Structured Capital Strategies® - AXA...

Structured Capital Strategies®

AXA Equitable Life Insurance Company (NY, NY)For Financial Professional Use Only

For Financial Professional Use Only 1

What is Structured Capital Strategies®?

Structured Capital Strategies® is a variable and index-linked deferred annuity that offers upside market performance potential up to a

cap with some downside protection. The core of Structured Capital Strategies® is the Structured Investment Option (SIO) that provides

participation in the performance of indices that track equity and commodity markets up to a Performance Cap Rate in one-, three- or

five-year maturities. Upon maturity, AXA Equitable will absorb the first -10%, -15%, -20%, -25%, or -30% of any loss, depending on the

index and duration selected.

There are various combinations of indices and durations. Depending on these factors, clients are protected from some downside risk.

If the negative return is in excess of the Segment Buffer, there is a risk of substantial loss of principal.

2 For Financial Professional Use Only

What you need to know…

1 In setting the Performance Cap Rate for the Structured Investment Option, it is taken into account that expenses are incurred in connection with administration, sales, and certain expense risks in the contract. A contract fee is assessed against the money in the variable investment options and the Segment Type Holding Account to cover similar expenses.2 May not be available in all jurisdictions/broker-dealers.

Fees No fees are netted against the Segment Rate of Return.1

Main Objectives Try to make money & Try not to lose money

Questions to Ask Clients Which Index? For how long? How much downside protection?

Two Baseline Contracts (B-Share, 5 Year: 5, 5, 5, 4, 3) (C-Share,2 No Contingent Withdrawal Charge (CWC))

Issue Ages 0-85 (20-75 for Qualified Plans2)

Minimum ContributionInitial: $25,000

Subsequent: $500 (NQ and Qualfied Plans); $50 Roth/Traditional IRA

Segment Start Date 15th of each month. Refer to prospectus for treatment of holidays and weekends.

Performance Cap Rate Declared by AXA Equitable on the Segment Start Date.

Segment Maturity Date 14th of each month after one, three or five years. Refer to the prospectus for treatment of holidays and weekends.

Segment Type Holding Account EQ/Money Market

Free Withdrawal AmountSeries B: Access up to 10% of the beginning-of-contract-year account value.

Series C: Access up to 100% of the account value free of withdrawal charges.

Withdrawals during a Segment

(Withdrawals made prior to age 59½ may be subject to an additional 10% federal income tax.)

The Segment Interim Value is the value of your investment prior to the Segment Maturity Date. The Segment Interim Value

may be lower than your original investment in the Segment, even when the index is higher at the time of the withdrawal,

prior to maturity, than at the time of the original investment. See Segment Interim Value in the Important Information

section of this brochure. Partial withdrawals are permitted. Unless otherwise requested, withdrawals are taken in the

following order on a pro rata basis: 1. Variable Investment Options (VIOs); 2. Segment Type Holding Account(s); 3. Dollar

Cap Averaging Program; 4. Segment(s).


Investments on the sidelinesMarket flows and assets, 2000–2015

Asset Inflow/Outflow Percentage PointsBillions of Dollars Percent

There is no guarantee that historical trends will continue into the future. 3 Net new cash flow to equity funds is plotted as a six-month moving average.

4 The total return on equities is measured as the year-over-year change in the MSCI All Country World Daily Total Return Index.

Sources: Investment Company Institute and Morgan Stanley Capital International.

Despite the equity market rally in 2009, the majority of fund flows are invested in fixed-income and liquid investments.

-1.00

-0.50

0

1.00

0.25

-0.25

-0.75

-60

0.50

0.75

60

50

40

30

20

10

-10

-20

-30

-40

-50

0

2000 2003 2006 2009 2012 2015

Net new cash flow3

Total return on equities4


The failure of active management

Past performance is no guarantee of future results.Source: Standard & Poor’s Indices versus Active Funds Scorecard, December 2015. Index used for comparison: U.S. Large-Cap — S&P 500® Index; U.S. Mid-Cap —S&P Mid-Cap 400 Index; U.S. Small-Cap — S&P Small-Cap 600 Index; Global Funds — S&P Global 1200 Index; International — S&P 700 Index; Emerging Markets — S&P IFCI Composite. Data for the SPIVA Survivor-Bias-Free U.S. Mutual Fund Database.

