AQR UCITS Funds II - AQR Adaptive Equity Market Neutral UCITS Fund IAU2 (USD) Accumulating

The Fund seeks to deliver positive absolute returns by taking long and short positions in global equity and equity-related instruments that are deemed to be relatively attractive or unattractive, respectively, based on the Investment Manager’s investment models. When taking a long position, the Fund may directly hold positions whose value may rise or fall in line with their market value. The Fund benefits from a rise in value of the assets. When taking a short position, the Fund profits from the decline in the value of assets. The Fund promotes environmental, social and governance (“ESG”) characteristics. The carbon exposure of the Fund’s long positions will be equal to or lower than that of the Fund’s short positions. The average ESG score of the Fund’s long positions will be higher than that of the Fund’s short positions. The Investment Manager will also implement sectoral exclusions (e.g., the Fund will not take long positions in fossil fuel and tobacco-related issuers). In light of the strategy, the Fund discloses in accordance with Article 8 of the Regulation (EU) 2019/2088 on sustainability-related disclosures in the financial services sector. The Fund is designed to be beta-neutral, which means that the Fund seeks to achieve returns that are not closely correlated to traditional asset classes and the equity markets in which the Fund takes exposure. The portfolio is constructed based on the Investment Manager's global stock selection model, employing an innovative research-based approach to evaluate both proprietary and traditional signals to indicate which industries, sectors and companies are conditionally attractive or unattractive. The Fund employs a systematic, multi-factor, equity market neutral investment strategy applied to global equities. The Fund’s investment approach draws on the Investment Manager’s alpha research and innovation, employing a wide range of datasets and methods, including machine learning and other optimization techniques. The market neutral strategy is designed to provide uncorrelated returns to traditional asset classes and seeks to deliver exposure to stocks, or equity-related instruments, long and short in a diversified, risk-managed portfolio. The Fund invests in global equities primarily using total return swaps, based on underlying individual equities. A total return swap is a financial derivative contract where one party receives the total return (capital gains or losses and income) of a specified asset, and in exchange, pays the other party a predetermined rate, which could be a set interest rate or the return of another asset. The Fund's exposure to these swaps can reach up to 1000% of its net asset value, but it always stays within the investment limits set out in the prospectus. In addition, the instruments used by the Fund may include, but are not limited to, equities and other derivate products such as currency forwards and futures contracts. Where a Class of Units is denominated in a currency other than the Fund’s Reference Currency, the Investment Manager may use hedging techniques to reduce the impact of currency exchange rate movements on the value of that Class. Hedging may not fully protect against currency risk and could affect returns. The Fund is actively managed, which means that the investments are selected at the discretion of the Investment Manager. No income will be paid on your units. You may redeem your investment upon two business days’ notice. There can be no assurance that the Fund will meet its objectives.