530 Sesa Sterlite LEPO 21/11/2023 564,989 0.07


66,104 HCL Technologies LEPO 22/01/2024 714,108 0.09 96,895 Infosys LEPO 25/11/2019 1,677,766 0.21

8,256 Mindtree LEPO 18/06/2024 81,178 0.01 1,963 Oracle Financial Services LEPO 22/11/2023 (HSBC) 100,572 0.01

61,531 Tata Consultancy Services LEPO 25/11/2019 2,323,318 0.28 139,851 Wipro LEPO 12/11/2019 1,154,009 0.14


3,110 Aditya Birla Nuvo (HSBC) LEPO 21/11/2018 56,166 0.01 230,647 Bharti Airtel LEPO 20/02/2018 1,251,191 0.15 31,243 Bharti Infratel LEPO 22/11/2023 (HSBC) 159,433 0.02



HSBC ETFs PLC >287<



USD % of Net

Asset Value

LEPOs*** (continued) India (continued) Telecommunications (31 December 2015: 0.18%) (continued)

114,970 Idea Cellular (HSBC) LEPO 25/11/2019 181,250 0.02 8,912 Zee Entertainment Enterprises LEPO 21/11/23 60,168 0.01

1,708,208 0.21

137,666 NTPC LEPO 01/10/2019 318,229 0.04 38,480 Rural Electrification Corporation LEPO 12/05/2020 98,709 0.01

416,938 0.05

Total LEPOs***** (31 December 2015: 2.27%) 18,836,133 2.31

Unrealised gain on contracts for difference

100,700 Thanachart Capital 4,729 -

Total unrealised gain on contracts for difference***** (31 December 2015: Nil) 4,729 -


48 CME S&P 500 E-Mini Index Future Sep 16 17,175 - 11 LIFFE FTSE 100 Index Future Sep 16 40,024 - 86 NYF Mini MSCI Emerging Market Index Future Sep 16 53,315 0.01 4 S&P TSX 60 Index Mini Future Sep 16 650 - 4 Swiss Market Index Future Sep 16 3,480 -

114,644 0.01

Total futures**** (Notional amount: USD 10,003,282) 114,644 0.01




51 Euro Stoxx 50 Future Sep 16 (33,194) - 96 Mini Topix Index Future Sep 16 (71,630) (0.01) 3 SFE SPI 200 Future Sep 16 (1,936) -

(106,760) (0.01)

Total futures (Notional amount: USD 3,072,145) (106,760) (0.01)


67,077 Bangkok Bank (54,489) (0.01) 1,520,671 Bank of Communications (107,912) (0.01)

67,813 Kasikorn Bank (54,343) (0.01)



>288< HSBC ETFs PLC



USD % of Net

Asset Value

Unrealised loss on contracts for difference (continued)

440,212 Krung Thai Bank (49,866) (0.01) 91,643 Siam Commercial Bank (64,830) (0.01)

940,400 TMB Bank (6,615) -

Total unrealised loss on contracts for difference (31 December 2015: 0.04%) (338,055) (0.05)





USD % of Total

Assets *** Transferable securities admitted to an official stock exchange listing 773,051,526 94.84 ** Transferable securities other than those referred above 154,905 0.02 **** Financial derivative instruments dealt in on a regulated market 5,281,066 0.65 ***** OTC financial derivative instruments 18,840,862 2.31 Other assets 17,766,730 2.18

Total assets 815,095,089 100.00

With the exception of the Warrants, LEPOs and the Contracts for Differences, all other equity positions (with the exception of the investment held in Banco Espirito Santo, Banco Popular Espanol, Xinyi Automobile Glass, Qinqin Foodstuffs, Rolls Royce Holdings, Professional Darts Corporation, Casa Ley and Wintek) and futures held by the Sub-Fund at 30 June 2015 and 31 December 2015 have been classified as Level 1. The Warrants, LEPOs and the Contracts for Differences have been classified as Level 2. Banco Espirito Santo, Banco Popular Espanol, Xinyi Automobile Glass, Qinqin Foodstuffs, Rolls Royce Holdings, Professional Darts Corporation, Casa Ley and Wintekhas 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 WORLDWIDE EQUITY UCITS ETF

HSBC ETFs PLC >289<



USD % of Net

Asset Value

Equities


24,350 BHP Billiton 338,143 0.12 21,539 Fortescue Metals Group 56,133 0.02 24,811 Incitec Pivot 54,869 0.02

6,120 Newcrest Mining 104,810 0.04 4,721 Orica 43,343 0.01 2,935 Rio Tinto 99,436 0.04

39,178 South32 44,925 0.02


5,739 Crown 53,886 0.02 72,812 Metcash 103,010 0.04 27,010 Tatts Group 76,826 0.03

8,286 Wesfarmers 247,407 0.09 9,194 Woolworths 143,010 0.05


28,247 AMP 108,529 0.04 3,960 ASX 134,929 0.05

20,209 Australia & New Zealand Banking Group 362,949 0.13 6,398 Bank of Queensland 50,450 0.02

12,080 Commonwealth Bank of Australia 668,941 0.25 14,436 Dexus Property Group 96,956 0.03 20,510 Goodman Group 108,582 0.04 26,991 Insurance Australia Group 109,531 0.04

7,653 Lend Lease Group 71,800 0.03 58,135 Mirvac Group 87,440 0.03 18,867 National Australia Bank 357,250 0.13

9,861 QBE Insurance Group 76,582 0.03 20,742 Scentre Group 75,987 0.03 12,446 Suncorp Group 112,876 0.04 40,591 Vicinity Centres 100,344 0.04 17,759 Westfield Group 140,829 0.05 24,204 Westpac Banking 529,856 0.20


758 Blackmores 74,157 0.03 4,016 CSL 335,453 0.12 1,702 Ramsay Health Care 90,942 0.04 5,162 Sonic Healthcare 82,830 0.03


9,564 Amcor 106,322 0.04 19,398 Aurizon Holdings 69,619 0.02 11,704 Brambles 107,976 0.04

4,011 CIMIC Group 106,771 0.04


HSBC WORLDWIDE EQUITY UCITS ETF (continued)

>290< HSBC ETFs PLC



USD % of Net

Asset Value

Equities (continued) Australia (continued) Industrial (31 December 2015: 0.17%) (continued)

4,092 Seek 46,343 0.02 20,022 Sydney Airport 103,464 0.04

540,495 0.20 Oil & Gas (31 December 2015: 0.11%)

14,455 APA Group 99,452 0.04 16,148 Origin Energy 69,137 0.02 15,202 Santos 52,522 0.02

5,432 Woodside Petroleum 108,559 0.04


87,587 Telstra 362,608 0.14 18,908 Vocus Communications** 119,952 0.04


8,442 AGL Energy 121,255 0.04 121,255 0.04 Austria Basic Materials (31 December 2015: 0.01%)

1,284 Voestalpine 42,822 0.02


3,092 Erste Group Bank 69,766 0.03 69,766 0.03 Belgium Basic Materials (31 December 2015: 0.05%)

700 Solvay 64,842 0.02 1,390 Umicore 71,451 0.03


6,483 Anheuser-Busch 846,989 0.31


917 Delhaize Group 96,302 0.04


2,214 KBC Groep 108,027 0.04


987 UCB 73,685 0.03


2,059 Belgacom 65,135 0.02 65,135 0.02 Bermuda Financial (31 December 2015: 0.03%)

14,902 Hiscox 205,585 0.08

205,585 0.08



HSBC ETFs PLC >291<



USD % of Net

Asset Value

Equities (continued) Bermuda (continued) Industrial (31 December 2015: 0.03%)

145 Brookfield Business Partners 2,737 -

2,737 - Utilities (31 December 2015: 0.03%)

2,486 Brookfield Infrastructure 112,516 0.04

112,516 0.04 Brazil Basic Materials (31 December 2015: 0.02%)

11,240 Gerdau 20,664 0.01 16,237 Vale SA 66,038 0.02


25,583 Ambev 152,121 0.06 6,041 BRF - Brasil Foods 85,097 0.03 6,722 Hypermarcas 48,971 0.02

11,892 JBS 37,119 0.01 3,864 Natura Cosmeticos 30,755 0.01


1,507 Cia Brasileira de Distribuicao Grupo Pao de Acucar 21,972 0.01 12,525 Kroton Educational 53,169 0.02 12,314 Lojas Americanas 61,805 0.02


23,502 Banco Bradesco 184,715 0.07 10,558 Banco do Brasil 56,617 0.02

8,561 BB Seguridade Participacoes 75,115 0.03 22,091 BM&FBovespa 124,117 0.05 18,522 Cielo 195,757 0.07 23,719 Itau Unibanco 224,326 0.08 48,434 Itausa - Investimentos Itau 114,745 0.04


12,157 CCR 63,750 0.02 22,607 Embraer 123,487 0.05 13,342 Weg 57,220 0.02

244,457 0.09 Oil & Gas (31 December 2015: 0.02%)




5,716 Sabesp 51,883 0.02 7,084 Tractebel Energia 84,710 0.03 3,997 Ultrapar Participacoes 88,717 0.03

225,310 0.08



>292< HSBC ETFs PLC



USD % of Net

Asset Value

Equities (continued) British Virgin Islands Technology (31 December 2015: 0.01%)

1,304 Mail.ru Group 23,733 0.01


1,668 Agnico-Eagle Mines 88,801 0.03 1,255 Agrium 112,957 0.04 8,893 Barrick Gold 188,857 0.07 6,110 Goldcorp 116,300 0.04 6,601 Potash Corp of Saskatchewan 106,738 0.04 3,294 Silver Wheaton 77,131 0.03




3,504 Alimentation Couche-Tard 149,690 0.05 905 Canadian Tire 98,082 0.04

1,357 Loblaw 72,212 0.03


4,035 Bank of Montreal 254,615 0.09 8,073 Bank of Nova Scotia 393,549 0.15 7,262 Brookfield Asset Management 238,991 0.09 1,917 Canadian Imperial Bank of Commerce 143,240 0.05 1,144 Franco-Nevada 86,538 0.03 3,510 Great West Lifeco 92,108 0.03

14,384 Manulife Financial 195,707 0.07 2,149 National Bank Of Canada 73,123 0.03 3,923 Power Corp of Canada 83,070 0.03 2,611 Power Financial 59,611 0.02 4,336 RioCan Real Estate Investment Trust 97,925 0.04 9,546 Royal Bank of Canada 561,132 0.21 4,984 Sun Life Financial 162,871 0.06

12,525 Toronto-Dominion Bank 535,063 0.20




5,933 Canadian National Railway 348,524 0.13 1,373 Canadian Pacific Railway 175,846 0.06

524,370 0.19 Oil & Gas (31 December 2015: 0.44%)

7,979 Canadian Natural Resources 244,893 0.09 5,679 Cenovus Energy 78,143 0.03 3,425 Crescent Point Energy 53,826 0.02



HSBC ETFs PLC >293<



USD % of Net

Asset Value

Equities (continued) Canada (continued) Oil & Gas (31 December 2015: 0.44%) (continued)

6,115 Enbridge 257,699 0.09 13,259 Encana 102,605 0.04

2,477 Imperial Oil 77,970 0.03 3,416 Inter Pipeline 72,071 0.03

10,419 Suncor Energy 287,531 0.10 5,250 TransCanada 236,325 0.09


2,087 CGI 88,690 0.03 182 Constellation Software 70,071 0.03


5,649 BCE 265,943 0.10 3,194 Rogers Communications 128,626 0.05 4,742 Telus 151,896 0.05


2,886 Fortis 97,044 0.04 2,952 Pembina Pipeline 89,240 0.03

186,284 0.07 Cayman Islands Consumer Services (31 December 2015: 0.06%)

Financial (31 December 2015: Nil)

33,044 Cheung Kong Property Holdings 206,154 0.08

206,154 0.08 Channel Islands Technology (31 December 2015: 0.03%)

1,676 Amdocs 96,739 0.04

96,739 0.04 Chile Consumer Services (31 December 2015: 0.04%)

19,737 Cencosud 56,308 0.02 4,378 Latam Airlines 28,968 0.01


1,020,004 Banco Santander Chile 49,177 0.02 49,177 0.02 Technology (31 December 2015: Nil)

46,610 Sonda 85,523 0.03


260,677 Colbun 63,159 0.02 49,404 Empresa Nacional de Electricidad 45,646 0.02 49,404 Endesa Americas 22,748 0.01

448,786 Enersis 64,709 0.02

196,262 0.07



>294< HSBC ETFs PLC



USD % of Net

Asset Value

Equities (continued) China Basic Materials (31 December 2015: 0.02%)

38,099 China Shenhua Energy 70,030 0.03


16,981 Alibaba Group Holding 1,350,499 0.50 35,464 Dongfeng Motor Group 36,936 0.02 32,708 Tingyi Cayman Islands Holding 30,819 0.01 89,549 Want Want China Holding 63,486 0.02


1,168 Bitauto Holdings 31,489 0.01 2,384 Ctrip Com International 98,221 0.04 3,493 New Oriental Education & Technology 146,287 0.05 6,495 Vipshop Holdings 72,549 0.03


593,613 Bank of China 236,437 0.09 113,646 China Citic Bank 68,997 0.02 782,510 China Construction Bank 516,432 0.19 71,123 China Life Insurance 152,368 0.06 48,588 China Merchants Bank 108,600 0.04 28,777 China Pacific Insurance Group 96,814 0.04 20,020 E-House China Holdings 129,529 0.05 25,967 Haitong Securities 43,647 0.02

605,775 Industrial & Commercial Bank of China 334,982 0.12 191,149 People s Insurance Company Group of China 73,178 0.03 63,141 PICC Property & Casualty 98,643 0.04 38,906 Ping An Insurance 171,262 0.06

475,085 Shui On Land 120,027 0.04 135,186 Sino-Ocean Land Holdings 58,375 0.02 106,842 Soho China 51,232 0.02


18,463 Sinopharm Group 87,937 0.03 87,937 0.03 Industrial (31 December 2015: 0.05%)

108,983 China Cinda Asset Management 36,665 0.01 37,839 China Communications Construction 40,483 0.02 11,903 Zhuzhou CSR Times Electric 65,361 0.02

142,509 0.05 Oil & Gas (31 December 2014: 0.19%)

41,915 China Gas Holdings 63,862 0.02 214,337 China Petroleum & Chemical 154,717 0.06 147,713 CNOOC 183,167 0.07 177,168 PetroChina 120,808 0.04

522,554 0.19



HSBC ETFs PLC >295<



USD % of Net

Asset Value

Equities (continued) China (continued) Technology (31 December 2015: 0.02%)

2,036 Baidu 336,245 0.12 6,366 E-commerce China Dangdang 38,514 0.01 5,741 JD.com 121,881 0.05

19,087 Kingsoft 36,757 0.01 66,838 Lenovo Group 40,234 0.02

5,280 Momo 53,381 0.02 757 NetEase 146,268 0.05

1,313 Sina Com 68,105 0.03 40,359 Tencent Holdings 916,121 0.34

3,857 Trina Solar 29,853 0.01 3,485 Yirendai 48,442 0.02


142,222 China Telecom 63,430 0.02 63,430 0.02 Utilities (31 December 2015: 0.04%)



3,345 Bancolombia 29,299 0.01

29,299 0.01 Oil & Gas (31 December 2015: 0.01%)

62,073 Ecopetrol 29,767 0.01


50,644 Isagen S.A. 71,291 0.03

71,291 0.03 Czech Republic Utilities (31 December 2015: 0.02%)

2,336 CEZ 39,710 0.01

39,710 0.01 Denmark

863 Carlsberg 81,766 0.03 1,756 Christian Hansen Holding 114,824 0.04

866 Pandora 117,289 0.05 313,879 0.12 Financial (31 December 2015: 0.05%)

5,185 Danske Bank 135,804 0.05


1,145 Coloplast 85,095 0.03 1,131 Genmab 204,353 0.08

11,607 Novo Nordisk 620,665 0.23 1,787 Novozymes 85,283 0.03

995,396 0.37



>296< HSBC ETFs PLC



USD % of Net

Asset Value

Equities (continued) Denmark (continued) Industrial (31 December 2015: 0.05%)

11 AP Moeller - Maersk 14,299 0.01 1,634 DSV 68,368 0.02

82,667 0.03 Oil & Gas (31 December 2015: 0.06%)



4,609 TDC 22,471 0.01

22,471 0.01 Dubai Financial (31 December 2015: 0.03%)

46,284 Emaar Properties 78,125 0.03 78,125 0.03 Egypt Financial (31 December 2015: 0.03%)

16,207 Commercial International Bank Egypt 72,695 0.03




4,320 Amer Sports 117,871 0.04 3,749 Nokian Renkaat 133,403 0.05


3,206 Sampo 130,109 0.05


2,022 Wartsilap 82,104 0.03


29,660 Nokia 168,214 0.06


4,137 Fortum 66,090 0.02

66,090 0.02 France Basic Materials (31 December 2015: 0.12%)

2,335 Air Liquide 243,998 0.09 865 Arkema 66,374 0.02


583 Christian Dior 93,785 0.03 1,558 Cie Generale des Etablissements Michelin 147,486 0.05



HSBC ETFs PLC >297<



USD % of Net

Asset Value

Equities (continued) France (continued) Consumer Goods (31 December 2015: 0.65%) (continued)

4,823 Danone 339,758 0.13 143 Hermes International 53,530 0.02

1,615 L'Oreal 308,600 0.11 1,563 LVMH Moet Hennessy Louis Vuitton 236,152 0.09 1,643 Pernod-Ricard 182,712 0.07 5,681 Peugeot 68,257 0.03 2,000 Renault 152,067 0.06 2,142 Valeo 95,495 0.03


1,734 Accor 66,826 0.02 5,667 Carrefour 139,829 0.05

629 Kering 101,639 0.04 1,401 Publicis Groupe 94,211 0.04

579 Sodexo 62,240 0.02 10,335 Vivendi 194,040 0.07


19,186 AXA 379,508 0.14 7,608 BNP Paribas 336,013 0.12

12,213 Credit Agricole 102,574 0.04 1,646 Klepierre 72,871 0.03

11,520 Natixis Banques Populai 43,629 0.02 4,515 Societe Generale 141,500 0.05



1,770 Cie Generale d'Optique Essilor International 233,704 0.09 9,879 Sanofi 822,252 0.30


2,579 Alstom 59,810 0.02 3,768 Cie de St-Gobain 143,812 0.05 2,233 Edenred 45,881 0.02 6,672 Groupe Eurotunnel 70,787 0.03 2,231 Legrand 114,781 0.04 8,344 Rexel 104,887 0.04 2,176 Safran 147,270 0.05 3,399 Schneider Electric 200,361 0.07 1,391 Thales 115,915 0.04 4,771 Vinci 337,579 0.13 3,130 Zodiac Aerospace 73,405 0.03

1,414,488 0.52 Oil & Gas (31 December 2015: 0.29%)

17,566 Total 846,558 0.31

846,558 0.31



>298< HSBC ETFs PLC



USD % of Net

Asset Value

Equities (continued) France (continued) Technology (31 December 2015: 0.15%)

799 AtoS 66,156 0.02 840 Cap Gemini 72,976 0.03

1,362 Dassault Systemes 103,315 0.04 226 Iliad 45,821 0.02


23,133 France Telecom 376,628 0.14


3,073 EDF 37,451 0.01 11,490 GDF Suez 185,217 0.07

3,498 Suez Environnement 54,716 0.02 4,467 Veolia Environnement 96,622 0.04

374,006 0.14 Germany Basic Materials (31 December 2015: 0.63%)

6,599 BASF 503,210 0.19 6,120 Bayer 611,911 0.23 1,760 Brennt 84,917 0.03 1,035 Lanxess 45,165 0.02 1,264 Linde 176,021 0.06 1,249 Symrise 84,850 0.03



765 Beiersdorf 72,146 0.03 675 Continental 126,957 0.05

6,393 Daimler 380,115 0.14 1,244 Henkel AG & Co KGaA 151,400 0.06 1,493 Porsche Automobil Holding 68,560 0.02

401 Volkswagen 53,637 0.02


1,802 Prosieben Sat.1 Media 78,506 0.03


3,223 Allianz 457,599 0.17 7,964 Commerzbank 51,528 0.02 1,981 Deutsche Annington 72,076 0.03 8,080 Deutsche Bank 110,635 0.04 1,619 Deutsche Boerse 132,271 0.05 3,090 Deutsche Wohnen 104,787 0.04

974 Hannover Rueckversicherung 101,508 0.04 1,216 Muenchener Rueckversicherungs 202,975 0.07

1,233,379 0.46



HSBC ETFs PLC >299<



USD % of Net

Asset Value

Equities (continued) Germany (continued) Healthcare (31 December 2015: 0.19%)

2,046 Fresenius Medical Care & Co KGaA 177,362 0.07 3,323 Fresenius SE & Co KGaA 242,987 0.09 1,087 Merck KGaA 109,952 0.04


6,008 Deutsche Post 168,033 0.06 1,279 HeidelbergCement 95,868 0.03 1,459 Osram 75,436 0.03 6,631 Siemens 676,337 0.25 3,720 ThyssenKrupp 74,431 0.03 1,858 Wirecard 81,451 0.03


8,464 Infineon Technologies 122,005 0.05 7,001 SAP 522,354 0.19 1,475 United Internet 60,958 0.02


26,890 Deutsche Telekom 456,466 0.17


14,716 E.ON 147,564 0.05 4,571 RWE 72,059 0.03

219,623 0.08 Greece Consumer Services (31 December 2015: 0.01%)

3,229 Greek Organisation of Football Prognostics 22,313 0.01


54,782 Eurobank Ergasias 33,473 0.01 659 Piraeus Bank 118 -


4,089 OTE-Hellenic Telecom 36,659 0.01 36,659 0.01 Hong Kong Consumer Goods (31 December 2015: 0.08%)

54,590 Belle International Holdings 31,946 0.01 38,322 China Mengniu Dairy 66,587 0.02 52,180 Li & Fung 25,155 0.01 18,654 Techtronic Industries 77,545 0.03


25,992 Galaxy Entertainment Group 77,059 0.03 204,308 GOME Electrical Appliances Holding 24,228 0.01 17,191 MGM China Holdings 22,292 0.01 23,667 MTR 119,587 0.04

243,166 0.09



>300< HSBC ETFs PLC



USD % of Net

Asset Value

Equities (continued) Hong Kong (continued) Financial (31 December 2015: 1.01%)

72,639 AIA Group 433,983 0.16 20,451 Bank of East Asia 78,557 0.03 31,895 BOC Hong Kong Holdings 95,381 0.04 12,371 China Everbright 23,760 0.01 36,506 China Everbright International 40,468 0.01 43,963 China Overseas Land & Investment 138,837 0.05 36,218 China Resources Land 84,500 0.03

208,360 Credit China Holdings 80,304 0.03 31,419 Hang Lung Properties 63,260 0.02

5,499 Hang Seng Bank 93,777 0.04 23,980 Henderson Land Development 134,614 0.05

7,806 Hong Kong Exchanges and Clearing 188,762 0.07 14,410 Hongkong Land Holdings 87,757 0.03 24,262 Link REIT 165,125 0.06 66,094 New World Development 66,878 0.02 60,399 Sino Land 98,564 0.04 13,284 Sun Hung Kai Properties 159,330 0.06


41,242 CSPC Pharmaceutical 36,681 0.01 36,681 0.01 Industrial (31 December 2015: 0.17%)

8,248 Beijing Enterprises Holdings 46,567 0.02 73,093 Beijing Enterprises Water Group 43,905 0.01

8,614 Cheung Kong Infrastructure Holdings 74,060 0.03 19,453 China Merchants Holdings International 51,654 0.02 32,594 China State Construction International Holdings 42,938 0.01 32,261 Citic Pacific 46,907 0.02 17,270 Wharf Holdings 104,516 0.04

410,547 0.15 Oil & Gas (31 December 2015: 0.02%)

49,272 Kunlun Energy 40,584 0.01


26,162 CK Hutchison Holdings 285,127 0.11


58,486 China Mobile 668,319 0.25 109,157 China Unicom Hong Kong 112,844 0.04 243,294 Citic 1616 Holdings 91,573 0.03


17,388 CLP Holdings 177,064 0.06 135,764 GCL-Poly Energy Holdings 17,675 0.01 71,586 HK & China Gas 130,476 0.05 13,646 Power Assets Holdings 124,975 0.05

450,190 0.17



HSBC ETFs PLC >301<



USD % of Net

Asset Value

Equities (continued) Hungary Financial (31 December 2015: 0.02%)

3,046 OTP Bank 68,070 0.03

68,070 0.03 India Financial (31 December 2015: 0.12%)

3,491 HDFC Bank 231,628 0.09 12,984 ICICI Bank 93,225 0.03


1,339 Dr Reddy's Laboratories 68,597 0.03 68,597 0.03 Industrial (31 December 2015: 0.02%)

1,724 Tata Motors 59,771 0.02 59,771 0.02 Oil & Gas (31 December 2015: 0.08%)

7,419 Reliance Industries 211,812 0.08

211,812 0.08 Indonesia Consumer Goods (31 December 2015: 0.05%)

206,183 Astra International 115,478 0.04 359,308 Charoen Pokphand Indonesia 101,980 0.04 18,948 Unilever Indonesia 64,642 0.02


134,496 Bank Central Asia 135,641 0.05 101,850 Bank Mandiri 73,424 0.03 135,441 Bank Rakyat Indonesia Persero 110,710 0.04


394,598 Kalbe Farma 45,694 0.02




509,523 Telekomunikasi Indonesia 153,484 0.06




1,016 Kerry Group 90,140 0.03

90,140 0.03



>302< HSBC ETFs PLC



USD % of Net

Asset Value

Equities (continued) Consumer Services (31 December 2015: 0.15%)

11,463 Ryanair Holdings 144,158 0.05 9,490 WPP 196,890 0.07


183,400 Bank of Ireland 37,693 0.02 1,058 Willis Towers Watson 131,520 0.05 2,703 XL Group 90,037 0.03


512 Jazz Pharmaceuticals 72,351 0.03 1,120 Mallinckrodt 68,074 0.02 1,143 Perrigo Co Ltd 103,636 0.04 4,726 Shire 371,310 0.14


5,121 Accenture 580,158 0.21 1,215 Allegion Public Limited Company 84,357 0.03 5,765 CRH 166,520 0.06

519 DCC 45,687 0.02 8,217 Experian 155,101 0.06 2,792 Ingersoll-Rand 177,794 0.07 4,594 Kingspan Group 100,084 0.04 1,029 Smurfit Kappa 22,635 0.01

1,332,336 0.50 Israel Financial (31 December 2015: 0.01%)

7,088 Bank Hapoalim 35,706 0.01


6,696 Teva Pharm 336,340 0.12


1,305 Check Point Software 103,982 0.04


1,060 Nice Systems 66,087 0.02


8,686 Fiat Chrysler Automobiles 53,025 0.02 1,461 Luxottica Group 70,832 0.03


5,757 Assicurazioni Generali 67,475 0.02 1,860 Exor 68,149 0.03

96,043 Intesa Sanpaolo 181,602 0.07 6,399 Mediobanca 36,647 0.01

40,178 UniCredit 87,932 0.03

441,805 0.16



HSBC ETFs PLC >303<



USD % of Net

Asset Value

Equities (continued) Italy (continued) Industrial (31 December 2015: 0.06%)

4,155 Atlantia 103,260 0.04 2,816 Prysmian 61,442 0.02

164,702 0.06 Oil & Gas (31 December 2015: 0.11%)

19,851 ENI 320,216 0.12


92,700 Telecom Italia 75,694 0.03



440,262 0.16 Japan Basic Materials (31 December 2015: 0.52%)

4,538 Air Water 66,219 0.03 14,319 Asahi Kasei 98,819 0.04

4,860 JFE Holdings 62,296 0.02 46,662 Kobe Steel 37,752 0.01

5,148 Kuraray 60,969 0.02 17,990 Mitsubishi Chemical Holdings 81,489 0.03

3,657 Nippon Paint 89,188 0.03 7,300 Nippon Steel 139,325 0.05 1,614 Nitto Denko 101,255 0.04

15,363 Oji Holdings 58,703 0.02 3,019 Shin-Etsu Chemical 175,449 0.07

16,457 Sumitomo Chemical 67,054 0.03 6,384 Sumitomo Metal Mining 64,002 0.02

16,189 Toray Industries 137,194 0.05 1,239,714 0.46 Consumer Goods (31 December 2015: 2.37%)

2,684 Aisin Seiki 108,182 0.04 6,632 Ajinomoto 155,538 0.06 4,426 Asahi Group Holdings 142,629 0.05 2,887 Asics Corporation 48,290 0.02 6,867 Bridgestone 218,815 0.08 4,447 Casio Computer 63,460 0.02 4,022 Daihatsu Motor 51,868 0.02 3,130 Daiwa House Industry 90,980 0.03 4,352 Denso 151,741 0.06 5,652 Fuji Heavy Industries 191,614 0.07

13,858 Honda Motor 347,497 0.13 9,005 Japan Tobacco 360,147 0.13 4,430 Kao 256,024 0.10 4,439 Kikkoman 162,260 0.06 9,266 Kirin Holdings 155,623 0.06 5,612 Mazda Motor 74,342 0.03



>304< HSBC ETFs PLC



USD % of Net

Asset Value


2,300 Meiji Holdings 233,834 0.09 8,053 Mitsubishi Motors 36,815 0.01 3,032 NGK Spark Plug 45,189 0.02

952 Nintendo 135,344 0.05 21,794 Nissan Motor 194,997 0.07

6,858 Nisshin Seifun 109,498 0.04 1,576 Nissin Food Products 85,874 0.03

19,028 Panasonic 163,405 0.06 6,657 Sekisui Chemical 81,371 0.03 6,373 Sekisui House 110,544 0.04

83,610 Sharp 89,649 0.03 792 Shimano 119,892 0.04

4,292 Shiseido 110,323 0.04 7,107 Sony 206,996 0.08 2,841 Stanley Electric 60,010 0.02 7,564 Sumitomo Electric Industries 98,836 0.04 1,720 Suntory Beverage And Food 77,458 0.03 2,870 Toyo Suisan Kaisha 115,818 0.04

19,886 Toyota Motor 979,277 0.36 4,789 Unicharm 106,666 0.04 1,710 Yakult Honsha 88,009 0.03 3,758 Yamaha Motor 56,449 0.02


7,996 Aeon 123,615 0.05 1,448 Benesse Holdings 33,889 0.01 1,633 Central Japan Railway 288,509 0.11 8,618 Dai Nippon Printing 95,345 0.03 3,845 DeNA 89,126 0.03 2,220 Dentsu 103,221 0.04 3,050 East Japan Railway 280,443 0.10

629 Fast Retailing 167,382 0.06 16,408 Hankyu 121,872 0.05

5,714 Isetan Mitsukoshi Holdings 50,462 0.02 4,375 J Front Retailing 44,991 0.02 5,365 Kakaku 105,898 0.04 9,304 Keikyu 93,321 0.03 7,718 Keisei Electric Railway 98,854 0.04

24,511 Kintetsu 104,648 0.04 17,742 Nagoya Railroad 99,787 0.04

1,347 Nitori Holdings 162,023 0.06 9,635 Odakyu Electric Railway 112,325 0.04 2,682 Oriental Land 173,171 0.06 7,758 Rakuten 83,373 0.03 6,829 Seven & I Holdings 284,969 0.10 5,763 So-Net 199,421 0.07 2,828 Toho 77,847 0.03



HSBC ETFs PLC >305<



USD % of Net

Asset Value


14,515 Tokyu 126,913 0.05 5,275 USS 86,537 0.03 2,366 West Japan Railway 149,146 0.06


14,228 Daiwa Securities Group 74,545 0.03 16,152 Fukuoka Financial Group 52,743 0.02

5,720 Hulic Co Ltd 59,770 0.02 146 Invincible Investment 92,220 0.03

2,800 Japan Exchange Group 31,878 0.01 20 Japan Real Estate Investment 123,599 0.05 51 Japan Retail Fund Investment 130,296 0.05

15,133 Joyo Bank 56,201 0.02 2,000 Kyoritsu Maintenance 132,761 0.05

12,016 Mitsubishi Estate 219,378 0.08 100,717 Mitsubishi UFJ Financial Group 447,577 0.17

6,451 Mitsui Fudosan 146,608 0.05 176,083 Mizuho Financial Group 254,539 0.09

6,225 MS&AD Insurance Group Holdings 159,069 0.06 14 Nippon Building Fund 86,383 0.03


10,005 ORIX 127,562 0.05 18,763 Resona Holdings 68,036 0.03 17,430 SBI Holdings 171,429 0.06 30,317 Shinsei Bank 43,736 0.02

7,686 Shizuoka Bank 53,717 0.02 10,609 Sumitomo Mitsui Financial Group 302,582 0.11 34,724 Sumitomo Mitsui Trust Holdings 111,629 0.04

4,634 Sumitomo Realty & Development 124,421 0.05 4,366 Suruga Bank 98,096 0.04 7,657 T&D Holdings 64,106 0.02 6,631 Tokio Marine Holdings 217,629 0.08


18,622 Astellas Pharma 290,430 0.10 3,590 Chugai Pharmaceutical 127,202 0.05 5,657 Daiichi Sankyo 136,393 0.05 2,871 Eisai 159,180 0.06 1,423 Hisamitsu Pharmaceutical 81,560 0.03 6,141 Kyowa Hakko Kirin 103,916 0.04 4,422 Mitsubishi Tanabe Pharma 79,440 0.03 2,691 Olympus 99,545 0.04 1,200 ONO Pharmaceutical 51,841 0.02 4,389 Otsuka Holdings 201,888 0.07 5,991 Santen Pharmaceutical 93,436 0.03 3,918 Shionogi 212,647 0.08

141 Sosei 25,976 0.01



>306< HSBC ETFs PLC



USD % of Net

Asset Value

Equities (continued) Japan (continued) Healthcare (31 December 2015: 0.80%) (continued)

2,193 Sysmex Corporation 149,421 0.05 978 Taisho Pharmaceutical Holdings 102,576 0.04

6,183 Takeda Pharmaceutical 266,630 0.10 3,691 Terumo 156,325 0.06


3,577 Alps Electric 66,561 0.03 15,912 Asahi Glass 85,617 0.03

2,238 Daikin Industries 185,733 0.07 943 Daito Trust Construction 152,954 0.06

1,613 Fanuc 259,976 0.10 2,861 Hamamatsu Photonics 79,619 0.03

464 Hirose Electric 56,581 0.02 36,759 Hitachi 151,888 0.06

3,668 Hoya 129,930 0.05 20,187 IHI 53,522 0.02

7,843 Isuzu Motors 95,448 0.04 14,225 ITOCHU 171,868 0.06

1,073 Japan Airport Terminal 38,490 0.01 3,187 JGC 45,138 0.02

15,987 Kajima 110,330 0.04 21,893 Kawasaki Heavy Industries 60,820 0.02

456 Keyence 307,319 0.11 8,999 Komatsu 155,217 0.06 9,608 Kubota 128,072 0.05 3,799 Kurita Water Industries 84,356 0.03 3,375 Kyocera 159,292 0.06 3,478 LIXIL Group 57,125 0.02

