# HSBC MSCI USA Climate Paris Aligned UCITS ETF AccumUSD (HPAS)

**Page:** https://fundology.uk/fund/hpas · ISIN IE00BP2C1S34

## 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, HPAS (HSBC MSCI USA Climate Paris Aligned UCITS ETF AccumUSD, ISIN IE00BP2C1S34) closed at £39.34 on the London Stock Exchange. Its ongoing charge is 0.16% a year (about £16 on £10,000). Over the five years to 13/11/2026 its price changed by +53.4%, or +19.8% after UK CPIH inflation.

## Summary

HSBC MSCI USA Climate Paris Aligned UCITS ETF AccumUSD is an exchange-traded fund (ETF) from HSBC, launched in 2021. It tracks the MSCI USA Climate Paris Aligned PAB Index. You buy and sell it through a share-dealing account or platform during stock-market hours, like a share. Its ongoing charge is 0.16% a year — about £16 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: **£39.34** (13/11/2026).

## Key facts

| Fact | Value |
|---|---|
| Ticker (LSE) | HPAS |
| ISIN | IE00BP2C1S34 |
| Also listed as | HPAU (London Stock Exchange, US dollars) |
| Category | Sustainable & clean energy |
| Type | ETF |
| Provider | HSBC |
| Tracks | MSCI USA Climate Paris Aligned PAB Index |
| Income | Accumulating |
| Ongoing charge | 0.16% a year (£16 per £10,000) |
| Fund size | £26.3m |
| Launched | 2021 |
| Domicile | Ireland |
| UK reporting fund status | Yes — on HMRC’s list of reporting funds (list of 02/11/2026); reporting fund since 03/08/2021 |

## 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 | +7.77% | +3.95% | income reinvested |
| 3 years | +56.74% | +41.61% | income reinvested |
| 5 years | +53.45% | +19.77% | 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 HSBC MSCI USA Climate Paris Aligned UCITS ETF AccumUSD in pounds (price, with income reinvested in the fund): 2022 −14.7%, 2023 +22.4%, 2024 +28.0%, 2025 +3.4%; 2026 to 13/11/2026 +10.4%. Returns of HSBC MSCI USA Climate Paris Aligned UCITS ETF AccumUSD in pounds (price, with income reinvested in the fund) over the 12 months to 30/09/2026: +14.1%; to 30/09/2025: +14.6%; to 30/09/2024: +23.5%; to 30/09/2023: +8.4%; to 30/09/2022: −0.7%.

| Year | Return | After CPIH inflation | Measured as |
|---|---|---|---|
| 2022 | -14.7% | -21.9% | Price |
| 2023 | +22.4% | +17.6% | Price |
| 2024 | +28.0% | +23.7% | Price |
| 2025 | +3.4% | -0.1% | Price |
| 2026 to 13/11/2026 | +10.4% | +6.9% | Price |

## Risk metrics

| Window | Volatility | Max drawdown |
|---|---|---|
| 1 year | 14.46% | -10.90% |
| 3 years | 14.25% | -21.21% |
| 5 years | 15.06% | -21.21% |

## Largest fall

Volatility of HSBC MSCI USA Climate Paris Aligned UCITS ETF AccumUSD in pounds, annualised from weekly returns to 13/11/2026: 14.5% over 1 year, 14.3% over 3 years, 15.1% over 5 years. Largest fall in the price of HSBC MSCI USA Climate Paris Aligned UCITS ETF AccumUSD since November 2021, in pounds: −21.2% from 17/01/2025 to 18/04/2025. The lowest 12-month return of HSBC MSCI USA Climate Paris Aligned UCITS ETF AccumUSD in pounds (price, with income reinvested in the fund) since August 2021 was −14.7% (12 months to 30/12/2022); the highest was +34.2% (12 months to 25/10/2024). On 13/11/2026 the price of HSBC MSCI USA Climate Paris Aligned UCITS ETF AccumUSD was 4.4% below its highest weekly close since November 2021 (09/10/2026), in pounds.

