# HSBC MSCI AC Asia Pacific ex Japan Climate Paris Aligned UCITS ETF USD (HPAX)

**Page:** https://fundology.uk/fund/hpax · ISIN IE000XFORJ80

## 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, HPAX (HSBC MSCI AC Asia Pacific ex Japan Climate Paris Aligned UCITS ETF USD, ISIN IE000XFORJ80) closed at £17.65 on the London Stock Exchange. Its ongoing charge is 0.25% a year (about £25 on £10,000). Over the three years to 13/11/2026 its price changed by +53.4%, or +38.6% after UK CPIH inflation.

## Summary

HSBC MSCI AC Asia Pacific ex Japan Climate Paris Aligned UCITS ETF USD is an exchange-traded fund (ETF) from HSBC, launched in 2022. It tracks the MSCI AC Asia Pacific ex Japan 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 0.25% a year — about £25 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: **£17.65** (13/11/2026).

## Key facts

| Fact | Value |
|---|---|
| Ticker (LSE) | HPAX |
| ISIN | IE000XFORJ80 |
| Also listed as | HPAJ (London Stock Exchange, US dollars), HP2A (Xetra, euros) |
| Category | Sustainable & clean energy |
| Type | ETF |
| Provider | HSBC |
| Tracks | MSCI AC Asia Pacific ex Japan Climate Paris Aligned PAB Index |
| Income | Accumulating |
| Ongoing charge | 0.25% a year (£25 per £10,000) |
| Fund size | £12.6m |
| Launched | 2022 |
| Domicile | Ireland |
| UK reporting fund status | Yes — on HMRC’s list of reporting funds (list of 02/11/2026); reporting fund since 01/01/2022 |

## 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 | +13.26% | +9.25% | income reinvested |
| 3 years | +53.40% | +38.59% | 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 AC Asia Pacific ex Japan Climate Paris Aligned UCITS ETF USD in pounds (price, with income reinvested in the fund): 2023 −2.4%, 2024 +13.0%, 2025 +18.1%; 2026 to 13/11/2026 +11.4%. Returns of HSBC MSCI AC Asia Pacific ex Japan Climate Paris Aligned UCITS ETF USD in pounds (price, with income reinvested in the fund) over the 12 months to 30/09/2026: +24.6%; to 30/09/2025: +13.3%; to 30/09/2024: +17.5%; to 30/09/2023: −2.5%.

| Year | Return | After CPIH inflation | Measured as |
|---|---|---|---|
| 2023 | -2.4% | -6.2% | Price |
| 2024 | +13.0% | +9.1% | Price |
| 2025 | +18.1% | +14.1% | Price |
| 2026 to 13/11/2026 | +11.4% | +7.9% | Price |

## Risk metrics

| Window | Volatility | Max drawdown |
|---|---|---|
| 1 year | 19.62% | -15.16% |
| 3 years | 15.89% | -15.16% |

## Largest fall

Volatility of HSBC MSCI AC Asia Pacific ex Japan Climate Paris Aligned UCITS ETF USD in pounds, annualised from weekly returns to 13/11/2026: 19.6% over 1 year, 15.9% over 3 years. Largest fall in the price of HSBC MSCI AC Asia Pacific ex Japan Climate Paris Aligned UCITS ETF USD since April 2022, in pounds: −16.0% from 03/02/2023 to 27/10/2023. The lowest 12-month return of HSBC MSCI AC Asia Pacific ex Japan Climate Paris Aligned UCITS ETF USD in pounds (price, with income reinvested in the fund) since April 2022 was −14.7% (12 months to 02/02/2024); the highest was +52.4% (12 months to 19/06/2026). On 13/11/2026 the price of HSBC MSCI AC Asia Pacific ex Japan Climate Paris Aligned UCITS ETF USD was 13.2% below its highest weekly close since April 2022 (19/06/2026), in pounds.

## Charges compared with similar funds

Ongoing charge of HSBC MSCI AC Asia Pacific ex Japan Climate Paris Aligned UCITS ETF USD 0.25% a year. Compared on 14/11/2026, 84 of the 177 other sustainable and clean-energy funds charge more, 15 the same and 78 less (share classes counted once).