18,636 Marubeni 83,471 0.03 12,928 Mitsubishi 225,317 0.08 15,069 Mitsubishi Electric 177,438 0.07 17,650 Mitsubishi Materials 41,807 0.02 12,213 Mitsui & Co 144,463 0.05

1,584 Murata Manufacturing 175,708 0.06 2,161 Nidec 162,660 0.06

14,729 Nippon Express 66,904 0.02 2,344 Omron 75,628 0.03 1,896 Secom 139,590 0.05

11,205 Shimizu 104,415 0.04 657 SMC 159,495 0.06

12,151 Sumitomo 121,344 0.04 16,379 Taiheiyo Cement 38,477 0.01 14,407 Taisei 117,683 0.04

1,415 TDK 78,205 0.03 11,113 Temp Holdings 190,868 0.07

9,622 Toppan Printing 82,348 0.03 35,542 Toshiba 95,758 0.04



HSBC ETFs PLC >307<



USD % of Net

Asset Value


4,989 Yamato Holdings 113,820 0.04

5,031,255 1.86 Oil & Gas (31 December 2015: 0.07%)

9,916 Inpex 76,687 0.03 22,434 JX Holdings 87,186 0.03


3,987 Brother Industries 42,283 0.02 8,279 Canon 235,038 0.09 4,118 FUJIFILM Holdings 158,314 0.06

14,204 Fujitsu 51,782 0.02 1,252 Mixi 51,195 0.02

25,120 NEC 58,031 0.02 2,000 Nomura Research Institute 72,912 0.03 1,879 NTT Data 88,464 0.03 6,532 Ricoh 56,285 0.02 1,391 Rohm 54,303 0.02 5,362 Square Enix 173,001 0.06 3,577 Sumco 22,559 0.01 1,430 Tokyo Electron 119,527 0.04


12,339 KDDI 374,416 0.14 11,000 Nippon Telegraph & Telephone 514,670 0.19 12,272 NTT DoCoMo 330,934 0.12

7,214 Softbank 407,075 0.15


6,505 Chubu Electric Power 91,846 0.03 4,229 Chugoku Electric Power 53,548 0.02 8,659 Kansai Electric Power 83,678 0.03 4,986 Kyushu Electric Power 49,671 0.02

23,842 Osaka Gas 91,194 0.03 16,763 Tokyo Electric Power 70,588 0.03 23,591 Tokyo Gas 96,673 0.04

537,198 0.20 Jersey Basic Materials (31 December 2015: 0.02%)

855 Randgold Resources 96,123 0.04 96,123 0.04 Luxembourg Basic Materials (31 December 2015: 0.03%)



12,998 Samsonite International 35,938 0.01

35,938 0.01



>308< HSBC ETFs PLC



USD % of Net

Asset Value

Equities (continued) Jersey (continued) Consumer Services (31 December 2015: 0.01%)

1,288 SES 27,774 0.01


894 Millicom International Cellular 54,340 0.02


25,127 Sands China 84,049 0.03 20,811 Wynn Macau 29,883 0.01

113,932 0.04 Malaysia Consumer Goods (31 December 2015: 0.04%)

46,277 IOI 49,818 0.02 9,166 Kuala Lumpur Kepong 52,884 0.02




27,710 AMMB Holdings 30,518 0.01 46,775 CIMB Group Holdings 50,702 0.02 37,848 Malayan Banking 76,419 0.03



137,166 Top Glove 156,508 0.06 335,441 0.12 Industrial (31 December 2015: 0.05%)

71,552 IJM 61,941 0.02 14,036 Sime Darby 26,425 0.01


16,199 Maxis 23,667 0.01




8,701 Petronas Gas 47,482 0.02 21,822 Tenaga Nasional 76,322 0.03

123,804 0.05 Mexico Basic Materials (31 December 2015: 0.06%)

43,994 Grupo Mexico 102,752 0.04



HSBC ETFs PLC >309<



USD % of Net

Asset Value

Equities (continued) Mexico (continued) Basic Materials (31 December 2015: 0.06%) (continued)

16,826 Mexichem 35,249 0.01 1,628 Southern Copper 43,923 0.02


6,198 Coca-Cola Femsa 50,940 0.02 19,408 Fomento Economico Mexicano 177,972 0.07 30,284 Grupo Bimbo 93,925 0.03


59,619 WalMart de Mexico SAB 141,896 0.05


24,447 Fibra Uno Administration 51,493 0.02 24,497 Grupo Fin Santander 44,003 0.02 24,881 Grupo Financiero Banorte 138,260 0.05 55,079 Bolsa Mexicana de Valores 83,771 0.03


27,806 Alfa 47,445 0.02 108,691 Cemex 66,572 0.02

6,126 Grupo Aeroportuario 96,443 0.04 5,436 Promotora y Operadora de Infraestructura 66,734 0.02


280,295 America Movil 170,463 0.06

170,463 0.06 Netherlands Basic Materials (31 December 2015: 0.13%)

2,075 Akzo Nobel 129,945 0.05 2,302 Lyondell Basell Industries 171,315 0.06


868 Ferrari 35,342 0.01 1,700 Heineken 156,321 0.06 8,116 Koninklijke Philips Electronics 201,924 0.07

10,827 Unilever 504,104 0.19


7,301 Koninklijke Ahold 161,410 0.06 8,720 Reed Elsevier 151,221 0.05 3,202 Wolters Kluwer 130,053 0.05


17,106 Aegon 67,084 0.02 27,741 ING Groep 282,886 0.11

349,970 0.13



>310< HSBC ETFs PLC



USD % of Net

Asset Value

Equities (continued) Netherlands (continued) Healthcare (31 December 2015: 0.03%)

2,984 Qiagen 64,627 0.02


5,167 Aalberts Industries 155,274 0.06 1,650 Aercap Holdings 55,424 0.02 7,164 CNH Industrial 51,573 0.02 3,214 European Aeronautic Defence and Space 184,707 0.06

854 Gemalto 51,982 0.02

498,960 0.18 Oil & Gas (31 December 2015: 0.22%)

26,136 Royal Dutch Shell 715,368 0.26




2,828 Altice 42,351 0.02 29,742 Koninklijke KPN 107,551 0.04

149,902 0.06 New Zealand Industrial (31 December 2015: 0.05%)

25,754 Auckland International Airport 119,223 0.04 8,454 Fletcher Building 51,660 0.02

170,883 0.06 Oil & Gas (31 December 2015: 0.02%)

12,865 Oil Search 63,894 0.02 7,127 Z Energy 41,064 0.02


24,549 Telecom 62,067 0.02




979 Schibsted 29,096 0.01


6,911 DNB 82,052 0.03


7,748 Orkla 68,379 0.03

68,379 0.03



HSBC ETFs PLC >311<



USD % of Net

Asset Value

Equities (continued) Norway (continued) Oil & Gas (31 December 2015: 0.04%)

8,390 Statoil 144,480 0.05


6,658 Telenor 109,482 0.04

109,482 0.04 Peru Financial (31 December 2015: 0.02%)

640 Credicorp 98,771 0.04

98,771 0.04 Philippines Financial (31 December 2015: 0.09%)

81,992 Ayala Land 67,619 0.03 35,466 BDO Unibank 84,429 0.03

242,329 SM Prime Holdings 140,615 0.05


94,035 Alliance Global Group 29,581 0.01 4,134 Ayala 74,600 0.03


338,320 Petron 80,108 0.03


700 Philippine Long Distance Telephone 31,989 0.01


1,590 KGHM Polska Miedz 26,491 0.01


1,591 Bank Pekao 55,043 0.02 504 Bank Zachodni WBK 33,430 0.01


167,788 0.06 Oil & Gas (31 December 2015: 0.04%)

28,326 Polish Oil & Gas 40,043 0.01 3,972 Polski Koncern Naftowy Orlen 69,236 0.03


8,955 PGE 26,720 0.01

26,720 0.01 Portugal Oil & Gas (31 December 2015: Nil)

1,971 Galp Energia 27,371 0.01

27,371 0.01



>312< HSBC ETFs PLC



USD % of Net

Asset Value

Equities (continued) Portugal (continued) Utilities (31 December 2015: 0.03%)



6,693 Masraf Al Rayan 62,495 0.02 3,409 Qatar Insurance 68,998 0.03 2,923 Qatar Islamic Bank 77,063 0.03


1,985 Qatar Industries 53,423 0.02

53,423 0.02 Oil & Gas (31 December 2015: 0.01%)

Telecommunications (31 December 2015: 0.02)

15,826 Vodafone Qatar 45,983 0.02 45,983 0.02 Russia Basic Materials (31 December 2015: 0.06%)

531 MMC Norilsk Nickel 70,991 0.02 6,424 Severstal 70,468 0.03


492 Magnit 69,413 0.03


73,672 Sberbank of Russia 153,393 0.06

153,393 0.06 Oil & Gas (31 December 2015: 0.24%)

73,948 Gazprom 161,504 0.06 6,181 Lukoil 259,713 0.10

10,638 NovaTek 107,850 0.04 15,076 Rosneft Oil 77,885 0.03 73,337 Surgutneftegas 44,086 0.02 15,490 Tatneft 80,387 0.03

22 Transneft 57,344 0.02


2,265 Yandex 49,490 0.02


8,654 Mobile Telesystems 32,928 0.01 32,928 0.01 Singapore Consumer Services (31 December 2015: 0.11%)

7,964 City Developments 48,166 0.02 37,742 ComfortDelGro 77,116 0.03 77,534 Genting Singapore PLC 41,765 0.02

879 Jardine Cycle & Carriage 23,838 0.01



HSBC ETFs PLC >313<



USD % of Net

Asset Value

Equities (continued) Singapore (continued) Consumer Services (31 December 2015: 0.11%) (continued)

7,918 Singapore Airlines 62,713 0.02 20,217 Singapore Press Holdings 59,334 0.02


39,948 CapitaLand 91,121 0.03 59,233 CapitaMall Trust 93,741 0.03 13,234 DBS Group Holdings 154,965 0.06 21,817 Fortune Real Estate Investment 26,013 0.01 29,588 Oversea-Chinese Banking 191,039 0.07 65,150 Suntec Real Estate Investment Trust 85,679 0.03

7,099 United Overseas Bank 97,157 0.04


15,071 Keppel 61,587 0.02 16,276 SembCorp Industries 34,102 0.01


1,552 Broadcom 241,181 0.09 241,181 0.09 Telecommunications (31 December 2015: 0.06%)

66,695 Singapore Telecommunications 204,659 0.08


1,254 Anglo American Platinum 31,448 0.01 31,285 Sibanye Gold 107,068 0.04


20,215 Steinhoff International Holdings 116,321 0.04 2,120 Tiger Brands 52,480 0.02


2,251 Naspers 344,296 0.13 4,051 Shoprite Holdings 46,006 0.02

10,769 Woolworths Holdings 61,783 0.02


4,102 Barclays Africa Group 40,356 0.01 9,068 Discovery Holdings 75,850 0.03

33,135 FirstRand 101,453 0.04 37,735 Growthpoint Properties 66,168 0.03

2,690 Nedbank Group 34,238 0.01 92,004 Redefine Properties 71,115 0.03 16,091 RMB Holdings 61,804 0.02 18,154 Sanlam 74,823 0.03 10,259 Standard Bank Group 89,525 0.03

615,332 0.23



>314< HSBC ETFs PLC



USD % of Net

Asset Value

Equities (continued) South Africa (continued) Healthcare (31 December 2015: 0.03%)

2,664 Aspen Pharmacare Holdings 65,901 0.03 15,806 Life Healthcare Group Holdings 39,070 0.01



143,206 0.05 Oil & Gas (31 December 2015: 0.04%)

3,798 Sasol 103,001 0.04


3,134 BidCorp 59,063 0.02


14,541 MTN Group 141,905 0.05

141,905 0.05 South Korea Basic Materials (31 December 2015: 0.09%)

183 Honam Petrochemical 44,962 0.02 1,014 Hyundai Steel 40,363 0.01

161 LG Chem 36,342 0.01 567 OCI Company 44,450 0.02 587 Pohang Iron Steel 102,687 0.04


224 Amorepacific Corporation 83,914 0.03 456 AmorePacific Group 66,311 0.02 817 Coway 74,121 0.03 386 Hanssem 53,283 0.02 565 Hyundai Mobis 123,610 0.05

1,078 Hyundai Motor 126,813 0.05 4,273 Kia Motors 160,258 0.06 1,495 KT & G 177,165 0.06 1,011 LG Electronics 47,309 0.02

63 LG Household & Healthcare 61,094 0.02 56 Lotte Chilsung Beverage 86,831 0.03

386 N C Soft 79,087 0.03


115 E-Mart 17,272 - 2,302 Kangwon Land 83,338 0.03

111 Lotte Shopping 19,514 0.01 120,124 0.04 Financial (31 December 2015: 0.24%)

6,099 BS Financial Group 42,730 0.02 1,372 Dongbu Insurance 82,545 0.03 3,262 Hana Financial Holdings 65,843 0.02



HSBC ETFs PLC >315<



USD % of Net

Asset Value

Equities (continued) South Korea (continued) Financial (31 December 2015: 0.24%) (continued)

3,635 KB Financial Group 102,879 0.04 190 Samsung Fire & Marine 43,465 0.01

1,147 Samsung Life Insurance 100,077 0.04 1,381 Samsung Securities 42,323 0.02 4,430 Shinhan Financial Group 146,148 0.05


1,030 Celltrion 85,934 0.03 175 Medy-Tox 65,542 0.02 368 ViroMed 45,207 0.02


1,209 Cheil Industries 129,103 0.05 339 Hyosung 36,641 0.01 105 Hyudai Glovis 15,634 0.01

1,872 Hyundai Development 64,277 0.02 477 Hyundai Heavy Industries 43,689 0.01

1,881 LG 104,024 0.04 14,108 Macquarie Korea 107,294 0.04

1,060 Samsung Electro Mechanics 46,105 0.02 2,628 Samsung Heavy Industries 20,899 0.01

460 Samsung SDI 43,131 0.02

610,797 0.23 Oil & Gas (31 December 2015: 0.03%)

701 SK Innovation 85,506 0.03


1,488 Com2us 169,876 0.06 644 EO Technics 54,456 0.02

2,075 LG Display 47,558 0.02 250 Naver 154,100 0.06 886 Samsung Electronics 1,096,106 0.41 336 Samsung SDS 41,859 0.01 177 SK C&C 31,117 0.01

4,265 Sk hynix 119,969 0.04


2,364 KT 60,852 0.02 131 SK Telecom 24,509 0.01





43,979 0.02



>316< HSBC ETFs PLC



USD % of Net

Asset Value

Equities (continued) Spain (continued) Consumer Services (31 December 2015: 0.12%)



49,453 Banco Bilbao Vizcaya Argentaria 278,215 0.10 43,002 Banco de Sabadell 56,324 0.02 26,576 Banco Popular Espanol** 33,979 0.01 97,146 Banco Santander 370,072 0.14 59,562 Bankia 42,746 0.02

8,774 Bankinter 56,223 0.02 21,125 CaixaBank 46,163 0.02 18,192 Merlin Properties Socimi 190,240 0.07


956 Grifols 21,517 0.01


4,209 Abertis Infraestructuras 61,723 0.02 4,126 ACS Actividades de Construccion y Servicios 57,362 0.02

673 Aena 88,412 0.03 3,010 Amadeus IT Holding 131,334 0.05 4,901 Ferrovial 94,929 0.04

433,760 0.16 Oil & Gas (31 December 2015: 0.04%)

9,000 Repsol 113,837 0.04 113,837 0.04 Telecommunications (31 December 2015: 0.14%)

34,915 Telefonica 328,153 0.12


3,591 Gas Natural SDG 70,473 0.03 37,889 Iberdrola 256,219 0.09

326,692 0.12 Sweden Basic Materials (31 December 2015: 0.02%)

2,523 Boliden 48,479 0.02


2,670 Electrolux 72,007 0.03 4,853 Svenska Cellulosa 154,078 0.05


5,974 Hennes & Mauritz 173,804 0.06


15,426 Castellum 218,298 0.08 3,717 Investor 123,232 0.05



HSBC ETFs PLC >317<



USD % of Net

Asset Value

Equities (continued) Sweden (continued) Financial (31 December 2015: 0.32%) (continued)

2,360 Kinnevik Investment 55,708 0.02 21,217 Nordea Bank 177,545 0.06 12,506 Skandinaviska Enskilda Banken 107,677 0.04

8,173 Svenska Handelsbanken 98,199 0.04 7,544 Swedbank 156,441 0.06


2,313 Getinge 47,146 0.02


3,493 Alfa Laval 54,419 0.02 6,905 Assa Abloy 140,256 0.05 5,006 Atlas Copco 128,389 0.05 2,053 Hexagon 74,122 0.03

10,658 Sandvik 105,351 0.04 3,726 Skanska 77,135 0.03 3,643 SKF 57,659 0.02 3,237 Trelleborg 56,811 0.02 9,713 Volvo 95,150 0.03




14,868 TeliaSonera 69,701 0.03


3,215 Clariant 54,221 0.02 78 Givaudan 156,609 0.06

57,040 Glencore International 116,550 0.04 736 Syngenta 282,629 0.10


5,027 Aryzta 184,939 0.07 3,935 Cie Financiere Richemont 229,225 0.08 1,729 Coca Cola Hellenic Bottling Company 34,901 0.01


252 Swatch Group 73,205 0.03


69 Galenica Holding 92,855 0.03 92,855 0.03 Financial (31 December 2015: 0.64%)

1,785 ACE 233,317 0.09 753 Baloise Holding 83,632 0.03

15,218 Credit Suisse Group 161,053 0.06



>318< HSBC ETFs PLC



USD % of Net

Asset Value

Equities (continued) Switzerland (continued) Financial (31 December 2015: 0.64%) (continued)

2,056 Julius Baer Group 81,907 0.03 2,563 PSP Swiss Property 248,618 0.09

343 Swiss Life Holding 78,832 0.03 2,553 Swiss Re 222,097 0.08

27,891 UBS 359,875 0.13 982 Zurich Financial Services 241,317 0.09


570 Lonza Group 94,317 0.04 17,210 Novartis 1,415,912 0.52

4,495 Roche Holding 1,181,656 0.44 640 Sonova Holding 84,746 0.03


18,005 ABB 353,373 0.13 1,047 Adecco 52,543 0.02

441 Geberit 166,586 0.06 2,185 Holcim 90,926 0.03

687 Kuehne + Nagel International 96,047 0.04 1,806 LafargeHolcim 74,437 0.03

38 SGS 86,828 0.03 2,900 TE Connectivity 165,619 0.06 3,935 Tyco International 167,631 0.06 2,298 Wolseley 118,885 0.05

1,372,875 0.51 Oil & Gas (31 December 2015: 0.02%)

3,327 Transocean 39,558 0.01


7,335 STMicroelectronics 42,749 0.02 42,749 0.02 Telecommunications (31 December 2015: 0.02%)

124 Swisscom 61,440 0.02 61,440 0.02 Taiwan Basic Materials (31 December 2015: 0.11%)

125,499 China Steel 81,308 0.03 47,317 Formosa Chemicals & Fibre 118,809 0.04 55,123 Nan Ya Plastics 104,235 0.04


95,126 Far Eastern New Century 70,772 0.03 39,243 Hota Industrial 182,475 0.07

327 Largan Precision 29,853 0.01 78,359 Teco Electric and Machinery 65,827 0.02 65,957 Uni-President Enterprises 129,833 0.05

478,760 0.18



HSBC ETFs PLC >319<



USD % of Net

Asset Value

Equities (continued) Taiwan (continued) Consumer Services (31 December 2015: 0.02%)

8,755 President Chain Store 68,121 0.03


60,794 Cathay Financials Holding 65,960 0.02 400,919 China Development Financials Holding 96,566 0.04 122,400 China Life Insurance/Taiwan 94,478 0.03 196,119 Chinatrust Financial Holding 102,440 0.04 190,069 E.Sun Financial Holding 111,947 0.04 105,648 Fubon Financials Holding 123,303 0.04 168,446 Mega Financial Holding 126,887 0.05 268,378 SinoPac Financial Holdings 79,118 0.03 215,257 Yuanta Financials Holding 69,397 0.03


65,125 Asia Cement 56,325 0.02 9,276 Catcher Technology 68,293 0.02

19,926 Delta Electronics 96,359 0.04 90,526 Hon Hai Precision Industry 231,513 0.09


72,203 Advanced Semiconductor Engineering 82,031 0.03 8,580 Advantech 65,030 0.02 7,950 Asustek Computer 65,430 0.02

129,716 AU Optronics 44,031 0.02 44,460 Lite-On Technology 60,780 0.02 12,987 MediaTek 98,231 0.04 28,590 Quanta Computer 54,062 0.02 47,363 Siliconware Precision Industries 71,869 0.03

181,631 Taiwan Semiconductor Manufacturing 914,940 0.34 168,410 United Microelectronics 65,779 0.02



250,283 0.09 Thailand Basic Materials (31 December 2015: 0.02%)

37,785 PTT Global Chemical 63,710 0.02 63,710 0.02 Consumer Services (31 December 2015: 0.03%)

56,846 CP ALL 81,289 0.03 103,292 Robinson Department Store 199,147 0.07




>320< HSBC ETFs PLC



USD % of Net

Asset Value

Equities (continued) Thailand (continued) Healthcare (31 December 2015: 0.05%)

232,483 Bangkok Dusit Medical Services 158,120 0.06


9,259 Siam Cement 125,421 0.05 649,736 WHA Corporation 57,689 0.02

183,110 0.07 Oil & Gas (31 December 2015: 0.03%)

8,516 PTT 75,854 0.03 18,391 PTT Exploration & Production 43,832 0.01

105,987 Thai Oil 180,968 0.07


32,523 Shin Corporation 50,210 0.02




31,764 Electricity Generating 169,486 0.06 170,680 Energy Absolute 103,457 0.04

272,943 0.10 Turkey Basic Materials (31 December 2015: 0.01%)

32,606 Eregli Demir ve Celik Fabrikalari TAS 46,035 0.02 46,035 0.02 Consumer Services (31 December 2015: 0.02%)

3,476 BIM Birlesik Magazalar 67,751 0.03


20,816 Akbank TAS 59,575 0.02 73,697 Emlak Konut Gayrimenkul Yatirim Ortakligi 73,296 0.03 17,881 Haci Omer Sabanci Holding 58,574 0.02 14,592 KOC Holding 66,575 0.03 26,484 Turkiye Garanti Bankasi 69,810 0.03

8,772 Turkiye Halk Bankasi 26,051 0.01 25,484 Turkiye Is Bankasi 40,411 0.01



9,054 Turkcell Iletisim Hizmetleri 33,280 0.01

33,280 0.01 United Arab Emirates Financial (31 December 2015: 0.07%)

43,899 Abu Dhabi Commercial Bank 72,306 0.03 27,306 Aldar Properties 19,998 0.01



HSBC ETFs PLC >321<



USD % of Net

Asset Value

Equities (continued) United Arab Emirates (continued) Financial (31 December 2015: 0.07%) (continued)

24,694 First Gulf Bank 84,709 0.03


10,915 Anglo American 106,063 0.04 14,828 BHP Billiton 186,882 0.07

1,298 Johnson Matthey 48,602 0.02 4,008 Mondi 74,743 0.03 8,198 Rio Tinto 251,401 0.09



1,471 Berkeley Group Holdings 49,613 0.02 12,962 British American Tobacco Malaysia 839,176 0.31

3,529 Burberry Group 54,724 0.02 2,932 Coca-Cola European Partners 104,643 0.04

17,700 Diageo 493,694 0.18 13,215 GKN 47,645 0.02

6,337 Imperial Tobacco Group 343,384 0.13 3,463 Persimmon 66,987 0.02 4,069 Reckitt Benckiser Group 407,414 0.15 6,813 SABMiller 398,003 0.15



6,897 British Sky Broadcasting Group 78,185 0.03 469 Carnival 20,752 0.01

8,158 Compass Group 155,078 0.06 2,998 Easyjet 43,524 0.02 7,996 Informa 77,870 0.03 1,545 InterContinental Hotels 56,859 0.02

19,711 International Consolidated Airlines Group 97,494 0.04 36,061 ITV 86,627 0.03 12,410 J Sainsbury 38,538 0.01 16,419 Kingfisher 70,785 0.03

200 Liberty Lilac Group 6,452 - 14,867 Marks & Spencer Group 63,339 0.02

1,362 Next 89,762 0.03 1,959 Nielsen Holdings 101,809 0.04 6,827 Pearson 88,252 0.03 7,742 Reed Elsevier 142,409 0.05

58,286 TESCO 136,276 0.05 21,680 UBM 185,773 0.07

1,589 Whitbread 74,176 0.03 10,916 William Hill 37,576 0.01



>322< HSBC ETFs PLC



USD % of Net

Asset Value

Equities (continued) United Kingdom (continued) Consumer Services (31 December 2015: 0.69%) (continued)

19,169 WM Morrison Supermarkets 48,021 0.02


12,726 3i Group 93,141 0.03 12,029 Aberdeen Asset Management 44,929 0.02 32,343 Aviva 170,307 0.06

107,672 Barclays 199,495 0.07 10,757 British Land 87,286 0.03

8,078 Hammerson 58,097 0.02 16,830 Henderson Group 47,472 0.02

132,068 HSBC Holdings* 822,540 0.30 6,961 Investec 43,094 0.02 7,346 Land Securities Group 102,031 0.04

44,831 Legal & General Group 114,287 0.04 406,649 Lloyds Banking Group 293,875 0.11 18,072 Prudential 303,674 0.11 19,125 Royal Bank of Scotland 43,872 0.02 10,050 RSA Insurance Group 67,107 0.03

1,718 Schroders 54,108 0.02 20,287 Standard Chartered 153,118 0.06 16,273 Standard Life 63,869 0.02


9,058 AstraZeneca 540,897 0.20 34,533 GlaxoSmithKline 740,697 0.27

3,191 NMC Health 55,241 0.02 7,590 Smith & Nephew 128,554 0.05


2,219 Aggreko 37,910 0.01 4,822 Ashtead Group 68,586 0.03 4,253 Babcock International 51,424 0.02

19,325 BAE Systems 135,368 0.05 3,349 Bunzl 103,059 0.04 4,496 Capita 57,819 0.02

11,233 G4S 27,465 0.01 2,693 IMI 34,812 0.01 1,665 Intertek Group 77,435 0.03 8,855 Meggitt 48,048 0.02 6,152 Rexam 53,045 0.02

1,073,733 Rolls Royce Holdings** - - 15,123 Rolls-Royce 143,840 0.05

7,142 Royal Mail 47,833 0.02 20,297 RPC Group 212,587 0.08

3,840 Smiths Group 59,187 0.02 2,603 Travis Perkins 51,291 0.02 2,106 Weir Group 40,568 0.01

1,250,277 0.46



HSBC ETFs PLC >323<



USD % of Net

Asset Value

Equities (continued) United Kingdom (continued) Oil & Gas (31 December 2015: 0.42%)

126,723 BP 742,241 0.27


2,088 ARM Holdings 31,569 0.01 21,702 Just-Eat 123,617 0.04 11,492 Sage Group 99,165 0.04


58,240 BT Group 319,206 0.12 195,757 Vodafone Group 595,732 0.22


38,790 Centrica 116,932 0.05 24,253 National Grid 355,339 0.13

2,409 Severn Trent 78,416 0.03 6,516 SSE 135,363 0.05 6,202 United Utilities Group 85,810 0.03

771,860 0.29 United States Basic Materials (31 December 2015: 1.09%)

1,820 Air Products & Chemicals 258,513 0.10 10,079 Alcoa 93,432 0.04

2,647 CF Industries Holdings 63,793 0.02 9,404 Dow Chemical 467,473 0.17 7,153 DuPont 463,514 0.17 1,504 Eastman Chemical 102,122 0.04 2,338 Ecolab 277,287 0.10 1,346 FMC 62,333 0.02 8,226 Freeport-McMoRan Copper & Gold 91,638 0.03 1,110 International Flavors & Fragrances 139,938 0.05 3,592 International Paper 152,229 0.06 4,322 Newmont Mining 169,077 0.06 2,457 Nucor 121,400 0.05 2,214 PPG Industries 230,588 0.09 2,271 Praxair 255,238 0.09


4,293 Activision Blizzard 170,132 0.06 14,932 Altria Group 1,029,711 0.38

5,405 Archer-Daniels-Midland 231,820 0.09 1,184 Autoliv 127,221 0.05 2,388 BorgWarner 70,494 0.03 2,870 Campbell Soup 190,941 0.07 1,756 Church & Dwight 180,675 0.07

28,138 Coca-Cola 1,275,496 0.47 6,862 Colgate-Palmolive 502,298 0.19 4,397 ConAgra Foods 210,221 0.08 2,325 Delphi Automotive 145,545 0.05



>324< HSBC ETFs PLC



USD % of Net

Asset Value


3,128 DR Horton 98,469 0.04 2,392 Electronic Arts 181,218 0.07 2,035 Estee Lauder Cos 185,226 0.07

29,099 Ford Motor 365,774 0.13 4,948 General Mills 352,891 0.13 7,458 General Motors 211,061 0.08 1,679 Genuine Parts 169,999 0.06 3,215 Goodyear Tire & Rubber 82,497 0.03 2,325 Harley-Davidson 105,323 0.04 1,777 Hasbro 149,250 0.05 1,596 Hershey 181,130 0.07 1,159 Ingredion 149,986 0.05 2,673 Kellogg 218,250 0.08 2,862 Kimberly-Clark 393,468 0.14 4,903 Kraft Heinz 433,817 0.16 1,052 Lear Corporation 107,052 0.04 1,379 Lululemon Athletica 101,853 0.04 3,197 Mattel 100,034 0.04 1,693 McCormick & Co 180,592 0.07 1,913 Mead Johnson Nutrition 173,605 0.06 1,580 Michael Kors Holdings 78,178 0.03

700 Mohawk Industries 132,832 0.05 12,901 Mondelez International 587,125 0.22

3,919 Monsanto 405,264 0.15 1,710 Monster Beverage 274,814 0.10 3,751 Newell Rubbermaid 182,186 0.07

10,828 NIKE 597,706 0.22 10,975 PepsiCo 1,162,692 0.43 11,188 Philip Morris International 1,138,043 0.42 17,912 Procter & Gamble 1,516,609 0.56

761 PVH 71,709 0.02 7,456 Reynolds American 402,102 0.15

625 Tesla Motors 132,675 0.05 1,729 Under Armour 69,340 0.02 3,155 VF 194,001 0.07

716 Whirlpool 119,314 0.04


747 Advance Auto Parts 120,738 0.04 2,956 Amazon.Com 2,115,373 0.78 6,235 American Airlines Group 176,513 0.07 1,922 AmerisourceBergen 152,453 0.06

311 AutoZone 246,884 0.09 1,621 Cardinal Health 126,454 0.05 1,969 CarMax 96,540 0.04 3,346 Carnival com 147,893 0.05 2,972 Casa Ley** 3,016 - 4,226 CBS 230,063 0.09



HSBC ETFs PLC >325<



USD % of Net

Asset Value


683 Charter Communications 156,161 0.06 184 Chipotle Mexican Grill 74,108 0.03

15,696 Comcast 1,023,222 0.38 3,250 Costco Wholesale 510,380 0.19 8,581 CVS Caremark 821,545 0.30 1,957 Darden Restaurants 123,956 0.05 7,550 Delta Air Lines 275,047 0.10 1,289 Discovery Communications 32,521 0.01 1,908 Dish Network 99,979 0.04 2,814 Dollar General 264,516 0.10 2,277 Dollar Tree 214,584 0.08 9,669 eBay 226,351 0.08 1,060 Expedia 112,678 0.04 3,743 Hilton Worldwide Holdings 84,330 0.03 7,462 Home Depot 952,823 0.35 5,222 Interpublic Group of Companies 120,628 0.04 2,035 Kohl's 77,167 0.03 8,270 Kroger 304,253 0.11 3,844 Las Vegas Sands 167,176 0.06 1,605 Liberty Global 46,641 0.02 4,866 Liberty Interactive 123,450 0.05 2,387 Limited Brands 160,239 0.06 8,001 Lowe's Cos 633,439 0.23 7,160 McDonald's 861,634 0.32 1,785 McKesson 333,170 0.12 3,136 MGM Resorts International 70,968 0.03 2,079 NetFlix 190,187 0.07 2,300 Omnicom Group 187,427 0.07 1,050 O'Reilly Automotive 284,655 0.11 9,669 PayPal Holdings 353,015 0.13 2,972 PDC Contingent** 145 -

420 Priceline.com 524,332 0.19 10,273 Rite Aid 76,945 0.03

3,916 Ross Stores 221,998 0.08 1,355 Scripps Networks Interactive 84,376 0.03

34,703 Sirius XM Holdings 137,077 0.05 5,755 Southwest Airlines 225,654 0.08 7,752 Staples 66,822 0.02

11,549 Starbucks 659,679 0.24 4,949 Sysco 251,112 0.09 5,100 Target 356,082 0.13 3,712 Thomson Reuters 149,400 0.06 1,376 Tiffany & Co 83,441 0.03 6,557 Time Warner 482,202 0.18 6,065 TJX Cos 468,400 0.17

10,945 Twenty-First Century Fox 296,062 0.11 3,103 United Continental Holdings 127,347 0.05 3,087 Viacom 128,018 0.05



>326< HSBC ETFs PLC



USD % of Net

Asset Value


6,744 Walgreens Boots Alliance 561,573 0.21 10,406 Wal-Mart Stores 759,846 0.28 11,844 Walt Disney 1,158,580 0.43

3,425 Whole Foods Market 109,669 0.04 1,596 Wyndham Worldwide 113,683 0.04

591 Wynn Resorts 53,568 0.02 3,601 Yum! Brands 298,595 0.11


675 Affiliated Managers 95,020 0.04 3,966 Aflac 286,187 0.11 3,731 Allstate 260,983 0.10 5,195 American Capital Agency 102,965 0.04 6,619 American Express 402,170 0.15 6,621 American International Group 350,185 0.13 3,434 American Tower 390,137 0.14 1,147 AvalonBay Communities 206,907 0.08

