BNP PARIBAS Easy ICAV - BNP Paribas Easy MSCI USA Small Cap Min TE UCITS ET

Investment Objective: The Sub-Fund (the “Fund”) seeks to replicate the performance of the MSCI USA Small Cap Select Filtered Min TE (NTR) (Bloomberg: MXUSFTNUTBC Index) (the “Index”) while aiming to minimise the tracking error between the Fund’s Net Asset Value per Share and the Index. Investment Policy: The Fund pursues a passively managed (index tracking) strategy. In order to achieve its investment objective, the Fund will generally seek to replicate the Index by holding all of the Index equity securities in a similar proportion to their weighting in the Index (Full Replication as defined in the Prospectus). The Fund may also employ Optimised Replication (as defined in the Prospectus) and select Index equity securities in order to build a representative portfolio that provides a return that is comparable to that of the Index. The Index is a US equity index which measures the performance of small-cap equity securities. The Index selects securities based on Environmental, Social and Corporate Governance (ESG) criteria (such as environmental opportunity, pollution and waste, human capital, corporate governance, etc.) and based on the efforts by issuing companies to reduce their exposure to coal and unconventional fossil fuels. As a result, companies involved in sectors with a potentially high negative ESG impact, those subject to significant violations of the UN Global Compact principles and those involved in severe ESG-related controversies are excluded from the Index. The Index applies an optimization process with respect to the MSCI USA Small Cap Index (the “Parent Index”) with a view to minimising the tracking error under the following constraints: - an ESG score higher than the ESG score of the Parent Index - a GHG intensity lower than the GHG intensity of the Parent Index by at least 20% (“extra-financial indicator improvement approach”). The Index is rebalanced quarterly. The extra-financial strategy of the Index, carried out at each step of the investment process, may comprise methodological limitations such as the Extra-financial Criteria and Sustainable Investments Risk or the Index rebalancing. The Fund’s base currency is US Dollar. Further information on the Index, its composition, calculation and rules for periodical review and rebalancing and on the general methodology behind the MSCI indices can be found on www.msci.com. Distribution Policy: It is not the current intention of the Directors to declare dividends in respect of Classes identified as “Capitalisation”. Recommendation: This Fund is suitable for medium to long term investment, though the Sub-Fund may also be suitable for shorter term exposure to the Index. Please refer to the supplement of the Fund (the “Supplement”) for additional details about the objective and investment policy