BNP PARIBAS EASY II Global High Yield Opportunities UCITS ETF - USD ACC ETF

To seek to 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® Developed Markets High Yield Index (USD Hedged) (HYDM) (the 'Benchmark') in order to capture opportunities in the developed high yield bond market. The fund will invest primarily 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 listed or traded on global developed markets and denominated in USD, CAD, GBP and EUR (exposure of the fund's assets in non-USD currency will be hedged against USD) such as fixed rate bonds, floating rate bonds, convertible bonds, callable bonds. The fund may invest in subordinated debt securities, such as perpetual bonds, Tier 2 securities and hybrid securities, issued by corporate issuers operating in both the financial and non-financial sectors, with an overweight of up to 10% compared to the Benchmark. 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.