AXA IM US High Yield Opportunities UCITS ETF USD Acc.

To seek high income and long-term growth in USD from an actively managed portfolio of high yield bonds. The fund is actively managed in reference to the ICE® BofA® US High Yield Index (the 'Benchmark') in order to capture opportunities in the US high yield bond market. The fund will invest in high yield corporate bonds (i.e. bonds which are rated sub-investment grade as determined by the Benchmark provider based on the average of Moody's, Standard & Poor's and Fitch) that are mainly issued by US companies and denominated in USD, such as fixed rate bonds, floating rate bonds, convertible bonds not including contingent convertible bonds, callable bonds and perpetual bonds. The fund may also invest in 144A securities where considered to offer the best opportunity for the fund, and may be fully invested in these securities. The selection of debt securities is not exclusively and mechanically based on their publicly available credit ratings but also on an internal credit or market risk analysis. The decision to buy or sell securities is also based on other analysis criteria of the Investment Manager. As part of the investment process, the fund will invest at least 90% in securities which are components of the Benchmark excluding cash and cash equivalent (the Initial Investment Universe). While the Investment Manager has the discretion when selecting the portfolio holdings to ensure that their characteristics are consistent with its convictions, the fund is restricted in the extent to which its portfolio holdings can deviate from those of the Benchmark as it widely forms the Initial Investment Universe. Such deviation from the Benchmark is expected to be limited. However, the Investment Manager will apply its investment process to the Initial Investment Universe and so the constitution of the portfolio of the fund is expected to deviate from that of the Benchmark in terms of the level of holdings of any component.