AXA WORLD FUNDS A LUXEMBOURG INVESTMENT FUND ...

counterparty receives the underlying security performance and pays a money market performance
adjusted of some hedging costs), listed equity index futures and listed or OTC equity index options.
The choice between the various types of instruments will be carried out by considering factors that
include but are not limited to liquidity, cost, efficiency, capacity to trade quickly, size, maturity of the
investment, etc.
Risk Profile
This Sub-Fund is mainly invested in equity for which there is high risk of invested capital loss.
Investment Horizon
This Sub-Fund is appropriate for investors who do not withdraw their money for eight years.
Special Risk Consideration
SolEx Share Class Risk Factor relating to Equity Risk: The aim of the equity index derivatives
overlay implemented at the SolEx Share Class level is to hedge partially the impact of a sudden and
material decrease of European equity indices by systematically purchasing (or entering into) listed
and/or OTC derivatives instruments. Therefore, in case of a sudden and material decrease of the
underlying European equity index, the market value of the equity index derivatives overlay will tend to
increase and to partially mitigate the decrease of the market value of the equities that are comprised in
the portfolio of the Sub-Fund. The impact of a sudden and material decrease of European equity indices
on the SolEx Share Net Asset Value tends to be reduced compared to the impact of such move on the
standard Shares. However, in case of European equity index increase, the market value of the equity
index derivatives overlay will tend to decline and will therefore partially affect the Net Asset Value of the
SolEx Shares. As a result the impact of the European equity markets increase on the Net Asset Value of
the SolEx Shares tends to be more limited than the impact of such increase on the Net Asset Value of
standard Shares.
Furthermore, there is an imperfect correlation between the European equity index used as underlying in
the derivatives overlay and the equities in which the Sub-Fund will be invested.
There is no guarantee that the underlying investment objective of the SolEx Share Class will be
achieved. As for standard Shares, any investor in the SolEx Shares may suffer losses and the invested
capital is neither guaranteed nor protected. There is a risk of capital loss limited to invested capital.
Derivatives risk and leverage: The SolEx Share Class may use both listed and OTC derivatives for
investment or hedging purposes. These instruments are volatile and may be subject to various types of
risks, including but not limited to market risk, liquidity risk, credit risk, counterparty risk, legal risk and
operations risks. In addition, the use of derivatives can involve significant economic leverage and may, in
some cases, involve significant risks of loss. Furthermore, investments in OTC derivatives may have
limited secondary markets liquidity and it may be difficult to assess the value of such a position and its
exposure to risk. For these reasons, there can be no guarantee that strategies using derivatives
instruments will meet their expected target.
For more details about risks, please refer to general part of the Prospectus, sections entitled “General
Risk Considerations” and “Special Risk Considerations”.
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