# China Government Local Bond UCITS ETF Accum-ETFCH- USD (HCGU) **Page:** https://fundology.uk/fund/hcgu · ISIN IE0004A007J3 ## 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, HCGU (China Government Local Bond UCITS ETF Accum-ETFCH- USD, ISIN IE0004A007J3) closed at $12.23 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 price changed by +11.2%, or +0.5% after UK CPIH inflation. ## Summary China Government Local Bond UCITS ETF Accum-ETFCH- 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. It is currency-hedged to US dollars, not to the pound: it aims to remove most of the effect of exchange-rate moves against US dollars, so a holder who counts in pounds still has currency risk. Latest close: **$12.23** (13/11/2026). ## Key facts | Fact | Value | |---|---| | Ticker (LSE) | HCGU | | ISIN | IE0004A007J3 | | 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 | £255k | | 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 | +5.13% | +1.41% | income reinvested | | 3 years | +11.24% | +0.51% | price only | Returns: as reported (delayed data) and worked out from recorded daily closes. Inflation: UK CPIH, latest month published. ## Calendar-year returns Calendar-year returns of China Government Local Bond UCITS ETF Accum-ETFCH- USD in pounds (price, with income reinvested in the fund): 2024 +13.7%, 2025 −6.2%; 2026 to 13/11/2026 +7.1%. Returns of China Government Local Bond UCITS ETF Accum-ETFCH- USD in pounds (price, with income reinvested in the fund) over the 12 months to 30/09/2026: +6.6%; to 30/09/2025: +4.5%; to 30/09/2024: −0.6%. | Year | Return | After CPIH inflation | Measured as | |---|---|---|---| | 2024 | +13.7% | +9.9% | Price | | 2025 | -6.2% | -9.4% | Price | | 2026 to 13/11/2026 | +7.1% | +3.6% | Price | ## Risk metrics | Window | Volatility | Max drawdown | |---|---|---| | 1 year | 6.14% | -4.44% | | 3 years | 7.13% | -9.82% | ## Largest fall Volatility of China Government Local Bond UCITS ETF Accum-ETFCH- USD in pounds, annualised from weekly returns to 13/11/2026: 6.1% over 1 year, 7.1% over 3 years. Largest fall in the price of China Government Local Bond UCITS ETF Accum-ETFCH- USD since July 2023, in pounds: −9.8% from 17/01/2025 to 27/06/2025. The lowest 12-month return of China Government Local Bond UCITS ETF Accum-ETFCH- USD in pounds (price, with income reinvested in the fund) since July 2023 was −7.8% (12 months to 30/01/2026); the highest was +14.1% (12 months to 17/01/2025). On 13/11/2026 the price of China Government Local Bond UCITS ETF Accum-ETFCH- USD was 0.6% below its highest weekly close since July 2023 (17/01/2025), in pounds. ## Charges compared with similar funds Ongoing charge of China Government Local Bond UCITS ETF Accum-ETFCH- 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 | 0.60% | +9.5% | +4.7% | — | | China Government Local Bond UCITS ETF Accum-ETFCH- USD (this fund) | 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 HCGU?** The ongoing charge of HCGU 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-ETFCH- 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 HCGU track?** HCGU tracks the Bloomberg China Treasury + Policy Bank Index. **Is HCGU accumulating or distributing?** HCGU 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 HCGU?** The ISIN of HCGU is IE0004A007J3. An ISIN identifies one exact share class of a fund; HCGU is its ticker on the London Stock Exchange. **What were HCGU’s returns in each of the last five years?** Calendar-year returns of HCGU in pounds (price, with income reinvested in the fund): 2024 +13.7%, 2025 −6.2%; 2026 to 13/11/2026 +7.1%. Past performance is not a guide to future returns. **How has HCGU done after inflation?** Over the three years to 13/11/2026 HCGU’s price changed by +11.2%, or +0.5% 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/ie0004a007j3) - [Key investor information document (KIID)](https://www.assetmanagement.hsbc.co.uk/api/v1/download/document/ie0004a007j3/gb/en/kiid) - [Factsheet](https://www.assetmanagement.hsbc.co.uk/api/v1/download/document/ie0004a007j3/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.