BNP Paribas Easy MSCI World SRI S-Series PAB 5% Capped UCITS ETF (EWRD.DE) is an accumulating exchange-traded fund that provides investors with exposure to global developed market equities exhibiting strong environmental, social and governance (ESG) characteristics through physical replication of the MSCI World SRI S-Series PAB 5% Capped Index. The fund tracks an index comprising approximately 283 holdings selected from the MSCI World universe based on superior ESG ratings relative to industry peers, excluding companies involved in controversial sectors such as coal mining, fossil fuel extraction, nuclear energy, weapons, gambling and other high-impact negative activities; it caps individual issuer weights at 5% and aligns with Paris-Aligned Benchmark (PAB) targets, including at least 50% reduction in greenhouse gas intensity from the parent index and annual decarbonization of 7% or more. Domiciled in Luxembourg with a total expense ratio of 0.26% per annum, the ETF maintains a fund size of approximately EUR 49 million in its USD share class (ISIN LU1291108642) and a larger EUR 943 million in its EUR counterpart (ISIN LU1615092217, ticker EMWE), launched on 26 February 2016 by BNP Paribas Easy, a brand of BNP Paribas Asset Management headquartered in Paris, France.
The ETF operates across global developed markets in regions including North America, Europe and Asia-Pacific, targeting institutional and retail investors seeking sustainable equity exposure without currency hedging. BNP Paribas Easy forms part of BNP Paribas Asset Management, a subsidiary of BNP Paribas Group, which oversees a broad range of passive and active investment products focused on ESG and SRI strategies.
In July 2025, BNP Paribas completed its acquisition of AXA Investment Managers, enhancing its asset management capabilities with expected annual synergies of EUR 550 million by 2029, new revenue streams and a bolstered ETF lineup including SRI-focused offerings. This strategic move supports ongoing expansion in sustainable products, exemplified by the May 2024 listing of the BNP Paribas Easy MSCI ACWI SRI S-Series PAB 5% Capped UCITS ETF, broadening the firm's global climate-aligned equity range. In September 2025, BNP Paribas Asset Management listed its first suite of alpha-seeking active ETFs in equity and fixed income, signaling diversification beyond passive SRI trackers like EWRD.DE amid robust group revenues up 4.1% in 2024.