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 Euro Credit PAB UCITS ETF EUR Accumulation AXA INVESTMENT MANAGERS PARIS S.A., part of the AXA IM Group ISIN IE000JBB8CR7 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 The Investment Manager aims over the long-term to outperform the financial The product is a share class of the Sub-fund "AXA IM Euro Credit PAB UCITS performance net of management fees of the Benchmark and to have absolute ETF" (the "fund") which is part of the ICAV "AXA IM ETF ICAV" (the “ICAV”). carbon emissions less than or equal to the Benchmark by systematically buying Term and selling investments for the fund by applying a 2-step approach: 1/ defining This product has no maturity date, and could be liquidated under the conditions the eligible universe after application of a first exclusion filter, as described in AXA led down in the instrument of incorporation of the ICAV. IM's Sectorial Exclusion, ESG Standards Policies and excluding issuers not Objectives engaged in a decarbonization and transition pathway to progressively align with Investment Objective the Paris Agreement objectives, 2/ establishing the fund's sector and security To seek long-term capital growth from an actively managed portfolio of strategies. The Investment Manager uses a top down and bottom-up analysis to investment grade Euro denominated corporate debt securities while maintainingdetermine the sector weightings of the portfolio. Sectors are evaluated based on a decarbonization strategy aligned with the carbon emissions of the ICE BofA comprehensive macro- and microeconomic analysis of the market. The security Euro Corporate Index Paris Aligned (Absolute Emissions) (the Benchmark). strategy involves using bottom-up analysis leveraging on analysing fundamental factors, including earning prospects, anticipated cash flow, interest or dividend Investment Policy coverage and payment history, asset coverage, debt maturity schedules and The fund is actively managed in reference to the Benchmark. To achieve its borrowing requirements. The Investment Manager monitors carbon emissions of investment objective, the fund invests at least 90% of net assets in investment the fund and of the Benchmark on a pre- and post-trade basis using weighted grade, EUR denominated, fixed and floating rate debt securities (rated at least average absolute carbon emissions scope 1, 2 and 3 data according to its internal BBB- by Standard&Poor's or equivalent ratings by Moody's or Fitch or, if unrated, methodology combining internal and external data. judged equivalent to those ratings by the Investment Manager) that are issued by The ESG analysis coverage rate within the portfolio is at least 90% of the net companies that are component securities of the Benchmark, excluding cash and assets, excluding bonds and other debt securities issued by public issuers, cash cash equivalent. As a result, the fund may invest in green, social, sustainability and solidarity assets. and sustainability linked bonds. While the Benchmark is used by the Investment The ESG data used in the investment process are based on ESG methodologies Manager to determine the initial investment universe (Initial Investment which rely in part on third party data and in some cases are internally developed. Universe), the Investment Manager may not invest in all component securities of They are subjective and may change over time. Despite several initiatives, the the Benchmark, will apply screens and other exclusions and will otherwise have lack of a harmonised definition of sustainable investments may result in ESG general discretion when selecting the fund's investments to ensure that their metrics applied and ESG scores assigned to the same company by different data characteristics are consistent with its convictions. The Benchmark applies providers varying widely. As such, the investment strategy may be difficult to specific targets and exclusionary filters to its parent index ICE BofA Euro compare with other investment strategies that also use ESG criteria and ESG Corporate Index to reduce the carbon emissions of the constituencies by 50% reporting. Strategies that incorporate ESG criteria and those that incorporate compared to the parent index while following a trajectory toward net zero by end sustainable development criteria may use ESG data that appear similar but of 2050 by having an annualised carbon reduction rate of at least 7%, remove which should be distinguished because their calculation method may be issuers with certain ESG and/or climate-related business involvements, and different. The Investment Manager's ESG methodologies described herein may apply exclusions related to fossil fuel business involvements. In addition, the evolve over time to take into account, among other things, any improvements in Benchmark must always be at least 50% below the carbon level of its parent data availability and reliability, or any developments of regulations or other index. The fund is restricted in the extent to which its portfolio holdings can external frameworks or initiatives. deviate from those of the Benchmark as it widely forms the Initial Investment For investment purposes, the fund may engage in the credit derivatives market Universe. Such deviation from the Benchmark is expected to be limited. The by entering into single name credit default swaps (CDS) in order to