BNP Paribas Easy Managed Futures UCITS ETF

Active managed-futures ETF using a systematic, model-driven multi-asset trend process. Implementation is synthetic: the fund holds a substitute basket and uses unfunded total return swaps to obtain long and short exposure to futures or forwards across equities, fixed income, currencies and commodities. Principal return drivers are medium-term market trends, directional persistence and dynamic risk allocation across asset classes rather than traditional long-only market beta. Conventional market exposure can still matter through collateral holdings, substitute-basket equities and broad macro regime shifts affecting rates, currencies and commodity markets.