Important Information
Investors should not base investment decisions on this website alone. Please refer to the Prospectus for details including product features and the risk factors. Investment involves risks. Past performance is not indicative of future performance. There is no guarantee of the repayment of the principal. Investors should note:
- The investment objective of Global X US Treasury 0-3 Moth ETF (the “Fund”) is to provide investment results that, before fees and expenses, closely correspond to the performance of the ICE 0-3 Month US Treasury Bill Index (the “Index”).
- The Fund is exposed to the Credit/Default risk of issuers of the fixed income securities that the Fund may invest in; the Credit Rating risk that Credit ratings assigned by rating agencies are subject to limitations and do not guarantee the creditworthiness of the security and/or issuer at all times; the Interest Rate risk that the prices of fixed income securities rise when interest rates fall, whilst their prices fall when interest rates rise; the Downgrading risk that the Manager may or may not be able to dispose of the fixed incomes securities that are being downgraded; the Sovereign Debt risk that the Fund’s investment in US Treasury securities may be exposed to political, social and economic risks; the Valuation risk that the Fund’s investments may involve uncertainties and judgemental determinations. If such valuation turns out to be incorrect, this may affect the Net Asset Value calculation of the Fund.
- The Index is a new index. The Index has minimal operating history by which investors can evaluate its previous performance. There can be no assurance as to the performance of the Index. The Fund may be riskier than other exchange traded funds tracking more established indices with longer operating history.
- The Index is subject to concentration risk as a result of tracking the performance of a single geographical region, namely the United States, and is concentrated in debt securities of a single issuer, namely the US Treasury. The Fund’s value may be more volatile than that of a fund having a more diverse portfolio and may be more susceptible to adverse economic, political, policy, foreign exchange, liquidity, tax, legal or regulatory event affecting the United States market.
- The base currency of the Fund is USD but one of the trading currencies of the Fund is in HKD. The Net Asset Value of the Fund and its performance may be affected unfavourably by fluctuations in the exchange rates between these currencies and the base currency and by changes in exchange rate controls.
- The borrower may fail to return the securities in a timely manner or at all. The Fund may as a result suffer from a loss or delay when recovering the securities lent out. This may restrict the Fund’s ability in meeting delivery or payment obligations from redemption requests. As part of the securities lending transactions, the Fund must receive cash collateral of at least 100% of the valuation of the securities lent valued on a daily basis. However, there is a risk of shortfall of collateral value due to inaccurate pricing of the securities lent or change of value of securities lent. This may cause significant losses to the Fund.
- The trading price of the Shares on the SEHK is driven by market factors such as the demand and supply of the Shares. Therefore, the Shares may trade at a substantial premium or discount to the Fund’s Net Asset Value.
- Payments of distributions out of capital or effectively out of capital amounts to a return or withdrawal of part of an investor’s original investment or from any capital gains attributable to that original investment. Any such distributions may result in an immediate reduction in the Net Asset Value per Share of the Fund and will reduce the capital available for future investment.
- The investment objective of Global X US Treasury 3-5 Year ETF (the “Fund”) is to provide investment results that, before deduction of fees and expenses, closely correspond to the performance of the Mirae Asset US Treasury 3-5 Year Index (the “Underlying Index”).
- The Fund is exposed to the Credit/Default risk of issuers of the debt securities that the Fund may invest in; the Credit Rating risk that the credit ratings assigned by rating agencies are subject to limitations and do not guarantee the creditworthiness of the security and/or issuer at all times; the Downgrading risk that the Manager may or may not be able to dispose of the debt securities that are being downgraded; the Interest rate risk that the prices of debt securities rise when interest rates fall, whilst their prices fall when interest rates rise; the Policy risk that the changes in macro-economic policies in the US may have an influence over the US’ capital markets and affect the pricing of the bonds in the Fund’s portfolio, which may in turn adversely affect the return of the Fund; the Sovereign debt risk that the Fund’s investment in US Treasury securities may be exposed to political, social and economic risks that the Fund may suffer significant losses when there is a default of the US Treasury; the valuation risk that the valuation of the Fund’s instruments may involve uncertainties and judgmental determinations. If such valuation turns out to be incorrect, this may affect the Net Asset Value calculation of the Fund.
- The Underlying Index is a new index. The Underlying Index has minimal operating history by which investors can evaluate its previous performance. There can be no assurance as to the performance of the Underlying Index. The Fund may be riskier than other exchange traded funds tracking more established indices with longer operating history.