Percentage of Active Public Equity Funds that Failed to Beat the IndexTen years as of December 31, 2015

82%88%

80% 79%

91%88%

0%

20%

50%

30%

10%

60%

70%

80%

90%

40%

U.S. Large-Cap U.S. Mid-Cap U.S. Small-Cap Global International Emerging Markets

Equity Fund Category

100%

Perc

enta

ge o

f Act

ive

Publ

ic E

quity

Fund

s th

at F

aile

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Bea

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Structured Capital Strategies®A new way to invest

There are a limited number of index, maturity period, and protection combinations.Depending on the index and duration you choose, AXA Equitable will absorb the first -10%, -15%, -20%, - 25% or -30% of any losses. Segment Types with greater protection tend to have lower Performance Cap Rates than other Segment Types that use the same index and duration by providing less protection.5 May not be available in all jurisdictions/broker-dealers.6 You are protected from some downside risk, if the negative return is in excess of the Segment Buffer, there is a substantial risk of loss of principal invested because you agree to absorb all losses to the extent they exceed the protection provided by the Structured Investment Option at maturity.

S&P 500

Price Return

Index

Russell 2000

Price Return

Index

MSCI EAFE

Price Return

Index

MSCI

Emerging

Markets Price

Return Index5

NASDAQ 100

Price Return

Index5

Financial

Select Sector

SPDR Fund5

What index would you prefer to link your returns to?

How long would you like to participate in the performance of the index?

How much downside protection6 do you want?

-30%

-20%

-10%

0%

-5.2 -5.72

-15.72-30%

-20%

-10%

0%

-15.72

-25%

-30%

-10%

-15%

-20%

1 Yr 3 Yrs 5 Yrs

iShares Dow

Jones U.S.

Real Estate

Index Fund5

NYMEX West Texas

Intermediate Crude

Oil Generic Front

Month Futures5

London Gold

Market Fixing

Ltd PM Fix

Price/USD5


How it works 1-Year Segment — “Investor”

How Structured Capital Strategies® Works — 1-Year Hypothetical Example

-15%

-10%

-5%

0%

5%

10%

15%

7%

0%

-2%

Up Market Down Market Up Market Down Market

-10% Segment Buffer

10% Performance Cap Rate

7%

-12%

-8%

The index returns 7%.Because the return is under the Performance Cap Rate, you realize the full index gain.

The index returns -8%.Due to the -10% Segment Buffer, AXA Equitable absorbs the full loss, and you realize a 0% return.

The index returns 13%.Because the gain is in excess of the Performance Cap Rate, you realize a 10% return up to the Performance Cap Rate.

The index returns -12%.AXA Equitable absorbs the first -10% of the loss, leaving you with only a -2% loss.

13%Hypothetical Index Return

Segment10%

Downside Protection

Absorbed by

AXA Equitable

Upside

Potential


The math of recovery

The bigger the loss, the bigger the rebound you need to break even.

Starting Balance % Loss Ending Balance After Loss Gain Required to Break Even

$100,000 -5% $95,000 5.3%

$100,000 -10% $90,000 11.1%

$100,000 -15% $85,000 17.6%

$100,000 -20% $80,000 25.0%

$100,000 -25% $75,000 33.3%

$100,000 -30% $70,000 42.9%

$100,000 -35% $65,000 53.8%

$100,000 -40% $60,000 66.7%

$100,000 -45% $55,000 81.8%

$100,000 -50% $50,000 100.0%

$100,000 -55% $45,000 122.2%

$100,000 -60% $40,000 150.0%

$100,000 -65% $35,000 185.7%

$100,000 -70% $30,000 233.3%

$100,000 -75% $25,000 300.0%

$100,000 -80% $20,000 400.0%

$100,000 -85% $15,000 566.7%

$100,000 -90% $10,000 900.0%

The math of recovering from a loss is not as simple as you would think. You have to gain more than you lost to recoup all your losses.

To understand why, take a look at the following examples.


Declines have been routine

in S&P® 500 history

Past performance is no guarantee of future results.Source: Standard & Poor’s, FactSet, J.P. Morgan Asset Management. Returns are based on the price index only and, therefore, do not include dividends. “Intra-year declines” refers to the largest market drops. For illustrative purposes only.* Returns shown are calendar year returns from 1980–2015. Data as of 12/31/2015.

