Key Information Document Purpose This document provides you with key information about this investment product. It is not marketing material. The information is required by law to help you understand the nature, risks, costs, potential gains and losses of this product and to help you compare it with other products. Product AXA IM MSCI USA Equity PAB UCITS ETF USD Accumulation AXA INVESTMENT MANAGERS PARIS S.A., part of the AXA IM Group ISIN IE000AXIKJM8 Website: https://www.axa-im.fr Call +33 (0) 1 44 45 85 65 for more information Central Bank of Ireland is responsible for supervising AXA INVESTMENT MANAGERS PARIS S.A. in relation to this Key Information Document. This product is authorised in Ireland and in accordance with the UCITS Directive. Date of Production of the KID: 21/02/2025 What is this product? Type result in ESG metrics applied and ESG scores assigned to the same company by The product is a share class of the Sub-fund "AXA IM MSCI USA Equity PAB UCITS different data providers varying widely. As such, the investment strategy may be ETF" (the "fund") which is part of the ICAV "AXA IM ETF ICAV" (the “ICAV”).difficult to compare with other investment strategies that also use ESG criteria Term and ESG reporting. Strategies that incorporate ESG criteria and those that This product has no maturity date, and could be liquidated under the conditionsincorporate sustainable development criteria may use ESG data that appear led down in the instrument of incorporation of the ICAV. similar but which should be distinguished because their calculation method may Objectives be different. The ESG methodologies described herein may evolve over time to Investment Objective take into account, among other things, any improvements in data availability To seek to provide investors with the performance of the MSCI USA Climate Parisand reliability, or any developments of regulations or other external frameworks Aligned Index (the Index), less the fees and expenses of the fund, while aiming to or initiatives. minimise the tracking error in between the fund's Net Asset Value and the Index.The fund may invest up to 10% of its net assets in Money Market Instruments Investment Policy(which for this fund are commercial paper, bonds, bills, deposits, certificates of The fund is passively managed and will apply a physical replication. The fund willdeposit and cash in accordance with the investment restrictions applicable to seek to achieve its investment objective by investing in large and mid-the fund) to be held as ancillary liquid assets. 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. TheThe fund may use the following financial derivative instruments: futures on fund may also hold warrants, as a result of corporate actions only, and rightsindexes and foreign exchange contracts (including swap, spot and forward which may not be part of the Index. The fund intends to replicate thecontracts) for efficient portfolio management and hedging purposes only. 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 holdingThe fund may engage in securities lending up to 80% of the fund's net assets, proportions may not correspond to the exact holding proportions of the Index athowever the amount subject to securities lending arrangements is not generally any time. In order to replicate the Index, the fund may invest up to 20% of its netexpected to exceed 0 – 30% of the fund's net assets. The fund will not enter total assets in shares issued by the same body. This limit may be raised to 35% for areturn swaps or instruments with similar characteristics neither borrowing of single issuer in exceptional market conditions (i.e. where an issuer represents ansecurities nor repurchase/reverse agreements. unusually large portion of the market represented by the Index). The equity securities in which the fund invests will be listed or traded on a Regulated Market.As of the date of this KIID, the anticipated tracking error of the fund is expected to The fund may continue to hold securities which cease to be constituentbe up to 1% in normal market conditions. The various tracking error and tracking securities of the Index until such time it is possible and practicable in thedifference related factors are described in the prospectus. Divergences between Investment Manager's view to liquidate the position in the best interest ofthe anticipated and realised tracking error will be explained in the ICAV's annual Shareholders.MSCI's website (www.msci.com) contains more detailedreturn. information about the MSCI Indexes.The fund is a financial product that promotes environmental and/or social The fund promotes environmental and social characteristics by tracking thecharacteristics within the meaning of article 8 of the Regulation (EU) 2019/2088 of Index. The Index is based on the MSCI USA Index (the “Parent Index”) and27 November 2019 on sustainability-related disclosures in the financial sector. includes large and mid-capitalisation securities of the US equity markets. TheIncome Index is designed to reduce the exposure to transition and physical climate risks,For Accumulation share