## Charges & eligibility

- Ongoing charges figure (OCF): **0.25%** 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, HPAX holds 302 positions, according to its published holdings. The largest is TSMC at 16.12% of the fund; the ten largest make up 40.1%.

### Top holdings

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

| # | Holding | Ticker | Weight |
|---|---|---|---|
| 1 | TSMC | [2330](https://fundology.uk/stock/2330) | 16.12% |
| 2 | Samsung Electronics | [005930](https://fundology.uk/stock/005930) | 5.81% |
| 3 | SK hynix | [000660](https://fundology.uk/stock/000660) | 4.43% |
| 4 | Tencent | [700](https://fundology.uk/stock/700) | 3.73% |
| 5 | Commonwealth Bank of Australia | [CBA](https://fundology.uk/stock/CBA) | 2.18% |
| 6 | Alibaba Group | [BABA](https://fundology.uk/stock/BABA) | 1.77% |
| 7 | MediaTek | [2454](https://fundology.uk/stock/2454) | 1.62% |
| 8 | Goodman Group | [GMG](https://fundology.uk/stock/GMG) | 1.60% |
| 9 | AIA Group | [1299](https://fundology.uk/stock/1299) | 1.47% |
| 10 | Bharat Electronics | [BEL](https://fundology.uk/stock/BEL) | 1.35% |

## Where it invests

Shares of the whole fund. Bonds, cash and positions without a classification are shown as they come, not guessed.

### By country

Added up from the fund’s published holdings, as of 06/11/2026.

| Country | Weight |
|---|---|
| Taiwan | 25.5% |
| China | 18.6% |
| South Korea | 15.4% |
| Australia | 13.9% |
| India | 12.8% |
| Hong Kong | 5.3% |
| Singapore | 4.7% |
| New Zealand | 1.0% |
| Other countries | 2.0% |
| Not classified | 0.8% |

The 299 holdings on record (of 302 reported): https://fundology.uk/fund/hpax/holdings

## Questions people ask

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

The ongoing charge of HPAX is 0.25% a year — about £25 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 AC Asia Pacific ex Japan Climate Paris Aligned UCITS ETF USD 0.25% a year. Compared on 14/11/2026, 84 of the 177 other sustainable and clean-energy funds charge more, 15 the same and 78 less (share classes counted once).

**What does HPAX track?**

HPAX tracks the MSCI AC Asia Pacific ex Japan Climate Paris Aligned PAB Index.

**Is HPAX accumulating or distributing?**

HPAX 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 HPAX?**

The ISIN of HPAX is IE000XFORJ80. An ISIN identifies one exact share class of a fund; HPAX is its ticker on the London Stock Exchange. The same share class is also listed as HPAJ (London Stock Exchange, US dollars) and HP2A (Xetra, euros).

**What does HPAX hold?**

As of 06/11/2026, HPAX holds 302 positions, according to its published holdings. The largest is TSMC at 16.12% of the fund; the ten largest make up 40.1%. Its ten largest holdings are TSMC (16.12%), Samsung Electronics (5.81%), SK hynix (4.43%), Tencent (3.73%), Commonwealth Bank of Australia (2.18%), Alibaba Group (1.77%), MediaTek (1.62%), Goodman Group (1.60%), AIA Group (1.47%) and Bharat Electronics (1.35%).

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

Calendar-year returns of HPAX in pounds (price, with income reinvested in the fund): 2023 −2.4%, 2024 +13.0%, 2025 +18.1%; 2026 to 13/11/2026 +11.4%. Past performance is not a guide to future returns.

**How has HPAX done after inflation?**

Over the three years to 13/11/2026 HPAX’s price changed by +53.4%, or +38.6% 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/ie000xforj80)
- [Key investor information document (KIID)](https://www.assetmanagement.hsbc.co.uk/api/v1/download/document/ie000xforj80/gb/en/kiid)
- [Factsheet](https://www.assetmanagement.hsbc.co.uk/api/v1/download/document/ie000xforj80/gb/en/factsheet)
- Links checked 12/10/2026.

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Capital at risk. Past performance is not a guide to future returns. The value of investments can fall as well as rise.