- The Underlying Index is subject to concentration risk as a result of tracking the performance of a single geographical region, namely the US, and is concentrated in debt securities of a single issuer, namely the US Treasury. The Fund’s value may be more volatile than that of a fund having a more diverse portfolio and may be more susceptible to adverse economic, political, policy, foreign exchange, liquidity, tax, legal or regulatory event affecting the US market.
- The base currency of the Fund is USD but the trading currency of the Fund is in HKD. The Net Asset Value of the Fund and its performance may be affected unfavourably by fluctuations in the exchange rates between these currencies and the base currency and by changes in exchange rate controls.
- The borrower may fail to return the securities lent out in a timely manner or at all. The Fund may as a result suffer from a loss or delay when recovering the securities lent out. This may restrict the Fund’s ability in meeting delivery or payment obligations from realisation requests. As part of the securities lending transactions, there is a risk of shortfall of collateral value due to inaccurate pricing of the collateral, adverse market movements in the collateral value or change of value of securities lent. This may cause significant losses to the Fund.
- The trading price of the Units on the SEHK is driven by market factors such as the demand and supply of the Units. Therefore, the Units may trade at a substantial premium or discount to the Fund’s Net Asset Value.
- Payments of distributions out of capital and/or effectively out of capital amounts to a return or withdrawal of part of an investor’s original investment or from any capital gains attributable to that original investment. Any such distributions involving payment of distributions out of capital or effectively out of capital of the Fund may result in an immediate reduction in the Net Asset Value per Unit of the Fund and will reduce the capital available for future investment.
- Global X Asia USD Investment Grade Bond ETF’s (the “Fund’s”) objective is to provide investment results that, before fees and expenses, closely correspond to the performance of the Bloomberg Asia ex Japan USD Investment Grade Bond Index (the “Index”).
- The Index is a new index. The Index has minimal operating history by which investors can evaluate its previous performance. There can be no assurance as to the performance of the Index. The Fund may be riskier than other exchange traded funds tracking more established indices with longer operating history.
- The base currency of the Fund is USD but the trading currencies of the Fund are in HKD and USD. The Net Asset Value of the Fund and its performance may be affected unfavourably by fluctuations in the exchange rates between these currencies and the base currency and by changes in exchange rate controls.
- Investing in the Fund may expose to risks including credit / counterparty risk, Interest rate risk, volatility and liquidity risk, downgrading risk, sovereign debt risk, valuation risk, credit ratings risk.
- The Index is subject to concentration risk as a result of tracking the performance of bonds in the Asian (excluding Japanese) market. The value of the Fund may be more volatile than that of a fund having a more diverse portfolio of investments and may be more susceptible to adverse economic, political, policy, foreign exchange, liquidity, tax, legal or regulatory events affecting Asia.
- The Fund invests in emerging markets which may involve increased risks and special considerations not typically associated with investment in more developed markets, such as liquidity risk, currency risks/control, political and economic uncertainties, legal and taxation risks, settlement risks, custody risk and the likelihood of a high degree of volatility.
- As part of the securities lending transactions, there is a risk of shortfall of collateral value due to inaccurate pricing of the securities lent or change of value of securities lent. This may cause significant losses to the Fund. The borrower may fail to return the securities in a timely manner or at all. The Fund may suffer from a loss or delay when recovering the securities lent out. This may restrict the Fund’s ability in meeting delivery or payment obligations from realisation requests.
- Payments of distributions out of capital or effectively out of capital amounts to a return or withdrawal of part of an investor’s original investment or from any capital gains attributable to that original investment. Any such distributions may result in an immediate reduction in the Net Asset Value per Share of the Fund and will reduce the capital available for future investment.
- The trading price of the Fund’s unit (the “Unit”) on the Stock Exchange of Hong Kong is driven by market factors such as demand and supply of the Unit. Therefore, the Units may trade at a substantial premium or discount to the Fund’s net asset value.
- Global X FTSE China Policy Bank Bond ETF (the “Fund”) seeks to provide investment results that, before the deduction of fees and expenses, closely correspond to the performance of the FTSE Chinese Policy Bank Bond Index (the “Index”).
