BNP PARIBAS EASY II USD Credit PAB Opportunities UCITS ETF - ACC ETF

To seek long-term capital growth from an actively managed portfolio of USD denominated investment grade corporate debt securities issued in the US domestic market while maintaining a decarbonization trajectory aligned with the carbon emissions of the ICE® US Corporate Paris-Aligned Absolute Emissions Index (the Benchmark), to outperform over the long-term the financial performance net of management fees of the Benchmark and to have absolute carbon emissions less than/equal to the Benchmark. The fund is actively managed in reference to the Benchmark. The fund invests at least 90% of net assets in USD denominated investment grade fixed and floating rate debt securities (i.e. rated at least BBB- by Standard & Poor's or equivalent ratings by Moody's or Fitch or, if unrated, judged equivalent to those ratings) mainly issued by US companies and that are component securities of the Benchmark except cash and cash equivalent. As a result, the fund may invest in green, social, sustainability and sustainability linked bonds. The fund may be fully invested in 144A securities where considered to offer the best opportunity for the fund. While the Benchmark is used by the Investment Manager to determine the initial investment universe (Initial Investment Universe), the Investment Manager may not invest in all component securities of the Benchmark, will apply screens and other exclusions and will otherwise have general discretion when selecting the fund's investments to ensure that their characteristics are consistent with its convictions. The Benchmark applies specific targets and exclusionary filters to its parent index the ICE® BofA® US Corporate Index to reduce the carbon emissions of the constituencies by 50% compared to the parent index while following a trajectory toward net zero by the end of 2050 by having an annualised carbon reduction rate of at least 7%, remove issuers with certain ESG and/or climate-related business involvements and apply exclusions related to fossil fuel business involvements. In addition, the Benchmark must always be at least 50% below the carbon level of its parent index. The deviation of the fund's portfolio holdings from the Benchmark is expected to be limited as the Benchmark widely forms the Initial Investment Universe. The Benchmark qualifies as an EU Paris-aligned Benchmark under Regulation EU 2016/1011. The fund may invest in c...