78,459 Bank of America 1,041,151 0.38 9,003 Bank of New York Mellon 349,767 0.13 8,446 Berkshire Hathaway 1,222,896 0.45 1,118 BlackRock 382,949 0.14 4,962 Blackstone Group 121,767 0.04 1,669 Boston Properties 220,141 0.08 4,588 Capital One Financial 291,384 0.11 3,396 CBRE Group 89,926 0.03 8,967 Charles Schwab 226,955 0.08 3,029 Chicago Mercantile Exchange 295,025 0.11 3,091 Cincinnati Financial 231,485 0.09 2,452 CIT Group 78,243 0.03

23,534 Citigroup 997,606 0.37 2,552 Crown Castle REIT 258,849 0.10 4,287 Discover Financial Services 229,740 0.08 1,538 Equifax 197,479 0.07 3,381 Equity Residential 232,883 0.09

650 Essex Property 148,259 0.05 1,198 Federal Realty Investment Trust 198,329 0.07 7,736 Fifth Third Bancorp 136,076 0.05 4,638 Franklin Resources 154,770 0.06 2,780 Gallagher (Arthur J) 132,328 0.05 8,645 General Growth Properties 257,794 0.10 3,415 Goldman Sachs 507,401 0.19 3,661 Hartford Financial Services Group 162,475 0.06 4,691 HCP 165,968 0.06

11,962 Huntington Bancshares 106,940 0.04 866 Intercontinental Exchange 221,661 0.08

4,169 Invesco 106,476 0.04 28,513 JPMorgan Chase & Co 1,771,798 0.65

6,126 Kimco Realty 192,234 0.07



HSBC ETFs PLC >327<



USD % of Net

Asset Value


3,757 Leucadia National 65,109 0.02 1,176 M&T Bank 139,038 0.05 4,378 Marsh & McLennan Cos 299,718 0.11 8,732 Mastercard 768,940 0.28 6,854 MetLife 272,995 0.10 1,439 Moody's 134,849 0.05

12,520 Morgan Stanley 325,270 0.12 7,414 New York Community Bancorp 111,136 0.04 4,036 PNC Financial Services Group 328,490 0.12 5,438 Progressive 182,173 0.07 4,348 ProLogis 213,226 0.08 3,707 Prudential Financial 264,457 0.10

652 Public Storage 166,645 0.06 2,771 Realty Income 192,197 0.07 2,048 Regency Centers 171,479 0.06

13,741 Regions Financial 116,936 0.04 1,580 Reinsurance Group of America 153,244 0.06 2,722 S&P Global 291,962 0.11 2,122 Simon Property Group 460,262 0.17 3,748 State Street 202,092 0.08 4,785 SunTrust Banks 196,568 0.07 3,282 TD Ameritrade Holding 93,455 0.04 1,036 Torchmark 64,046 0.02 2,885 Travelers Cos 343,430 0.13 3,442 Unum 109,421 0.04

13,032 US Bancorp 525,581 0.19 2,384 Ventas 173,603 0.06

10,494 Vereit 106,409 0.04 15,217 Visa 1,128,645 0.42 38,249 Wells Fargo & Co 1,810,325 0.67

3,014 Welltower 229,576 0.09 6,308 Western Union 120,987 0.05


11,613 Abbott Laboratories 456,507 0.17 11,761 Abbvie 728,124 0.27

2,733 Aetna 333,781 0.12 1,371 Alexion Pharmaceuticals 160,078 0.06 2,899 Allergan 669,930 0.25 5,681 Amgen 864,364 0.32 2,094 Anthem 275,026 0.10

890 Bard 209,292 0.08 4,321 Baxter International 195,396 0.07 1,837 Becton Dickinson and Co 311,537 0.11 1,491 Biogen Idec 360,554 0.13

12,531 Bristol-Myers Squibb 921,655 0.34 6,034 Celgene 595,133 0.22 2,217 Cigna 283,754 0.10



>328< HSBC ETFs PLC



USD % of Net

Asset Value


2,049 DaVita 158,429 0.06 2,066 Edwards Lifesciences 206,042 0.08 8,432 Eli Lilly & Co 664,020 0.25 6,200 Express Scripts 469,960 0.17 9,526 Gilead Sciences 794,659 0.29 2,303 HCA Holdings 177,354 0.07 2,829 Hologic 97,883 0.04

896 Illumina 125,780 0.05 327 Intuitive Surgical 216,281 0.08

20,408 Johnson & Johnson 2,475,490 0.91 7,896 Medtronic 685,136 0.25

21,029 Merck & Co 1,211,481 0.45 45,823 Pfizer 1,613,428 0.59

535 Regeneron Pharms 186,838 0.07 1,858 Resmed 117,481 0.04 2,344 St Jude Medical 182,832 0.07

702 Stryker 84,121 0.03 3,135 Thermo Fisher Scientific 463,228 0.17 7,235 UnitedHealth Group 1,021,582 0.38

936 Universal Health 125,518 0.05 1,397 Varian Medical Systems 114,875 0.04 1,329 Vertex Pharmaceuticals 114,321 0.04

877 Waters 123,350 0.05 1,720 Zimmer Holdings 207,054 0.08


4,995 3M 874,724 0.32 3,047 Agilent Technologies 135,165 0.05

413 Alliance Data Systems 80,915 0.03 2,709 Amphenol 155,307 0.06 3,595 Automatic Data Processing 330,273 0.12 1,674 Ball 121,013 0.04 5,673 Boeing 736,753 0.27 4,772 Caterpillar 361,765 0.13 1,172 CDK Global 65,034 0.02 8,621 CSX 224,836 0.08 1,698 Cummins 190,923 0.07 4,611 Danaher 465,711 0.17 2,775 Deere & Co 224,886 0.08 3,963 Eaton 236,710 0.09 5,879 Emerson Electric 306,649 0.11 2,664 Expeditors International of Washington 130,643 0.05 1,936 FedEx 293,846 0.11 2,355 Fidelity National Information Services 173,516 0.06 1,788 Flowserve 80,764 0.03 1,841 Fluor 90,724 0.04

68,119 General Electric 2,144,386 0.79 732 Grainger 166,347 0.06



HSBC ETFs PLC >329<



USD % of Net

Asset Value


5,661 Honeywell International 658,488 0.24 3,548 Illinois Tool Works 369,560 0.14 3,910 Masco 120,975 0.05

355 Mettler Toledo International 129,547 0.05 2,649 Norfolk Southern 225,509 0.08 1,406 Packaging Corp of America 94,104 0.04 3,768 Paychex 224,196 0.08 1,736 PerkinElmer 91,001 0.04 2,733 Raytheon 371,551 0.14 1,528 Rockwell Automation 175,445 0.07 1,825 Rockwell Collins 155,381 0.06 2,556 Sealed Air 117,499 0.04

734 Sherwin-Williams 215,554 0.08 816 Stericycle 84,962 0.03 705 TransDigm Group 185,901 0.07

3,014 Trimble Navigation 73,421 0.03 6,150 Union Pacific 536,588 0.20 5,216 United Parcel Service 561,868 0.21

959 United Rentals 64,349 0.02 6,779 United Technologies 695,186 0.26 1,680 Verisk Analytics 136,214 0.05 1,107 Vulcan Materials 133,239 0.05 1,561 Wabtec Corporation 109,629 0.04 3,263 Waste Management 216,239 0.08 1,706 WestRock 66,312 0.02

13,403,608 4.95 Oil & Gas (31 December 2015: 3.44%)

3,800 Anadarko Petroleum 202,350 0.08 2,994 Apache 166,676 0.06 3,565 Baker Hughes 160,888 0.06 1,316 Buckeye Partners 92,554 0.03 3,938 Cabot Oil & Gas 101,364 0.04 1,739 Cheniere Energy 65,299 0.02

13,400 Chevron 1,404,722 0.52 3,349 Columbia Pipeline Group 85,366 0.03

839 Concho Resources 100,068 0.04 8,666 ConocoPhillips 377,838 0.14 3,164 Devon Energy 114,695 0.04 7,274 Energy Transfer Equity 104,527 0.04

11,157 Enterprise Products Partners 326,454 0.12 4,075 EOG Resources 339,937 0.13

26,217 Exxon Mobil 2,457,582 0.91 1,935 FMC Technologies 51,606 0.02 6,406 Halliburton 290,128 0.11 2,474 Hess 148,687 0.05

12,945 Kinder Morgan 242,330 0.09 2,198 Magellan Midstream Partners 167,048 0.06 5,457 Marathon Oil 81,910 0.03



>330< HSBC ETFs PLC



USD % of Net

Asset Value


4,945 Marathon Petroleum 187,712 0.07 3,424 National Oilwell Varco 115,218 0.04 1,708 Newfield Exploration 75,459 0.03 2,540 Noble Energy 91,110 0.03 5,759 Occidental Petroleum 435,150 0.16 3,282 OGE Energy 107,486 0.04 4,613 Phillips 365,995 0.14

940 Pioneer Natural Resources 142,137 0.05 3,138 Plains All American Pipeline 86,264 0.03

10,721 Schlumberger 847,817 0.31 870 Targa Resources Partners 36,662 0.01

1,112 Tesoro 83,311 0.03 4,518 Valero Energy 230,418 0.09 5,153 Williams Cos 111,459 0.04 1,842 Williams Partners 63,807 0.03


3,252 Adobe Systems 311,509 0.11 1,798 Akamai Technologies 100,562 0.04 2,076 Alphabet 1,460,528 0.54 3,172 Analog Devices 179,662 0.06

38,567 Apple 3,687,005 1.36 10,124 Applied Materials 242,672 0.09

1,912 Autodesk 103,516 0.04 3,340 Cerner 195,724 0.07

38,258 Cisco Systems 1,097,622 0.41 1,673 Citrix Systems 133,991 0.05 5,236 Cognizant Technology Solutions 299,709 0.11 1,362 Computer Sciences 67,623 0.02

11,163 Corning 228,618 0.08 15,639 EMC 424,912 0.16

835 Equinix 323,754 0.12 845 F5 Networks 96,195 0.04

14,105 FaceBook 1,611,919 0.59 14,353 Hewlett-Packard 262,229 0.10 14,353 HP 180,130 0.07 34,140 Intel 1,119,792 0.41

6,776 International Business Machines 1,028,461 0.38 2,462 Intuit 274,784 0.10 3,968 Juniper Networks 89,240 0.03 2,518 Linear Technology 117,163 0.04

681 LinkedIn Corporation 128,879 0.05 3,118 Maxim Integrated Products 111,281 0.04 2,332 Microchip Technology 118,372 0.04 6,408 Micron Technology 88,174 0.03

56,086 Microsoft 2,869,921 1.06 1,873 Motorola Solutions 123,562 0.05 3,219 NetApp 79,155 0.03



HSBC ETFs PLC >331<



USD % of Net

Asset Value


5,255 NVIDIA 247,038 0.09 25,522 Oracle 1,044,615 0.39 12,494 QUALCOMM 669,304 0.25

1,693 Red Hat 122,912 0.04 2,922 Salesforce.com 232,036 0.09 1,195 SBA Communications 128,988 0.05 2,325 Seagate Technology 56,637 0.02 2,025 Sohu 76,666 0.03 1,158 Splunk 62,740 0.02 6,083 Symantec 124,945 0.05 8,467 Texas Instruments 530,458 0.20 2,799 Twitter 47,331 0.02 2,443 Western Digital 115,456 0.04

930 Workday Incorporation 69,443 0.03 2,882 Xilinx 132,947 0.05 6,503 Yahoo! 244,253 0.09


42,333 AT&T 1,829,209 0.67 4,845 CenturyLink 140,553 0.05 1,534 Level 3 Comms 78,986 0.03 4,217 T-Mobile 182,470 0.07

28,031 Verizon Communications 1,565,251 0.58 3,796,469 1.40 Utilities (31 December 2015: 1.38%)

6,944 AES 86,661 0.03 2,208 AGL Resources 145,662 0.05 3,284 Ameren 175,957 0.07

170 American Electric Power 11,915 - 2,751 American Water Works 232,487 0.09 4,775 Dominion Resources 372,116 0.14 1,999 DTE Energy 198,141 0.07 5,354 Duke Energy 459,320 0.17 3,079 Edison International 239,146 0.09 3,412 Eversource Energy 204,379 0.08 7,232 Exelon 262,955 0.10 3,375 NextEra Energy 440,100 0.16 3,349 NiSource 88,815 0.03 3,918 PG&E 250,439 0.09 2,005 Pinnacle West Capital 162,525 0.06 5,489 PPL 207,210 0.08 2,145 Sempra Energy 244,573 0.09 6,922 Southern 371,227 0.14 5,365 Spectra Energy 196,520 0.07 3,073 Wec Energy Group 200,667 0.07

4,550,815 1.68




>332< HSBC ETFs PLC



USD % of Net

Asset Value

Warrants

6,910 Aurobindo Pharma Warrants 75,878 0.03 1,916 Britannia Industries Warrants 78,178 0.03

10,328 Cairn India Warrants 21,468 0.01 22,722 Gujarat Pipavav Port Warrants 54,776 0.02

7,653 Info Edge Warrants 93,523 0.03 403 Page Industries Warrants 83,543 0.03

40,762 Petronet LNG Warrants 177,355 0.07 16,442 SKS Microfinance Warrants 180,259 0.07

100,277 Suzlon Energy Warrants 25,801 0.01 4,669 Torrent Pharmaceuticals Warrants 94,797 0.03

885,578 0.33

Total warrants**** (31 December 2015: 0.34%) 885,578 0.33

LEPO’s

India Basic Materials (31 December 2015: 0.08%)

6,680 Coal India (HSBC) LEPO 02/11/2020 30,922 0.01 27,897 Hindalco Industries LEPO 12/11/2019 50,686 0.02

1,664 Ultratech Cement LEPO 21/11/2023 83,942 0.03 9,859 UPL Lepo 18/06/2024 80,209 0.03


4,137 Bajaj Auto Limited LEPO 12/11/2019 164,580 0.06 1,475 Hero Honda Motors (HSBC) LEPO 29/07/2019 69,331 0.02

15,672 Hindustan Unilever LEPO 11/04/2018 208,264 0.08 4,377 HSBC Maruti Suzuki India LEPO 14/01/2019 271,048 0.10

14,446 ITC LEPO 18/02/2018 78,707 0.03 18,462 Motherson Sumi Systems LEPO 22/11/2023 (HSBC) 79,209 0.03


23,622 Housing Development Finance Corp LEPO 20/02/2018 437,947 0.16 7,371 Indusind Bank LEPO 19/11/2020 121,178 0.05 9,402 Kotak Mahindra Bank LEPO 25/11/2019 106,143 0.04

110,265 Power Financial Corp LEPO 21/11/2023 276,247 0.10


3,053 Apollo Hospitals Enterprise Lepo 31/07/2023 59,397 0.02 10,031 Sun Pharmaceuticals LEPO 24/10/2018 113,207 0.04


171,427 Ashok Leyland LEPO 18/06/2024 249,341 0.09 5,139 Asian Paints (India) LEPO 17/05/2021 76,253 0.03 5,059 Bharat Forge Ltd LEPO 18/06/2024 56,881 0.02 9,433 Larsen & Toubro LEPO 12/11/2018 208,772 0.08

19,503 Mundra Port LEPO 19/08/2019 59,663 0.02 3,011 Siemens LEPO 21/11/2023 58,322 0.02

28,613 Titan Industries (HSBC) LEPO 07/07/2020 171,910 0.07

881,142 0.33



HSBC ETFs PLC >333<



USD % of Net

Asset Value

LEPO's (continued) Oil & Gas (31 December 2015: 0.04%)

30,849 Gail India LEPO 12/11/2019 175,719 0.07 10,716 Oil & Natural Gas LEPO 12/11/2019 34,279 0.01 22,942 Sesa Sterlite LEPO 21/11/2023 44,769 0.02


5,402 HCL Technologies LEPO 22/01/2024 58,357 0.02 15,996 Infosys Ltd LEPO 25/11/2019 276,975 0.10

5,666 Tata Consultancy Services LEPO 25/11/2019 213,940 0.08 9,502 Wipro LEPO 12/11/2019 78,408 0.03


5,996 Bharti Airtel Ltd LEPO 20/02/2018 32,526 0.01


58,119 NTPC LEPO 01/10/2019 134,348 0.05

134,348 0.05

Total LEPO's***** (31 December 2015: 1.14%) 4,161,480 1.54


4 Euro Stoxx 50 Future Sep 16 739 - 1 Swiss Market Index Future Sep 16 2,083 - 1 LIFFE FTSE 100 Index Future Sep 16 5,441 - 1 MSE S&P/TSX 60 Index Mini Future Sep 16 173 - 5 NYF Mini MSCI Emerging Market Future Sep 16 6,175 -

14,611 -

Total futures**** (Notional amount: USD 534,665) 14,611 -

Total financial assets at fair value through profit or loss 268,869,747 99.35 Financial liabilities at fair value through profit or loss Futures (31 December 2015: 0.01%)

6 CME S&P 500 E-Mini Index Future Sep 16 (40) - 9 OSE Mini Topix Index Future Sep 16 (7,525) -

(7,565) -

Total futures (Notional amount: USD 736,340) (7,565) -


20,065 Bangkok Bank (25,757) (0.01) 182,956 Bank Of Communications (9,017) -



>334< HSBC ETFs PLC



USD % of Net

Asset Value

Unrealised loss on contracts for difference (continued)

23,262 Kasikorn Bank (30,296) (0.02)

(65,070) (0.03)

Total Unrealised loss on contracts for difference (31 December 2015: 0.03%) (65,070) (0.03)




* Investment in a related party investment


USD % of Total

Assets *** Transferable securities admitted to an official stock exchange listing or dealt in on another regulated market 263,650,986 97.33 **Transferable securities other than those referred above 157,092 0.06 **** Financial derivative instruments dealt in on a regulated market 900,189 0.33 ***** OTC financial derivative instruments 4,161,480.00 1.54 Other assets 2,014,292.00 0.74

Total assets 270,884,039.00 100.00

With the exception of the Warrants, LEPOs and the Contracts for Differences, all other equity positions (with the exception of the investments held in Banco Popular Espanol, Vocus Communication, Casa Ley, PDC Contingent and Rolls Royce Holdings) and futures held by the Fund at 30 June 2016 and 31 December 2015 have been classified as Level 1. The Warrants, LEPOs and the Contracts for Differences have been classified as Level 2. Banco Popular Espanol, Vocus Communication, Casa Ley, PDC Contingent and Rolls Royce Holdings have been classsified as Level 3. See Note 6 (d) for further details. The schedule of investments form an integral part of the audited financial statements.

Balance Sheet As at 30 June 2016

HSBC ETFs PLC >335<

Note

TOTAL 2016 USD

HSBC FTSE

100 UCITS ETF

GBP

HSBC EURO

STOXX 50 UCITS ETF

EUR

HSBC MSCI

JAPAN UCITS ETF

USD

Assets Current assets Financial assets at fair value through profit or loss 6

- Transferable securities 5,173,281,957 153,443,425 102,801,465 146,010,524 - Financial derivative instruments 30,123,297 100,005 - -

Cash and cash equivalents 5 54,306,630 586,434 146,170 816,860 Due from brokers 5 7,859,602 74,379 71,813 188,251 Due from shareholders 50,668,996 - - - Receivables for securities sold 23,318,158 417,115 90,661 - Other receivables 18,319,427 912,856 186,657 652,379

Total assets 5,357,878,067 155,534,214 103,296,766 147,668,014

Liabilities

Current liabilities Bank overdraft 160,650 - - - Financial liabilities at fair value through profit or loss 6

- Financial derivative instruments 1,394,398 - 1,663 84,835 Payables for securities purchased 15,105,964 393,966 - - Due to shareholders 46,659,538 - - - Management fee payable 2 1,977,433 17,253 8,625 49,861 Other payables 1,895,920 24,623 3,904 99,832

Liabilities (excluding net assets attributable to holders of redeemable participating shares) 67,193,903 435,842 14,192 234,528

Net assets attributable to holders of redeemable participating shares 5,290,684,164 155,098,372 103,282,574 147,433,486

The accompanying notes form an integral part of the financial statements.

Balance Sheet (continued) As at 30 June 2016 (continued)

>336< HSBC ETFs PLC

Note

HSBC FTSE

250 UCITS ETF

GBP

HSBC S&P 500

UCITS ETF USD

HSBC MSCI

EUROPE UCITS ETF

EUR

HSBC MSCI USA

UCITS ETF USD


- Transferable securities 41,332,336 1,972,905,999 200,994,299 252,890,635 - Financial derivative instruments - 30,893 15,604 2,775

Cash and cash equivalents 5 300,396 4,144,545 - 6,149,189 Due from brokers 5 38,748 339,012 379,098 88,551 Due from shareholders - 50,668,996 - - Receivables for securities sold 546,281 - 238,447 14,527,925 Other receivables 179,739 2,424,883 522,306 324,726

Total assets 42,397,500 2,030,514,328 202,149,754 273,983,801

Liabilities Current liabilities Bank overdraft - - 136,750 - Financial liabilities at fair value through profit or loss 6

- Financial derivative instruments 1,355 - - - Payables for securities purchased 541,500 8,324,424 - 4,848,797 Due to shareholders - - - 14,625,337 Management fee payable 2 25,340 291,364 68,578 136,236 Other payables 2,786 358,592 11,173 48,768

Liabilities (excluding net assets attributable to holders of redeemable participating shares) 570,981 8,974,380 216,501 19,659,138

Net assets attributable to holders of redeemable participating shares 41,826,519 2,021,539,948 201,933,253 254,324,663



HSBC ETFs PLC >337<

Note

HSBC MSCI

BRAZIL UCITS ETF

USD

HSBC MSCI

PACIFIC ex JAPAN

UCITS ETF USD

HSBC MSCI EM

FAR EAST UCITS ETF

USD

HSBC MSCI

TURKEY UCITS ETF

USD


- Transferable securities 10,825,420 43,184,099 26,400,677 6,175,191 - Financial derivative instruments - 15,505 14,140 303

Cash and cash equivalents 5 - 161,237 117,545 31,107 Due from brokers 5 - 146,546 237,709 2,884 Due from shareholders - - - - Receivables for securities sold - - 1,410 - Other receivables 40,897 430,345 259,862 -

Total assets 10,866,317 43,937,732 27,031,343 6,209,485

Liabilities Current liabilities Bank overdraft 170 - - - Financial liabilities at fair value through profit or loss 6

- Financial derivative instruments - 372 21,533 - Payables for securities purchased - - - - Due to shareholders - - - - Management fee payable 2 11,036 42,922 26,323 6,474 Other payables 3,561 24,467 9,070 -

Liabilities (excluding net assets attributable to holders of redeemable participating shares) 14,767 67,761 56,926 6,474

Net assets attributable to holders of redeemable participating shares 10,851,550 43,869,971 26,974,417 6,203,011



>338< HSBC ETFs PLC

Note

HSBC MSCI

WORLD UCITS ETF

USD

HSBC S&P

BRIC 40 UCITS ETF*

USD

HSBC MSCI

CHINA UCITS ETF

USD

HSBC MSCI

SOUTH AFRICA

UCITS ETF USD


- Transferable securities 169,993,984 - 145,914,638 4,518,575 - Financial derivative instruments 19,229 - 148,017 -

Cash and cash equivalents 5 2,248,352 - 1,713,439 2,952 Due from brokers 5 516,310 - 484,377 1,454 Due from shareholders - - - - Receivables for securities sold 4,811 - - - Other receivables 382,914 - 2,398,794 1,854

Total assets 173,165,600 - 150,659,265 4,524,835

Liabilities Current liabilities Bank overdraft - - - - Financial liabilities at fair value through profit or loss 6

- Financial derivative instruments 19,107 - 279,477 - Payables for securities purchased - - - - Due to shareholders - - 25,338,670 - Management fee payable 2 48,563 - 148,028 4,660 Other payables 35,804 - 218,317 162

Liabilities (excluding net assets attributable to holders of redeemable participating shares) 103,474 - 25,984,492 4,822

Net assets attributable to holders of redeemable participating shares 173,062,126 - 124,674,773 4,520,013

The accompanying notes form an integral part of the financial statements. . * The Sub-Fund was fully redeemed on 27 April 2016.


HSBC ETFs PLC >339<

Note

HSBC MSCI

CANADA UCITS ETF

USD

HSBC MSCI

MEXICO CAPPED UCITS

ETF USD

HSBC MSCI

EM LATIN AMERICA

UCITS ETF USD

HSBC MSCI

INDONESIA UCITS ETF

USD


- Transferable securities 35,497,295 10,999,580 11,354,575 26,648,548 - Financial derivative instruments 346 510 1,019 4,640

Cash and cash equivalents 5 - 34,402 29,600 103,006 Due from brokers 5 32,013 3,637 5,043 6,579 Due from shareholders - - - - Receivables for securities sold - - 6,642,412 - Other receivables 101,846 5,172 50,155 49,894

Total assets 35,631,500 11,043,301 18,082,804 26,812,667

Liabilities Current liabilities Bank overdraft 6,969 - - - Financial liabilities at fair value through profit or loss 6

- Financial derivative instruments - - - - Payables for securities purchased - - - - Due to shareholders - - 6,695,531 - Management fee payable 2 21,092 11,795 21,729 24,675 Other payables 25,462 517 3,908 9,979

Liabilities (excluding net assets attributable to holders of redeemable participating shares) 53,523 12,312 6,721,168 34,654


The accompanying notes form an integral part of the financial statements. .


>340< HSBC ETFs PLC

Note

HSBC MSCI

MALAYSIA UCITS ETF

USD

HSBC MSCI

TAIWAN UCITS ETF

USD

HSBC MSCI

KOREA UCITS ETF

USD

HSBC FTSE

EPRA/NAREIT DEVELOPED

UCITS ETF USD


- Transferable securities 6,848,144 8,465,739 7,723,247 212,391,481 - Financial derivative instruments 484 3,390 - -

Cash and cash equivalents 5 25,664 - 20,927 280,272 Due from brokers 5 2,664 12,692 - - Due from shareholders - - - - Receivables for securities sold - 1,649 - - Other receivables 10,195 117,016 7,680 952,926

Total assets 6,887,151 8,600,486 7,751,854 213,624,679

Liabilities Current liabilities Bank overdraft - 1,589 - - Financial liabilities at fair value through profit or loss 6

- Financial derivative instruments - - - - Payables for securities purchased - - - 682,212 Due to shareholders - - - - Management fee payable 2 6,843 8,242 7,678 137,781 Other payables - 23,517 1,689 162,588





HSBC ETFs PLC >341<

Note

HSBC MSCI

RUSSIA CAPPED

UCITS ETF USD

HSBC MSCI

EMERGING MARKETS UCITS ETF

USD

HSBC MSCI AC

FAR EAST ex JAPAN

UCITS ETF USD

HSBC ESI

WORLDWIDE EQUITY

UCITS ETF USD


- Transferable securities 47,589,544 245,306,475 146,744,937 773,206,431 - Financial derivative instruments 5,135 455,862 86,430 24,121,928

Cash and cash equivalents 5 25,324 22,457,221 2,156,458 11,723,940 Due from brokers 5 53,830 2,144,327 504,083 1,863,358 Due from shareholders - - - - Receivables for securities sold - 8,597 7,198 458,851 Other receivables 352,057 1,865,554 1,209,819 3,720,581

Total assets 48,025,890 272,238,036 150,708,925 815,095,089


- Financial derivative instruments - 297,015 170,950 444,815 Payables for securities purchased - - - - Due to shareholders - - - - Management fee payable 2 48,223 176,659 147,755 342,864 Other payables 35,205 235,433 146,043 333,360

Liabilities (excluding net assets attributable to holders of redeemable participating shares) 83,428 709,107 464,748 1,121,039




>342< HSBC ETFs PLC

Note

HSBC

WORLDWIDE EQUITY

UCITS ETF USD


- Transferable securities 263,808,078 - Financial derivative instruments 5,061,669

Cash and cash equivalents 5 716,688 Due from brokers 5 574,114 Due from shareholders - Receivables for securities sold 11,815 Other receivables 711,675

Total assets 270,884,039

Liabilities Current liabilities Bank overdraft - Financial liabilities at fair value through profit or loss 6

- Financial derivative instruments 72,635 Payables for securities purchased - Due to shareholders - Management fee payable 2 113,923 Other payables 66,256

Liabilities (excluding net assets attributable to holders of redeemable participating shares) 252,814

Net assets attributable to holders of redeemable participating shares 270,631,225


Balance Sheet (continued) As at 31 December 2015

HSBC ETFs PLC >343<

Note

TOTAL 2015 USD

HSBC FTSE

100 UCITS ETF

GBP

HSBC EURO

STOXX 50 UCITS ETF

EUR

HSBC MSCI

JAPAN UCITS ETF

USD


- Transferable securities 5,341,064,866 153,734,741 118,216,063 191,897,083 - Financial derivative instruments 44,389,127 16,411 10,320 -

Cash and cash equivalents 5 15,052,504 247,366 90,508 593,352 Due from brokers 5 5,134,007 47,593 30,765 48,540 Receivables for securities sold 1,102,923 - - - Other receivables 9,151,131 396,808 153,243 254,824

Total assets 5,415,894,558 154,442,919 118,500,899 192,793,799

Liabilities Current liabilities Bank overdraft 102,319 - - - Financial liabilities at fair value through profit or loss 6

- Financial derivative instruments 1,428,744 - - 18,330 Payables for securities purchased 236,867 - - - Due to shareholders 1,029,935 - - - Management fee payable 2 1,200,852 45,435 15,202 64,869 Other payables 1,210,857 - 3,904 39,005


Net assets attributable to holders of redeemable participating shares 5,410,684,984 154,397,484 118,481,793 192,671,595


Balance Sheet (continued) As at 31 December 2015 (continued)

>344< HSBC ETFs PLC

Note

HSBC FTSE

250 UCITS ETF

GBP

HSBC S&P 500

UCITS ETF USD

HSBC MSCI

EUROPE UCITS ETF

EUR

HSBC MSCI USA

UCITS ETF USD


- Transferable securities 44,877,016 1,911,565,072 231,102,533 340,215,465 - Financial derivative instruments 3,062 60,693 15,261 20,508

Cash and cash equivalents 5 75,451 3,744,091 - 1,307,379 Due from brokers 5 7,358 181,506 202,799 45,258 Receivables for securities sold - 40,986 - - Other receivables 99,435 2,498,038 251,222 467,326

Total assets 45,062,322 1,918,090,386 231,571,815 342,055,936

Liabilities Current liabilities Bank overdraft - - 6,638 - Financial liabilities at fair value through profit or loss 6

- Financial derivative instruments - - - - Payables for securities purchased - - - - Due to shareholders - - - - Management fee payable 2 14,137 142,134 59,001 90,827 Other payables 1,039 362,595 3,064 68,305


Net assets attributable to holders of redeemable participating shares 45,047,146 1,917,585,657 231,503,112 341,896,804



HSBC ETFs PLC >345<

Note

HSBC MSCI

BRAZIL UCITS ETF

USD

HSBC MSCI

PACIFIC ex JAPAN

UCITS ETF USD

HSBC MSCI EM

FAR EAST UCITS ETF

USD

HSBC MSCI

TURKEY UCITS ETF

USD


- Transferable securities 6,093,948 91,899,900 26,251,901 6,595,792 - Financial derivative instruments - 7,728 20 -

Cash and cash equivalents 5 - - 102,860 5,792 Due from brokers 5 - 107,628 253,623 975 Receivables for securities sold - 435 662 - Other receivables 57,910 158,022 91,117 -

Total assets 6,151,858 92,173,713 26,700,183 6,602,559

Liabilities Current liabilities Bank overdraft 19,917 23,763 - - Financial liabilities at fair value through profit or loss 6

- Financial derivative instruments - 206 43,869 159 Payables for securities purchased - - - - Due to shareholders - - - - Management fee payable 2 3,185 30,576 9,320 3,627 Other payables 8,478 35,819 - -





>346< HSBC ETFs PLC

Note

HSBC MSCI

WORLD UCITS ETF

USD

HSBC S&P

BRIC 40 UCITS ETF

USD

HSBC MSCI

CHINA UCITS ETF

USD

HSBC MSCI

SOUTH AFRICA

UCITS ETF USD


- Transferable securities 252,572,011 4,036,699 166,238,598 5,945,352 - Financial derivative instruments 60,421 - - -

Cash and cash equivalents 5 2,146,672 - 1,403,636 7,635 Due from brokers 5 366,924 21 352,462 - Receivables for securities sold - - 22,067 - Other receivables 367,261 9,159 2,301 223

Total assets 255,513,289 4,045,879 168,019,064 5,953,210

Liabilities Current liabilities Bank overdraft - 854 - - Financial liabilities at fair value through profit or loss 6

- Financial derivative instruments 6,733 - 240,062 - Payables for securities purchased - - - - Due to shareholders - - - - Management fee payable 2 77,542 1,881 84,370 3,030 Other payables 48,189 2,137 970 -





HSBC ETFs PLC >347<

Note

HSBC MSCI

CANADA UCITS ETF

USD

HSBC MSCI

MEXICO CAPPED UCITS

ETF USD

HSBC MSCI

EM LATIN AMERICA

UCITS ETF USD

HSBC MSCI

INDONESIA UCITS ETF

USD


- Transferable securities 38,983,328 11,073,223 12,792,491 20,241,805 - Financial derivative instruments 1,443 - - 160

Cash and cash equivalents 5 127,843 8,412 4,416 14,171 Due from brokers 5 14,130 1,955 3,956 4,447 Receivables for securities sold - - - - Other receivables 136,543 - 55,189 3,628

Total assets 39,263,287 11,083,590 12,856,052 20,264,211


- Financial derivative instruments - - 354 - Payables for securities purchased - - - - Due to shareholders - - - - Management fee payable 2 11,943 6,789 6,511 10,081 Other payables 34,136 - 7,777 726





>348< HSBC ETFs PLC

Note

HSBC MSCI

MALAYSIA UCITS ETF

USD

HSBC MSCI

TAIWAN UCITS ETF

USD

HSBC MSCI

KOREA UCITS ETF

USD

HSBC FTSE


UCITS ETF USD


- Transferable securities 4,489,955 8,102,377 7,457,054 151,883,421 - Financial derivative instruments - - - -

Cash and cash equivalents 5 - - - 113,057 Due from brokers 5 - 13,646 - - Receivables for securities sold 1,029,049 - - - Other receivables 13,162 - 98,428 685,054

Total assets 5,532,166 8,116,023 7,555,482 152,681,532

Liabilities Current liabilities Bank overdraft 6,618 3,365 40,591 - Financial liabilities at fair value through profit or loss 6

- Financial derivative instruments - - - - Payables for securities purchased - - - 45,922 Due to shareholders 1,029,935 - - - Management fee payable 2 2,417 4,175 3,699 51,304 Other payables - 112 21,654 122,703





HSBC ETFs PLC >349<

Note

HSBC MSCI

RUSSIA CAPPED

UCITS ETF USD

HSBC MSCI


USD

HSBC MSCI AC

FAR EAST ex JAPAN

UCITS ETF USD

HSBC ESI

WORLDWIDE EQUITY

UCITS ETF USD


- Transferable securities 44,278,255 205,775,038 126,390,585 770,143,767 - Financial derivative instruments - 16,332,175 - 23,820,279