- Investing in the PRC inter-bank bond market via the Foreign Access Regime and/or the Bond Connect is subject to regulatory risks and various risks such as volatility risk, liquidity risk, settlement and counterparty risk as well as other risk factors typically applicable to fixed income securities. The relevant rules and regulations of the Foreign Access Regime and the Bond Connect are subject to change which may have potential retrospective effect. If a counterparty defaults in delivering securities, the trade may be cancelled which may adversely affect the value of the Fund.
- The base currency of the Fund is RMB but the Units are traded in HKD. RMB is currently not freely convertible and is subject to exchange controls and restrictions. Non-RMB based investors are exposed to foreign exchange risk.
- The Index is subject to concentration risk as a result of tracking the performance of a single geographical region, namely the PRC and is concentrated in bonds of a few issuers (being the PRC policy bank bond issuers).
- The Fund invests in emerging markets which may involve increased risks and special considerations not typically associated with an investment in more developed markets, such as liquidity risk, currency risks/control, political and economic uncertainties, legal and taxation risks, settlement risks, custody risk and the likelihood of a high degree of volatility.
- Payments of distributions out of capital and/or effectively out of capital amounts to a return or withdrawal of part of an investor’s original investment or from any capital gains attributable to that original investment. Any such distributions involving payment of dividends out of capital or effectively out of the capital of the Fund may result in an immediate reduction in the Net Asset Value per Unit of the Fund and will reduce the capital available for future investment.
- The trading price of the Fund unit (the “Unit”) on the Stock Exchange of Hong Kong is driven by market factors such as demand and supply of the Unit. Therefore, the Units may trade at a substantial premium or discount to the Fund’s net asset value.
Navigating a High Yield Environment
An Introduction to Global X HK Fixed Income ETFs
The global fixed income landscape in late 2026 is defined by a policy divergence between the world’s two largest economies. With long-end US Treasuries anchored at elevated levels alongside ongoing Federal Reserve monetary adjustments, and the People’s Bank of China moderately expanding monetary easing to counter domestic growth headwinds, fixed income investors face different risk-reward profiles across regions.
United States: Long-end US Treasury yields remain elevated (10Y trading between 4.0%–5.0% throughout 2026) driven by Fed quantitative tightening, fiscal supply headwinds ($40 trillion gross
federal debt), escalating sovereign debt concerns, and inflationary pressure from geopolitical risks (e.g., energy price shocks). Additionally, optimism surrounding artificial intelligence is boosting long-term economic growth expectations while redirecting private capital away from Treasuries and into hyperscaler infrastructure and AI labs, putting further upward pressure on yields. While high yields increase borrowing costs across households, corporates, and the sovereign, front-end yields (~4.0%) offer robust risk-free carry with minimal duration risk, and the 3–5 year intermediate term provides structural flexibility if policy tightening slows.
China: Chinese government bond yields continue to trend downward toward historic lows, reflecting persistent domestic economic headwinds, prolonged real estate sluggishness, weak consumer spending, and an excess of domestic savings. While export activity remains resilient and inflation remains subdued relative to Western economies, the PBoC maintains an active monetary easing policy. While low yields unlock capital appreciation for existing bondholders, exceptionally low rates pose secondary risks by reducing interest income for savers—forcing higher precautionary savings that drag on private consumption—and signaling subdued growth expectations that weigh on corporate investment and hiring.
Asian USD IG Credit: Regional credit fundamentals remain sound with healthy leverage and near-zero default rates. Asian IG credit offers efficient credit spread pickup over US Treasuries without foreign exchange risk.
Divergent Rate Trajectories: US and China 10-Year Treasury Yields (2021–2026)
Source: Investing.com, Mirae Asset Global Investments (Hong Kong), As of Oct 8, 2026.
Following the Federal Reserve’s 25 bps rate increase in September 2026 (bringing the target range to 3.75%–4.00%), updated Dot Plot projections and FOMC minutes indicate that most policymakers anticipate one additional 25 bps hike before year-end to counteract stubborn core inflation and energy price risks. However, financial futures markets price in an ~80% probability of a policy pause at the October 28 meeting, placing higher odds on a final December adjustment as economic data unfolds.
Target Rate Probabilities for 28 Oct 2026 Fed Meeting and for 9 Dec 2026 Fed Meeting
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Source: CME Group, Oct 8, 2026.
To navigate this “higher-for-longer” phase, investors can combine short-end carry, belly duration, Asian credit pickup, and RMB easing tailwinds into a cohesive portfolio strategy.
