# China Government Local Bond UCITS ETF Accum-ETFC- USD (HCGB) **Page:** https://fundology.uk/fund/hcgb · ISIN IE000N5JOGS2 ## At a glance > Capital at risk. Past performance is not a guide to future returns. The value of investments can fall as well as rise. As of 13/11/2026, HCGB (China Government Local Bond UCITS ETF Accum-ETFC- USD, ISIN IE000N5JOGS2) closed at $12.20 on the London Stock Exchange. Its ongoing charge is 0.60% a year (about £60 on £10,000). Over the three years to 13/11/2026 its total return was +4.7%, or −5.4% after UK CPIH inflation. ## Summary China Government Local Bond UCITS ETF Accum-ETFC- USD is an exchange-traded fund (ETF) from HSBC, launched in 2023. It tracks the Bloomberg China Treasury + Policy Bank Index. You buy and sell it through a share-dealing account or platform during stock-market hours, like a share. Its ongoing charge is 0.6% a year — about £60 a year on every £10,000 invested, taken from the fund's value rather than billed to you. Income from its investments is reinvested inside the fund, so it shows up as a rising price rather than cash paid to you. Latest close: **$12.20** (13/11/2026). ## Key facts | Fact | Value | |---|---| | Ticker (LSE) | HCGB | | ISIN | IE000N5JOGS2 | | Also listed as | H41Q (Xetra, euros) | | Category | Government bonds | | Type | ETF | | Provider | HSBC | | Tracks | Bloomberg China Treasury + Policy Bank Index | | Income | Accumulating | | Ongoing charge | 0.60% a year (£60 per £10,000) | | Fund size | £63.3m | | Launched | 2023 | | Domicile | Ireland | | UK reporting fund status | Yes — on HMRC’s list of reporting funds (list of 02/11/2026); reporting fund since 01/01/2023 | ## Past returns (periods to 13/11/2026) After the fund's ongoing charges. "Income reinvested" is total return; "price only" leaves out income paid out. Real returns are after UK CPIH inflation. | Window | Return | After CPIH inflation | Measured as | |---|---|---|---| | 1 year | +9.48% | +5.60% | income reinvested | | 3 years | +4.72% | -5.38% | income reinvested | Returns: as reported (delayed data). Inflation: UK CPIH, latest month published. ## Calendar-year returns Calendar-year returns of China Government Local Bond UCITS ETF Accum-ETFC- USD in pounds (price, with income reinvested in the fund): 2024 +7.7%, 2025 −3.4%; 2026 to 13/11/2026 +9.5%. Returns of China Government Local Bond UCITS ETF Accum-ETFC- USD in pounds (price, with income reinvested in the fund) over the 12 months to 30/09/2026: +10.6%; to 30/09/2025: +0.3%; to 30/09/2024: +1.3%. | Year | Return | After CPIH inflation | Measured as | |---|---|---|---| | 2024 | +7.7% | +4.1% | Price | | 2025 | -3.4% | -6.7% | Price | | 2026 to 13/11/2026 | +9.5% | +6.0% | Price | ## Risk metrics | Window | Volatility | Max drawdown | |---|---|---| | 1 year | 5.63% | -2.81% | | 3 years | 6.08% | -8.78% | ## Largest fall Volatility of China Government Local Bond UCITS ETF Accum-ETFC- USD in pounds, annualised from weekly returns to 13/11/2026: 5.6% over 1 year, 6.1% over 3 years. Largest fall in the price of China Government Local Bond UCITS ETF Accum-ETFC- USD since July 2023, in pounds: −8.8% from 17/01/2025 to 27/06/2025. The lowest 12-month return of China Government Local Bond UCITS ETF Accum-ETFC- USD in pounds (price, with income reinvested in the fund) since July 2023 was −5.7% (12 months to 30/01/2026); the highest was +11.4% (12 months to 02/10/2026). On 13/11/2026 the price of China Government Local Bond UCITS ETF Accum-ETFC- USD was at its highest weekly close since July 2023, in pounds. ## Charges compared with similar funds Ongoing