Cash and cash equivalents 5 9,322 796,312 1,068,294 1,930,514 Due from brokers 5 82,255 745,449 701,487 1,473,156 Receivables for securities sold - - 8,476 - Other receivables 313,023 667,268 376,022 1,309,214

Total assets 44,682,855 224,316,242 128,544,864 798,676,930


- Financial derivative instruments 7,045 392,501 286,920 359,632 Payables for securities purchased - 125,650 - 65,295 Due to shareholders - - - - Management fee payable 2 22,216 114,988 65,335 164,287 Other payables 31,302 131,939 75,374 157,536





>350< HSBC ETFs PLC

Note

HSBC

WORLDWIDE EQUITY

UCITS ETF USD


- Transferable securities 263,943,087 - Financial derivative instruments 4,029,210

Cash and cash equivalents 5 1,094,627 Due from brokers 5 401,876 Receivables for securities sold 1,248 Other receivables 416,636 Total assets 269,886,684

Liabilities Current liabilities Bank overdraft - Financial liabilities at fair value through profit or loss 6

- Financial derivative instruments 72,933 Payables for securities purchased - Due to shareholders - Management fee payable 2 57,336 Other payables 52,999 Liabilities (excluding net assets attributable to holders of redeemable participating shares) 183,268

Net assets attributable to holders of redeemable participating shares 269,703,416


Income Statement For the period 1 January 2016 to 30 June 2016

HSBC ETFs PLC >351<

Note

TOTAL 2016 USD

HSBC FTSE

100 UCITS ETF

GBP

HSBC EURO

STOXX 50 UCITS ETF

EUR

HSBC MSCI

JAPAN UCITS ETF

USD

Income Investment income 83,714,856 3,775,688 3,168,858 1,861,060 Other income 25,776 - - - Net gain/(loss) on financial assets and liabilities at fair value through profit or loss 55,022,392 5,781,529 (14,410,670) (13,321,898)

Total income/(loss) 138,763,024 9,557,217 (11,241,812) (11,460,838)

Expenses Management fee 2 6,199,834 137,121 48,304 215,994 Other expenses 26,484 - - -

Total operating expenses 6,226,318 137,121 48,304 215,994

Operating profit/(loss) 132,536,706 9,420,096 (11,290,116) (11,676,832)

Finance costs Distributions to redeemable participating shareholders 1(i), 4 (48,197,722) (2,432,448) (505,440) (898,349) Equalisation - - - -

Profit/(loss) for the financial period after distribution and before withholding tax 84,338,984 6,987,648 (11,795,556) (12,575,181)

Less: Withholding tax (9,058,338) - (379,293) (285,019)

Increase/(decrease) in net assets attributable to holders of redeemable participating shares from operations 75,280,646 6,987,648 (12,174,849) (12,860,200)


Income Statement (continued) For the period 1 January 2016 to 30 June 2016 (continued)

>352< HSBC ETFs PLC

Note

HSBC FTSE

250 UCITS ETF

GBP

HSBC

S&P 500

UCITS ETF USD

HSBC MSCI

EUROPE UCITS ETF

EUR

HSBC MSCI USA

UCITS ETF USD

Income Investment income 1,087,797 21,292,617 5,807,791 3,213,233 Other income 11,263 - - - Net (loss)/gain on financial assets and liabilities at fair value through profit or loss (3,490,769) 47,677,428 (21,464,612) 2,017,965

Total (loss)/income (2,391,709) 68,970,045 (15,656,821) 5,231,198

Expenses Management fee 2 74,406 831,830 250,385 428,067 Other expenses - - - -

Total operating expenses 74,406 831,830 250,385 428,067

Operating (loss)/profit (2,466,115) 68,138,215 (15,907,206) 4,803,131

Finance costs Distributions to redeemable participating shareholders 1(i), 4 (754,512) (17,112,095) (1,468,900) (2,551,900) Equalisation - - - -

(Loss)/profit for the financial period after distribution and before withholding tax (3,220,627) 51,026,120 (17,376,106) 2,251,231

Less: Withholding tax - (2,992,389) (561,187) (446,797)

(Decrease)/increase in net assets attributable to holders of redeemable participating shares from operations (3,220,627) 48,033,731 (17,937,293) 1,804,434



HSBC ETFs PLC >353<

Note

HSBC MSCI

BRAZIL UCITS ETF

USD

HSBC MSCI

PACIFIC ex JAPAN

UCITS ETF USD

HSBC MSCI EM

FAR EAST UCITS ETF

USD

HSBC MSCI

TURKEY UCITS ETF

USD

Income Investment income 119,327 1,579,885 377,811 184,517 Other income - - - - Net gain/(loss) on financial assets and liabilities at fair value through profit or loss 3,357,309 (1,644,111) 322,676 614,638

Total income/(loss) 3,476,636 (64,226) 700,487 799,155



Operating profit/(loss) 3,450,745 (205,552) 623,566 778,560

Finance costs Distributions to redeemable participating shareholders 1(i), 4 (93,803) (1,459,383) (248,508) - Equalisation - - - -

Profit/(loss) for the financial period after distribution and before withholding tax 3,356,942 (1,664,935) 375,058 778,560

Less: Withholding tax (7,317) (17,318) (47,635) (26,127)

Increase/(decrease) in net assets attributable to holders of redeemable participating shares from operations 3,349,625 (1,682,253) 327,423 752,433



>354< HSBC ETFs PLC

Note

HSBC MSCI

WORLD UCITS ETF

USD

HSBC S&P

BRIC 40* UCITS ETF

USD

HSBC MSCI

CHINA UCITS ETF

USD

HSBC MSCI

SOUTH AFRICA

UCITS ETF USD

Income Investment income 3,502,480 3,914 3,061,730 110,032 Other income 3,494 - - 4,648 Net (loss)/gain on financial assets and liabilities at fair value through profit or loss (2,245,581) (34,642) (10,933,922) 774,958

Total income/(loss) 1,260,393 (30,728) (7,872,192) 889,638

Expenses Management fee 2 259,396 7,442 445,999 17,192 Other expenses - 379 4,687 -


Operating profit/(loss) 1,000,997 (38,549) (8,322,878) 872,446

Finance costs Distributions to redeemable participating shareholders 1(i), 4 (2,171,478) (25,956) (996,800) (69,075) Equalisation - - - -

(Loss)/profit for the financial period after distribution and before withholding tax (1,170,481) (64,505) (9,319,678) 803,371

Less: Withholding tax (422,847) (271) (246,739) (10,233)

(Decrease)/increase in net assets attributable to holders of redeemable participating shares from operations (1,593,328) (64,776) (9,566,417) 793,138

The accompanying notes form an integral part of the financial statements. The Sub-Fund was fully redeemed on 27 April 2016.


HSBC ETFs PLC >355<

Note

HSBC MSCI

CANADA UCITS ETF

USD

HSBC MSCI

MEXICO CAPPED

UCITS ETF USD

HSBC MSCI

EM LATIN AMERICA

UCITS ETF USD

HSBC MSCI

INDONESIA UCITS ETF

USD

Income Investment income 577,185 89,775 280,339 473,557 Other income - - - - Net gain on financial assets and liabilities at fair value through profit or loss 5,081,770 220,587 5,147,059 3,019,272

Total income 5,658,955 310,362 5,427,398 3,492,829



Operating profit 5,594,660 275,400 5,367,370 3,423,215

Finance costs Distributions to redeemable participating shareholders 1(i), 4 (427,500) (100,680) (171,840) - Equalisation - - - -

Profit for the financial period after distribution and before withholding tax 5,167,160 174,720 5,195,530 3,423,215


Increase in net assets attributable to holders of redeemable participating shares from operations 5,023,898 172,959 5,172,149 3,328,504



>356< HSBC ETFs PLC

Note

HSBC MSCI

MALAYSIA UCITS ETF

USD

HSBC MSCI

TAIWAN UCITS ETF

USD

HSBC MSCI

KOREA UCITS ETF

USD

HSBC FTSE


UCITS ETF USD

Income Investment income 94,610 120,541 38,285 4,257,392 Other income - - - - Net gain on financial assets and liabilities at fair value through profit or loss 200,480 474,354 257,856 16,372,886

Total income 295,090 594,895 296,141 20,630,278



Operating profit 277,373 571,916 273,938 20,255,993

Finance costs Distributions to redeemable participating shareholders 1(i), 4 (42,019) (169,050) (12,663) (2,904,770) Equalisation - - - -

Profit for the financial period after distribution and before withholding tax 235,354 402,866 261,275 17,351,223

Less: Withholding tax - (24,074) (8,326) (495,529)

Increase in net assets attributable to holders of redeemable participating shares from operations 235,354 378,792 252,949 16,855,694



HSBC ETFs PLC >357<

Note

HSBC MSCI

RUSSIA CAPPED

UCITS ETF USD

HSBC MSCI


USD

HSBC MSCI AC

FAR EAST ex Japan

UCITS ETF USD

HSBC ESI

WORLDWIDE EQUITY

UCITS ETF USD

Income Investment income 444,730 3,703,324 2,402,695 14,811,796 Other income - - 143 1,523 Net gain on financial assets and liabilities at fair value through profit or loss 8,463,848 12,582,992 2,644,024 10,776,169

Total income 8,908,578 16,286,316 5,046,862 25,589,488

Expenses Management fee 2 139,293 568,661 415,290 981,635 Other expenses 1,420 8,666 7,938 3,394


Operating profit 8,767,865 15,708,989 4,623,634 24,604,459

Finance costs Distributions to redeemable participating shareholders 1(i), 4 (1,596,613) (1,085,340) - (6,988,541) Equalisation - - - -

Profit for the financial period after distribution and before withholding tax 7,171,252 14,623,649 4,623,634 17,615,918

Less: Withholding tax (43,501) (389,868) (217,757) (1,572,048)

Increase in net assets attributable to holders of redeemable participating shares from operations 7,127,751 14,233,781 4,405,877 16,043,870



>358< HSBC ETFs PLC

Note

HSBC

WORLDWIDE EQUITY

UCITS ETF USD

Income Investment income 4,228,172 Other income - Net loss on financial assets and liabilities at fair value through profit or loss (124,093)

Total gain 4,104,079

Expenses Management fee 2 325,897 Other expenses -

Total operating expenses 325,897

Operating profit 3,778,182

Finance costs Distributions to redeemable participating shareholders 1(i), 4 (2,355,652) Equalisation -

Profit for the financial period after distribution and before withholding tax 1,422,530

Less: Withholding tax (494,721)

Increase in net assets attributable to holders of redeemable participating shares from operations 927,809


Income Statement For the period 1 January 2015 to 30 June 2015

HSBC ETFs PLC >359<

Note

TOTAL 2015

(Restated) USD

HSBC FTSE

100 UCITS ETF

GBP

HSBC EURO

STOXX 50 UCITS ETF

EUR

HSBC MSCI

JAPAN UCITS ETF

USD

Income Investment income 91,378,177 4,874,002 2,377,411 2,288,025 Other income 25,029 - - - Net gain on financial assets and liabilities at fair value through profit or loss 123,692,647 386,620 7,013,404 26,505,524

Total income 215,095,853 5,260,622 9,390,815 28,793,549

Expenses Management fee 2 8,836,500 381,715 60,317 457,110 Other expenses 36,934 - - -

Total operating expenses 8,873,434 381,715 60,317 457,110


Finance costs Distributions to redeemable participating shareholders 1(i), 4 (53,744,291) (3,493,397) (394,823) (1,045,677)


Less: Withholding tax (9,572,633) - (270,250) (350,636)




>360< HSBC ETFs PLC

Note

HSBC FTSE

250 UCITS ETF

GBP

HSBC

S&P 500

UCITS ETF USD

HSBC MSCI

EUROPE UCITS ETF

EUR

HSBC MSCI USA

UCITS ETF USD

Income Investment income 829,669 20,823,109 4,886,413 4,468,772 Other income - 12,602 - - Net gain on financial assets and liabilities at fair value through profit or loss 4,155,626 7,366,375 13,899,921 3,855,748

Total income 4,985,295 28,202,086 18,786,334 8,324,520




Finance costs Distributions to redeemable participating shareholders 1(i), 4 (528,892) (17,556,560) (900,450) (3,166,470)


Less: Withholding tax - (2,909,302) (481,143) (617,081)




HSBC ETFs PLC >361<

Note

HSBC MSCI

BRAZIL UCITS ETF

USD

HSBC MSCI

PACIFIC ex JAPAN

UCITS ETF USD

HSBC MSCI EM

FAR EAST UCITS ETF

USD

HSBC MSCI

TURKEY UCITS ETF

USD

Income Investment income 172,677 3,152,159 403,878 266,503 Other income - - - - Net (loss)/gain on financial assets and liabilities at fair value through profit or loss (924,775) (548,445) 1,267,955 (1,729,888)

Total (loss)/income (752,098) 2,603,714 1,671,833 (1,463,385)



Operating (loss)/profit (780,144) 2,304,808 1,578,218 (1,491,242)

Finance costs Distributions to redeemable participating shareholders 1(i), 4 (112,957) (2,838,153) (293,982) -

(Loss)/profit for the financial period after distribution and before withholding tax (893,101) (533,345) 1,284,236 (1,491,242)


(Decrease)/increase in net assets attributable to holders of redeemable participating shares from operations (904,302) (579,084) 1,231,689 (1,529,189)



>362< HSBC ETFs PLC

Note

HSBC MSCI

WORLD UCITS ETF

USD

HSBC S&P

BRIC 40 UCITS ETF

USD

HSBC MSCI

CHINA UCITS ETF

USD

HSBC MSCI

SOUTH AFRICA

UCITS ETF USD

Income Investment income 5,620,527 134,020 5,767,093 67,938 Other income - - - - Net gain/(loss) on financial assets and liabilities at fair value through profit or loss 8,202,434 687,462 27,720,138 (45,998)

Total income 13,822,961 821,482 33,487,231 21,940

Expenses Management fee 2 678,727 31,827 793,602 14,184 Other expenses - 2,367 9,502 -


Operating profit 13,144,234 787,288 32,684,127 7,756

Finance costs Distributions to redeemable participating shareholders 1(i), 4 (3,324,320) (152,260) (1,664,625) (44,025)

Profit/(loss) for the financial period after distribution and before withholding tax 9,819,914 635,028 31,019,502 (36,269)


Increase/(decrease) in net assets attributable to holders of redeemable participating shares from operations 9,146,407 622,918 30,537,630 (42,744)



HSBC ETFs PLC >363<

Note

HSBC MSCI

CANADA UCITS ETF

USD

HSBC MSCI

MEXICO CAPPED

UCITS ETF USD

HSBC MSCI

EM LATIN AMERICA

UCITS ETF USD

HSBC MSCI

INDONESIA UCITS ETF

USD

Income Investment income 468,456 127,351 162,752 593,327 Other income - 10,292 - - Net loss on financial assets and liabilities at fair value through profit or loss (2,780,321) (359,387) (842,194) (4,404,256)

Total loss (2,311,865) (221,744) (679,442) (3,810,929)



Operating loss (2,370,624) (276,768) (710,509) (3,891,450)

Finance costs Distributions to redeemable participating shareholders 1(i), 4 (294,645) (71,055) (103,920) (11,374)

Loss for the financial period after distribution and before withholding tax (2,665,269) (347,823) (814,429) (3,902,824)


Decrease in net assets attributable to holders of redeemable participating shares from operations (2,782,145) (349,430) (826,308) (4,021,492)



>364< HSBC ETFs PLC

Note

HSBC MSCI

MALAYSIA UCITS ETF

USD

HSBC MSCI

TAIWAN UCITS ETF

USD

HSBC MSCI

KOREA UCITS ETF

USD

HSBC FTSE


UCITS ETF USD

Income Investment income 73,902 97,288 29,032 2,333,882 Other income - - - - Net (loss)/gain on financial assets and liabilities at fair value through profit or loss (849,839) 235,446 (321,354) (9,372,951)

Total (loss)/income (775,937) 332,734 (292,322) (7,039,069)



Operating (loss)/profit (790,688) 305,870 (315,330) (7,290,349)

Finance costs Distributions to redeemable participating shareholders 1(i), 4 (65,506) (108,220) (43,449) (1,445,610)

(Loss)/Profit for the financial period after distribution and before withholding tax (856,194) 197,650 (358,779) (8,735,959)

Less: Withholding tax - (19,458) (6,635) (280,893)

(Decrease)/increase in net assets attributable to holders of redeemable participating shares from operations (856,194) 178,192 (365,414) (9,016,852)



HSBC ETFs PLC >365<

Note

HSBC MSCI

RUSSIA CAPPED

UCITS ETF USD

HSBC MSCI


USD

HSBC MSCI AC

FAR EAST ex Japan

UCITS ETF USD

HSBC ESI

WORLDWIDE EQUITY

UCITS ETF USD

Income Investment income 421,903 4,430,235 1,961,916 16,110,308 Other income - 2,135 - - Net gain on financial assets and liabilities at fair value through profit or loss 10,560,103 5,430,064 5,349,898 13,091,977

Total income 10,982,006 9,862,434 7,311,814 29,202,285

Expenses Management fee 2 146,726 968,660 400,624 1,262,705 Other expenses 1,485 15,683 7,897 -

Total operating expenses 148,211 984,343 408,521 1,262,705


Finance costs Distributions to redeemable participating shareholders 1(i), 4 (2,057,755) (1,498,140) - (7,581,702)


Less: Withholding tax (40,967) (438,977) (177,789) (1,768,667)




>366< HSBC ETFs PLC

Note

HSBC

WORLDWIDE EQUITY

UCITS ETF USD

Income Investment income 4,631,642 Other income - Net gain on financial assets and liabilities at fair value through profit or loss 5,461,925

Total gain 10,093,567

Expenses Management fee 2 411,950 Other expenses -

Total operating expenses 411,950

Operating profit 9,681,617

Finance costs Distributions to redeemable participating shareholders 1(i), 4 (2,681,648)

Profit for the financial period after distribution and before withholding tax 6,999,969

Less: Withholding tax (558,355)

Increase in net assets attributable to holders of redeemable participating shares from operations 6,441,614


Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares For the period 1 January 2016 to 30 June 2016

HSBC ETFs PLC >367<

Note

HSBC FTSE

100 UCITS ETF

GBP

HSBC EURO

STOXX 50 UCITS ETF

EUR

HSBC MSCI

JAPAN UCITS ETF

USD

Net assets attributable to holders of redeemable participating shares at the start of the period 154,397,484 118,481,793 192,671,595

Increase/(decrease) in net assets attributable to holders of redeemable participating shares from operations 6,987,648 (12,174,849) (12,860,200)

Proceeds from redeemable participating shares issued - 6,198,380 - Redemption of redeemable participating shares (6,174,910) (9,297,550) (32,336,309) Equalisation (111,850) 74,800 (41,600)

Net assets attributable to holders of redeemable participating shares at the end of the period 155,098,372 103,282,574 147,433,486


Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares (continued) For the period 1 January 2016 to 30 June 2016 (continued)

>368< HSBC ETFs PLC

Note

HSBC FTSE

250 UCITS ETF

GBP

HSBC S&P 500

UCITS ETF USD

HSBC MSCI

EUROPE UCITS ETF

EUR

HSBC MSCI USA

UCITS ETF USD

Net assets attributable to holders of redeemable participating shares at the start of the period 45,047,146 1,917,585,657 231,503,112 341,896,804

(Decrease)/increase in net assets attributable to holders of redeemable participating shares from operations (3,220,627) 48,033,731 (17,937,293) 1,804,434

Proceeds from redeemable participating shares issued - 148,475,180 - 9,296,950 Redemption of redeemable participating shares - (93,241,420) (11,550,066) (98,319,775) Equalisation - 686,800 (82,500) (353,750)

Net assets attributable to holders of redeemable participating shares at the end of the period 41,826,519 2,021,539,948 201,933,253 254,324,663



HSBC ETFs PLC >369<

Note

HSBC MSCI

BRAZIL UCITS ETF

USD

HSBC MSCI

PACIFIC ex JAPAN

UCITS ETF USD

HSBC MSCI EM

FAR EAST UCITS ETF

USD

HSBC MSCI

TURKEY UCITS ETF

USD

Net assets attributable to holders of redeemable participating shares at the start of the period 6,120,278 92,083,349 26,646,994 6,598,773

Increase/(decrease) in net assets attributable to holders of redeemable participating shares from operations 3,349,625 (1,682,253) 327,423 752,433

Proceeds from redeemable participating shares issued 9,017,720 - - - Redemption of redeemable participating shares (7,642,933) (45,959,325) - (1,132,895) Equalisation 6,860 (571,800) - (15,300)

Net assets attributable to holders of redeemable participating shares at the end of the period 10,851,550 43,869,971 26,974,417 6,203,011



>370< HSBC ETFs PLC

Note

HSBC MSCI

WORLD UCITS ETF

USD

HSBC S&P

BRIC 40 UCITS ETF*

USD

HSBC MSCI

CHINA UCITS ETF

USD

HSBC MSCI

SOUTH AFRICA

UCITS ETF USD


(Decrease)/increase in net assets attributable to holders of redeemable participating shares from operations (1,593,328) (64,776) (9,566,417) 793,138

Proceeds from redeemable participating shares issued - 2,090,272 8,335,901 981,153 Redemption of redeemable participating shares (80,475,171) (6,066,503) (41,409,623) (3,171,533) Equalisation (250,200) - (378,750) (32,925)

Net assets attributable to holders of redeemable participating shares at the end of the period 173,062,126 - 124,674,773 4,520,013

The accompanying notes form an integral part of the financial statements. * The Sub-Fund was fully redeemed on 27 April 2016.


HSBC ETFs PLC >371<

Note

HSBC MSCI

CANADA UCITS ETF

USD

HSBC MSCI

MEXICO CAPPED

UCITS ETF USD

HSBC MSCI

EM LATIN AMERICA

UCITS ETF USD

HSBC MSCI

INDONESIA UCITS ETF

USD


Increase in net assets attributable to holders of redeemable participating shares from operations 5,023,898 172,959 5,172,149 3,328,504

Proceeds from redeemable participating shares issued 3,621,406 7,413,029 6,662,808 6,200,891 Redemption of redeemable participating shares (12,251,535) (7,631,500) (13,254,031) (3,016,366) Equalisation (33,000) (300) (60,700) 11,580




>372< HSBC ETFs PLC

Note

HSBC MSCI

MALAYSIA UCITS ETF

USD

HSBC MSCI

TAIWAN UCITS ETF

USD

HSBC MSCI

KOREA UCITS ETF

USD

HSBC FTSE


UCITS ETF USD


Increase in net assets attributable to holders of redeemable participating shares from operations 235,354 378,792 252,949 16,855,694

Proceeds from redeemable participating shares issued 3,127,412 2,596,176 - 66,049,597 Redemption of redeemable participating shares (980,964) (2,516,201) - (22,755,946) Equalisation 5,310 - - 31,150




HSBC ETFs PLC >373<

Note

HSBC MSCI

RUSSIA CAPPED

UCITS ETF USD

HSBC MSCI


USD

HSBC MSCI AC

FAR EAST ex JAPAN

UCITS ETF USD

HSBC ESI

WORLDWIDE EQUITY

UCITS ETF USD



Proceeds from redeemable participating shares issued 1,048,166 33,679,184 17,721,065 - Redemption of redeemable participating shares (4,855,747) - - - Equalisation - 64,800 - -




>374< HSBC ETFs PLC

Note

HSBC

WORLDWIDE EQUITY

UCITS ETF USD

Net assets attributable to holders of redeemable participating shares at the start of the period 269,703,416

Increase in net assets attributable to holders of redeemable participating shares from operations 927,809

Proceeds from redeemable participating shares issued - Redemption of redeemable participating shares - Equalisation -

Net assets attributable to holders of redeemable participating shares at the end of the period 270,631,225



HSBC ETFs PLC >375<

Note

HSBC FTSE

100 UCITS ETF

GBP

HSBC EURO

STOXX 50 UCITS ETF

EUR

HSBC MSCI

JAPAN UCITS ETF

USD

Net assets attributable to holders of redeemable participating shares at the start of the period 242,120,849 81,363,380 196,950,179

Increase in net assets attributable to holders of redeemable participating shares from operations 1,385,510 8,665,425 26,940,126

Proceeds from redeemable participating shares issued - 21,313,210 19,032,615 Redemption of redeemable participating shares (70,514,870) - (10,337,372) Equalisation (785,975) 327,100 (56,700)

Net assets attributable to holders of redeemable participating shares at the end of the period 172,205,514 111,669,115 232,528,848



>376< HSBC ETFs PLC

Note

HSBC FTSE

250 UCITS ETF

GBP

HSBC S&P 500

UCITS ETF USD

HSBC MSCI

EUROPE UCITS ETF

EUR

HSBC MSCI USA

UCITS ETF USD

Net assets attributable to holders of redeemable participating shares at the start of the period 49,637,337 2,132,241,748 166,104,553 448,696,246


Proceeds from redeemable participating shares issued - 95,932,000 75,134,385 5,068,275 Redemption of redeemable participating shares (4,203,200) (353,082,940) (6,394,800) (60,720,850) Equalisation (10,500) (1,060,200) 1,068,000 (332,500)

Net assets attributable to holders of redeemable participating shares at the end of the period 49,793,316 1,880,866,306 253,014,431 396,590,070



HSBC ETFs PLC >377<

Note

HSBC MSCI

BRAZIL UCITS ETF

USD

HSBC MSCI

PACIFIC ex JAPAN

UCITS ETF USD

HSBC MSCI EM

FAR EAST UCITS ETF

USD

HSBC MSCI

TURKEY UCITS ETF

USD


(Decrease)/increase in net assets attributable to holders of redeemable participating shares from operations (904,302) (579,084) 1,231,689 (1,529,189)

Proceeds from redeemable participating shares issued 4,507,064 3,797,850 - 1,303,690 Redemption of redeemable participating shares (2,154,752) (54,921,758) (58,891,199) - Equalisation 13,860 (858,300) (4,500) 21,600




>378< HSBC ETFs PLC

Note

HSBC MSCI

WORLD UCITS ETF

USD

HSBC S&P

BRIC 40 UCITS ETF

USD

HSBC MSCI

CHINA UCITS ETF

USD

HSBC MSCI

SOUTH AFRICA

UCITS ETF USD


Increase/(decrease) in net assets attributable to holders of redeemable participating shares from operations 9,146,407 622,918 30,537,630 (42,744)

Proceeds from redeemable participating shares issued - 3,198,252 111,341,916 1,462,990 Redemption of redeemable participating shares (190,293,540) (9,161,273) (96,382,700) - Equalisation (699,750) (19,500) (616,500) 17,150




HSBC ETFs PLC >379<

Note

HSBC MSCI

CANADA UCITS ETF

USD

HSBC MSCI

MEXICO CAPPED

UCITS ETF USD

HSBC MSCI

EM LATIN AMERICA

UCITS ETF USD

HSBC MSCI

INDONESIA UCITS ETF

USD


Decrease in net assets attributable to holders of redeemable participating shares from operations (2,782,145) (349,430) (826,308) (4,021,492)

Proceeds from redeemable participating shares issued 7,429,639 4,278,399 - 20,868,849 Redemption of redeemable participating shares (2,544,195) (8,629,440) - (7,115,327) Equalisation 35,250 (9,100) - 7,140




>380< HSBC ETFs PLC

Note

HSBC MSCI

MALAYSIA UCITS ETF

USD

HSBC MSCI

TAIWAN UCITS ETF

USD

HSBC MSCI

KOREA UCITS ETF

USD

HSBC FTSE


UCITS ETF USD


(Decrease)/increase in net assets attributable to holders of redeemable participating shares from operations (856,194) 178,192 (365,414) (9,016,852)

Proceeds from redeemable participating shares issued 5,273,715 9,750,053 3,024,562 82,330,700 Redemption of redeemable participating shares (6,395,723) (6,502,357) (2,692,226) (16,455,426) Equalisation (60) - (2,450) 161,350




HSBC ETFs PLC >381<

Note

HSBC MSCI

RUSSIA CAPPED

UCITS ETF USD

HSBC MSCI


USD

HSBC MSCI AC

FAR EAST ex JAPAN

UCITS ETF USD

HSBC ESI

WORLDWIDE EQUITY

UCITS ETF USD



Proceeds from redeemable participating shares issued 5,091,450 18,442,302 7,664,816 - Redemption of redeemable participating shares (2,870,554) (53,988,456) - - Equalisation 4,050 (28,200) 31,600 -

Net assets attributable to holders of redeemable participating shares at the end of the period 51,282,278 310,447,464 138,823,055 1,002,300,645



>382< HSBC ETFs PLC

Note

HSBC

WORLDWIDE EQUITY

UCITS ETF USD

Net assets attributable to holders of redeemable participating shares at the start of the period 349,101,692

Increase in net assets attributable to holders of redeemable participating shares from operations 6,441,614

Proceeds from redeemable participating shares issued - Redemption of redeemable participating shares (67,654,675) Equalisation (273,000)

Net assets attributable to holders of redeemable participating shares at the end of the period 287,615,631


Cash Flow Statement For the period 1 January 2016 to 30 June 2016

HSBC ETFs PLC >383<

TOTAL 2016 USD

HSBC FTSE

100 UCITS ETF

GBP

HSBC EURO

STOXX 50 UCITS ETF

EUR

HSBC MSCI

JAPAN UCITS ETF

USD

Cashflows from operating activities Increase/(decrease) in net assets attributable to holders of redeemable participating shares from operations 75,280,646 6,987,648 (12,174,849) (12,860,200) Adjustment for: Investment income (83,714,856) (3,775,688) (3,168,858) (1,861,060) Withholding taxes 9,058,338 - 379,293 285,019 Distributions to holders of redeemable shares 48,197,722 2,432,448 505,440 898,349 Change in financial assets and liabilities: Net decrease in financial assets at fair value through profit or loss 182,048,739 207,722 15,424,918 45,886,559 Net (decrease)/increase in financial liabilities at fair value through profit or loss (34,346) - 1,663 66,505 Net decrease in receivables for securities sold/payables for securities purchased (7,346,138) (23,149) (90,661) - Net increase in due from/to brokers (2,725,595) (26,786) (41,048) (139,711) Net increase in other receivables and payables: - - (Increase)/decrease in other receivables (362,338) (11,145) (35,006) (382) - Increase/(decrease) in accrued management fees payable 776,581 (28,182) (6,577) (15,008) - Increase in other payables 685,063 24,623 - 60,827

1,099,306 (14,704) (41,583) 45,437 Investment income received 74,801,361 3,270,785 3,170,450 1,463,887 Withholding tax paid (9,058,338) - (379,293) (285,019)

Net cash provided by operating activities 287,606,839 9,058,276 3,585,472 33,499,766

Cashflows from financing activities Distributions paid to holders of redeemable shares (48,197,722) (2,432,448) (505,440) (898,349) Proceeds from redeemable shares 264,230,760 - 6,198,380 - Redemption of redeemable shares (463,345,110) (6,174,910) (9,297,550) (32,336,309) Equalisation (1,098,972) (111,850) 74,800 (41,600)

Net cash used in financing activities (248,411,044) (8,719,208) (3,529,810) (33,276,258)

Net increase in cash and cash equivalents 39,195,795 339,068 55,662 223,508 Cash and cash equivalents at beginning of the period 14,950,185 247,366 90,508 593,352

Cash and cash equivalents at end of the period 54,145,980 586,434 146,170 816,860

Cash and cash equivalents at end of the period is comprised of: Cash at bank 54,306,630 586,434 146,170 816,860 Bank overdraft (160,650) - - - The accompanying notes form an integral part of the financial statements.

Cash Flow Statement (continued) For the period 1 January 2016 to 30 June 2016 (continued)

>384< HSBC ETFs PLC

HSBC FTSE

250 UCITS ETF

GBP

HSBC S&P 500

UCITS ETF USD

HSBC MSCI

EUROPE UCITS ETF

EUR

HSBC MSCI USA

UCITS ETF USD

Cashflows from operating activities (Decrease)/increase in net assets attributable to holders of redeemable participating shares from operations

(3,220,627) 48,033,731 (17,937,293) 1,804,434

Adjustment for: Investment income (1,087,797) (21,292,617) (5,807,791) (3,213,233) Withholding taxes - 2,992,389 561,187 446,797 Distributions to holders of redeemable shares 754,512 17,112,095 1,468,900 2,551,900 Change in financial assets and liabilities: Net decrease in financial assets at fair value through profit or loss

3,547,742 (61,311,127) 30,107,891 87,342,563

Net increase in financial liabilities at fair value through profit or loss

1,355 - - -

Net (decrease)/increase in receivables for securities sold/payables for securities purchased

(4,781) 8,365,410 (238,447) (9,679,128)

Net increase in due from/to brokers (31,390) (157,506) (176,299) (43,293) Net increase in other receivables and payables: - Increase in other receivables (1,165) - (44,784) - - Increase in accrued management fees payable 11,203 149,230 9,577 45,409 - Increase/(decrease) in other payables 1,747 (4,003) 8,109 (19,537)

11,785 145,227 (27,098) 25,872 Investment income received 1,008,658 21,365,772 5,581,491 3,355,833 Withholding tax paid - (2,992,389) (561,187) (446,797)

Net cash provided by/(used in) operating activities 979,457 12,260,985 12,971,354 82,144,948

Cashflows from financing activities Distributions paid to holders of redeemable shares (754,512) (17,112,095) (1,468,900) (2,551,900) Proceeds from redeemable shares - 97,806,184 - 9,296,950 Redemption of redeemable shares - (93,241,420) (11,550,066) (83,694,438) Equalisation - 686,800 (82,500) (353,750)

Net cash used in financing activities (754,512) (11,860,531) (13,101,466) (77,303,138)

Net increase in cash and cash equivalents 224,945 400,454 (130,112) 4,841,810 Cash and cash equivalents at beginning of the period 75,451 3,744,091 (6,638) 1,307,379

Cash and cash equivalents at end of the period 300,396 4,144,545 (136,750) 6,149,189

Cash and cash equivalents at end of the period is comprised of:

Cash at bank 300,396 4,144,545 - 6,149,189 Bank overdraft - - (136,750) - The accompanying notes form an integral part of the financial statements.