## Charges compared with similar funds

Ongoing charge of HSBC MSCI USA Climate Paris Aligned UCITS ETF AccumUSD 0.16% a year. Compared on 14/11/2026, 158 of the 177 other sustainable and clean-energy funds charge more, 3 the same and 16 less (share classes counted once).

## Charges & eligibility

- Ongoing charges figure (OCF): **0.16%** per year
- 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.

## What it holds

As of 06/11/2026, HPAS holds 99 positions, according to its published holdings. The largest is NVIDIA at 8.44% of the fund; the ten largest make up 46.6%.

### Top holdings

Largest positions (as of 06/11/2026), as a percentage of the whole fund:

| # | Holding | Ticker | Weight |
|---|---|---|---|
| 1 | NVIDIA | [NVDA](https://fundology.uk/stock/NVDA) | 8.44% |
| 2 | Microsoft | [MSFT](https://fundology.uk/stock/MSFT) | 8.39% |
| 3 | Apple | [AAPL](https://fundology.uk/stock/AAPL) | 8.25% |
| 4 | Eli Lilly | [LLY](https://fundology.uk/stock/LLY) | 4.16% |
| 5 | Tesla | [TSLA](https://fundology.uk/stock/TSLA) | 3.34% |
| 6 | Advanced Micro Devices | [AMD](https://fundology.uk/stock/AMD) | 3.30% |
| 7 | Alphabet · Class C | [GOOG](https://fundology.uk/stock/GOOG) | 3.16% |
| 8 | Mastercard · Class A | [MA](https://fundology.uk/stock/MA) | 2.58% |
| 9 | International Business Machines | [IBM](https://fundology.uk/stock/IBM) | 2.54% |
| 10 | Visa · Class A | [V](https://fundology.uk/stock/V) | 2.49% |

All 99 holdings: https://fundology.uk/fund/hpas/holdings

## Questions people ask

**What is the ongoing charge of HPAS?**

The ongoing charge of HPAS is 0.16% a year — about £16 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 HSBC MSCI USA Climate Paris Aligned UCITS ETF AccumUSD 0.16% a year. Compared on 14/11/2026, 158 of the 177 other sustainable and clean-energy funds charge more, 3 the same and 16 less (share classes counted once).

**What does HPAS track?**

HPAS tracks the MSCI USA Climate Paris Aligned PAB Index.

**Is HPAS accumulating or distributing?**

HPAS 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 HPAS?**

The ISIN of HPAS is IE00BP2C1S34. An ISIN identifies one exact share class of a fund; HPAS is its ticker on the London Stock Exchange. The same share class is also listed as HPAU (London Stock Exchange, US dollars).

**What does HPAS hold?**

As of 06/11/2026, HPAS holds 99 positions, according to its published holdings. The largest is NVIDIA at 8.44% of the fund; the ten largest make up 46.6%. Its ten largest holdings are NVIDIA (8.44%), Microsoft (8.39%), Apple (8.25%), Eli Lilly (4.16%), Tesla (3.34%), Advanced Micro Devices (3.30%), Alphabet · Class C (3.16%), Mastercard · Class A (2.58%), International Business Machines (2.54%) and Visa · Class A (2.49%).

**What were HPAS’s returns in each of the last five years?**

Calendar-year returns of HPAS in pounds (price, with income reinvested in the fund): 2022 −14.7%, 2023 +22.4%, 2024 +28.0%, 2025 +3.4%; 2026 to 13/11/2026 +10.4%. Past performance is not a guide to future returns.

**How has HPAS done after inflation?**

Over the five years to 13/11/2026 HPAS’s price changed by +53.4%, or +19.8% 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/ie00bp2c1s34)
- [Key investor information document (KIID)](https://www.assetmanagement.hsbc.co.uk/api/v1/download/document/ie00bp2c1s34/gb/en/kiid)
- [Factsheet](https://www.assetmanagement.hsbc.co.uk/api/v1/download/document/ie00bp2c1s34/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.