AXA IM MSCI USA Equity PAB UCITS ETF USD Acc.

To seek to provide investors with the performance of the MSCI USA Climate Paris Aligned PAB Index (the Index), less the fees and expenses of the fund, while aiming to minimise the tracking error in between the fund's Net Asset Value and the Index. The fund is passively managed and will apply a physical replication. The fund will seek to achieve its investment objective by investing in large and mid-capitalisation equity securities listed or traded on US equity markets that as far as possible and practicable consist of the constituent securities of the Index. The fund may also hold warrants, as a result of corporate actions only, and rights which may not be part of the Index. The fund intends to replicate the constituents of the Index by holding all the securities comprising the Index in generally the same proportions as they are held in the Index. The fund's holding proportions may not correspond to the exact holding proportions of the Index at any time. In order to replicate the Index, the fund may invest up to 20% of its net assets in shares issued by the same body. This limit may be raised to 35% for a single issuer in exceptional market conditions (i.e. where an issuer represents an unusually large portion of the market represented by the Index).