HSBC ETFs PLC >385<

HSBC MSCI

BRAZIL UCITS ETF

USD

HSBC MSCI

PACIFIC ex JAPAN

UCITS ETF USD

HSBC MSCI EM

FAR EAST UCITS ETF

USD

HSBC MSCI

TURKEY UCITS ETF

USD

Cashflows from operating activities Increase/(decrease) in net assets attributable to holders of redeemable participating shares from operations 3,349,625 (1,682,253) 327,423 752,433 Adjustment for: Investment income (119,327) (1,579,885) (377,811) (184,517) Withholding taxes 7,317 17,318 47,635 26,127 Distributions to holders of redeemable shares 93,803 1,459,383 248,508 - Change in financial assets and liabilities: Net (increase)/decrease in financial assets at fair value through profit or loss (4,731,472) 48,708,024 (162,896) 420,298 Net increase/(decrease) in financial liabilities at fair value through profit or loss - 166 (22,336) (159) Net increase/(decrease) in receivables for securities sold/payables for securities purchased - 435 (748) - Net (increase)/decrease in due from/to brokers - (38,918) 15,914 (1,909) Net increase in other receivables and payables: - (Increase)/decrease in other receivables - - (4,170) - - Increase/(decrease) in accrued management fees payable 7,851 12,346 17,003 2,847 - (Decrease)/increase in other payables (4,917) (11,352) 9,070 -

2,934 994 21,903 2,847 Investment income received 136,340 1,307,562 213,236 184,517 Withholding tax paid (7,317) (17,318) (47,635) (26,127)

Net cash provided by/(used in) operating activities (1,268,097) 48,175,508 263,193 1,173,510

Cashflows from financing activities Distributions paid to holders of redeemable shares (93,803) (1,459,383) (248,508) - Proceeds from redeemable shares 9,017,720 - - - Redemption of redeemable shares (7,642,933) (45,959,325) - (1,132,895) Equalisation 6,860 (571,800) - (15,300)

Net cash provided by/(used in) financing activities 1,287,844 (47,990,508) (248,508) (1,148,195)

Net Increase in cash and cash equivalents 19,747 185,000 14,685 25,315 Cash and cash equivalents at beginning of the period (19,917) (23,763) 102,860 5,792

Cash and cash equivalents at end of the period (170) 161,237 117,545 31,107

Cash and cash equivalents at end of the period is comprised of: Cash at bank - 161,237 117,545 31,107 Bank overdraft (170) - - - The accompanying notes form an integral part of the financial statements.


>386< HSBC ETFs PLC

HSBC MSCI

WORLD UCITS ETF

USD

HSBC S&P

BRIC 40 UCITS ETF*

USD

HSBC MSCI

CHINA UCITS ETF

USD

HSBC MSCI

SOUTH AFRICA

UCITS ETF USD

Cashflows from operating activities (Decrease)/increase in net assets attributable to holders of redeemable participating shares from operations (1,593,328) (64,776) (9,566,417) 793,138 Adjustment for: Investment income (3,502,480) (3,914) (3,061,730) (110,032) Withholding taxes 422,847 271 246,739 10,233 Distributions to holders of redeemable shares 2,171,478 25,956 996,800 69,075 Change in financial assets and liabilities: Net decrease in financial assets at fair value through profit or loss 82,619,219 4,036,699 20,175,928 1,426,777 Net increase in financial liabilities at fair value through profit or loss 12,374 - 39,415 - Net (decrease)/increase in receivables for securities sold/payables for securities purchased (4,811) - 22,067 - Net (increase)/decrease in due from/to brokers (149,386) 21 (131,915) (1,454) Net increase in other receivables and payables: - (Increase)/decrease in other receivables (11,580) 599 (48,626) (11) - (Decrease)/increase in accrued management fees payable (28,979) (1,881) 63,658 1,630 - (Decrease)/increase in other payables (12,385) (2,137) 217,347 162

(52,944) (3,419) 232,379 1,781 Investment income received 3,498,407 12,474 713,878 108,412 Withholding tax paid (422,847) (271) (246,739) (10,233)

Net cash provided by operating activities 82,998,529 4,003,041 9,420,405 2,287,697

Cashflows from financing activities Distributions paid to holders of redeemable shares (2,171,478) (25,956) (996,800) (69,075) Proceeds from redeemable shares - 2,090,272 8,335,901 981,153 Redemption of redeemable shares (80,475,171) (6,066,503) (16,070,953) (3,171,533) Equalisation (250,200) - (378,750) (32,925)

Net cash used in financing activities (82,896,849) (4,002,187) (9,110,602) (2,292,380)

Net increase in cash and cash equivalents 101,680 854 309,803 (4,683) Cash and cash equivalents at beginning of the period 2,146,672 (854) 1,403,636 7,635

Cash and cash equivalents at end of the period 2,248,352 0 1,713,439 2,952

Cash and cash equivalents at end of the period is comprised of: Cash at bank 2,248,352 - 1,713,439 2,952 Bank overdraft - - - - The Sub-Fund was fully redeemed on 27 April 2016.


HSBC ETFs PLC >387<

HSBC MSCI

CANADA UCITS ETF

USD

HSBC MSCI

MEXICO CAPPED

UCITS ETF USD

HSBC MSCI

EM LATIN AMERICA

UCITS ETF USD

HSBC MSCI

INDONESIA UCITS ETF

USD

Cashflows from operating activities Increase in net assets attributable to holders of redeemable participating shares from operations 5,023,898 172,959 5,172,149 3,328,504 Adjustment for: Investment income (577,185) (89,775) (280,339) (473,557) Withholding taxes 143,262 1,761 23,381 94,711 Distributions to holders of redeemable shares 427,500 100,680 171,840 - Change in financial assets and liabilities: Net increase in financial assets at fair value through profit or loss 3,487,130 73,133 1,436,897 (6,411,223) Net decrease in financial liabilities at fair value through profit or loss - - (354) - Net increase/(decrease) in receivables for securities sold/payables for securities purchased - - (6,642,412) - Net increase in due from/to brokers (17,883) (1,682) (1,087) (2,132) Net increase in other receivables and payables: - movement in other receivables - - - - - Decrease in accrued management fees payable 9,149 5,006 15,220 14,594 - (Decrease)/increase in other payables (8,674) 517 (3,871) 9,253

475 5,523 11,349 23,847 Investment income received 611,882 84,603 285,373 427,291 Withholding tax paid (143,262) (1,761) (23,381) (94,711)

Net cash provided by/(used in) operating activities 8,955,817 345,441 153,416 (3,107,270)

Cashflows from financing activities Distributions paid to holders of redeemable shares (427,500) (100,680) (171,840) - Proceeds from redeemable shares 3,621,406 7,413,029 6,662,808 6,200,891 Redemption of redeemable shares (12,251,535) (7,631,501) (6,558,500) (3,016,366) Equalisation (33,000) (300) (60,700) 11,580

Net cash (used in)/provided by financing activities (9,090,629) (319,452) (128,232) 3,196,105

Net decrease in cash and cash equivalents (134,812) 25,989 25,184 88,835 Cash and cash equivalents at beginning of the period 127,843 8,413 4,416 14,171

Cash and cash equivalents at end of the period (6,969) 34,402 29,600 103,006

Cash and cash equivalents at end of the period is comprised of: Cash at bank - 34,402 29,600 103,006 Bank overdraft (6,969) - - - The accompanying notes form an integral part of the financial statements.


>388< HSBC ETFs PLC

HSBC MSCI

MALAYSIA UCITS ETF

USD

HSBC MSCI

TAIWAN UCITS ETF

USD

HSBC MSCI

KOREA UCITS ETF

USD

HSBC FTSE


UCITS ETF USD

Cashflows from operating activities Increase in net assets attributable to holders of redeemable participating shares from operations 235,354 378,792 252,949 16,855,694 Adjustment for: Investment income (94,610) (120,541) (38,285) (4,257,392) Withholding taxes - 24,074 8,326 495,529 Distributions to holders of redeemable shares 42,019 169,050 12,663 2,904,770 Change in financial assets and liabilities: Net increase in financial assets at fair value through profit or loss (2,358,673) (366,752) (266,193) (60,508,060) Net movement in financial liabilities at fair value through profit or loss - - - - Net increase/(decrease) in receivables for securities sold/payables for securities purchased 1,029,049 (1,649) - 636,290 Net increase/(decrease) in due from/to brokers (2,664) 954 - - Net increase in other receivables and payables: - Increase in other receivables - - - (30,256) - Increase in accrued management fees payable 4,426 4,067 3,979 86,477 - Increase/(decrease) in other payables - 23,405 (19,965) 39,885

4,426 27,472 (15,986) 96,106 Investment income received 97,577 3,525 129,033 4,019,776 Withholding tax paid - (24,074) (8,326) (495,529)

Net cash (used in)/provided by operating activities (1,047,522) 90,851 74,181 (40,252,816)

Cashflows from financing activities Distributions paid to holders of redeemable shares (42,019) (169,050) (12,663) (2,904,770) Proceeds from redeemable shares 3,127,412 2,596,176 - 66,049,597 Redemption of redeemable shares (2,010,899) (2,516,201) - (22,755,946) Equalisation 5,310 - - 31,150

Net cash provided by/(used in) financing activities 1,079,804 (89,075) (12,663) 40,420,031

Net increase in cash and cash equivalents 32,282 1,776 61,518 167,215 Cash and cash equivalents at beginning of the period (6,618) (3,365) (40,591) 113,057

Cash and cash equivalents at end of the period 25,664 (1,589) 20,927 280,272

Cash and cash equivalents at end of the period is comprised of: Cash at bank 25,664 - 20,927 280,272 Bank overdraft - (1,589) - - The accompanying notes form an integral part of the financial statements.


HSBC ETFs PLC >389<

HSBC MSCI

RUSSIA CAPPED

UCITS ETF USD

HSBC MSCI


USD

HSBC MSCI AC

FAR EAST ex JAPAN

UCITS ETF USD

HSBC ESI

WORLDWIDE EQUITY

UCITS ETF USD

Cashflows from operating activities Increase in net assets attributable to holders of redeemable participating shares from operations 7,127,751 14,233,781 4,405,877 16,043,870 Adjustment for: Investment income (444,730) (3,703,324) (2,402,695) (14,811,796) Withholding taxes 43,501 389,868 217,757 1,572,048 Distributions to holders of redeemable shares 1,596,613 1,085,340 - 6,988,541 Change in financial assets and liabilities: Net increase in financial assets at fair value through profit or loss (3,316,424) (23,655,124) (20,440,782) (3,364,313) Net (decrease)/increase in financial liabilities at fair value through profit or loss (7,045) (95,486) (115,970) 85,183 Net (decrease)/increase in receivables for securities sold/payables for securities purchased - (134,247) 1,278 (524,146) Net decrease/(increase) in due from/to brokers 28,425 (1,398,878) 197,404 (390,202) Net increase in other receivables and payables: - Increase in other receivables - (17,256) (17,959) (106,840) - Increase in accrued management fees payable 26,007 61,671 82,420 178,577 - Increase in other payables 3,903 103,494 70,669 175,824

29,910 147,909 135,130 247,561 Investment income received 405,696 2,522,294 1,586,857 12,507,269 Withholding tax paid (43,501) (389,868) (217,757) (1,572,048)

Net cash provided by/(used in) operating activities 5,420,196 (10,997,735) (16,632,901) 16,781,967

Cashflows from financing activities Distributions paid to holders of redeemable shares (1,596,613) (1,085,340) - (6,988,541) Proceeds from redeemable shares 1,048,166 33,679,184 17,721,065 - Redemption of redeemable shares (4,855,747) - - - Equalisation - 64,800 - -

Net cash (used in)/provided by financing activities (5,404,194) 32,658,644 17,721,065 (6,988,541)

Net increase in cash and cash equivalents 16,002 21,660,909 1,088,164 9,793,426 Cash and cash equivalents at beginning of the period 9,322 796,312 1,068,294 1,930,514

Cash and cash equivalents at end of the period 25,324 22,457,221 2,156,458 11,723,940

Cash and cash equivalents at end of the period is comprised of: Cash at bank 25,324 22,457,221 2,156,458 11,723,940 Bank overdraft - - - - The accompanying notes form an integral part of the financial statements.


>390< HSBC ETFs PLC

HSBC WORLDWIDE

EQUITY UCITS ETF

USD

Cashflows from operating activities Increase in net assets attributable to holders of redeemable participating shares from operations 927,809 Adjustment for: Investment income (4,228,172) Withholding taxes 494,721 Distributions to holders of redeemable shares 2,355,652 Change in financial assets and liabilities: Net increase in financial assets at fair value through profit or loss (897,450) Net decrease in financial liabilities at fair value through profit or loss (298) Net decrease in receivables for securities sold/payables for securities purchased (10,567) Net increase in due from/to brokers (172,238) Net increase in other receivables and payables: - Increase in other receivables (19,009) - Increase in accrued management fees payable 56,587 - Increase in other payables 13,257

50,835 Investment income received 3,952,142 Withholding tax paid (494,721)

Net cash provided by operating activities 1,977,713

Cashflows from financing activities Distributions paid to holders of redeemable shares (2,355,652) Proceeds from redeemable shares - Redemption of redeemable shares - Equalisation -

Net cash used in financing activities (2,355,652)

Net decrease in cash and cash equivalents (377,939) Cash and cash equivalents at beginning of the period 1,094,627

Cash and cash equivalents at end of the period 716,688

Cash and cash equivalents at end of the period is comprised of: Cash at bank 716,688 Bank overdraft - The accompanying notes form an integral part of the financial statements.

Cash Flow Statement (continued) For the period 1 January 2015 to 30 June 2015

HSBC ETFs PLC >391<

TOTAL 2015 USD

HSBC FTSE

100 UCITS ETF

GBP

HSBC EURO

STOXX 50 UCITS ETF

EUR

HSBC MSCI

JAPAN UCITS ETF

USD

Cashflows from operating activities Increase in net assets attributable to holders of redeemable participating shares from operations 142,905,495 1,385,510 8,665,425 26,940,126 Adjustment for: Investment income (91,378,177) (4,874,002) (2,377,411) (2,288,025) Withholding taxes 9,572,633 - 270,250 350,636 Distributions to holders of redeemable shares 53,744,291 3,493,397 394,823 1,045,677 Change in financial assets and liabilities: Net decrease/(increase) in financial assets at fair value through profit or loss 459,408,132 68,865,929 (29,989,689) (34,412,953) Net increase in financial liabilities at fair value through profit or loss 992,488 12,860 7,370 12,884 Net (decrease)/increase in receivables for securities sold/payables for securities purchased (44,959,518) (26,737,132) 7,099,126 - Net increase in due from/to brokers (2,311,554) (21,555) (29,313) (769) Net increase in other receivables and payables: - (Increase)/decrease in other receivables (76,665) (124) (575) 40 - Decrease in accrued management fees payable (6,437,420) (425,624) (36,335) (352,108) - Increase in other payables 721,218 25 - 19,405

(5,792,867) (425,723) (36,910) (332,663) Investment income received 80,475,914 4,500,631 2,268,580 2,161,317 Withholding tax paid (9,572,633) - (270,250) (350,636)

Net cash provided by/(used in) operating activities 593,084,204 46,199,915 (13,997,999) (6,874,406)

Cashflows from financing activities Distributions paid to holders of redeemable shares (53,744,291) (3,493,397) (394,823) (1,045,677)

Proceeds from redeemable shares 490,131,394 - 14,031,923 19,032,615 Redemption of redeemable shares (1,017,716,902) (43,720,190) - (10,337,372) Equalisation (3,338,223) (785,975) 327,100 (56,700)

Net cash (used in)/provided by financing activities (584,668,022) (47,999,562) 13,964,200 7,592,866

Net increase/(decrease) in cash and cash equivalents 8,416,182 (1,799,647) (33,799) 718,460 Cash and cash equivalents at beginning of the period 42,469,211 1,369,811 295,647 814,072

Cash and cash equivalents at end of the period 50,885,393 (429,836) 261,848 1,532,532

Cash and cash equivalents at end of the period is comprised of: Cash at bank 52,074,381 - 261,848 1,532,532 Bank overdraft (1,188,988) (429,836) - -



>392< HSBC ETFs PLC

HSBC FTSE

250 UCITS ETF

GBP

HSBC S&P 500

UCITS ETF USD

HSBC MSCI

EUROPE UCITS ETF

EUR

HSBC MSCI USA

UCITS ETF USD

Cashflows from operating activities Increase in net assets attributable to holders of redeemable participating shares from operations 4,369,679 6,835,698 17,102,293 3,878,899 Adjustment for: Investment income (829,669) (20,823,109) (4,886,413) (4,468,772) Withholding taxes - 2,909,302 481,143 617,081 Distributions to holders of redeemable shares 528,892 17,556,560 900,450 3,166,470 Change in financial assets and liabilities: Net (increase)/decrease in financial assets at fair value through profit or loss (19,442) 256,506,066 (86,068,815) 53,575,473 Net increase in financial liabilities at fair value through profit or loss 1,668 249,748 11,785 50,933 Net increase/(decrease) in receivables for securities sold/payables for securities purchased - 7,839,738 14,706 (5,007,408) Net increase in due from/to brokers (5,898) (843,726) (134,911) (170,517) Net increase in other receivables and payables: - Increase in other receivables (3,192) - (2,958) - - Decrease in accrued management fees payable (77,703) (577,711) (116,332) (453,187) - Increase/(decrease) in other accruals 935 (47,337) 958 (13,706)

(79,960) (625,048) (118,332) (466,893) Investment income received 800,354 21,094,285 4,540,730 4,551,511 Withholding tax paid - (2,909,302) (481,143) (617,081)

Net cash provided by/(used in) operating activities 4,765,624 287,790,212 (68,638,507) 55,109,696

Cashflows from financing activities Distributions paid to holders of redeemable shares (528,892) (17,556,560) (900,450) (3,166,470) Proceeds from redeemable shares - 95,932,000 75,134,385 10,072,225 Redemption of redeemable shares (4,203,200) (353,082,940) (6,394,800) (60,720,850) Equalistaion (10,500) (1,060,200) 1,068,000 (332,500)

Net cash (used in)/provided by financing activities (4,742,592) (275,767,700) 68,907,135 (54,147,595)

Net increase in cash and cash equivalents 23,032 12,022,512 268,628 962,101 Cash and cash equivalents at beginning of the period 45,075 11,367,478 262,558 2,052,360

Cash and cash equivalents at end of the period 68,107 23,389,990 531,186 3,014,461

Cash and cash equivalents at end of the period is comprised of: Cash at bank 68,107 23,389,990 531,186 3,014,461 Bank overdraft - - - -

The accompanying notes form an integral part of the financial statements


HSBC ETFs PLC >393<

HSBC MSCI

BRAZIL UCITS ETF

USD

HSBC MSCI

PACIFIC ex JAPAN

UCITS ETF USD

HSBC MSCI EM

FAR EAST UCITS ETF

USD

HSBC MSCI

TURKEY UCITS ETF

USD

Cashflows from operating activities (Decrease)/increase in net assets attributable to holders of redeemable participating shares from operations (904,302) (579,084) 1,231,689 (1,529,189) Adjustment for: Investment income (172,677) (3,152,159) (403,878) (266,503) Withholding taxes 11,201 45,739 52,547 37,947 Distributions to holders of redeemable shares 112,957 2,838,153 293,982 - Change in financial assets and liabilities: Net (increase)/decrease in financial assets at fair value through profit or loss (1,468,132) 52,793,183 56,737,681 239,697 Net increase in financial liabilities at fair value through profit or loss - 14,764 4,438 883 Net movement in receivables for securities sold/payables for securities purchased Net increase in due from/to brokers - 34,369 (31,265) (3,154) Net increase in other receivables and payables: - Increase in other receivables - (74,709) (7,391) - - Decrease in accrued management fees payable (40,369) (303,698) (276,044) (29,935) - Decrease in other accruals (3,021) (5,102) (15,483) -

(43,390) (383,509) (298,918) (29,935) Investment income received 169,514 2,497,874 412,031 266,503 Withholding tax paid (11,201) (45,739) (52,547) (37,947)

Net cash (used in)/provided by operating activities (2,306,030) 54,063,591 57,945,760 (1,321,698)

Cashflows from financing activities Distributions paid to holders of redeemable shares (112,957) (2,838,153) (293,982) - Proceeds from redeemable shares 4,507,064 - - 1,303,690 Redemption of redeemable shares (2,154,752) (51,067,520) (58,891,199) - Equalistaion 13,860 (858,300) (4,500) 21,600

Net cash provided by/(used in) financing activities 2,253,215 (54,763,973) (59,189,681) 1,325,290

Net (decrease)/increase in cash and cash equivalents (52,815) (700,382) (1,243,921) 3,592 Cash and cash equivalents at beginning of the period 47,108 516,490 1,336,552 41,136

Cash and cash equivalents at end of the period (5,707) (183,892) 92,631 44,728

Cash and cash equivalents at end of the period is comprised of: Cash at bank - - 92,631 44,728 Bank overdraft (5,707) (183,892) - -



>394< HSBC ETFs PLC

HSBC MSCI

WORLD UCITS ETF

USD

HSBC S&P

BRIC 40 UCITS ETF

USD

HSBC MSCI

CHINA UCITS ETF

USD

HSBC MSCI

SOUTH AFRICA

UCITS ETF USD

Cashflows from operating activities Increase/(decrease) in net assets attributable to holders of redeemable participating shares from operations 9,146,407 622,918 30,537,630 (42,744) Adjustment for: Investment income (5,620,527) (134,020) (5,767,093) (67,938) Withholding taxes 673,507 12,110 481,872 6,475 Distributions to holders of redeemable shares 3,324,320 152,260 1,664,625 44,025 Change in financial assets and liabilities: Net decrease/(increase) in financial assets at fair value through profit or loss 181,138,686 5,393,670 (61,125,871) (2,797,520) Net increase in financial liabilities at fair value through profit or loss 32,486 - 15,390 - Net increase/(decrease) in receivables for securities sold/payables for securities purchased - 13,583 (10,722,578) - Net (increase) /decrease in due from/to brokers (211,952) - 137,816 252 Net (increase)/decrease in other receivables and payables: - Decrease/(increase)in other receivables 3,021 - - 228 - Decrease in accrued management fees payable (753,901) (36,162) (258,359) (14,910) - (Decrease)/increase in other accruals (31,741) 6,631 461,370 (42)

(782,621) (29,531) 203,011 (14,724) Investment income received 5,665,772 60,272 837,262 68,353 Withholding tax paid (673,507) (12,110) (481,872) (6,475)

Net cash provided by/(used in) operating activities 192,692,571 6,079,152 (44,219,808) (2,810,296)

Cashflows from financing activities Distributions paid to holders of redeemable shares (3,324,320) (152,260) (1,664,625) (44,025) Proceeds from redeemable shares - 3,198,252 111,341,916 2,834,150 Redemption of redeemable shares (190,293,540) (9,161,273) (68,080,315) - Equalistaion (699,750) (19,500) (616,500) 17,150

Net cash (used in)/provided by financing activities (194,317,610) (6,134,781) 40,980,476 2,807,275

Net decrease in cash and cash equivalents (1,625,039) (55,629) (3,239,332) (3,021) Cash and cash equivalents at beginning of the period 3,710,687 20,846 2,950,729 23,024

Cash and cash equivalents at end of the period 2,085,648 (34,783) (288,603) 20,003

Cash and cash equivalents at end of the period is comprised of: Cash at bank 2,085,648 - - 20,003 Bank overdraft - (34,783) (288,603) -



HSBC ETFs PLC >395<

HSBC MSCI

CANADA UCITS ETF

USD

HSBC MSCI

MEXICO CAPPED

UCITS ETF USD

HSBC MSCI

EM LATIN AMERICA

UCITS ETF USD

HSBC MSCI

INDONESIA UCITS ETF

USD

Cashflows from operating activities Decrease in net assets attributable to holders of redeemable participating shares from operations (2,782,145) (349,430) (826,308) (4,021,492) Adjustment for: Investment income (468,456) (127,351) (162,752) (593,342) Withholding taxes 116,876 1,607 11,879 118,668 Distributions to holders of redeemable shares 294,645 71,055 103,920 11,374 Change in financial assets and liabilities: Net (increase)/decrease in financial assets at fair value through profit or loss (2,204,695) 4,705,916 888,013 (9,651,846) Net increase in financial liabilities at fair value through profit or loss 2,447 - - 2,240 Net movement in receivables for securities sold/payables for securities purchased - - - - Net increase in due from/to brokers (1,820) (1,575) (2,355) (5,444) Net increase in other receivables and payables: - Movement in other receivables - - - - - Decrease in accrued management fees payable (46,213) (65,299) (49,759) (34,911) - Increase/(decrease) in other accruals 1,788 255 (1,189) 8,307

(44,425) (65,044) (50,948) (26,604) Investment income received 461,302 124,374 157,980 551,808 Withholding tax paid (116,876) (1,607) (11,879) (118,668)

Net cash (used in)/provided by operating activities (4,743,147) 4,357,945 107,550 (13,733,306)

Cashflows from financing activities Distributions paid to holders of redeemable shares (294,645) (71,055) (103,920) (11,374) Proceeds from redeemable shares 7,429,639 4,278,399 - 20,868,849 Redemption of redeemable shares (2,544,195) (8,629,440) - (7,115,327) Equalistaion 35,250 (9,100) - 7,140

Net cash provided by/(used in) by financing activities 4,626,049 (4,431,196) (103,920) 13,749,288

Net (decrease)/increase in cash and cash equivalents (117,098) (73,251) 3,630 15,982 Cash and cash equivalents at beginning of the period 282,224 178,253 78,458 150,663

Cash and cash equivalents at end of the period 165,126 105,002 82,088 166,645

Cash and cash equivalents at end of the period is comprised of: Cash at bank 165,126 105,002 82,088 166,645 Bank overdraft - - - -



>396< HSBC ETFs PLC

HSBC MSCI

MALAYSIA UCITS ETF

USD

HSBC MSCI

TAIWAN UCITS ETF

USD

HSBC MSCI

KOREA UCITS ETF

USD

HSBC FTSE


UCITS ETF USD

Cashflows from operating activities (Decrease)/increase in net assets attributable to holders of redeemable participating shares from operations (856,194) 178,192 (365,414) (9,016,852) Adjustment for: Investment income (73,902) (97,288) (29,031) (2,333,882) Withholding taxes - 19,458 6,635 280,893 Distributions to holders of redeemable shares 65,506 108,220 43,449 1,445,610 Change in financial assets and liabilities: Net decrease/(increase) in financial assets at fair value through profit or loss 638,406 (3,414,630) 19,965 (57,054,562) Net change in financial liabilities at fair value through profit or loss - - - - Net (increase)/decrease in receivables for securities sold/payables for securities purchased (2,685,743) 67,550 (52,220) 192,719 Net decrease in due from/to brokers 13 - - - Net (increase)/decrease in other receivables and payables: - Increase in other receivables - - - (16,821) - (Decrease)/increase in accrued management

fees payable (11,414) (10,613) (11,864) 9,586 - Increase/(decrease) in other accruals - 19,383 (18,615) 43,840

(11,414) 8,770 (30,479) 36,605 Investment income received 79,725 (203) 113,646 2,068,531 Withholding tax paid - (19,458) (6,635) (280,893)

Net cash used in operating activities (2,843,603) (3,149,389) (300,084) (64,661,831)

Cashflows from financing activities Distributions paid to holders of redeemable shares (65,506) (108,220) (43,449) (1,445,610) Proceeds from redeemable shares 6,615,516 9,750,053 3,024,562 82,330,700 Redemption of redeemable shares (6,395,723) (6,502,357) (2,692,226) (16,455,426) Equalistaion (60) - (2,450) 161,350

Net cash provided by financing activities 154,227 3,139,476 286,437 64,591,014

Net decrease in cash and cash equivalents (2,689,376) (9,913) (13,647) (70,817) Cash and cash equivalents at beginning of the period 2,694,684 12,736 23,329 85,273

Cash and cash equivalents at end of the period 5,308 2,823 9,682 14,456

Cash and cash equivalents at end of the period is comprised of: Cash at bank 5,308 2,823 9,682 14,456 Bank overdraft - - - -



HSBC ETFs PLC >397<

HSBC MSCI

RUSSIA CAPPED

UCITS ETF USD

HSBC MSCI


USD

HSBC MSCI AC

FAR EAST ex JAPAN

UCITS ETF USD

HSBC ESI

WORLDWIDE EQUITY

UCITS ETF USD

Cashflows from operating activities Increase in net assets attributable to holders of redeemable participating shares from operations 8,735,073 6,940,974 6,725,504

18,589,211

Adjustment for: Investment income (421,903) (4,430,235) (1,961,916) (16,110,308) Withholding taxes 40,967 438,977 177,789 1,768,667 Distributions to holders of redeemable shares 2,057,755 1,498,140 - 7,581,702 Change in financial assets and liabilities: Net (increase)/decrease in financial assets at fair value through profit or loss (10,982,269) 27,473,101 (13,603,500) (10,209,132) Net increase in financial liabilities at fair value through profit or loss 9,000 207,540 46,435 243,789 Net decrease in receivables for securities sold/payables for securities purchased - (460,282) - (552) Net decrease/(increase) in due from/to brokers 17,741 (329,338) (139,834) (425,617) Net increase in other receivables and payables: - Increase in other receivables - - (28,598) (42,758) - Decrease in accrued management fees payable (120,475) (698,634) (283,825) (627,390) - (Decrease)/Increase in other accruals (7,094) 83,260 82,356 134,329

(127,569) (615,374) (230,067) (535,819) Investment income received 492,847 3,125,654 1,238,883 14,174,290 Withholding tax paid (40,967) (438,977) (177,789) (1,768,667)

Net cash (used in)/provided by operating activities (219,325) 33,410,180 (7,924,495) 13,307,564

Cashflows from financing activities Distributions paid to holders of redeemable shares (2,057,755) (1,498,140) - (7,581,702) Proceeds from redeemable shares 5,091,450 18,442,302 7,664,816 - Redemption of redeemable shares (2,870,554) (47,982,656) - - Equalistaion 4,050 (28,200) 31,600 -

Net cash provided by/(used in) financing activities 167,191 (31,066,694) 7,696,416 (7,581,702)

Net (decrease)/increase in cash and cash equivalents (52,134) 2,343,486 (228,079) 5,725,862 Cash and cash equivalents at beginning of the period 283,898 4,966,164 1,726,023 3,694,498

Cash and cash equivalents at end of the period 231,764 7,309,650 1,497,944 9,420,360

Cash and cash equivalents at end of the period is comprised of: Cash at bank 231,764 7,309,650 1,497,944 9,420,360 Bank overdraft - - - -



>398< HSBC ETFs PLC

HSBC

WORLDWIDE EQUITY

UCITS ETF USD

Cashflows from operating activities Increase in net assets attributable to holders of redeemable participating shares from operations 6,441,614 Adjustment for: Investment income (4,631,642) Withholding taxes 558,355 Distributions to holders of redeemable shares 2,681,648 Change in financial assets and liabilities: Net decrease in financial assets at fair value through profit or loss 27,482,655 Net increase in financial liabilities at fair value through profit or loss 55,512 Net decrease in receivables for securities sold/payables for securities purchased (6,650) Net increase in due from/to brokers (117,595) Net increase in other receivables and payables: - Increase in other receivables (5,665) - Decrease in accrued management fees payable (408,383) - Increase in other accruals 1,647

(412,401) Investment income received 4,450,298 Withholding tax paid (558,355)

Net cash provided by operating activities 35,943,439

Cashflows from financing activities Distributions paid to holders of redeemable shares (2,681,648) Proceeds from redeemable shares - Redemption of redeemable shares (33,626,870) Equalistaion (273,000)

Net cash used in financing activities (36,581,518)

Net decrease in cash and cash equivalents (638,079) Cash and cash equivalents at beginning of the period 2,530,909

Cash and cash equivalents at end of the period 1,892,830

Cash and cash equivalents at end of the period is comprised of: Cash at bank 1,892,830 Bank overdraft -


Notes to the Financial Statements For the period ended 30 June 2016

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1. Principal accounting policies

The significant accounting policies adopted by the Company are as follows:

(a) Basis of preparation 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 European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011, as amended (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"). 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. Revisions to estimates are recognised prospectively. Certain comparatives have been restated to conform with current period presentation. The preparation of financial statements in conformity with IFRS requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the period. Actual results could differ from those estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to estimates are recognised prospectively. Information about judgments made in applying accounting policies that have the most significant effects on the amounts recognised in the financial statements relates to the determination of functional currency as disclosed in note 1(b) below.

(b) 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. During 2015, the functional currency of the Company was changed from Euro to US Dollars as this reflects the Company’s primary economic environment since the majority of Sub-Funds have functional currencies in US Dollars. The presentation currency of the Company was also changed to US Dollars to align it with the new functional currency.

Notes to the Financial Statements (continued) For the period ended 30 June 2016 (continued)

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1. Principal accounting policies (continued)

(b) Foreign currency translation (continued) (i) Functional and presentation currency of the Company (continued) The change in functional and presentation currency does not have an impact on the results of any of the Sub-Funds for 2016, 2015 or 2014 as the functional currency and presentation currency of each of the Sub-Funds remains unchanged. (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 balance sheet 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 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 transaction gains and losses on financial instruments classified as at fair value through profit or loss and foreign currency differences on other financial instruments are included in the income statement as part of the ‘Net gain or loss on financial assets and liabilities at fair value through profit or loss’. (iv) Presentational translation For purposes of presenting the financial statements of the Company, the prior year/period and up to 30 June 2016, presentation of the financial information for the time when the Euro was the functional currency is re-translated into US Dollars as follows:


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(b) Foreign currency translation (continued) (iv) Presentational translation (continued)

The balance sheet of Sub-Funds with functional and presentation currencies other than USD were translated to US Dollars at the exchange rate ruling at 31 December 2015;

The income statement, proceeds from redeemable participating shares issued, redemptions of redeemable participating shares, equalisation and statement of cash flows of Sub-Funds with functional and presentation currencies other than USD were translated at the US Dollar average rates where those rates represent a reasonable approximation of actual rates; and

The balance sheet of Sub-Funds with functional and presentation currencies other than USD were translated to US Dollars at the exchange rate ruling at 30 June 2016.

The translation method resulted in a foreign currency translation amount of USD 18,423,178 (30 June 2015: USD 22,337,170) 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 2016 and 31 December 2015. This has no impact on the Net Asset Value per share of each of the Sub-Funds.

(c) Income Interest income is recognised in the income statement for all instruments and deposits using the effective interest method. Dividend income is credited to the income statement on the date on which the relevant securities are listed as “ex-dividend”. Dividend income is shown gross of any non-recoverable withholding taxes, which is disclosed under investment income in the income statement, and net of any tax credits.

(d) Expenses

Expenses are recognised in the income statement on an accrual basis.

(e) 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.

(f) 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 and bank overdrafts.


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(g) Due from/to brokers Cash at broker is 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’ Balance Sheets.

(h) 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.

(i) 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 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 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 Purchases and sales of financial instruments are accounted for at trade date - the date on which the Company commits to purchase or sell the asset. Realised gains and losses on disposals of financial instruments are calculated using the first-in-first-out (FIFO) method.


