HSBC MSCI South Africa Capped UCITS ETF
HZAR.L
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- HSBC MSCI South Africa Capped UCITS ETF (HZAR.L) is an exchange-traded fund that seeks to replicate the performance of the MSCI South Africa Capped Index, which tracks large- and mid-cap South African equities with individual constituent weightings capped at 33% for the largest stock and 18% for others; it employs full physical replication by holding all index constituents and distributes dividends semi-annually. The ETF, with assets under management of approximately EUR 5 million and a total expense ratio of 0.60% per annum, provides unhedged USD exposure to South African markets dominated by financials (34%), basic materials (28%), and telecommunications sectors, with top holdings including FirstRand Ltd., Naspers Ltd., and MTN Group Ltd. Launched on 14 February 2011 and domiciled in Ireland, it is issued by HSBC Global Asset Management and lists on exchanges such as the London Stock Exchange, Euronext Paris, Borsa Italiana, Xetra, and SIX Swiss Exchange. The fund targets institutional and retail investors seeking targeted emerging market equity exposure, primarily to South African companies across financial services, mining, consumer discretionary, and telecommunications; it operates without sustainability focus and maintains currency unhedged risk. HSBC Asset Management, the fund provider and part of the HSBC Group headquartered in London, manages the ETF within its broader passive and indexing strategies that span global, regional, and single-country exposures in over 20 countries. In recent developments, HSBC Asset Management launched the HSBC PLUS Active ETF range in June 2025, introducing five new actively managed ETFs offering country and regional exposures in core and income variants, listed on the London Stock Exchange, Borsa Italiana, and Xetra, marking an expansion into active strategies alongside its passive ETF offerings like HZAR.L. Separately, HSBC's parent group announced in September 2024 its exit from direct operations in South Africa via agreements to transfer its branch business, clients, and assets to FirstRand Bank and Absa, with regulatory approval for the FirstRand corporate banking acquisition granted in June 2025 and closure expected by October 2025; this strategic retreat focuses HSBC on select African markets but does not directly impact the ETF's operations or holdings, which remain physically replicated South African equities. These moves align with HSBC Asset Management's growth in ETFs, with assets exceeding USD 16 billion as of prior years and continued emphasis on emerging markets indexing.