classes (Acc), the dividend is reinvested. to pursue opportunities arising from the transition to a lower-carbon economy while aligning with the Paris Agreement requirements. The Index incorporates Investment Horizon the Task Force on Climate-related Financial Disclosures (“TCFD”) The risk and the reward of the product may vary depending on the expected recommendations (which are complementary to the EU Paris-aligned holding period. We recommend holding this product at least for 5 years. benchmark requirements) and intends to exceed the minimum standards of the Processing of subscription and redemption orders EU Paris-aligned benchmark requirements. The Index qualifies as an EU Paris- The investor can buy or sell shares of the fund on a daily basis, as further defined aligned Benchmark under Chapter 3a of Title III of Regulation (EU) 2016/1011 toin the prospectus. Only Authorised participants can deal directly with the fund. progressively align with the objectives of the Paris Agreement.Intended retail InvestorThe fund is designed for retail investors who have neither financial expertise nor The ESG analysis coverage rate within the portfolio carried out through the MSCI any specific knowledge to understand the fund but may bear total capital loss. It Index methodology is at least 90% of the net assets of the fund, excluding bonds is suited for clients who seek growth of capital and an ESG overlay. Potential and other debt securities issued by public issuers, cash and solidarity assets.investors should have an investment horizon of at least 5 years.Depositary The ESG data used by the Index are based on ESG methodologies which rely onSTATE STREET CUSTODIAL SERVICES (IRELAND) LIMITED third party data. They are subjective and may change over time. Despite severalFurther Information initiatives, the lack of a harmonised definition of “sustainable investments” may Please refer to the 'Other relevant information' section below. What are the risks and what could I get in return? Risk Indicator We have classified this product as 5 out of 7 which is the a medium-high riskclass. This rates the potential losses from future performance at a medium-highlevel. The risk category associated to this product was determined based on past 1 2 3 4 5 6 7 observations, it is not guaranteed and can evolve in the future.Be aware of currency risk. You will receive payments in a different currency, so Lower risk Higher risk the final return you will get depend on the exchange rate between the twocurrencies. This risk is not considered in the indicator shown above.Other risks not included in the Summary risk indicator can be materially relevant, The risk indicator assumes you keep the product for 5 years. such as concentration risk due to the Paris-aligned strategy. For furtherinformation, please refer to the prospectus. ! The actual risk can vary significantly if you cash in at an early stage and you may get back less. The summary risk indicator is a guide to the level of risk of this product compared to other products. It shows how likely it is that the product will lose money because of movements in the markets or because we are not able to pay you. Performance Scenarios The figures shown include all the costs of the product itself, but may not include all the costs that you pay to your advisor or distributor . The figures do not take into account your personal tax situation, which may also affect how much you get back. What you will get from this product depends on future market performance. Market developments in the future are uncertain and cannot be accurately predicted. The unfavourable, moderate and favourable scenarios shown are illustrations using the worst, average and best performance of the product and the suitable benchmark over the last 10 years. Markets could develop very differently in the future. Recommended holding period: 5 years Example Investment: $10 000 If you exit after 1 year If you exit after 5 years Scenarios Minimum There is no minimum guaranteed return. You could lose some or all of your investment What you might get back after costs$2 250 $2 760 Stress Average return each year -77.50% -22.70% What you might get back after costs$7 620 $12 170 Unfavourable Average return each year -23.80% 4.01% What you might get back after costs$11 630 $19 160 Moderate Average return each year 16.30% 13.89% What you might get back after costs$15 640 $25 640 Favourable Average return each year 56.40% 20.72% The stress scenario shows what you might get back in extreme marketFavourable Scenario : This type of scenario occurred for an investment between circumstances. 