acquire a Benchmark qualifies as an EU Paris-aligned Benchmark under Chapter 3a of Title specific credit exposure. The maximum exposure in terms of inherent III of Regulation EU 2016/1011 to progressively align with the objectives of the commitment to CDS will not exceed 20%. The fund may also use the following Paris Agreement. financial derivative instruments: interest rate futures, futures on bonds, forward The fund may invest in callable bonds. The fund may also invest up to 25% currency contracts, swaps and foreign exchange spot transactions for efficient compared to the level of the Benchmark in investment grade subordinated debt portfolio management, investment or hedging purposes. securities, including perpetual bonds. The fund will not enter total return swaps or instruments with similar In case of a rating downgrade below investment grade, the fund may be invested characteristics. in sub-investment grade securities up to 10%. However, the fund does not invest The funds will not engage in lending/borrowing of securities nor repurchase/ in securities rated CCC+ or below by Standard & Poor's or equivalent rating by reverse agreements. Moody's or Fitch. Ratings are based on the lower of two ratings or the second The fund is a financial product that promotes environmental and/or social highest of three ratings depending on how many ratings are available. If characteristics within the meaning of article 8 of the Regulation (EU) 2019/2088 of securities are unrated, they must be judged equivalent to those levels by the 27 November 2019 on sustainability-related disclosures in the financial sector. Investment Manager. In case of a credit downgrade below such minimum, Income securities will be sold within 6 months. The selection of debt securities is not For Accumulation share classes (Acc), the dividend is reinvested. 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 Investment Horizon securities is also based on other analysis criteria of the Investment Manager. The risk and the reward of the product may vary depending on the expected As the components of the Benchmark widely form the Initial Investmentholding period. We recommend holding this product at least for 5 years. Universe, the fund is restricted in the extent to which the components it is Processing of subscription and redemption orders expected to invest in can deviate from those of the Benchmark and, in that The investor can buy or sell shares of the fund on a daily basis, as further defined regard, the deviation of the components of the fund as compared to those of the in the prospectus. Only Authorised participants can deal directly with the fund. Benchmark is expected to be limited. However, the Investment Manager willIntended retail Investor apply its investment process to the Initial Investment Universe and so the The fund is designed for retail investors who have neither financial expertise nor constitution of the portfolio of the fund is expected to deviate from that of theany specific knowledge to understand the fund but may bear total capital loss. It Benchmark in terms of the level of holdings of any component.is suited for clients who seek growth of capital and an ESG overlay. Potential The fund may invest up to 10% in the units/shares of Eligible Collective investors should have an investment horizon of at least 5 years. Investment Schemes, including money market funds. The fund may invest up to Depositary 10% in money market Instruments. STATE STREET CUSTODIAL SERVICES (IRELAND) LIMITED Further InformationPlease 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 2 out of 7 which is the a low risk class. Thisrates the potential losses from future performance at a low level. The riskcategory associated to this product was determined based on past observations, 1 2 3 4 5 6 7 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 decarbonisation and transition pathwaystrategy. For further information, 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€8 130 €7 860 Stress Average return each year -18.70% -4.70% What you might get back after costs€8 390 €8 820 Unfavourable Average return each year -16.10% -2.48% What you might get back after costs€10 110 €9 740 Moderate Average return each year 1.10%-0.53% What you might get back after costs€10 980 €11 270 Favourable Average return each year 9.80%2.42% The stress scenario shows what you might get back in extreme marketFavourable Scenario : This type of scenario occurred for an investment between circumstances. 12 2015 and 12 2020. Unfavourable Scenario : This type of scenario occurred for an investment An appropriate benchmark of the product was used to calculate the between 10 2017 and 10 2022. performance. Moderate Scenario : This type of scenario occurred for an investment between 04 2017 and 04 2022. 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. - EUR 10 000 is invested If you exit after 1 yearIf you exit after 5 years Total costs€51 €253 Annual cost impact (*) 0.5%0.5% 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 -0.01 % before costs and -0.53 % 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 other0.20% of the value of your investment per year. This percentage is based on actual costs over €20 administrative or operating coststhe last year. 0.31 % 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€31 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.