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(i) Financial assets and liabilities at fair value through profit or loss (continued)

(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 in the income statement. 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 income statement 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 balance sheet 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. 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 balance sheet date applicable to an instrument with similar terms and conditions. Where other pricing models are used, inputs are based on market data at the balance sheet 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.


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(i) Offsetting of financial assets and liabilities Financial assets and liabilities are offset and the net amount reported in the balance sheet and income statement 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.

(j) Distributions to holders of redeemable participating shares

Distributions to holders of redeemable participating shares are recorded in the income statement as finance costs when declared.

(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 balance sheet date if shareholder exercised its right to put the share back to the Sub-Fund.

(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 A Sub-Fund’s assets may be given or received by the Sub-Fund for collateral purposes with counterparties in respect of 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 Balance Sheet. Cash received as collateral is recorded as an asset on the Balance Sheet and is valued at its fair value. A related liability to repay the collateral is recorded as a liability on the Balance Sheet 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 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 and are disclosed at the end of the relevant Schedule of Investments.


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(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 Income Statement. Transaction costs incurred during the period by each Sub-Funds are detailed in Note 6(f).

(o) New standards, amendments and interpretations effective for future reporting periods that have not been early adopted

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 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.

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.

(p) New Standards, amendments and interpretations effective from 1 January 2016

New or amended standards

Summary of the requirements Possible impact on financial statements

Investment Entities: Applying the Consolildation Exception (Amendments to IFRS 10, IFRS 12 and IAS 28).

These amendments, iner alia, clarify that an investment entity may provide investment-related services to third parties – even if those activities are substantial to the entity – as long as the entity continues to meet the definition of an investment entity.

The amendments are effective for annual periods beginning on or after 1 January 2016. The Company has adopted these amendments.

There is no impact on the Sub-Funds as the Sub-Funds do not have any subsidiaries.


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2. 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.

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) Limited (the “Depositary”), HSBC Securities Services (Ireland) Limited (the “Administrator”), Computershare Investor Services (Ireland) Limited (the “Registrar and Transfer Agent), KPMG (the “Auditors”) 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 6. 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 2016 (31 December 2015: 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 6,199,834 (30 June 2015: USD 8,836,500) of which USD 1,977,433 (31 December 2015: USD 1,200,852) was payable at the period end.


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2. 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 for the period ended 30 June 2016 amounted to USD 41,736 (30 June 2015: USD 41,595). 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 2016 (30 June 2015: 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.

3. 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.


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4. 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, HSBC FTSE 250 UCITS ETF, HSBC FTSE EPRA/NAREIT DEVELOPED UCITS ETF, HSBC MSCI EMERGING MARKETS UCITS ETF, HSBC ESI WORLDWIDE EQUITY UCITS ETF and HSBC WORLDWIDE EQUITY 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 accumulation 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 1(l). The Company paid the following dividends during the period ended 30 June 2016.

Sub-Funds Dividend Ex-Date Dividend Rate per Share

HSBC FTSE 100 UCITS ETF 4 February 2016 0.9888

HSBC EURO STOXX 50 UCITS ETF 4 February 2016 0.1440

HSBC MSCI JAPAN UCITS ETF 28 January 2016 0.1562

HSBC FTSE 250 UCITS ETF 4 February 2016 0.0864

21 April 2016 0.1994

HSBC S&P 500 UCITS ETF 21 January 2016 0.1841

HSBC MSCI EUROPE UCITS ETF 4 February 2016 0.0794

HSBC MSCI USA UCITS ETF 21 January 2016 0.1510

HSBC MSCI BRAZIL UCITS ETF 21 January 2016 0.1598

HSBC MSCI PACIFIC ex JAPAN UCITS ETF 28 January 2016 0.2143

HSBC MSCI EM FAR EAST UCITS ETF 28 January 2016 0.3186

HSBC MSCI WORLD UCITS ETF 21 January 2016 0.0592

21 April 2016 0.0863


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4. Distributions (continued)


HSBC S&P BRIC 40 UCITS ETF 21 January 2016 0.1236

HSBC MSCI CHINA UCITS ETF 28 January 2016 0.0356

HSBC MSCI SOUTH AFRICA UCITS ETF 4 February 2016 0.4605

HSBC MSCI CANADA UCITS ETF 21 January 2016 0.1425

HSBC MSCI MEXICO CAPPED UCITS ETF 21 January 2016 0.3356

HSBC MSCI EM LATIN AMERICA UCITS ETF 21 January 2016 0.1136

14 April 2016 0.0736

HSBC MSCI MALAYSIA UCITS ETF 28 January 2016 0.4181

HSBC MSCI TAIWAN UCITS ETF 28 January 2016 0.5635

HSBC MSCI KOREA UCITS ETF 21 April 2016 0.0603

HSBC FTSE EPRA/NAREIT DEVELOPED UCITS ETF 4 February 2016 0.1592

21 April 2016 0.2003

HSBC MSCI RUSSIA CAPPED UCITS ETF 4 February 2016 0.2485

HSBC MSCI EMERGING MARKETS UCITS ETF 28 January 2016 0.0213

21 April 2016 0.0149

HSBC ESI WORLDWIDE EQUITY UCITS ETF 21 January 2016 0.0494

21 April 2016 0.0668

HSBC WORLDWIDE EQUITY UCITS ETF 21 January 2016 0.0552

21 April 2016 0.0776


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The Company paid the following dividends during the year ended 31 December 2015.


HSBC FTSE 100 UCITS ETF 29 January 2015 GBP 0.9677

30 July 2015 GBP 1.4193

HSBC EURO STOXX 50 UCITS ETF 29 January 2015 EUR 0.1573

30 July 2015 EUR 0.7632

HSBC MSCI JAPAN UCITS ETF 22 January 2015 USD 0.1394

23 July 2015 USD 0.1809

HSBC FTSE 250 UCITS ETF 29 January 2015 GBP 0.0892

16 April 2015 GBP 0.0867

30 July 2015 GBP 0.1674

15 October 2015 GBP 0.1300

HSBC S&P 500 UCITS ETF 15 January 2015 USD 0.1712

16 July 2015 USD 0.1765

HSBC MSCI EUROPE UCITS ETF 29 January 2015 EUR 0.0667

30 July 2015 EUR 0.2724

HSBC MSCI USA UCITS ETF 15 January 2015 USD 0.1398

16 July 2015 USD 0.1435

HSBC MSCI BRAZIL UCITS ETF 15 January 2015 USD 0.2527

16 July 2015 USD 0.2488

HSBC MSCI PACIFIC ex JAPAN UCITS ETF 22 January 2015 USD 0.2383

23 July 2015 USD 0.2400

HSBC MSCI EM FAR EAST UCITS ETF 22 January 2015 USD 0.3769 23 July 2015 USD 0.4014

HSBC MSCI TURKEY UCITS ETF 30 July 2015 USD 0.1008 HSBC MSCI WORLD UCITS ETF 15 January 2015 USD 0.0562 16 April 2015 USD 0.0838 16 July 2015 USD 0.1093 15 October 2015 USD 0.0701

HSBC S&P BRIC 40 UCITS ETF 15 January 2015 USD 0.3310

16 July 2015 USD 0.3248


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HSBC MSCI CHINA UCITS ETF 22 January 2015 USD 0.0579

23 July 2015 USD 0.1190

HSBC MSCI SOUTH AFRICA UCITS ETF 29 January 2015 USD 0.5870

30 July 2015 USD 0.7909

HSBC MSCI CANADA UCITS ETF 15 January 2015 USD 0.1511

16 July 2015 USD 0.1453

HSBC MSCI MEXICO CAPPED UCITS ETF 15 January 2015 USD 0.1579

16 July 2015 USD 0.1749

HSBC MSCI EM LATIN AMERICA UCITS ETF 15 January 2015 USD 0.1484

16 April 2015 USD 0.1114

16 July 2015 USD 0.1853

15 October 2015 USD 0.0864

HSBC MSCI INDONESIA UCITS ETF 22 January 2015 USD 0.0484

30 July 2015 USD 1.0407

HSBC MSCI MALAYSIA UCITS ETF 22 January 2015 USD 0.6518

23 July 2015 USD 0.6013

HSBC MSCI KOREA UCITS ETF 22 January 2015 USD 0.2069

HSBC FTSE EPRA/NAREIT DEVELOPED UCITS ETF 29 January 2015 USD 0.1597

16 April 2015 USD 0.1342

30 July 2015 USD 0.1699

15 October 2015 USD 0.1358

HSBC MSCI RUSSIA CAPPED UCITS ETF 29 January 2015 USD 0.3626

30 July 2015 USD 0.0392

HSBC MSCI EMERGING MARKETS UCITS ETF 22 January 2015 USD 0.0294

16 April 2015 USD 0.0148

23 July 2015 USD 0.0796

15 October 2015 USD 0.0625

HSBC ESI WORLDWIDE EQUITY UCITS ETF 15 January 2015 USD 0.0481

23 April 2015 USD 0.0646

16 July 2015 USD 0.1295

15 October 2015 USD 0.0871

HSBC WORLDWIDE EQUITY UCITS ETF 15 January 2015 USD 0.0555

23 April 2015 USD 0.0738

16 July 2015 USD 0.1082

15 October 2015 USD 0.0736


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5. Cash and cash equivalents

As at 30 June 2016 cash at bank was held with HSBC Bank plc. Details of the overdraft facilities are disclosed in Note 8. There was no cash held as collateral as at 30 June 2016 (31 December 2015: Nil). Due from brokers or due to broker of USD 5,682,675 (31 December 2015: USD 2,796,560) was held with HSBC Bank plc and USD 2,176,927 (31 December 2015: USD 2,337,447) was held with Barclays Capital Bank.

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. 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 rebalancing 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. 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.


HSBC ETFs PLC >413<

6. Financial instruments and associated risks (continued) 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. 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)



30 June

2016 31 Dec

2015 30 June

2016 31 Dec

2015 HSBC FTSE 100 UCITS ETF FTSE 100® Index 6.62% (1.32%) GBP 10,160,111 GBP (2,029,515) HSBC EURO STOXX 50 UCITS ETF EURO STOXX® 50 Index (10.77%) 7.44% EUR (11,075,420) EUR 8,796,043 HSBC MSCI JAPAN UCITS ETF MSCI Japan Index (5.36%) 8.84% USD (7,821,185) USD 16,962,082 HSBC FTSE 250 UCITS ETF FTSE 250® Index (5.23%) 11.17% GBP (2,163,084) GBP 5,013,105 HSBC S&P 500 UCITS ETF S&P 500® Index 3.49% 0.75% USD 68,857,571 USD 14,337,193 HSBC MSCI EUROPE UCITS ETF MSCI Europe Index (7.73%) 9.27% EUR (15,537,507) EUR 21,424,620 HSBC MSCI USA UCITS ETF MSCI USA Index 3.24% 0.69% USD 8,184,439 USD 2,347,628


>414< HSBC ETFs PLC

6. Financial instruments and associated risks (continued) Risk Management Process (continued) (a) Market risk (continued)

(i) Other price risk (continued)

Sub-Funds Benchmark Index

Actual change in

benchmark index

Actual change in

benchmark index





30 June 2016

31 Dec 2015

30 June 2016

31 Dec 2015

HSBC MSCI BRAZIL UCITS ETF MSCI Brazil Index 48.08% (41.93%) USD 5,204,781 USD (2,555,192) HSBC MSCI PACIFIC ex JAPAN UCITS ETF

MSCI Pacific ex Japan Index 2.47% (8.47%) USD 1,068,641 USD (7,784,559)

HSBC MSCI EM FAR EAST UCITS ETF MSCI EM Far East Index 2.64% (10.08%) USD 697,920 USD (2,641,772) HSBC MSCI TURKEY UCITS ETF MSCI Turkey Index 11.98% (31.87%) USD 739,737 USD (2,102,028) HSBC MSCI WORLD UCITS ETF MSCI World Index 0.66% (0.87%) USD 1,113,487 USD (2,197,844) HSBC S&P BRIC 40 UCITS ETF MSCI S&P BRIC® 40

Index - (11.86%) - USD (478,753) HSBC MSCI CHINA UCITS ETF MSCI China Index (4.69%) (7.82%) USD (6,840,331) USD (12,981,086) HSBC MSCI SOUTH AFRICA UCITS ETF MSCI South Africa Index 15.64% (25.45%) USD 706,762 USD (1,513,092) HSBC MSCI CANADA UCITS ETF MSCI Canada Index 15.06% (24.16%) USD 5,345,062 USD (9,418,721) HSBC MSCI MEXICO CAPPED UCITS ETF

MSCI Mexico Capped Index 0.88% (14.41%) USD 96,800 USD (1,595,651)


MSCI EM Latin America Index 26.28% (31.32%) USD 2,984,201 USD (4,006,497)

HSBC MSCI INDONESIA UCITS ETF MSCI Indonesia Index 15.77% (19.05%) USD 4,203,896 USD (3,856,094) HSBC MSCI MALAYSIA UCITS ETF MSCI Malaysia Index 6.53% (20.06%) USD 447,401 USD (900,685) HSBC MSCI TAIWAN UCITS ETF MSCI Taiwan Index 8.48% (11.72%) USD 718,160 USD (949,599) HSBC MSCI KOREA UCITS ETF MSCI Korea Index 3.83% (6.66%) USD 295,597 USD (496,640) HSBC FTSE EPRA/NAREIT DEVELOPED UCITS ETF

FTSE EPRA/NAREIT Developed® Index 8.87% (0.79%) USD 18,839,554 USD (1,199,879)


MSCI Russia Capped Index 20.81% 3.89% USD 9,904,654 USD 1,722,150


MSCI Emerging Markets Index 6.77% (15.05%) USD 16,622,214 USD (33,368,064)


MSCI AC Far East ex Japan Index 2.29% (9.32%) USD 3,361,312 USD (11,752,862)


HSBC Economic Scale Index Worldwide 2.44% (7.14%) USD 19,465,711 USD (56,663,355)

HSBC WORLDWIDE EQUITY UCITS ETF HSBC Worldwide Index 1.25% (2.59%) USD 3,351,973 USD (6,938,594)

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.


HSBC ETFs PLC >415<

6. Financial instruments and associated risks (continued) Risk Management Process (continued) (a) Market risk (continued)

(ii) Currency risk (continued) 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 2016 and 31 December 2015, 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.

(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.


>416< HSBC ETFs PLC

6. Financial instruments and associated risks (continued)

Risk Management Process (continued)

(b) Credit risk (continued) 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- (2015: AA-) by Fitch. The Company’s future contracts and LEPO’s are held with HSBC Bank plc. The Company’s CFDs are held with Barclays Capital, currently rated A (2015: 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 Balance Sheet on pages 335 to 350.

(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. 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 8. 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 Balance Sheet at 30 June 2016 and 31 December 2015 on pages 335 to 350 are payable within one month.


HSBC ETFs PLC >417<



(c) Liquidity risk (continued) 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 below table provides the percentage holding of the investments in each country in respect of each Sub-Fund. % of Net Asset Value % of Net Asset Value 30 June 2016 31 December 2015 HSBC FTSE 100 UCITS ETF Equities Germany 0.24 0.35 Ireland 6.14 4.98 Jersey 0.46 0.24 Netherlands 9.58 6.03 Switzerland 1.78 1.43 United Kingdom 80.73 86.54

98.93 99.57

% of Net Asset Value % of Net Asset Value 30 June 2016 31 December 2015 HSBC Euro Stoxx 50 UCITS ETF Equities Belgium 4.76 4.12 Finland 1.57 1.23 France 36.43 34.70 Germany 31.03 32.35 Italy 6.22 7.51 Netherlands 9.74 9.38 Spain 9.78 10.48

99.53 99.77


>418< HSBC ETFs PLC



(d) Country concentration risk (continued) % of Net Asset Value % of Net Asset Value 30 June 2016 31 December 2015


Equities Japan 99.03 99.60

99.03 99.60

% of Net Asset Value % of Net Asset Value 30 June 2016 31 December 2015 HSBC FTSE 250 UCITS ETF Equities Australia 0.44 0.20 Bermuda 1.25 1.21 Canada 0.22 0.20 Channel Islands 3.43 2.96 France 0.21 - Gibraltar - 0.26 Guernsey 2.23 2.13 Ireland 2.93 1.87 Isle of Man 1.08 0.50 Jersey 0.61 0.59 Luxembourg 0.53 0.55 United Kingdom 85.89 89.15

98.82 99.62

% of Net Asset Value % of Net Asset Value 30 June 2016 31 December 2015 HSBC S&P 500 UCITS ETF Equities Bermuda 0.03 0.05 Ireland 0.82 0.79 Netherlands 0.24 0.26 Switzerland 0.55 0.45 United Kingdom - 0.02 United States 95.95 98.12 97.59 99.69


HSBC ETFs PLC >419<



(d) Country concentration risk (continued)

% of Net Asset Value % of Net Asset Value 30 June 2016 31 December 2015 HSBC MSCI EUROPE UCITS ETF Equities Austria 0.25 0.27 Belgium 2.32 2.21 Denmark 3.08 2.95 Finland 1.52 1.41 France 14.29 14.36 Germany 13.49 14.09 Ireland 2.16 1.72 Italy 2.80 3.51 Jersey 0.14 0.07 Luxembourg 0.40 0.32 Netherlands 8.46 6.91 Norway 1.00 0.86 Portugal 0.22 0.24 Spain 4.53 4.84 Sweden 4.25 4.39 Switzerland 15.09 15.06 United Kingdom 25.54 26.62 99.54 99.83

% of Net Asset Value % of Net Asset Value 30 June 2016 31 December 2015 HSBC MSCI USA UCITS ETF Equities United States 99.44 99.50 99.44 99.50

% of Net Asset Value % of Net Asset Value 30 June 2016 31 December 2015 HSBC MSCI BRAZIL UCITS ETF Equities Brazil 99.76 99.57

99.76 99.57

% of Net Asset Value % of Net Asset Value 30 June 2016 31 December 2015 HSBC MSCI PACIFIC ex JAPAN UCITS ETF Equities Australia 57.99 59.67 Hong Kong 27.08 27.43 Ireland 0.47 - New Zealand 2.01 1.87 Singapore 10.89 10.83

98.44 99.80


>420< HSBC ETFs PLC


Risk Management Process (continued) (d) Country concentration risk (continued)

% of Net Asset Value % of Net Asset Value 30 June 2016 31 December 2015 HSBC MSCI EM FAR EAST UCITS ETF Equities China 33.12 32.35 Hong Kong 7.58 8.76 Indonesia 4.31 3.99 Malaysia 4.73 5.13 Philippines 2.53 2.26 South Korea 23.47 24.63 Taiwan 19.32 19.05 Thailand 2.80 2.35 97.86 98.52

% of Net Asset Value % of Net Asset Value 30 June 2016 31 December 2015 HSBC MSCI TURKEY UCITS ETF Equities Turkey 99.55 99.95

99.55 99.95

% of Net Asset Value % of Net Asset Value 30 June 2016 31 December 2015 HSBC MSCI WORLD UCITS ETF Equities Australia 2.60 2.54 Austria 0.05 0.05 Belgium 0.52 0.54 Canada 3.44 3.08 Denmark 0.71 0.68 Finland 0.36 0.32 France 3.36 3.45 Germany 3.05 3.40 Hong Kong 1.18 1.16 Ireland 1.51 1.46 Israel 0.23 0.21 Italy 0.63 0.89 Japan 8.36 8.76 Jersey 0.09 0.05 Luxembourg 0.08 0.09 Macau 0.05 0.05 Netherlands 1.93 1.61 New Zealand 0.09 0.08 Norway 0.22 0.20 Portugal 0.05 0.52 Singapore 0.62 - Spain 1.00 1.15 Sweden 0.97 1.06 Switzerland 3.75 3.83 United Kingdom 6.10 6.73 United States 57.28 56.99

98.23 98.90


HSBC ETFs PLC >421<




% of Net Asset Value % of Net Asset Value 30 June 2016 31 December 2015 HSBC S&P BRIC 40 UCITS ETF* Equities Brazil - 7.22 China - 66.13 Hong Kong - 9.49 India - 8.41 Russia - 8.64 - 99.89

* The Sub-Fund was fully redeemed on 27 April 2016.

% of Net Asset Value % of Net Asset Value 30 June 2016 31 December 2015 HSBC MSCI CHINA UCITS ETF Equities China 117.15 99.13 117.15 99.13

% of Net Asset Value % of Net Asset Value 30 June 2016 31 December 2015 HSBC MSCI SOUTH AFRICA UCITS ETF Equities South Africa 99.97 99.92

99.97 99.92

% of Net Asset Value % of Net Asset Value 30 June 2016 31 December 2015 HSBC MSCI CANADA UCITS ETF Equities Canada 99.77 99.40

99.77 99.40

% of Net Asset Value % of Net Asset Value 30 June 2016 31 December 2015 HSBC MSCI MEXICO CAPPED UCITS ETF Equities Mexico 99.72 99.97

99.72 99.97

% of Net Asset Value % of Net Asset Value 30 June 2016 31 December 2015 HSBC MSCI EM LATIN AMERICA UCITS ETF Equities Brazil 53.94 45.83 Chile 8.99 10.00 Colombia 3.60 3.45 Mexico 30.88 38.54 Peru 2.53 1.80

99.94 99.62


>422< HSBC ETFs PLC




% of Net Asset Value % of Net Asset Value HSBC MSCI INDONESIA UCITS ETF 30 June 2016 31 December 2015 Equities Indonesia 99.52 99.94

99.52 99.94

% of Net Asset Value % of Net Asset Value HSBC MSCI MALAYSIA UCITS ETF 30 June 2016 31 December 2015 Equities Malaysia 99.53 99.93

99.53 99.93

% of Net Asset Value % of Net Asset Value HSBC MSCI TAIWAN UCITS ETF 30 June 2016 31 December 2015 Equities Taiwan 98.82 99.93 98.82 99.93

% of Net Asset Value % of Net Asset Value 30 June 2016 31 December 2015 HSBC MSCI KOREA UCITS ETF Equities Korea 99.75 99.57

99.75 99.57

% of Net Asset Value % of Net Asset Value 30 June 2016 31 December 2015 HSBC FTSE EPRA/NAREIT DEVELOPED UCITS ETF Equities Australia 5.64 5.27 Austria 0.16 0.18 Belgium 0.48 0.47 Canada 2.60 2.23 Channel Islands 0.13 - Finland 0.16 0.19 France 3.93 4.04 Germany 2.99 2.81 Greece - 0.03 Guernsey 0.21 0.28 Hong Kong 5.42 6.15 Ireland 0.18 0.17 Israel 0.13 0.11


HSBC ETFs PLC >423<




% of Net Asset Value % of Net Asset Value 30 June 2016 31 December 2015 HSBC FTSE EPRA/NAREIT DEVELOPED UCITS ETF (continued) Equities Italy 0.07 0.09 Japan 11.12 10.87 Luxembourg 0.22 0.22 Netherlands 0.36 0.44 New Zealand 0.10 0.09 Norway 0.06 0.06 Singapore 2.31 2.01 Spain 0.52 0.54 Sweden 1.20 1.19 Switzerland 0.87 0.86 United Kingdom 4.28 6.02 United States 56.74 55.30

99.88 99.62

% of Net Asset Value % of Net Asset Value 30 June 2016 31 December 2015 HSBC MSCI RUSSIA CAPPED UCITS ETF Equities Russia 99.26 99.23

99.26 99.23

% of Net Asset Value % of Net Asset Value 30 June 2016 31 December 2015 HSBC MSCI EMERGING MARKETS UCITS ETF Equities Brazil 9.20 5.62 Chile 1.22 1.18 China 18.45 20.73 Colombia 0.55 0.40 Czech Republic 0.17 0.19 Egypt 0.16 0.19 Greece 0.37 0.46 Hong Kong 4.95 5.66 Hungary 0.26 0.25 India - 1.44 Indonesia 2.69 2.55 Malaysia 2.92 3.29 Mexico 4.20 4.59 Netherlands 0.39 0.35 Peru 0.27 0.20 Philippines 1.55 1.43 Poland 1.12 1.28 Qatar 0.89 1.01 Russia 3.70 3.44 South Africa 6.83 6.34 South Korea 14.55 15.64


>424< HSBC ETFs PLC




% of Net Asset Value % of Net Asset Value 30 June 2016 31 December 2015 HSBC MSCI EMERGING MARKETS UCITS ETF (continued) Equities Taiwan 11.94 12.15 Thailand 1.79 1.55 Turkey 1.31 1.34 United Arab Emirates 0.86 0.77

90.29 92.05

LEPOs India - 6.45

- 6.45

% of Net Asset Value % of Net Asset Value 30 June 2016 31 December 2015 HSBC MSCI AC FAR EAST ex JAPAN UCITS ETF Equities China 26.77 25.67 Hong Kong 19.66 19.74 Indonesia 3.51 3.28 Macau 0.02 0.35 Malaysia 3.80 4.07 Philippines 1.99 1.84 Singapore 5.28 5.57 South Korea 18.82 21.01 Taiwan 15.65 15.24 Thailand 2.17 1.88

97.67 98.65

% of Net Asset Value % of Net Asset Value 30 June 2016 31 December 2015 HSBC ESI WORLDWIDE EQUITY UCITS ETF Equities Australia 1.45 1.56 Austria 0.13 0.10 Belgium 0.37 0.38 Bermuda 0.07 0.06 Brazil 2.19 1.93 British Virgin Islands 0.01 0.01 Canada 1.71 1.75 Cayman Islands 0.39 0.11 Channel Islands 0.03 0.51 Chile 0.46 0.45 China 6.81 6.57 Colombia 0.25 0.23 Czech Republic 0.07 0.07 Denmark 0.42 0.42


HSBC ETFs PLC >425<




% of Net Asset Value % of Net Asset Value 30 June 2016 31 December 2015 HSBC ESI WORLDWIDE EQUITY UCITS ETF (continued) Equities Dubai 0.01 0.01 Egypt 0.10 0.09 Finland 0.34 0.27 France 4.51 4.90 Germany 4.52 4.86 Greece 0.05 0.07 Guernsey - - Hong Kong 1.73 1.71 Hungary 0.12 0.09 India 0.59 0.59 Indonesia 0.62 0.57 Ireland 0.72 1.04 Israel 0.10 0.08 Italy 1.52 1.71 Japan 9.20 9.65 Luxembourg 0.25 0.22 Macau 0.05 0.05 Malaysia 0.75 0.69 Mexico 0.88 0.82 Netherlands 2.07 1.92 New Zealand 0.04 0.06 Norway 0.38 0.38 Peru 0.07 0.03 Philippines 0.20 0.17 Poland 0.38 0.47 Portugal 0.10 0.04 Qatar 0.13 0.08 Russia 2.74 2.29 Singapore 0.66 0.53 South Africa 1.15 1.50 South Korea 2.03 1.91 Spain 1.54 1.59 Sweden 0.86 0.78 Switzerland 1.90 1.87 Taiwan 2.32 2.32 Thailand 0.57 0.64 Turkey 0.50 0.54 United Arab Emirates 0.06 0.06 United Kingdom 4.65 5.02 United States 32.23 32.75

95.00 96.52

LEPOs India 2.31 2.27

2.31 2.27


>426< HSBC ETFs PLC




% of Net Asset Value % of Net Asset Value 30 June 2016 31 December 2015 HSBC WORLDWIDE EQUITY UCITS ETF Equities Australia 2.44 2.33 Austria 0.04 0.05 Belgium 0.49 0.51 Bermuda 0.12 0.07 Brazil 0.78 0.56 British Virgin Islands 0.01 0.01 Canada 2.62 2.34 Cayman Islands 0.08 0.06 Channel Islands 0.04 0.03 Chile 0.15 0.10 China 2.55 2.51 Colombia 0.05 0.02 Czech Republic 0.01 0.02 Denmark 0.63 0.65 Dubai 0.03 0.03 Egypt 0.03 0.03 Finland 0.31 0.25 France 3.07 3.31 Germany 2.66 2.95 Greece 0.03 0.03 Hong Kong 1.69 1.84 Hungary 0.02 0.02 India 0.25 0.24 Indonesia 0.34 0.27 Ireland 0.97 0.92 Israel 0.20 0.21 Italy 0.58 0.78 Japan 9.22 9.41 Jersey 0.04 0.02 Luxembourg 0.09 0.08 Macau 0.04 0.04 Malaysia 0.39 0.38 Mexico 0.52 0.50 Netherlands 1.44 1.40 New Zealand 0.12 0.09 Norway 0.19 0.17 Peru 0.04 0.02 Philippines 0.19 0.14 Poland 0.12 0.13 Portugal 0.04 0.03 Qatar 0.11 0.11 Russia 0.46 0.39 Singapore 0.59 0.47 South Africa 0.71 0.60 South Korea 1.84 1.81 Spain 0.98 1.06 Sweden 0.91 0.92


HSBC ETFs PLC >427<




% of Net Asset Value % of Net Asset Value 30 June 2016 31 December 2015 HSBC WORLDWIDE EQUITY UCITS ETF (continued)

Equities Switzerland 3.29 3.31 Taiwan 1.46 1.31 Thailand 0.53 0.48 Turkey 0.20 0.18 United Arab Emirates 0.07 0.07 United Kingdom 5.20 5.72 United States 48.50 48.89

97.48 97.87

LEPOs India 1.54 1.14

1.54 1.14

(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 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.


>428< HSBC ETFs PLC



(e) Fair value of assets and liabilities (continued) 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 2016 and 31 December 2015 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 2016 and at the 31 December 2015. There were USD 515,226 (31 December 2015: USD 152,415) investments by the Company categorised within Level 3 for the period ended 30 June 2016. During the period ended 30 June 2016, USD 496,473 (31 December 2015: USD 152,415), have been transferred to Level 3. 2016 2015 USD USD Level 1 5,173,592,472 5,341,070,213 Level 2 27,903,118 42,802,621 Level 3 515,266 152,415

5,202,010,856 5,384,025,249

There were no transfers between Level 1 and 2 during the period.


HSBC ETFs PLC >429<


Risk Management Process (continued) (e) Fair value of assets and liabilities (continued)

The exceptions with respect to the above classification are listed below:

Level 3 Descriptions

The Sub-Funds, FTSE 100 UCITS ETF, MSCI Europe UCITS ETF, MSCI World UCITS ETF and ESI Worldwide Equity UCITS ETF hold level 3 investments Rolls-Royce Holdings, which is valued at nil. Rolls-Royce Holdings was transferred from level 1 to level 3 as the security was suspended from trading since 28 April 2016. The Sub-Funds, S & P 500 UCITS ETF, MSCI USA UCITS ETF, ESI Worldwide Equity UCITS ETF and Worldwide Equity UCITS ETF hold level 3 investments Casa Ley, which is valued at USD 71,388. The security was transferred from level 1 to level 3 as the security was suspended from trading since 30 January 2015. HSBC ESI Worldwide Equity UCITS ETF hold level 3 investments, Wintek which is valued at USD 18,793 due to the suspension from trading since November 2015. 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 due to corporate actions. The Sub-Funds, S & P 500 UCITS ETF, MSCI USA UCITS ETF and Worldwide Equity UCITS ETF hold level 3 investments PDC Contingent, which is valued at USD 3,433. The security was transferred from level 1 to level 3 as this security was suspended from trading since January 2015. The Sub-Fund, S & P 500 UCITS ETF holds level 3 investments First Horizon National Corporation, which is valued at nil. The security was transferred from level 1 to level 3 as this security was suspended trading on January 2015. The Sub-Funds, MSCI Europe UCITS ETF and ESI Worldwide Equity UCITS ETF, hold level 3 investments Banco Espirito Santo, which is valued at nil due to the bankruptcy of the above investment. The Sub-Funds, MSCI Pacific ex Japan UCITS ETF, MSCI World UCITS ETF and Worldwide Equity UCITS ETF hold level 3 investments Vocus Communications, which is valued at USD 260,630. The security was transferred from level 1 to level 3 as this security was suspended from trading since June 2015.


>430< HSBC ETFs PLC


Risk Management Process (continued) (e) Fair value of assets and liabilities (continued)

Level 3 Descriptions (continued) The Sub-Funds, MSCI Europe UCITS ETF, MSCI World UCITS ETF, ESI Worldwide Equity UCITS ETF and Worldwide Equity UCITS ETF hold level 3 investments Banco Popular Espanol , which is valued at USD 161,022. The security was transferred from level 1 to level 3 as this security was suspended from trading since May 2015. The Sub Funds, MSCI South Africa UCITS ETF and MSCI Emerging Markets UCITS ETF hold level 3 investments, African Bank which is valued at nil, due to the bankruptcy of the above investment. 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. The security was transferred from level 1 to level 3 as this security was suspended from trading since July 2015. The Sub Funds, MSCI EM FAR East UCITS ETF, MSCI China UCITS ETF, MSCI Emerging Markets UCITS ETF, MSCI AC FAR East ex Japan UCITS ETF and ESI Worlwide Equity UCITS ETF hold level 3 investments, QinQin Foodstuffs Group which is valued at nil. The security was transferred from level 1 to level 3 as this security was suspended from trading since June 2016. The Sub Fund, FTSE EPRA/NAREIT Developed UCITS ETF holds level 3 investments, Adler Real Estate which is valued at USD 46,341. The security was transferred from level 1 to level 3 as this security was suspended from trading since June 2016. The Sub Fund, ESI Worldwide Equity UCITS ETF holds level 3 investments, Xinyi Automobile Glass which is valued at nil. The security was transferred from level 1 to level 3 as this security was suspended from trading since June 2016. 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.