charge of China Government Local Bond UCITS ETF Accum-ETFC- USD 0.60% a year. Compared on 14/11/2026, 0 of the 311 other government bond funds charge more, 2 the same and 309 less (share classes counted once). ## Funds tracking the same index 5 funds track Bloomberg China Treasury + Policy Bank Index, this one included and share classes counted once; their ongoing charges range from 0.35% to 0.60% a year (13/11/2026). | Fund | Ongoing charge | 1 year | 3 years | 5 years | |---|---|---|---|---| | China Government Local Bond UCITS ETF Accum-ETFC- USD (this fund) | 0.60% | +9.5% | +4.7% | — | | China Government Local Bond UCITS ETF Accum-ETFCH- USD | 0.60% | +5.1% | — | — | | China Government Local Bond UCITS ETF Accum-ETFSHGBP- GBP | 0.60% | +6.4% | +8.3% | — | | iShares China CNY Bond UCITS ETF Hedged GBP | 0.40% | +5.2% | +21.7% | +7.6% | | iShares China CNY Bond UCITS ETF USD | 0.35% | +8.9% | +14.0% | +17.7% | Returns are as reported, in pounds, income reinvested unless marked "(price)". ## Charges & eligibility - Ongoing charges figure (OCF): **0.60%** per year (as of 13/11/2026) - Stocks and shares ISA eligible: usually (check with your platform) - SIPP eligible: usually (check with your provider) - ISA and SIPP mean the kind of product usually qualifies under HMRC rules. We do not check each platform’s list — each provider decides which funds it offers. Crypto ETNs have not qualified for a stocks and shares ISA since 06/04/2026, and overseas funds that are not UK-recognised UCITS, such as Swiss ETFs, do not usually qualify. ## Questions people ask **What is the ongoing charge of HCGB?** The ongoing charge of HCGB is 0.60% a year — about £60 a year on every £10,000 invested, taken from the fund’s value rather than billed to you. Platform and dealing fees are charged separately. Ongoing charge of China Government Local Bond UCITS ETF Accum-ETFC- USD 0.60% a year. Compared on 14/11/2026, 0 of the 311 other government bond funds charge more, 2 the same and 309 less (share classes counted once). **What does HCGB track?** HCGB tracks the Bloomberg China Treasury + Policy Bank Index. **Is HCGB accumulating or distributing?** HCGB is accumulating: income is reinvested inside the fund, so it shows up as a rising price rather than cash paid to you. **What is the ISIN of HCGB?** The ISIN of HCGB is IE000N5JOGS2. An ISIN identifies one exact share class of a fund; HCGB is its ticker on the London Stock Exchange. The same share class is also listed as H41Q (Xetra, euros). **What were HCGB’s returns in each of the last five years?** Calendar-year returns of HCGB in pounds (price, with income reinvested in the fund): 2024 +7.7%, 2025 −3.4%; 2026 to 13/11/2026 +9.5%. Past performance is not a guide to future returns. **How has HCGB done after inflation?** Over the three years to 13/11/2026 HCGB’s total return was +4.7%, or −5.4% after UK CPIH inflation. Past performance is not a guide to future returns. ## Fund documents - [Fund page at HSBC Asset Management](https://www.assetmanagement.hsbc.co.uk/en/individual-investor/funds/ie000n5jogs2) - [Key investor information document (KIID)](https://www.assetmanagement.hsbc.co.uk/api/v1/download/document/ie000n5jogs2/gb/en/kiid) - [Factsheet](https://www.assetmanagement.hsbc.co.uk/api/v1/download/document/ie000n5jogs2/gb/en/factsheet) - Links checked 12/10/2026. --- We show information. We are not financial advisers, not authorised by the FCA, and never recommend specific investments. Capital at risk. Past performance is not a guide to future returns. The value of investments can fall as well as rise.