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NEW FLAG Iuro HIGH YIELD FUND PLC PROSPECTUS

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NEW FLAG Iuro HIGH YIELD FUND PLC PROSPECTUS HSBC Global Funds ICAV Prospectus An open-ended Irish collective asset management vehicle which is constituted as an umbrella fund with segregated liability between funds and with variable capital Date: 1 September 2020 THIS IS A CONSOLIDATED PROSPECTUS CONSISTING OF THE PROSPECTUS NOTED BY CENTRAL BANK OF IRELAND ON 24 MAY 2019 AND ADDITIONAL INFORMATION FOR INVESTORS IN AUSTRIA AND GERMANY. THIS CONSOLIDATED PROSPECTUS DOES NOT CONSTITUTE A PROSPECTUS FOR THE PURPOSES OF IRISH APPLICABLE LAW AND IS SOLELY FOR USE IN RELATION TO INVESTORS IN AUSTRIA AND GERMANY. CONTENTS ............................................................................................................................................ 0 CONTENTS ....................................................................................................................................................................... 0 IMPORTANT INFORMATION .......................................................................................................................................... 3 DEFINITIONS .................................................................................................................................................................... 7 SECTION 1. GENERAL INFORMATION ...................................................................................................................... 18 1.1. The ICAV ........................................................................................................................................ 18 1.2. Investment Objectives and Policies of the ICAV .......................................................................... 18 1.3. Additional Investment Restrictions .............................................................................................. 19 1.4. Profile of the Typical Investor ....................................................................................................... 19 1.5. Description of Share Classes........................................................................................................ 19 1.6. Winding Up and/or Termination of a Sub-Fund ........................................................................... 24 SECTION 2. SUB-FUND INFORMATION ..................................................................................................................... 26 2.1. Sub-Funds ...................................................................................................................................... 26 2.2. Dividends ....................................................................................................................................... 26 2.3. Portfolio Investment Techniques .................................................................................................. 30 2.4. Use of Financial Derivative Instruments ...................................................................................... 31 2.5. Securities Financing Transaction Regulations ............................................................................ 31 2.6. European Benchmarks Regulation ............................................................................................... 31 2.7. Currency Transactions .................................................................................................................. 32 SECTION 3. RISKS AND RISK MANAGEMENT ......................................................................................................... 33 3.1. Risk Factors Relating to the ICAV and the Shares ...................................................................... 33 3.2. Risk Factors Relating to Investments ........................................................................................... 35 3.3. Risk Management Process ........................................................................................................... 56 SECTION 4. THE SHARES ............................................................................................................................................ 59 4.1. General ........................................................................................................................................... 59 4.2 How to Buy Shares ........................................................................................................................ 59 4.3 How to Sell Shares ........................................................................................................................ 63 4.4 Umbrella Cash Subscription, Redemption, Dividends and Unclaimed Cash Accounts ............ 66 4.5 How to Convert Between Sub-Funds / Classes ........................................................................... 66 4.6 How to Transfer Shares ................................................................................................................. 67 SECTION 5. CALCULATION AND PUBLICATION OF NAV ...................................................................................... 68 5.1. Prices of Shares and Publication of Prices and NAV .................................................................. 68 5.2. Suspension of the Calculation of the NAV and Issue, Allocation, Conversion, Redemption and Repurchase of Shares ........................................................................................................................................ 70 SECTION 6. FEES, CHARGES AND EXPENSES ....................................................................................................... 72 6.1. Establishment Expenses ............................................................................................................... 72 6.2. Explanation of the Ongoing Charging Structure ......................................................................... 72 6.3. Ongoing Charges .......................................................................................................................... 72 6.4. Costs of Investing in Units in Other Collective Investment Schemes (CIS) ............................... 73 6.5. Other Charges ................................................................................................................................ 73 SECTION 7. MANAGEMENT AND ADMINISTRATION .............................................................................................. 74 7.1. Directors ........................................................................................................................................ 74 7.2. Directors’ Interests ........................................................................................................................ 74 7.3. Management Company and Global Distributor ............................................................................ 75 7.4. Investment Manager ...................................................................................................................... 75 7.5. Administrator ................................................................................................................................. 76 7.6. Depositary ...................................................................................................................................... 77 7.7. Secretary of the ICAV .................................................................................................................... 80 7.8. Auditors ......................................................................................................................................... 80 7.9. Paying Agents ................................................................................................................................ 80 7.10. Remuneration Policy ..................................................................................................................... 80 7.11. Meetings and Reports ................................................................................................................... 81 7.12. Availability of Documents ............................................................................................................. 81 7.13. Queries and Complaints ................................................................................................................ 82 7.14. Conflicts of Interest ....................................................................................................................... 82 SECTION 8. TAXATION ................................................................................................................................................. 84 8.1. Introduction ................................................................................................................................... 84 8.2. General ........................................................................................................................................... 84 8.3. Irish Taxation ................................................................................................................................. 84 8.4. Taxation of Shareholders .............................................................................................................. 88 SECTION 9. DIRECTORY .............................................................................................................................................. 90 SECTION 10. APPENDICES.......................................................................................................................................... 91 10.1. Appendix 1 - UCITS Investment
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