HSBC ETFs PLC >431<


Risk Management Process (continued) (f) Transaction costs

The below table 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 2016 and the year ended 31 December 2015. Sub-Funds 30 June 2016 31 December 2015 HSBC FTSE 100 UCITS ETF GBP 30,972 GBP 55,111 HSBC EURO STOXX 50 UCITS ETF EUR 11,065 EUR 40,952 HSBC MSCI JAPAN UCITS ETF USD 8,684 USD 20,559 HSBC FTSE 250 UCITS ETF GBP 48,302 GBP 37,025 HSBC S&P 500 UCITS ETF USD 48,210 USD 92,561 HSBC MSCI EUROPE UCITS ETF EUR 21,551 EUR 162,972 HSBC MSCI USA UCITS ETF USD 21,997 USD 17,551 HSBC MSCI BRAZIL UCITS ETF USD 11,616 USD 6,276 HSBC MSCI PACIFIC ex JAPAN UCITS ETF USD 23,018 USD 33,629 HSBC MSCI EM FAR EAST UCITS ETF USD 4,237 USD 164,132 HSBC MSCI TURKEY UCITS ETF USD 1,087 USD 3,139 HSBC MSCI WORLD UCITS ETF USD 20,350 USD 25,023 HSBC S&P BRIC 40 UCITS ETF USD 7,191 USD 17,366 HSBC MSCI CHINA UCITS ETF USD 79,597 USD 520,980 HSBC MSCI SOUTH AFRICA UCITS ETF USD 4,525 USD 12,457 HSBC MSCI CANADA UCITS ETF USD 2,414 USD 3,980 HSBC MSCI MEXICO CAPPED UCITS ETF USD 7,265 USD 8,933 HSBC MSCI EM LATIN AMERICA UCITS ETF USD 16,009 USD 6,334 HSBC MSCI INDONESIA UCITS ETF USD 13,180 USD 53,060 HSBC MSCI MALAYSIA UCITS ETF USD 8,439 USD 22,805 HSBC MSCI TAIWAN UCITS ETF USD 10,712 USD 36,892 HSBC MSCI KOREA UCITS ETF USD 941 USD 11,448 HSBC FTSE EPRA/NAREIT DEVELOPED UCITS ETF USD 51,351 USD 85,210 HSBC MSCI RUSSIA CAPPED UCITS ETF USD 11,865 USD 25,377 HSBC MSCI EMERGING MARKETS UCITS ETF USD 123,672 USD 491,292 HSBC MSCI AC FAR EAST ex JAPAN UCITS ETF USD 36,729 USD 46,644 HSBC ESI WORLDWIDE EQUITY UCITS ETF USD 119,225 USD 349,834 HSBC WORLDWIDE EQUITY UCITS ETF USD 11,684 USD 60,959

USD 792,690 USD 2,482,020


>432< HSBC ETFs PLC

7. 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 period, 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 Income Statement 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 Income Statement. Premiums paid on purchasing or selling which expire or were unexercised are recognised on the expiration date as realised gains or losses in the income statement. Offsetting assets and liabilities As at the 30 June 2016 and 31 December 2015, 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 Balance Sheet of the Company at the 30 June 2016 or as at the 31 December 2015. 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 2016 and 31 December 2015, the Sub-Funds do not have any material amounts of unrealised losses on open futures or CFDs.


HSBC ETFs PLC >433<

7. 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 3 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.


>434< HSBC ETFs PLC

8. Overdraft Facility

The Company has entered into the following overdraft facilities with HSBC Bank plc:

HSBC FTSE 100 UCITS ETF lower of USD 40,000,000 or 10% of the NVAC

HSBC EURO STOXX 50 UCITS ETF lower of USD 13,000,000 or 10% of the NVAC

HSBC MSCI JAPAN UCITS ETF lower of USD 25,000,000 or 10% of the NVAC

HSBC FTSE 250 UCITS ETF lower of USD 11,000,000 or 10% of the NVAC

HSBC S&P 500 UCITS ETF lower of USD 120,000,000 or 10% of the NVAC

HSBC MSCI EUROPE UCITS ETF lower of USD 22,000,000 or 10% of the NVAC

HSBC MSCI USA UCITS ETF lower of USD 50,000,000 or 10% of the NVAC

HSBC MSCI BRAZIL UCITS ETF lower of USD 1,250,000 or 10% of the NVAC

HSBC MSCI PACIFIC ex JAPAN UCITS ETF lower of USD 17,000,000 or 10% of the NVAC

HSBC MSCI EM FAR EAST UCITS ETF lower of USD 4,000,000 or 10% of the NVAC

HSBC MSCI TURKEY UCITS ETF lower of USD 1,000,000 or 10% of the NVAC

HSBC MSCI WORLD UCITS ETF lower of USD 40,000,000 or 10% of the NVAC

HSBC S&P BRIC 40 UCITS ETF lower of USD 1,300,000 or 10% of the NVAC

HSBC MSCI CHINA UCITS ETF lower of USD 28,000,000 or 10% of the NVAC

HSBC MSCI SOUTH AFRICA UCITS ETF lower of USD 600,000 or 10% of the NVAC

HSBC MSCI CANADA UCITS ETF lower of USD 3,500,000 or 10% of the NVAC

HSBC MSCI MEXICO CAPPED UCITS ETF lower of USD 2,200,000 or 10% of the NVAC

HSBC MSCI EM LATIN AMERICA UCITS ETF lower of USD 3,000,000 or 10% of the NVAC

HSBC MSCI INDONESIA UCITS ETF lower of USD 3,500,000 or 10% of the NVAC

HSBC MSCI MALAYSIA UCITS ETF lower of USD 1,000,000 or 10% of the NVAC

HSBC MSCI TAIWAN UCITS ETF lower of USD 1,500,000 or 10% of the NVAC

HSBC MSCI KOREA UCITS ETF lower of USD 1,000,000 or 10% of the NVAC

HSBC FTSE EPRA/NAREIT DEVELOPED UCITS ETF lower of USD 15,000,000 or 10% of the NVAC

HSBC MSCI RUSSIA CAPPED UCITS ETF lower of USD 5,000,000 or 10% of the NVAC

HSBC MSCI EMERGING MARKETS UCITS ETF lower of USD 35,000,000 or 10% of the NVAC

HSBC MSCI FAR EAST EX JAPAN UCITS ETF lower of USD 15,000,000 or 10% of the NVAC

HSBC ESI WORLDWIDE EQUITY UCITS ETF lower of USD 50,000,000 or 10% of the NVAC

HSBC WORLDWIDE EQUITY UCITS ETF lower of USD 35,000,000 or 10% of the NVAC NVAC represents the net value of assets under custody with the Depositary, HSBC Institutional Trust Services (Ireland) Limited. 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.


HSBC ETFs PLC >435<

9. 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 period complied with these obligations. 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. Fees and charges to these parties are disclosed in Note 2 to the financial statements. 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 period from HSBC Bank plc amounted to USD 362,271 (30 June 2015: USD 1,140,489) and are included in the Income Statement 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 6(b) and Note 8. 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, HSBC MSCI WORLD UCITS ETF, HSBC ESI WORLDWIDE EQUITY UCITS ETF and HSBC WORLDWIDE EQUITY UCITS ETF hold investments in HSBC Holdings plc as disclosed in the Schedules of Investments. Mrs 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 2016.


>436< HSBC ETFs PLC

10. 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 2016 and 31 December 2015.

HSBC Bank plc is the market maker and holds 100% of shares in the primary market. 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 Number of Shareholders

who own 10% or more 30 June 2016 31 December 2015 HSBC FTSE 100 UCITS ETF 1 2 HSBC EURO STOXX 50 UCITS ETF 2 2 HSBC MSCI JAPAN UCITS ETF 3 3 HSBC FTSE 250 UCITS ETF 1 2 HSBC S&P 500 UCITS ETF 2 2 HSBC MSCI EUROPE UCITS ETF 2 2 HSBC MSCI USA UCITS ETF 3 2 HSBC MSCI BRAZIL UCITS ETF 3 4 HSBC MSCI PACIFIC ex JAPAN UCITS ETF 2 2 HSBC MSCI EM FAR EAST UCITS ETF 2 2 HSBC MSCI TURKEY UCITS ETF 3 3 HSBC MSCI WORLD UCITS ETF 3 3 HSBC S&P BRIC 40 UCITS ETF 0 3 HSBC MSCI CHINA UCITS ETF 3 3 HSBC MSCI SOUTH AFRICA UCITS ETF 4 3 HSBC MSCI CANADA UCITS ETF 2 4 HSBC MSCI MEXICO CAPPED UCITS ETF 3 3 HSBC MSCI EM LATIN AMERICA UCITS ETF 4 1 HSBC MSCI INDONESIA UCITS ETF 3 2 HSBC MSCI MALAYSIA UCITS ETF 5 5 HSBC MSCI TAIWAN UCITS ETF 3 5 HSBC MSCI KOREA UCITS ETF 3 2 HSBC FTSE EPRA/NAREIT DEVELOPED UCITS ETF 2 22 HSBC MSCI RUSSIA CAPPED UCITS ETF 3 2 HSBC MSCI EMERGING MARKETS UCITS ETF 3 2 HSBC MSCI FAR EAST EX JAPAN UCITS ETF 3 2 HSBC ESI WORLDWIDE EQUITY UCITS ETF 1 1 HSBC WORLDWIDE EQUITY UCITS ETF 1 1 11. 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.


HSBC ETFs PLC >437<

11. Share capital (continued) 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. 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 period is as follows:

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 FTSE 250 UCITS ETF 2,640,000 - - 2,640,000

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 FTSE EPRA/NAREIT DEVELOPED UCITS ETF 6,950,000 3,150,000 (1,050,000) 9,050,000

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

HSBS ESI WORLDWIDE EQUITY UCITS ETF 60,142,354 - - 60,142,354

HSBC WORLDWIDE EQUITY UCITS ETF 17,738,343 - - 17,738,343


>438< HSBC ETFs PLC

11. Share capital (continued)

Sub-Funds

At 1 January

2015

Issued during the

year

Redeemed during the

year

At 31 December

2015

(units) (units) (units) (units)

HSBC FTSE 100 UCITS ETF 3,660,000 - (1,200,000) 2,460,000

HSBC EURO STOXX 50 UCITS ETF 2,510,000 1,100,000 (100,000) 3,510,000

HSBC MSCI JAPAN UCITS ETF 7,501,273 1,400,000 (2,100,000) 6,801,273

HSBC FTSE 250 UCITS ETF 3,130,000 - (490,000) 2,640,000

HSBC S&P 500 UCITS ETF 102,550,000 12,400,000 (22,000,000) 92,950,000

HSBC MSCI EUROPE UCITS ETF 14,000,000 5,500,000 (1,000,000) 18,500,000

HSBC MSCI USA UCITS ETF 22,650,000 500,000 (5,750,000) 17,400,000

HSBC MSCI BRAZIL UCITS ETF 447,000 280,000 (140,000) 587,000 HSBC MSCI PACIFIC ex JAPAN UCITS ETF 11,910,000 300,000 (4,200,000) 8,010,000

HSBC MSCI EM FAR EAST UCITS ETF 2,130,000 150,000 (1,500,000) 780,000

HSBC MSCI TURKEY UCITS ETF 1,900,000 600,000 (600,000) 1,900,000

HSBC MSCI WORLD UCITS ETF 26,708,065 - (11,250,000) 15,458,065

HSBC S&P BRIC 40 UCITS ETF 460,000 250,000 (500,000) 210,000

HSBC MSCI CHINA UCITS ETF 30,250,000 21,750,000 (24,000,000) 28,000,000 HSBC MSCI SOUTH AFRICA UCITS ETF 75,000 75,000 - 150,000

HSBC MSCI CANADA UCITS ETF 1,950,000 1,500,000 (450,000) 3,000,000 HSBC MSCI MEXICO CAPPED UCITS ETF 450,000 150,000 (300,000) 300,000 HSBC MSCI EM LATIN AMERICA UCITS ETF 400,000 300,000 - 700,000

HSBC MSCI INDONESIA UCITS ETF 220,000 315,000 (225,000) 310,000

HSBC MSCI MALAYSIA UCITS ETF 160,500 180,000 (210,000) 130,500

HSBC MSCI TAIWAN UCITS ETF 200,000 400,000 (300,000) 300,000

HSBC MSCI KOREA UCITS ETF 210,000 70,000 (70,000) 210,000 HSBC FTSE EPRA/NAREIT DEVELOPED UCITS ETF 3,800,000 4,200,000 (1,050,000) 6,950,000 HSBC MSCI RUSSIA CAPPED UCITS ETF 5,675,000 1,200,000 (450,000) 6,425,000 HSBC MSCI EMERGING MARKETS UCITS ETF 35,100,000 5,400,000 (12,600,000) 27,900,000 HSBC MSCI AC FAR EAST ex JAPAN UCITS ETF 3,450,000 500,000 - 3,950,000 HSBS ESI WORLDWIDE EQUITY UCITS ETF 67,273,310 - (7,130,956) 60,142,354 HSBC WORLDWIDE EQUITY UCITS ETF 21,938,343 - (4,200,000) 17,738,343


HSBC ETFs PLC >439<

12. Post balance sheet events The Company declared the following dividends subsequent to the period end.

Sub-Funds Dividend Ex-Date Dividend rate per

Share HSBC FTSE 100 UCITS ETF 4 August 2016 1.5030 HSBC EURO STOXX 50 UCITS ETF 4 August 2016 0.8257 HSBC MSCI JAPAN UCITS ETF 28 July 2016 0.2427 HSBC FTSE 250 UCITS ETF 4 August 2016 0.1845 HSBC S&P 500 UCITS ETF 21 July 2016 0.1901 HSBC MSCI EUROPE UCITS ETF 4 August 2016 0.2797 HSBC MSCI USA UCITS ETF 21 July 2016 0.1568 HSBC MSCI BRAZIL UCITS ETF 21 July 2016 0.1322 HSBC MSCI PACIFIC ex JAPAN UCITS ETF 28 July 2016 0.2239 HSBC MSCI EM FAR EAST UCITS ETF 28 July 2016 0.3237 HSBC MSCI TURKEY UCITS ETF 4 August 2016 0.0763 HSBC MSCI WORLD UCITS ETF 21 July 2016 0.1248 HSBC MSCI CHINA UCITS ETF 28 July 2016 0.0860 HSBC MSCI SOUTH AFRICA UCITS ETF 4 August 2016 0.4965 HSBC MSCI CANADA UCITS ETF 21 July 2016 0.1400 HSBC MSCI MEXICO CAPPED UCITS ETF 21 July 2016 0.1759 HSBC MSCI EM LATIN AMERICA UCITS ETF 21 July 2016 0.1172 HSBC MSCI INDONESIA UCITS ETF 28 July 2016 0.9028 HSBC MSCI MALAYSIA UCITS ETF 28 July 2016 0.4318 HSBC MSCI TAIWAN UCITS ETF 28 July 2016 0.2455 HSBC FTSE EPRA/NAREIT DEVELOPED UCITS ETF 4 August 2016 0.1849 HSBC MSCI RUSSIA CAPPED UCITS ETF 4 August 2016 0.0438 HSBC MSCI EMERGING MARKETS UCITS ETF 28 July 2016 0.0723 HSBC ESI WORLDWIDE EQUITY UCITS ETF 21 July 2016 0.1366 HSBC WORLDWIDE EQUITY UCITS ETF 21 July 2016 0.1142

13. 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.

14. Approval of Financial Statements The financial statements were approved by the Board of Directors on 19 August 2016.

Schedule of Changes in Investments

>440< HSBC ETFs PLC


For the period ended 30 June 2016

Cost Proceeds

Purchases GBP Sales GBP

Shire 1,192,565 Royal Dutch Shell (967,123)

Paddy Power 695,073 HSBC Holdings (480,511)

Royal Dutch Shell 514,591 Rexam (427,597)

Informa 423,341 British American Tobacco (413,991)

Morrisons 414,723 Smiths Group (412,404)

Rexam 396,337 GlaxoSmithKline (385,850)

Smiths Group 393,966 BP (357,998)

Mediclinic International 320,025 Vodafone Group (321,124)

Hikma Pharmaceuticals 272,159 Inmarsat (310,848)

HSBC Holdings 194,591 AstraZeneca (281,733)

BP 143,928 Aberdeen Asset Management (274,604)

SABMiller 79,850 Diageo (254,675)

Centrica 79,620 Hikma Pharmaceuticals (235,434)

Worldpay Group 74,349 Lloyds Banking Group (232,713)

British American Tobacco 68,075 Reckitt Benckiser Group (232,201)

GlaxoSmithKline 61,837 SABMiller (218,432)

Vodafone Group 53,021 Unilever (202,753)

AstraZeneca 45,081 BT Group (202,586)

Diageo 43,215 National Grid (201,102)

Lloyds Banking Group 41,083 Imperial Brands (193,521)

Prudential (182,992)

Rolls Royce (165,971)

Barclays (157,466)

Rio Tinto (145,280)

Shire (131,406)

Compass Group (110,356)

WPP (110,040) 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)

HSBC ETFs PLC >441<

HSBC EURO STOXX 50 UCITS ETF


Cost Proceeds

Purchases EUR Sales EUR

Nokia 774,868 Total (608,328)

Total 518,783 Sanofi (492,901)

Siemens 436,917 Bayer (451,080)

Anheuser-Busch 365,210 Anheuser-Busch (448,469)

SAP 350,269 Siemens (365,008)

Sanofi 322,733 Allianz (354,833)

Bayer 315,424 SAP (347,134)

Enel 287,513 Daimler (329,461)

Allianz 272,982 Unilever (324,023)

BASF 267,052 BASF (323,896)

Unilever 262,909 Banco Santander (322,086)

Muenchener Ruecker 254,245 BNP Paribas (267,227)

Banco Santander 253,261 Axa (262,632)

Daimler 251,126 Deutsche Telekom (259,102)

Telefonica 228,240 Iberdrola (250,372)

BNP Paribas 221,322 ING Groep (220,803)

Deutsche Telekom 211,983 LVMH (217,522)

Axa 191,348 BBV Argentaria (214,776)

BBV Argentaria 187,201 Telefonica (213,558)

L'Oreal 182,681 L'Oreal (205,948)

ING Groep 179,868 Danone (199,243)

LVMH 166,742 Vinci (194,094)

Danone 162,806 Unicredit (192,426)

Vinci 159,076 Intesa (189,107)

Schneider Elte 144,384 Orange (183,820)

Saint Gobain 144,146 Airbus Group (180,745)

Iberdrola 143,794 ENI (179,469)

ENI 141,367 Air Liquide (178,578)

Air Liquide 141,111 Muenchener Ruecker (178,556)

Intesa 136,993 Schneider Elte (171,020)

ASML Holding 134,318 ASML Holding (164,465)

Industria De Diseno Textil 130,560 Industria De Diseno Textil (160,896)

Airbus Group 124,187 Societe Generale (146,557)

Societe Generale 120,285 Koninklijke Philips (146,043)

Safran 120,182 Nokia (144,208)

Orange 118,385 Enel (141,715)

Fresenius SE & Co KGaA 112,487 BMW (133,808)

Deutsche Post 107,420 Fresenius SE & Co KGaA (128,200)

Essilor International 105,973 Essilor International (126,348)

Unibail-Rodamco 104,307 Engie (123,416)

Engie 104,277 Unibail-Rodamco (121,674)

Volkswagen 101,412 Deutsche Post (120,958)

BMW 100,475 Deutsche Bank (118,898)

Volkswagen (114,150) 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.


>442< HSBC ETFs PLC



Cost Proceeds

Purchases USD Sales USD

Recruit Holdings 265,118 Toyota Motor (2,174,927)

Tsuruha Holdings 207,628 Mitsubishi UFJ Financial Group (856,320)

KDDI 206,553 Takeda Pharmaceutical (666,033)

Sundrug 173,387 Honda Motor (592,352)

Mitsubishi 152,302 Softbank (563,762)

Start Today 150,346 KDDI (553,373)

Cyberdyne 131,096 Japan Tobacco (531,465)

Sumitomo Mitsui Financial Group 117,007 Nippon Telegraph & Telephone (531,348)

Pola Orbis Holdings 112,368 Sumitomo Mitsui Financial Group (529,774)

Terumo 87,656 Mizuho Financial Group (526,324)

Nidec 67,428 Seven and I Holdings Co Ltd (422,126)

Oriental Land 66,162 Murata Manufacturing (403,744)

Nintendo 59,245 Canon (390,814)

Hoshizaki Electric 57,318 NTT DoCoMo (390,591)

Seibu Holdings 52,665 East Japan Railway (382,814)

Nippon Steel and Sumitomo Metal 51,653 Fanuc (382,665)

SMC 50,872 Astellas Pharma (378,413)

Sysmex Corporation 43,759 Sony (371,778)

Nexon Company 39,394 Shin-Etsu Chemical (344,738)

Olympus Optical 37,642 Kao (344,140)

Mitsubishi Heavy Industries 36,288 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 >443<



Cost Proceeds

Purchases GBP Sales GBP

Paddy Power 988,299 Paddy Power (1,278,260)

Smiths Group 574,951 Informa (589,316)

Smurfit Kappa Group 531,748 Wm Morrison Supermarkets (576,274)

Inmarsat 409,801 Smiths Group (568,822)

Aberdeen Asset Management 387,257 Rexam (537,770)

Mediclinic International 359,540 Amlin (432,591)

Hikma Pharmaceuticals 336,547 Mediclinic International (429,371)

CYBG 306,385 Hikma Pharmaceuticals (393,487)

Paysafe Group 271,129 Telecity Group (332,461)

Metro Bank 197,912 Cable & WirelessCommunications (280,078)

Auto Trader Group 149,670 Bwin.Party Digital Entertainment (112,737)

Sports Direct International 142,930 Highbridge Multi Strategy (88,864)

Micro Focus International 129,576 Melrose Industries (78,439)

Saga 109,116 Northgate (66,895)

Darty 88,918 Ophir Energy (62,713)

Hill & Smith Holdings 88,183 Interserve (54,428)

McCarthy & Stone 88,049 Enterprise Inns (54,192)

Pendragon 85,286 Lookers (53,886)

Polypipe Group 79,254 Poundland Group (43,700)

Personal Assets 76,391 Alliance Trust (41,471) 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.


>444< HSBC ETFs PLC

HSBC S&P 500 UCITS ETF


Cost Proceeds


Alphabet 3,558,867 Time Warner Cable (6,619,816)

Apple 3,534,848 Lockheed Martin (6,466,483)

Exxon Mobil 3,158,753 General Dynamics (4,376,892)

FaceBook 2,609,565 Broadcom (4,312,301)

Johnson & Johnson 2,569,214 Apple (3,684,964)

Microsoft 2,449,606 Baxalta (3,467,024)

Berkshire Hathaway 2,333,961 Chubb (3,413,570)

AT & T 2,320,049 Alphabet (2,808,781)

General Electric 2,058,348 Microsoft (2,710,382)

Amazon.Com 2,022,911 Coca Cola (2,326,374)

Chubb 1,993,764 Exxon Mobil (2,150,066)

TransDigm Group 1,917,862 General Electric (1,970,738)

JP Morgan Chase & Company 1,844,082 Johnson & Johnson (1,870,220)

Willis Group Holdings 1,833,362 Procter & Gamble (1,719,001)

Avago Tech 1,791,759 Berkshire Hathaway (1,626,909)

American Water Works 1,753,936 FaceBook (1,597,222)

Procter & Gamble 1,703,153 Gilead Sciences (1,499,589)

Schlumberger 1,697,068 AT & T (1,462,582)

Chevron 1,671,440 Amazon.Com (1,454,726)

Digital Realty Trust 1,626,651 Wells Fargo & Co (1,424,450) 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 >445<

HSBC MSCI EUROPE UCITS ETF


Cost Proceeds

Purchases EUR Sales EUR

Shire 537,603 Royal Dutch Shell (442,837)

Nokia 448,271 Nestle (406,755)

NXP Semiconductors 406,743 Alcatel-Lucent (316,819)

Paddy Power 366,322 Roche Holding (316,766)

Royal Dutch Shell 230,392 Novo Nordisk (307,925)

Coca Cola European Partners 230,237 Novartis (303,052)

Lloyds Banking Group 225,487 Unilever (236,443)

DCC 221,142 Total (225,425)

Genmab 202,603 HSBC Holdings (223,414)

Marine Harvest 172,168 Siemens (199,195)

Berkeley Group Holdings 163,881 ABB (196,620)

Worldpay Group 153,860 British American Tobacco (190,157)

Mediclinic International 144,376 Sanofi (176,496)

Hikma Pharmaceuticals 130,430 Anheuser-Busch InBev (175,990)

ABN AMRO Group 128,825 GlaxoSmithKline (175,244)

Eiffage 113,943 Rexam (173,246)

Poste Italiane 107,749 Bayer (170,606)

Aercap Holdings 85,889 BP (169,828)

Covestro 80,878 Vodafone Group (148,920)

Total 79,317 SAP (138,888)

NN Group 75,765 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.


>446< HSBC ETFs PLC

HSBC MSCI USA UCITS ETF


Cost Proceeds


FaceBook 480,327 Apple (3,188,961)

Chartered Communications 444,345 Alphabet (2,403,912)

Alphabet 391,635 Microsoft (2,176,481)

Avago Technologies 313,642 Exxon Mobil (1,931,010)

Chubb 300,378 Johnson & Johnson (1,655,122)

Exxon Mobil 291,804 General Electric (1,569,375)

Apple 280,408 FaceBook (1,318,787)

Johnson & Johnson 263,902 AT & T Inc (1,306,944)

Microsoft 248,976 Amazon.Com (1,299,537)

General Electric 236,253 Wells Fargo & Co (1,272,718)

AT & T Inc 230,079 Procter & Gamble (1,235,430)

Schlumberger 201,629 JP Morgan Chase & Company (1,202,549)

Waste Connections 201,393 Verizon Communications (1,152,426)

Willis Towers Watson 191,498 Lockheed Martin (1,146,037)

Amazon.Com 188,640 Pfizer (1,085,457)

Coca-Cola 171,741 Time Warner Cable (1,069,186)

Berkshire Hathaway 168,360 Coca-Cola (1,017,085)

Procter & Gamble 155,577 Chevron (955,424)

Atmos Energy 155,378 Berkshire Hathaway (895,968)

Mid America Apartment Communities 151,786 Home Depot (888,244) 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 >447<

HSBC MSCI BRAZIL UCITS ETF


Cost Proceeds


Itau Unibanco Banco Multiplo 803,900 Itau Unibanco Banco Multiplo (689,700)

Banco Bradesco 790,873 Banco Bradesco (639,076)

Ambev 778,542 Ambev (602,012)

Petrobras 545,015 Petrobras (458,406)

Vale 378,708 Vale (313,241)

BRF 282,286 BRF (239,657)

Cielo 275,904 Cielo (221,723)

Itausa Investimentos Itau 246,345 Itausa Investimentos Itau (197,974)

BM&F Bovespa 230,899 BM&F Bovespa (188,876)

Ultrapar Participacoes 214,771 Ultrapar Participacoes (168,809)

Telef Brasil 175,997 BB Seguridade Participacoes (138,635)

BB Seguridade Participacoes 174,313 Telef Brasil (121,137)

Banco Do Brasil 145,108 Banco Do Brasil (113,692)

Kroton Educational 139,699 Kroton Educational (113,072)

Embraer 129,534 Embraer (95,597)

Lojas Renner 114,088 Lojas Renner (93,823)

CCR 112,048 CCR (89,229)

Raia Drogasil 108,338 Raia Drogasil (83,288)

Lojas Americanas 101,799 Lojas Americanas (76,686)

Klabin 90,231 Hypermarcas (66,393)

Hypermarcas 84,053 Klabin (64,680)

Cetip 78,022 Cetip (62,852)

Equatorial Energia 74,745 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.


>448< HSBC ETFs PLC

HSBC MSCI PACIFIC ex JAPAN UCITS ETF


Cost Proceeds


Jardine 778,152 Commonwealth Bank of Australia (3,313,900)

Hong Kong Land Holdings 177,858 Westpac Banking (2,580,472)

Domino's Pizza Enterprises 150,540 AIA GROUP (2,446,566)

Vocus Communications 130,305 National Australia Bank (1,790,696)

Melco Crown Entertainment 68,074 Australia & NZ Banking Group (1,768,981)

Westpac Banking 46,288 BHP Billiton (1,428,215)

Commonwealth Bank of Australia 41,770 CSL (1,327,118)

National Australia Bank 33,915 Wesfarmers (1,185,798)

Australia & NZ Banking Group 32,744 CK Hutchison Holdings (1,156,552)

AIA GROUP 31,030 HK Exchanges & Clearing (931,585)

TPG Telecom 23,132 Sun Hung Kai Properties (799,257)

Cheung Kong Infrastructure 19,868 Singapore Telecommunications (768,814)

BHP Billiton 19,366 Woolworths (724,776)

Macquarie Group 15,453 DBS Group (690,921)

Wesfarmers 14,447 CLP Holdings (680,761)

CK Hutchison Holdings 13,809 Oversea Chinese Banking (655,913)

Oversea Chinese Banking 12,153 Scentre Group (623,157)

HK Exchanges & Clearing 12,081 United Overseas Bank (608,933)

Transurban Group 10,638 Telstra (601,913)

United Overseas Bank 10,108 Transurban Group (596,199)

Cheung Kong Property Holdings (574,534)

Macquarie Group (561,118)

Westfield Group (525,047)

Woodside Petroleum (505,795)

The Link REIT (492,685) 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 >449<

HSBC MSCI EM FAR EAST UCITS ETF


Cost Proceeds


Alibaba Group Holding 444,536 Samsung Electronics (233,931)

Baidu 268,810 CIMB Group Holdings Berhad (57,577)

JD. Com 122,607 Hon Hai Prec Industry (54,384)

Ctrip Com International 80,478 China Construction Bank (47,406)

NetEase 67,962 Taiwan Semicon Manufacturing (40,680)

Qihoo 360 Technology 35,381 IOI Corporation Berhad (37,525)

OBI Pharma 30,339 China OS Land & Investment (36,839)

Tencent Holdings 22,340 Formosa Chemical & Fiber (33,054)

AirAsia 17,193 Malayan Banking (29,908)

TAL Education 16,674 Shinhan Financial Group (29,710)

SK Telecom 14,168 Hyundai Motor (30,008)

Vipshop Holdings 14,126 Pohang Iron Steel (29,020)

Security Bank 12,562 China Mobile (28,918)

Airports of Thailand 10,588 Petrochina (24,000)

New World China Land 9,628 China Oilfield Services (22,597)

JG Summit Holdings 9,505 British American Tobacco Malaysia (22,487)

BGF Retail 5,527 Fubon Financial Holding (22,395)

Alibaba Pictures Group 3,856 AirAsia (22,307)

Hyudai Glovis 3,667 Phison Electronics (22,299)

Formosa Petrochemical 1,982 Hanwha Corporation (21,262)

Datang International Power Generation (20,839)

China Pacific Insurance Group (20,658)

Astra International (19,517)

Media Tek (17,928)

China Communications Construction (16,526)

Samsung Fire & Marine Insurance (16,298)

KB Financial Group (15,722)

Largan Precision (15,091)

Lite-On Technology (14,619)

Amorepacific Corporation (14,552)

Tencent Holdings (14,411)

LG Display (13,955)

Doosan (13,374) 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.


>450< HSBC ETFs PLC

HSBC MSCI TURKEY UCITS ETF


Cost Proceeds


Garanti Bankasi 24,121 Garanti Bankasi (135,865)

Akbank 23,799 Akbank (131,941)

BIM Birlesik Magazalar 16,811 Enka Insaat (112,839)

Petkim Petrokimya Holding 16,354 BIM Birlesik Magazalar (98,177)

Turkcell Iletism Hizmetleri 13,013 Turkcell Iletism Hizmetleri (74,411)

Sabanci Holding 11,687 Tupras-Turkiye Petrol Rafine (65,906)

Tupras-Turkiye Petrol Rafine 11,670 Sabanci Holding (65,521)

KOC Holding 11,535 KOC Holding (64,848)

Turkiye IS Bankasi 9,715 Turkiye IS Bankasi (53,817)

Eregli Demir Ve Celik Fabrik 8,272 Eregli Demir Ve Celik Fabrik (49,404)

Turkiye Halk Bankasi 7,921 Turkiye Halk Bankasi (46,362)

Emlak Konut Gayrimenkul 7,077 Emlak Konut Gayrimenkul (40,973)

Arcelik 6,221 Arcelik (35,492)

Anadolou Efes Biracilik 5,481 Anadolou Efes Biracilik (30,468)

Turk Hava Yollari 4,998 Turk Hava Yollari (28,392)

Yapi Kredi 4,798 Yapi Kredi (26,978)

Turkiye Vakiflar Bankasi 4,592 Turkiye Vakiflar Bankasi (26,734)

Ulker Biskuvi Sanayi 4,315 Ulker Biskuvi Sanayi (26,086)

Turk Telekomunikasyon 3,816 Turk Telekomunikasyon (21,982)

Coca Cola Icecek 3,589 Tofas Turk Otomobil Fabrikasi (21,143)

Tav Havalimanlari 3,510 Coca Cola Icecek (20,406)

Tofas Turk Otomobil Fabrikasi 3,473 Tav Havalimanlari (20,116)

Ford Otomotiv Sanayi 3,137 Petkim Petrokimya Holding (19,522)

Turk Sise Ve Cam Fabrikalari 2,951 Ford Otomotiv Sanayi (18,889)

Turk Sise Ve Cam Fabrikalari (18,831) 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 >451<

HSBC MSCI WORLD UCITS ETF


Cost Proceeds


Chartered Communications 232,100 Apple (1,431,231)

FaceBook 144,275 Microsoft (971,245)

Aon 139,855 Exxon Mobil (862,583)

Cie Generale d'Optique Essilor Johnson & Johnson (802,835)

International 132,667 AT & T Inc (715,148)

Acuity Brands 129,796 Nestle (714,144)

Fresenius SE & Co KGaA 129,413 Procter & Gamble (698,835)

Constellation Brands 121,448 General Electric (689,729)

Boston Scientific 116,449 Wells Fargo & Co (671,036)

Aena 114,627 Verizon Communications (668,086)

Geberit 112,604 Amazon.Com (637,737)

NXP Semiconductors 106,123 FaceBook (607,091)

Check Point Software 106,093 Coca-Cola (570,630)

Dassault Systemes 104,621 Home Depot (564,874)

Activision Blizzard 96,739 Pfizer (548,918)

Admiral Group 96,556 Oracle (529,603)

Newell Brands 96,391 Philip Morris International (529,262)

ASML Holding 95,899 Walt Disney (528,880)

Electronic Arts 93,414 JP Morgan Chase & Company (519,897)

Molsonors Brewing 91,552 Comcast (519,095)

Paddy Power Plc 89,842 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.