Summary Table
| Global X ETF | Duration | Credit Exposure | Investment Rationale |
|---|---|---|---|
| Global X USD Money Market ETF (3137 HK) | Ultra-short | Short-term Bank Deposits & Money Market Instruments | Competitive cash-equivalent yield: capturing prevailing USD money market rates with high liquidity and capital stability. |
| Global X US Treasury 0-3 Month ETF (3440 HK) | Ultra-short | US Sovereign | High-carry cash vehicle: Capital preservation and ~4.0%+ risk-free carry with minimal duration risk under elevated short-end terminal rates. |
| Global X US Treasury 3-5 Year ETF (3450 HK) | Intermediate | US Sovereign | Core yield lock-in: Optimal entry point into peak belly yields (4.9%–5.0%), locking in yield buffers while insulated from long-end fiscal supply drag. |
| Global X Asia USD Investment Grade Bond ETF (3075 HK) | Intermediate | Asian Investment-grade Corporate | Credit spread pickup: 57+ bps spread cushion over US Treasuries providing yield enhancement backed by robust regional credit quality. |
Global X USD Money Market ETF (3137 HK): Cash Management with Stable Return
Targeting short-term bank deposits and high-quality money market instruments, the Global X USD Money Market ETF (3137 HK) delivers competitive cash-equivalent returns aligned with prevailing USD money market rates [Fund inception date: 29 Jun 2023; YTD total return in 2026: 4.03%; CY2025 Total Return: 4.88%; CY2024 Total Return: 4.23%; CY2023 Total Return (since first trading day): 1.28%; Source: FactSet]. In an evolving interest rate landscape, 3137 HK provides a highly liquid and stable vehicle for managing excess liquidity while offering reliable short-term yield.
Global X US Treasury 0-3 Month ETF (3440 HK): Capital Preservation with Attractive Carry
Targeting ultra-short US Treasury bills with 0–3-month maturities, the Global X US Treasury 0-3 Month ETF (3440 HK) provides relatively low-price sensitivity to interest rate movements. In the current macro environment, T-bill yields near 4.0% offer attractive, risk-free carry that rivals longer-dated Treasuries without wild price swings. Beyond capital stability, 3440 HK acts as an active strategic “waiting room,” allowing investors to earn competitive cash-equivalent yield while preserving capital and liquidity amid an unclear Fed rate path.
Global X US Treasury 3-5 Year ETF (3450 HK): Securing Core Yield
The Global X US Treasury 3-5 Year ETF (3450 HK) anchors the belly of the curve, delivering an optimal middle ground that limits price drawdown risks during Fed tightening cycles while maintaining sufficient duration sensitivity to capture capital appreciation when policy eventually shifts toward easing. With 3–5 year Treasury yields peaking in the 4.9–5.0% range, the segment provides an attractive baseline return and a meaningful yield pickup over the short end without exposing investors to the fiscal supply and term-premium headwinds impacting the long end.
Global X Asia USD Investment Grade Bond ETF (3075 HK): Credit Spread Enhancement
The Global X Asia USD Investment Grade Bond ETF (3075 HK) targets USD-denominated investment-grade (IG) corporate, financial, and quasi-sovereign bonds across key Asian markets. The strategy seeks to capture incremental yield over risk-free US Treasuries through credit spread pickup without introducing foreign exchange risk.
The fund delivers a 12 Month Yield of 4.41% 1, an Option-Adjusted Spread (OAS) of 57.1 bps (0.571%) and an Option-Adjusted Duration (OAD) of 4.95 years, according to Bloomberg. Driven by healthy corporate fundamentals and strong sovereign backing, the asset class maintains a historically near-zero default profile. With broad geographic and sector diversification across China, Hong Kong, Singapore, and South Korea (spanning Financials, Industrials, and Utilities), 3075 HK provides a disciplined, yield-enhancing complement to core US Treasury allocations.
Bloomberg Asia ex Japan USD Investment Grade Bond Index Option-Adjusted Spread
Source: Bloomberg, Oct 7,2026. Note: Option-Adjusted Spread is the benchmark spread over US Treasuries adjusted for embedded options.
Conclusion
By deploying these four ETFs in tandem, investors can construct a resilient, multi-dimensional fixed income allocation that maximizes cash carry at the short end, locks in duration optionality across the US belly, and enhances overall portfolio yield via Asian credit spreads.
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