AXA WF US High Yield Bonds

Important Note to Hong Kong Investors:

• This is a sub-fund of AXA World Funds which is a Luxembourg based open-ended investment company with several separate sub-funds (individually the "Sub-Fund" and collectively the "Sub-Funds") each with different investment objectives and risks profile.
• The Sub-Fund seeks high income and long-term growth of your investment, in USD, from an actively managed bond portfolio by investing at least two thirds of net assets in sub-investments grade fixed income transferable debt securities issued by public or private companies domiciled in the United States.  The Sub-Fund concentrates its investment in the USA and therefore is exposed to the risks associated with concentrating investments in USA.
• Some of the high yield securities held in the portfolio may involve increased credit and market risk.
• The Sub-Fund may invest in sovereign debt issued or guaranteed by governments or governmental entities largely in-debt which expose to higher degree of risk including but not limited to political, social and economic risks.
• This Sub-Fund may subject to interest rate, credit, counterparty, rating downgrade, valuation, reliability of credit ratings, convertible securities, contingent convertible bonds (Cocos), Eurozone political, regulatory, economic and convertibility, foreign exchange and currency, 144 securities and ESG risks.
• This Sub-Fund may use derivative instruments and may subject the investor to additional risks including counterparty/credit, volatility, valuation, leverage, liquidity, and over-the-counter transaction risks.
• For the Distribution Shares, investors should be aware that dividends may be paid directly or effectively out of the Sub-Funds’ capital at the Management Company's discretion. This may result in an immediate decrease in the net asset value per share of the Distribution Shares. Payment of distribution out of the Sub-Funds’ capital amounts to a return or withdrawal of part of an investor's original investment or from any capital gains attributable to that original investment, which may further decrease the net asset value per share and may also reduce the capital available for the Sub-Funds for future investment and capital growth.
• Investors should not make investment decision on the basis of this document alone. The offering documents of the Fund should be read for further details including risk factors.