>452< HSBC ETFs PLC

HSBC S&P BRIC 40 UCITS ETF


Cost Proceeds


Tencent Holdings 229,818 Tencent Holdings (642,974)

Alibaba 179,204 Alibaba (550,168)

China Mobile 153,150 China Mobile (428,938)

China Construction Bank 149,773 China Construction Bank (415,428)

Industrial & Commercial Bank of China 100,930 Baidu (323,248)

Baidu 100,169 Industrial & Commercial Bank of

Infosys 88,251 China (275,692)

Bank of China 76,252 Infosys (246,936)

HDFC Bank 60,642 Bank of China (206,437)

Ping An Insurance 56,137 OAO Gazprom (176,402)

JD Com 53,679 Itau Unibanco Holding (170,808)

OAO Gazprom 52,650 HDFC Bank (168,432)

Ambev 51,545 Ping An Insurance (156,233)

Itau Unibanco Holding 48,887 Ambev (153,172)

China Life Insurance 42,886 JD Com (149,324)

Lukoil 41,484 Sberbank of Russia (130,149)

CNOOC 41,423 CNOOC (128,127)

Sberbank of Russia 38,579 Banco Bradesco (124,896)

China Petroleum & Chemical 36,594 Lukoil (124,107)

Banco Bradesco 33,138 China Life Insurance (116,188)

Petrochina 32,542 China Petroleum & Chemical (112,215)

Bank Of Communications 32,525 Petrochina (99,220)

China OS Land & Investment 31,328 Bank Of Communications (92,728)

Ctrip Com International 28,299 China OS Land & Investment (89,405)

Magnit 26,804 Ctrip Com International (82,189)

NetEase 26,089 NetEase (68,435)

China Pacific Insurance Group 23,947 Magnit (67,021)

Agricultural Bank of China 22,999 ICICI Bank (65,712)

Citic Pacific 22,215 China Pacific Insurance Group (65,658)

ICICI Bank 22,089 Citic Pacific (62,272)

Reliance Industries 22,035 China Merchants Bank (61,953)

BRF - Brasil Foods 21,698 Agricultural Bank of China (61,740)

China Merchants Bank 21,197 MMC Norilsk Nickel (60,678) 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 >453<

HSBC MSCI CHINA UCITS ETF


Cost Proceeds


Alibaba Group Holding 5,701,249 Tencent Holdings (6,258,955)

Baidu 3,424,884 China Mobile (4,617,413)

JD.com 1,883,607 China Construction Bank (3,596,171)

Ctrip Com International 1,365,716 Alibaba Group Holding (2,908,493)

Tencent Holdings 1,088,770 Industrial & Commercial Bank of

NetEase 992,221 China (2,625,224)

China Mobile 669,587 Bank of China (2,109,590)

China Construction Bank 522,736 Baidu (1,741,030)

Qihoo 360 Technology 463,092 Ping An Insurance (1,532,719)

New Oriental Education and CNOOC (1,421,355)

Technology 395,549 China Petroleum & Chemical

Industrial & Commercial Bank of China 384,139 China Life Insurance (1,165,820)

Vipshop Holdings 335,936 Petrochina (1,089,299)

Bank of China 314,308 China Merchants Bank (946,929)

58com 306,368 China OS Land & Investment (812,712)

PICC Property & Casualty 288,992 China Pacific Insurance Group (800,883)

Ping An Insurance 226,988 Ctrip Com International (594,263)

CNOOC 205,510 NetEase (560,891)

Huatai Securities 176,196 PICC Property & Casualty (519,435)

China Life Insurance 165,727 Agricultural Bank of China (507,534)

China Petroleum & Chemical 162,663 JD.com (485,382) 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.


>454< HSBC ETFs PLC

HSBC MSCI SOUTH AFRICA UCITS ETF


Cost Proceeds


Naspers 325,806 Naspers (706,401)

Steinhoff International Holdings 135,546 Sasol (226,740)

Sasol 79,484 Steinhoff International Holdings (224,561)

Sibanye Gold 75,168 MTN Group (214,788)

MTN Group 72,902 Firstrand (136,537)

Standard Bank Group 53,152 Standard Bank (133,746)

Firstrand 45,244 Sanlam (126,619)

Remgro 35,855 Remgro (111,532)

Bidvest Group 34,791 Bidvest Group (106,371)

Sanlam 32,345 Aspen Pharmacare Holdings (102,477)

Aspen Pharmacare Holdings 31,623 Mediclinic International (97,387)

Barclays Africa Group 26,914 Anglogold (84,596)

Anglogold 25,308 Woolworths Holdings (79,700)

Woolworths Holdings 25,047 Shoprite Holdings (76,391)

Shoprite Holdings 23,188 Growthpoint Properties Limited (58,314)

Growthpoint Properties Limited 17,496 Vodacom Group (56,917)

Vodacom Group 17,296 Tiger Brands (51,129)

Brait 16,503 Brait (48,728)

Spar Group 16,392 Redefine Properties Limited (47,878)

Tiger Brands 15,702 Gold Fields (45,784)

Redefine Properties Limited 15,536 Truworths International (45,108)

Gold Fields 14,585 Barclays Africa Group (42,940)

Truworths International 14,206 Discovery (39,120)

New Europe Property Investment (39,095)

Mr Price Group (37,710) 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 >455<

HSBC MSCI CANADA UCITS ETF


Cost Proceeds


Suncor Energy 339,591 Royal Bank of Canada (981,661)

Royal Bank of Canada 288,994 Toronto-Dominion Bank (921,971)

Toronto-Dominion Bank 269,525 Bank Of Nova Scotia (690,715)

Enbridge 196,824 Canadian National Railway (595,595)

Bank Of Nova Scotia 185,314 Suncor Energy (488,955)

Canadian National Railway 153,995 Bank of Montreal (462,479)

Progressive Waste Solutions 140,607 Enbridge (411,833)

Bank of Montreal 134,602 Canadian Imperial Bank (343,857)

Brookfield Asset Management 127,647 Brookfield Asset Management (340,437)

Valeant Pharaceuticals 112,398 Canadian Natural Resources (332,326)

Hydro One Limited 104,744 Manulife Financial (328,679)

Manulife Financial 102,928 Transcanada (319,625)

Canadian Imperial Bank 97,879 Canadian Pacific Railway (263,148)

Transcanada 92,675 Valeant Pharmaceuticals (259,657)

Canadian Natural Resources 80,184 Sun Life Financial (226,821)

Franco Nevada 75,940 Alimentation Couche-Tard (226,037)

Alimentation Couche-Tard 71,216 Magna International (209,212)

Canadian Pacific Railway 70,518 Barrick Gold (188,565)

Sun Life Financial 67,252 Potash Corp of Saskatchewan (186,582)

Pembina Pipeline 60,640 Rogers Communications (168,454)

Magna International 55,936 Thomson Reuters (166,783)

Potash Corp of Saskatchewan 53,664 Agrium (158,130)

Restaurant Brands 50,352 Goldcorp (156,130)

National Bank Of Canada 50,293 Loblaw (150,132)

Rogers Communications 49,970 Progressive Waste Solutions (147,999)

Thomson Reuters 49,673 Canadian Oil Sands (144,920)

Agrium 46,930 Fairfax Financial Holdings (139,228)

National Bank Of Canada (132,460) 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.


>456< HSBC ETFs PLC

HSBC MSCI MEXICO CAPPED UCITS ETF


Cost Proceeds


America Movil 1,040,019 America Movil (1,095,297)

Fomento Economico Mexicano 837,192 Fomento Economico Mexicano (835,992)

Grupo Financiero Banorte 638,316 Grupo Financiero Banorte (670,767)

Grupo Televisa 622,557 Grupo Televisa (648,119)

WalMart de Mexico 608,643 WalMart de Mexico (611,715)

Cemex 418,236 Cemex (450,989)

Grupo Mexico 415,737 Grupo Mexico (442,957)

Grupo Aeroportuario 316,833 Grupo Aeroportuario (292,336)

Fibra Uno Administration 279,621 Fibra Uno Administration (267,985)

Alfa A Com 248,436 Alfa A Com (256,541)

Bimbo 234,566 Bimbo (236,574)

Grupo Financiero Inbursa 206,911 Grupo Financiero Inbursa (213,556)

Coca-Cola Femsa 189,637 Coca-Cola Femsa (198,351)

Kimberly-Clark de Mexico 169,224 Kimberly-Clark de Mexico (175,249)

Gruma 167,646 Grupo Financiero Santander (157,492)

Promotora y Operadorade 159,533 Promotora y Operadorade (152,756)

Grupo Financiero Santander 155,481 Gruma (141,822)

Arca Continental 133,445 Arca Continental (133,345)

Grupo Carso 119,420 Grupo Carso (125,590)

Mexichem 115,405 Mexichem (119,475)

El Puerto De Liverpool 102,850 Gentera (107,559)

Gentera 96,840 Industrias Penoles (104,839)

Industrias Penoles 94,721 El Puerto De Liverpool (101,045) 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 >457<



Cost Proceeds


Ambev 380,886 Banco Bradesco (772,697)

America Movil 379,182 Itau Unibanco Banco Multiplo (759,557)

Itau Unibanco Banco Multiplo 335,494 Ambev (722,349)

Fomento Economico Mexicano 307,036 Petrobras (593,818)

Banco Bradesco 298,774 America Movil (527,081)

Grupo Televisa 236,240 Fomento Economico Mexicano (453,394)

WalMart de Mexico 235,248 Vale (369,706)

Grupo Financiero Banorte 221,706 Grupo Financiero Banorte (365,952) Petrobras 178,627 Grupo Televisa (343,998) BRF - Brasil Foods 143,985 WalMart de Mexico (338,074) Grupo Mexico 136,988 Cielo (280,777)

Vale 127,448 Credicorp (277,569)

Cielo 125,181 BRF - Brasil Foods (250,367)

Credicorp 123,898 Cemex (239,260)

Grupo Aeroportuario 117,128 BM&F Bovespa (239,246)

Cemex 111,246 Grupo Mexico (235,315)

Itausa Investimentos Itau 109,079 Itausa Investimentos Itau (234,230)

Fibra Uno Administration 99,426 Ultrapar Participacoes (209,483)

Ultrapar Participacoes 95,307 Grupo Aeroportuario (180,778)

Telef Brasil 92,036 BB Seguridade Participacoes (158,259)

Alfa 88,513 Southern Copper (157,785)

Embraer 85,298 Telef Brasil (152,171)

Enersis 84,471 Enersis (151,587)

BM&F Bovespa 82,116 Kroton Educational (149,068)

Bimbo 80,756 Fibra Uno Administration (145,891)

Endesa Chile 75,488 Bimbo (137,361)

BB Seguridade Participacoes 73,352

Southern Copper 71,670 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.


>458< HSBC ETFs PLC

HSBC MSCI INDONESIA UCITS ETF


Cost Proceeds


Telekomunikasi Indonesia Persero 832,558 Bank Central Asia (396,815)

Bank Central Asia 802,268 Telekomunikasi Indonesia Persero (393,329)

Astra International 667,627 Astra International (315,386)

Bank Rakyat Indonesia 617,326 Bank Rakyat Indonesia (312,565)

Bank Mandiri 437,869 Bank Mandiri (220,059)

Unilever Indonesia 303,574 Unilever Indonesia (141,932)

Waskita Karya Persero 229,179 Astra Agro Lestari (118,630)

Matahari Department Store 196,370 Matahari Department Store (97,227)

Bank Negra Indonesia 187,474 Bank Negra Indonesia (93,430)

Hanjaya Mandala Sampoerna 183,289 Hanjaya Mandala Sampoerna (85,506)

Semen Indonesia Persero 148,634 Semen Indonesia Persero (76,712)

Gudang Garam 145,170 Kalbe Farma (72,410)

Indofood Sukses Makmur 140,703 PT Lippo Karawaci (72,293)

Indocement Tunggal Prakarsa 139,080 Indocement Tunggal Prakarsa (71,518)

Kalbe Farma 138,661 Perusahaan Gas Negara (69,868)

Perusahaan Gas Negara 136,470 Gudang Garam (67,051)

United Tractor 130,220 Indofood Sukses Makmur (66,078)

Charoen Pokphand Indonesia 121,864 United Tractor (65,927)

Tower Bersama Infrastructure 118,219 Charoen Pokphand Indonesia (55,659)

PT Lippo Karawaci 100,452 Surya Citra Media (42,542)

Indofood CBP Sukses Makmur 86,980 Indofood CBP Sukses Makmur (40,895)

Surya Citra Media 85,878 PT Summarecon Agung (39,873)

PT Summarecon Agung 79,061 Bumi Serpong Damai (34,362)

Bumi Serpong Damai 67,696 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 >459<

HSBC MSCI MALAYSIA UCITS ETF


Cost Proceeds


Public Bank 413,906 Malayan Banking (240,491)

Tenaga Nasional 344,714 CIMB Group Holdings Berhad (161,330)

Malayan Banking 283,581 Public Bank (100,274)

IHH Healthcare 162,512 Tenaga Nasional (96,061)

Sime Darby 161,808 Sime Darby (89,206)

CIMB Group Holdings Berhad 145,549 Petronas Chemical Group (65,586)

Genting 139,549 IOI Corporation Berhad (54,512)

DiGi. Com 131,311 Axiata Group Berhad (40,539)

Petronas Chemical Group 128,022 DiGi. Com (39,437)

Axiata Group Berhad 119,674 Genting (36,071)

Petronas Gas 118,294 IHH Healthcare (35,052)

Genting Malaysia 99,868 Petronas Gas (32,661)

IOI Corporation Berhad 91,079 Maxis (26,873)

Maxis 87,660 Genting Malaysia (26,769)

Kuala Lumpur Kepong Berhad 77,819 Bumi Armada Berhad (26,041)

MISC 73,276 Petronas Dagangan (24,147)

IJM 70,185 Dialog Group (24,045)

British American Tobacco 64,986 IJM (21,848)

Hong Leong Bank Berhad 64,816 MISC (21,560)

Gamuda 59,244 Kuala Lumpur Kepong Berhad (20,899)

PPB Group Berhad 58,561 AMMB Holdings (19,354)

AMMB Holdings 57,478 Hong Leong Bank Berhad (18,318)

Telekom Malaysia 57,098 Gamuda (17,488)

YTL 51,547 PPB Group Berhad (16,231)

Sapurakencana Petroleum 48,438 Telekom Malaysia (16,077)

Petronas Dagangan 41,012 British American Tobacco (15,576)

Dialog Group 40,946 UMW Holdings (14,869) 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.


>460< HSBC ETFs PLC

HSBC MSCI TAIWAN UCITS ETF


Cost Proceeds


Taiwan Semiconductor Manufacturing 702,333 Taiwan Semiconductor Manufacturing (742,280)

Hon Hai Precision Industry 211,171 Hon Hai Precision Industry (251,888)

Chunghwa Telecom 75,627 Chunghwa Telecom (84,324)

Media Tek 65,976 Media Tek (68,077)

Formosa Plastics 60,914 Formosa Plastics (66,172)

Cathay Financial Holding 57,743 Cathay Financial Holding (63,720)

Nan Ya Plastics 55,389 Nan Ya Plastics (58,563)

Chinatrust Financial Holding 52,387 Uni-President Enterprises (57,040)

Uni-President Enterprises 51,946 Delta Electronics (54,687)

Delta Electronics 50,316 Fubon Financial Holding (53,767)

Largan Precision 49,100 Formosa Chemical & Fiber (50,735)

Fubon Financial Holding 48,931 Largan Precision (50,450)

China Steel 45,556 Mega Financial Holding (48,225)

Advanced Semiconductor Engineering 44,834 Chinatrust Financial Holding (48,063)

Formosa Chemical & Fiber 44,821 Advanced Semiconductor Engineering (47,154)

Mega Financial Holding 44,605 China Steel (46,452)

Asustek Computer 36,430 Asustek Computer (41,198)

Taiwan Mobile 32,641 Taiwan Mobile (35,762)

Catcher Technology 30,885 Catcher Technology (33,720)

United Micro Electronics 30,476 United Micro Electronics (33,337)

Cheng Shin Rubber Industry 28,929 Quanta Computer (31,391)

Pegatron Corperation 28,742 First Financial Holding (30,808)

Quanta Computer 28,445 Pegatron Corperation (30,257)

First Financial Holding 27,196 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 >461<

HSBC MSCI KOREA UCITS ETF


Cost Proceeds


SK Holdings 30,777 Samsung Electronics (139,918)

SK Telecom 28,384 Hanwha Corporation (20,992)

LG Household & Healthcare 17,006 Hyundai Motor (16,216)

KT & G 13,698 Samsung Life Insurance (11,168)

Korea Aerospace Industries 12,670 Doosan (9,462)

Samsung SDS 9,984 Samsung Fire & Marine Insurance (6,334)

Celltrion 9,238 Lotte Confectionery (3,786)

Dongbu Insurance 6,914 Woori Bank (3,703)

Naver 4,834 Industrial Bank of Korea (2,946)

Hyundai Mobis 4,281 KCC (2,706)

Sk hynix 4,167 Hyundai Engineering & Construction (2,174)

Daewoo International 4,096 E-Mart (2,131)

Shinhan Financial Group 4,083 Hyundai Mobis (2,019)

Korea Electric Power 3,948 Cheil Communications (2,011)

Hyundai Heavy Industries 3,919 Naver (1,999)

Amorepacific 3,783 Hyosung (1,970)

Mirae Asset Securities 3,756 Sk hynix (1,908)

BGF Retail 3,685 LG Chemicals (1,873)

KCC 3,662 Shinhan Financial Group (1,843)

LG Corporation 3,653 Korea Electric Power (1,701)

Kumho Petro Chemical 3,641

CJ Corporation 3,618

LG Chemicals 3,450

KB Financial Group 3,320

Pohang Iron Steel 3,317

Hanssem 3,097

Kia Motors 3,093

SK Innovation 2,745

Daewoo Engineering & Construction 2,683

Hyundai Development 2,639 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.


>462< HSBC ETFs PLC



Cost Proceeds


Simon Property Group 3,247,679 Simon Property Group (1,388,905)

Public Storage 1,958,260 Sun Hung Kai Properties (875,058)

Equity Residential 1,445,239 Public Storage (851,545)

Unibail-Rodamco 1,394,912 Unibail-Rodamco (609,140)

Mitsubishi Estate 1,313,157 Equity Residential (595,828)

Avalonbay Communities 1,288,483 Avalonbay Communities (562,809)

Welltower 1,268,790 Mitsubishi Estate (544,416)

Mitsui Fudosan 1,198,832 Mitsui Fudosan (527,008)

Prologis 1,179,411 Prologis (512,973)

Ventas 1,068,129 Welltower (493,662)

Boston Properties 1,015,240 Boston Properties (442,272)

Sun Hung Kai Properties 1,003,812 Ventas (416,054)

Digital Realty Trust 959,240 Macerich (368,305)

Scentre Group 887,401 Scentre Group (361,398)

HCP 887,294 Cheung Kong Property Holdings (360,074)

Realty Income 847,769 Vornado Realty Trust (345,886)

Cheung Kong Property Holdings 826,855 Vonovia (337,557)

Vornado Realty Trust 811,829 HCP (330,360)

Vonovia 780,264 Essex Property Trust (328,490)

Westfield Group 765,441 Realty Income (312,081)

Essex Property Trust 748,615 Westfield Group (308,184)

The Link REIT (307,898)

General Growth Properties (298,530) 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 >463<



Cost Proceeds


PhosAgro 495,048 Lukoil (2,020,900)

Magnit 377,576 Gazprom (1,229,778)

Gazprom 237,586 Sberbank of Russia (843,917)

Sberbank of Russia 167,397 Magnit (431,709)

Lukoil 158,220 Novatek (383,346)

Moscow Exchange 144,101 Surgutneftegaz (371,604)

Novatek 81,467 MMC Norilsk Nickel (343,633)

Surgutneftegaz 80,232 Tatneft (318,142)

Rostelecom 74,962 Rosneft Oil (247,597)

MMC Norilsk Nickel 71,159 VTB Bank (247,420)

Tatneft 65,694 Mobile Telesystems (207,280)

VTB Bank 52,209 Transneft (205,604)

Rosneft Oil 48,116 Severstal (102,764)

Mobile Telesystems 39,677 ALROSA (89,024)

Transneft 39,354 Moscow Exchange (81,352)

Severstal 18,440 Rostelecom (62,343)

ALROSA 18,256 Rushydro (53,488)

Megafon 11,345 AFK Sistema (52,461)

AFK Sistema 10,702 Megafon (48,120)

Rushydro 10,669 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.


>464< HSBC ETFs PLC



Cost Proceeds


Alibaba Group Holding 3,013,222 Reliance Industries (1,667,173)

Baidu 1,760,082 Samsung Electronics (1,637,835)

Samsung Electronics 1,375,783 Mahindra & Mahindra (564,459)

Tencent Holdings 1,196,192 Lukoil (493,958)

Taiwan Semicon Manufacturing 1,110,708 Dr Reddys Lab (463,201)

JD.Com 758,879 Tata Motors (408,432)

China Mobile 647,616 Taiwan Semicon Manufacturing (373,540)

Naspers 609,415 ICICI Bank (321,186)

Ctrip Com International 594,365 CIMB Group Holdings (282,964)

China Construction Bank 504,903 Bank of China (280,062)

NetEase 411,981 Shinhan Financial Group (262,542)

Industrial & Commercial Bank of China 379,448 China Petroleum & Chemical (260,468)

Hon Hai Precision Industry 353,054 Tata Steel (252,884)

New Oriental Education and Axiata Group (244,942)

Technology 320,510 Taiwan Cement (238,562)

Bank of China 308,686 BRF (233,141)

Grupo De Inv Suramericana 263,429 Coca-Cola (232,244)

58 Com 257,651 Polish Oil & Gas (215,244)

Genting 254,943 BM&F Bovespa (207,066)

Barclays Africa Group 251,002 Mediclinic International (197,369)

America Movil 250,248 Kuala Lumpur Kepong (196,644)

Sime Darby (194,813)

Cheng Shin Rubber (169,800)

Tupras Turkiye Petrol Rafinerileri (164,018)

Enersis (163,866)

Shanghai Lujiazui (155,993)

Cia De Mina Buenaventur (155,036)

Hyundai Mobis (153,488)

MTN Group (146,605) 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 >465<



Cost Proceeds


Alibaba Group Holding 2,187,750 Samsung Electronics (1,053,797)

Baidu 1,310,422 Taiwan Semicon Manufacturing (354,863)

Samsung Electronics 872,352 Sun Hung Kai Properties (281,586)

Tencent Holdings 797,742 AIA Group (271,387)

Taiwan Semicon Manufacturing 747,711 CIMB Group Holdings Berhad (268,693)

Jardine Matheson 670,132 United Overseas Bank (242,587)

JD.com 614,183 Shinhan Financial Group (232,187)

China Mobile 476,591 Hyundai Motor (223,683)

AIA Group 458,378 CLP Holdings (218,751)

Ctrip Com International 391,738 Uni-President Enterprises (187,354)

China Construction Bank 351,601 PTT Public Company Ltd (185,243)

NetEase 332,478 Aboitiz Power (175,083)

Industrial & Commercial Bank of China 263,993 Swire Pacific (164,832)

CK Hutchison Holdings Limited 243,834 Catcher Technology (162,787)

Hon Hai Precision Industries 226,624 Coway (160,492)

Bank of China 215,503 Bank Mandiri (154,001)

TAL Education 212,354 Taiwan Mobile (142,692)

Nien Made Enterprise 187,893 Largan Precision (139,790)

Beijing Capital International Airport 185,579 Aluminium Corporation of China (135,349)

HK Exchanges & Clearing 185,150 Singapore Airlines (133,041)

CK Hutchison Holdings Limited (124,970)

Chunghwa Telecom (124,127)

China Shipping Container Lines Company (116,338)

China Merchants Bank (110,705)

Datang International Power generation (102,192)

ZTE (101,615)

Sime Darby (99,582)

Petronas Chemical Group (98,823)

Wharf Holdings (97,192)

China Mobile (94,631)

LG Chemical (91,797)

Tencent Holdings (91,142)

Hyundai Mobis (90,185)

CNOOC (88,398)

Bank Central Asia (87,858)

Yuexiu Property (84,133)

Singapore Telecommunications (77,139) 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.


>466< HSBC ETFs PLC



Cost Proceeds


Gilead Sciences 2,366,282 Exxon Mobil (1,904,957)

Petrobras 1,693,017 AT & T Inc (1,776,080)

JD.com 1,196,444 Kinder Morgan (1,761,044)

Apple 1,114,591 Wal Mart Stores (1,725,955)

Agricultural Bank of China 952,876 Petrobras (1,410,752)

CK Hutchison Holdings 934,258 Allergan (1,306,606)

Industrial & Commercial Bank of China 925,779 ArcelorMittal (1,258,893)

Verizon Communications 834,820 Kumba Iron Ore (1,075,838)

Lukoil 715,303 Time Warner Cable (1,051,518)

Securitas 663,542 Oi SA (1,038,232)

Fiat Chrysler Automobiles 659,733 Gazprom (987,188)

Bank of America 641,726 International Business Machines (981,499)

MegaFon 641,407 Thai Airways International (971,821)

China Construction Bank 631,296 Chevron (894,254)

Toyota Motor 620,205 Vale (824,616)

Wells Fargo & Co 612,244 Royal Dutch Shell (792,381)

Deutsche Bank 591,707 Glencore International (775,414)

Volkswagen 562,654 Evraz Group (716,411)

Bank of China 536,936 Energy Transfer Partners (670,376)

Ooredoo QSC 498,123 Anglo American (653,267) 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 >467<

HSBC WORLDWIDE EQUITY UCITS ETF


Cost Proceeds


PSP Swiss Property 239,045 Time Warner Cable (460,378)

RPC Group 232,477 Royal Dutch Shell (294,192)

Castellum 205,636 Home Depot (272,641)

Hiscox Ltd 201,913 Jarden (173,431)

UBM Plc 195,950 Apple (164,304)

Robinson Department Store 190,607 Coca Cola (161,603)

Thai Oil Plc 185,049 Gilead Sciences (127,494)

Hota Industrial MFG Co Ltd 184,323 Realogy Holdings (110,103)

Merlin Properties 182,626 Towers Watson & Company (109,370)

FaceBook 177,260 Sansiri PCL (104,723)

Temp Holdings 176,466 Alcatel-Lucent (96,265)

Square Enix 171,063 Petrobras (90,920)

SBI Holdings 169,924 Howard Hughes (88,767)

Aalberts Industries 165,624 CH Karnchang (83,717)

Electricity Generating 164,572 Navient Corporation (83,314)

Chubb 162,513 China Everbright (79,920)

Top Glove 158,722 Bosch (77,960)

Public Storage 157,393 Groupe Bruxelles Lambert (77,709)

Aryzta 154,135 TEGNA (75,107)

Equinix 149,495 Wheelock & Co (71,837)

Kyoritsu Maintenance 141,470 H&R Block (71,475)

Moodys 139,172 Oneok Partners (71,346)

Nokian Renkaat 131,248 Williams Sonoma (70,860)

Just-Eat 130,791 Hopewell Holdings (68,000)

E-House China Holdings 127,760 Sunway Real Estate Investment (67,863)

Vocus Communications 122,165 Quanta Services (66,687)

Kingspan Group 121,416 Lazard (65,419)

Amer Sports 119,208 Robert Half International (65,028)

JD.Com 115,595 Harman International Industries (64,863)

Shui On Land 115,476 SACI Falabella (64,221)

Rexel 115,354 Wonik IPS (63,972)

Amazon.Com 114,464 Italian-Thai Development (60,608)

Metcash 112,820 Union Pacific (60,501)

Invincible Investment 105,943 Edgewell Personal Care (59,909)

Charoen Pokphand Indonesia 103,292 Chicago Bridge & Iron (59,124)

Com2us 103,194 Under Armour (58,602)

Lululemon Athletica 98,913 Keyera (58,345)

Citic 1616 Holdings 92,798 Gunkul Engineering (57,889)

Sibanye Gold 90,802

Petron 84,592

Sonda 83,645

Credit China Holdings 83,342

Bolsa Mexicana de Valores 82,817

Sohu.com 79,197


>468< HSBC ETFs PLC


For the period ended 30 June 2016 (continued)

Cost

Purchases USD

Sharp 77,296

Blackmores 76,176

Embraer 75,688 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 Unaudited Information (continued)

HSBC ETFs PLC >469<

1. Exchange Rates

The following average exchange rates were used to translate income and expenses into the presentation currency (USD) at 30 June 2016 and 30 June 2015.

30 June 2016 30 June 2015 Euro 0.89851 0.72589 Pound Sterling 0.70533 0.60736

The following Exchange rates were used to translate assets and liabilities into the functional currency (EUR) at 30 June 2016 and 30 December 2015.

30 June 2016 31 December 2015 Danish Krone 7.43981 7.46266 Norwegian Kroner 9.29637 9.61522 Pound Sterling 0.83105 0.73702 Swedish Krona 9.41275 9.15816 Swiss Franc 1.08229 1.08739 United States Dollar 1.11095 1.08630 The following Exchange rates were used to translate assets and liabilities into the functional currency (GBP) at 30 June 2016 and 30 December 2015. 30 June 2016 31 December 2015 Euro 1.20329 1.35681 Georgian Lari 3.11474 3.53736 United States Dollar 1.33680 1.47390 The following exchange rates were used to translate assets and liabilities into the functional currency (USD) at 30 June 2016 and 31 December 2015.

30 June 2016 31 December 2015 Australian Dollar 0.74460 0.72755 Brazilian Real 3.20375 3.95625 Canadian Dollar 0.77000 0.71989 Chilean Peso 0.00151 0.00141 Chinese Yuan Renminbi 6.64360 6.49360 Colombian Peso 0.00034 0.00032 Czech Koruna 24.37775 24.87530 Danish Krone 6.69680 6.86980 Egyptian Pound 0.11261 0.12771 Euro 0.90013 0.92056 Hong Kong Dollar 7.75795 7.75015 Hungarian Forint 0.00352 0.00344 Indian Rupee 0.01482 0.01512 Indonesian Rupiah 13,213 13,785 Israeli New Shekel 3.85110 3.89105 Japanese Yen 102.59000 120.29500 Korean Won 1,151.85 1,172.55 Malaysian Ringgit 4.03150 4.29350 Mexican Peso 0.05420 0.05790 Moroccan Dirham 9.78350 9.91615 New Zealand Dollar 1.40410 1.46071 Norwegian Kroner 8.36795 8.85135 Peruvian Nuevo Sol 3.28855 3.41145 Philippine Peso 47.04750 47.05500 Polish Zloty 0.25244 0.25323 Pound Sterling 1.33680 1.47390 Qatari Riyal 3.64130 3.64230


>470< HSBC ETFs PLC

1. Exchange Rates (continued)

30 June 2016 31 December 2015 Russian Rouble 0.01565 0.01369 Singapore Dollar 1.34590 1.41865 South African Rand 0.06828 0.06453 Swedish Krona 8.47270 8.43060 Swiss Franc 1.02648 1.00100 Taiwan Dollar 32.25900 32.84700 Thai Baht 35.14000 35.98500 Turkish Lira 2.87565 2.91885 UAE Dirham 3.67310 3.67300

2. Comparative net asset value

Funds NAV

Per Share Total NAV

30 June 2016 30 June 2016

HSBC FTSE 100 UCITS ETF GBP 65.72 GBP 155,098,372

HSBC EURO STOXX 50 UCITS ETF EUR 30.29 EUR 103,282,574

HSBC MSCI JAPAN UCITS ETF USD 26.56 USD 147,433,486


HSBC S&P 500 UCITS ETF USD 21.16 USD 2,021,539,948

HSBC MSCI EUROPE UCITS ETF EUR 11.54 EUR 201,933,253

HSBC MSCI USA UCITS ETF USD 20.10 USD 254,324,663

HSBC MSCI BRAZIL UCITS ETF USD 14.93 USD 10,851,550

HSBC MSCI PACIFIC ex JAPAN UCITS ETF USD 11.51 USD 43,869,971

HSBC MSCI EM FAR EAST UCITS ETF USD 34.58 USD 26,974,417

HSBC MSCI TURKEY UCITS ETF USD 3.88 USD 6,203,011

HSBC MSCI WORLD UCITS ETF USD 16.47 USD 173,062,126

HSBC S&P BRIC 40 UCITS ETF* - -

HSBC MSCI CHINA UCITS ETF USD 5.67 USD 124,674,773

HSBC MSCI SOUTH AFRICA UCITS ETF USD 45.20 USD 4,520,013

HSBC MSCI CANADA UCITS ETF USD 14.82 USD 35,577,977

HSBC MSCI MEXICO CAPPED UCITS ETF USD 36.77 USD 11,030,989

HSBC MSCI EM LATIN AMERICA UCITS ETF USD 22.72 USD 11,361,636

HSBC MSCI INDONESIA UCITS ETF USD 75.43 USD 26,778,013

HSBC MSCI MALAYSIA UCITS ETF USD 36.12 USD 6,880,308

HSBC MSCI TAIWAN UCITS ETF USD 28.56 USD 8,567,138

HSBC MSCI KOREA UCITS ETF USD 36.87 USD 7,742,487

HSBC FTSE EPRA/NAREIT DEVELOPED UCITS ETF USD 23.50 USD 212,642,098

HSBC MSCI RUSSIA CAPPED UCITS ETF USD 8.02 USD 47,942,462

HSBC MSCI EMERGING MARKETS UCITS ETF USD 8.46 USD 271,528,929

HSBC MSCI AC FAR EAST ex JAPAN UCITS ETF USD 33.02 USD 150,244,177

HSBC ESI WORLDWIDE EQUITY UCITS ETF USD 13.53 USD 813,974,050

HSBC WORLDWIDE EQUITY UCITS ETF USD 15.26 USD 270,631,225 *The Sub-Fund was fully redeemed on 27 April 2016


HSBC ETFs PLC >471<

2. Comparative net asset value (continued)

Sub-Funds NAV

Per Share Total NAV

31 December 2015 31 December 2015










HSBC MSCI EM FAR EAST UCITS ETF USD 34.16 USD 26,646,994 HSBC MSCI TURKEY UCITS ETF USD 3.47 USD 6,598,773


HSBC S&P BRIC 40 UCITS ETF USD 19.24 USD 4,041,007














HSBC ESI WORLDWIDE EQUITY UCITS ETF USD 13.27 USD 797,930,180

HSBC WORLDWIDE EQUITY UCITS ETF USD 15.20 USD 269,703,416

Funds NAV

Per Share Total NAV

30 June 2015 30 June 2015










HSBC MSCI EM FAR EAST UCITS ETF USD 40.77 USD 25,687,445

HSBC MSCI TURKEY UCITS ETF USD 4.45 USD 9,784,947


HSBC S&P BRIC 40 UCITS ETF USD 24.02 USD 5,043,671





>472< HSBC ETFs PLC

2. Comparative net asset value (continued)

Funds NAV

Per Share Total NAV

30 June 2015 30 June 2015











HSBC ESI WORLDWIDE EQUITY UCITS ETF USD 14.90 USD 1,002,300,645

HSBC WORLDWIDE EQUITY UCITS ETF USD 16.21 USD 287,615,631 3. 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 the Sub-Funds.

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 to pay dividends during the period, the details are disclosed under Note 4. On 17 March 2016, the total expense ratio was reduced for certain funds, see details below: Fund Current TER New TER HSBC FTSE 100 UCITS ETF 0.35% 0.07% HSBC EURO STOXX 50 UCITS ETF 0.15% 0.05% HSBC MSCI JAPAN UCITS ETF 0.40% 0.19% HSBC MSCI EUROPE UCITS ETF 0.30% 0.20% HSBC MSCI WORLD UCITS ETF 0.35% 0.15% HSBC MSCI EMERGING MARKETS UCITS ETF 0.60% 0.40%

On 17 March 2016, the directors of the Company resolved to fully redeem all of the shares and close the HSBC S&P BRIC 40 UCITS ETF. All of the shares of the HSBC S&P BRIC 40 UCITS ETF was fully redeemed on 27 April 2016. There were no other significant events occurred during the period.

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 2016. All Rights Reserved.

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