BNP PARIBAS EASY II Global Inflation-Linked Bond Opportunities UCITS ETF - USD ACC ETF

To seek capital growth, in USD, from an actively managed portfolio of inflation-linked bonds. The Fund is actively managed in reference to the Bloomberg World Government Inflation 1-10 year Total Return Index USD Hedged (the 'Benchmark') in order to capture opportunities in the inflation-linked bond market. The Fund will invest at least 50% of its net assets in inflation-linked bonds issued by governments in the OECD. The remaining part of the portfolio may be invested in bonds issued by governments in the OECD that are not inflation-linked in order to reduce the Fund's exposure to inflation-linked bonds in anticipation of periods of lower inflation. The Fund may invest up to 100% in sovereign bonds (i.e. bonds issued by a national government). As part of the investment process, the Fund will invest at least one third of its net assets in securities which are components of the Benchmark excluding cash and cash equivalent (i.e. bank deposit, eligible money market instruments, and money market funds) (the 'Initial Investment Universe'). Depending on its investment strategy and after comprehensive macroeconomic and microeconomic analysis of the market, the Investment Manager can take more active positioning in terms of duration (duration measured in number of years and the portfolio's sensitivity to interest rate variations), geographical allocation and/or sector and/or grade or issuer selection compared to the Benchmark. Therefore, the Fund's deviation from the Benchmark is expected to be significant. However, in certain market conditions (such as in conditions of high credit market volatility or turmoil), the Fund's positioning may be closer to that of the Benchmark. In the process of selection of securities from the Initial Investment Universe, the Investment Manager notably applies an exclusion filter, as described in AXA IM's Sectorial Exclusion Policies and ESG Standards Policy and a disciplined and documented analysis of the credit fundamentals carried ...