10 2016 and 10 2021. Unfavourable Scenario : This type of scenario occurred for an investment An appropriate benchmark of the product was used to calculate the between 12 2021 and 12 2024. performance. Moderate Scenario : This type of scenario occurred for an investment between 10 2015 and 10 2020. What happens if AXA INVESTMENT MANAGERS PARIS S.A. is unable to pay out? The product is constituted as a separate entity from AXA Investment Managers Paris S.A. In case of default of AXA Investment Managers Paris S.A., the assets of the product kept by the custodian will not be affected. In case of default of the custodian, the risk of financial loss of the product is mitigated because of the legal segregation of the assets of the custodian from those of the product. What are the costs? The person advising on or selling you this product may charge you other costs. If so, this person will provide you with information about these costs and how they affect your investment. Costs over Time The tables show the amounts that are taken from your investment to cover different types of costs. These amounts depend on how much you invest, how long you hold the product and how well the product does. The amounts shown here are illustrations based on an example investment amount and different possible investment periods. We have assumed: - In the first year you would get back the amount that you invested (0 % annual return). For the other holding periods we have assumed the product performs as shown in the moderate scenario. - USD 10 000 is invested If you exit after 1 yearIf you exit after 5 years Total costs$17 $165 Annual cost impact (*) 0.2%0.2% each year (*) This illustrates how costs reduce your return each year over the holding period. For example it shows that if you exit at the recommended holding period your average return per year is projected to be 14.08 % before costs and 13.89 % after costs. We may share part of the costs with the person selling you the product to cover the services they provide to you. They will inform you of the amount. Composition of Costs One-off costs upon entry or exitIf you exit after 1 year Entry costs 0% We do not charge entry costs on the secondary market.* $0 Exit costs 0% We do not charge exit costs on the secondary market.* $0 Ongoing costs taken each year Management fees and other0.13% of the value of your investment per year. This percentage is based on actual costs over $13 administrative or operating coststhe last year. 0.04 % of the value of your investment per year. This is an estimate of the costs incurred when Transaction costswe buy and sell the underlying investments for the product. The actual amount will vary$4 depending on how much we buy and sell. Incidental costs taken under specific conditions Performance fees (and carried There is no performance fee for this product. $0 interest) *Secondary market: No entry cost applies to investors who buy/sell shares of the fund on stock exchanges. These investors will pay/receive the market price, so they may pay more than the fund's net asset value at the time of their purchase or receive less than the fund's net asset value at the time of their sale. They may be subject to brokerage, trading and/or other fees charged by their intermediary (e.g. broker) and not charged by the fund nor its management company. Primary market: Authorised participants dealing directly with the fund pay the related transaction fees and subscription/redemption fees up to 3% may be applied. How long should I hold it and can I take money out early? Recommended holding period: 5 years This product has no minimum required holding period, the 5 years has been calculated to be in line with the time frame which the product may need in order to achieve its investment objectives. You may sell your investment before the end of the recommended holding period without penalty. The performance or risk of your investment may be negatively impacted. The section "What are the costs?" provides information on the impact of costs over time. Please refer to the "What is this product" section for the redemption procedure. How can I complain? For any complaint, please contact customer service at any time by email, specifying the subject of the message: client@axa-im.com By post to the following address: AXA Investment Managers Paris ( Client Service) Tour Majunga - 6, place de la Pyramide 92908 Paris - La Défense cedex - France. By phone: +33 (0) 1 44 45 85 65 If you have subscribed to one of our funds on the advice of an intermediary not belonging to the AXA Investment Managers Group, we recommend that you file your complaint directly with this institution. Other relevant information You can get further information about this product, including the prospectus, latest annual report, any subsequent half-yearly report and the latest Net Asset Value from the Fund Administrator: STATE STREET FUND SERVICES (IRELAND) LIMITED and from https://funds.axa-im.com/. They are available free of charge. For information about the performance of the product up to 10 years and previous performance scenario calculations, please visit : https://funds.axa-im.com/. When this product is used as part of a unit-linked contract, or similar contract, the additional information, such as the costs of the contract, which are not included in this document, in addition to the contact in case of claim and what happens in the event of failure of the insurance company, must be provided in the key information document of the contract issued by your insurer, broker or other insurance intermediary in accordance with their legal obligation.