Despite average intra-year declines of 14.2%, annual returns were positive 27 of 36 calendar years* (1980–2015)

’80 ’85 ’90 ’95 ’00 ’05 ’10 ’15

26

-17

15

-17

-10

-18

17

-7

15

-9

2

-34

12

-8

27

-8

26

-6

-7

-20

4

-6

7

-5

20

-8

34

-3

31

-11

27

-19

20

-12

26

-14

-23

-34

-38

-49

0

-19

13

-16

23

-28

13

-10

30

-6

11

-7

-1

-12

4

-10

14

-8

9

-8

3

-7

-13

-30

-10

-17

-2

-9

26

-8

1

-13

-50

-30

0

-20

-40

10

20

30

40

-10

-60

DeclinesReturn

S&

P 5

00

® A

nnua

l Pri

ce R

etur

n


How it works 5-Year Segment — “Saver”

How Structured Capital Strategies® Works — 5-Year Hypothetical Example

-20%

0%

20%

-10%

-30%

10%

30%

19%

0%

-2%

-20% Segment Buffer


19%

35%

30%

-22%

-15%

Hypothetical Index Return

Segment

Up Market Down Market Up Market Down MarketThe index returns 19%.Because the return is under the Performance Cap Rate, you realize the full index gain.

The index returns -15%.Due to the -20% Segment Buffer, AXA Equitable absorbs the full loss, and you realize a 0% return.

The index returns 35%.Because the gain is in excess of the Performance Cap Rate, you realize a 30% return up to the Performance Cap Rate.

The index returns -22%.AXA Equitable absorbs the first -20% of the loss, leaving you with only a -2% loss.

Downside Protection

Absorbed by

AXA Equitable

Upside

Potential


One, three & five year rolling returnsFrequency of losses per Segment Type

7 NASDAQ 100 — Data available from March 1985-December 2015.8 MSCI Emerging Markets — Data available from January 1988-December 2015.9 Financial SPDR — Data available from January 1999-December 2015. 10 DJ U.S Real Estate — Data available from July 2000-December 2015. 11 Oil Index — Returns available only from its inception in April 1983-2015. 12 Average Return — A simple average of a series of returns generated over a given period of time. Returns are price return only and exclude dividends.13 % of Times Returns Occurred Above -10%, -20%, or -30% — This row shows the percentage of times a rolling monthly index return occurred above -10% in the 1-Year index columns, -20% in the 3-Year index columns, and -30% in the 5-Year index columns. Please note that the MSCI EAFE, MSCI Emerging Markets, NASDAQ 100, Financial SPDR, DJ U.S. Real Estate, Gold and Oil indices are limited to the percent of times returns occurred above -10%. Past performance is no guarantee of future results. Individuals cannot invest directly in an index. This data does not represent the performance of any specific investment. Performance of Structured Capital Strategies® will differ from that of the performance shown above due to the Performance Cap Rate, level of downside protection, fees and expenses.

Historical Index Returns — January 1980–2015

S&P 500® Russell 2000®NASDAQ

1007MSCI EAFE

MSCI Emerging Markets8

Financial SPDR9

DJ U.S. Real

Estate10 Gold Oil11

1-Year 3-Year 5-Year 1-Year 3-Year 5-Year 1-Year 1-Year 1-Year 1-Year 1-Year 1-Year 1-Year

Average Return12 9.9% 33.1% 59.2% 10.7% 32.3% 54.6% 16.9% 8.9% 11.4% 3.2% 7.7% 3.2% 6.8%

Total Gains and Losses 420 396 372 420 396 372 358 420 324 192 174 420 281

Number of Gains 324 325 289 300 346 336 291 280 207 118 123 218 207

Number of Losses 96 71 83 120 50 36 67 140 117 74 51 202 174

Loss 10% 41 17 38 53 13 19 19 63 43 31 27 109 66

Loss > 10–15% 19 6 19 22 5 10 7 30 16 12 3 42 24

Loss > 15–20% 13 8 19 18 8 1 3 21 16 8 4 25 11

Loss > 20–25% 10 10 4 15 9 4 3 9 14 4 3 8 10

Loss > 25–30% 5 10 2 4 7 1 8 7 11 2 2 9 16

Loss > 30% 8 20 1 8 8 1 27 10 17 17 12 9 47

% of Times Returns Occurred Above -10%,

-20%, or -30%13 respectively across columns86.9% 89.9% 99.7% 84.0% 93.9% 99.7% 86.6% 81.7% 77.2% 77.6% 86.2% 77.9% 71.5%

% of Times Any Loss Occurred 22.9% 17.9% 22.3% 28.6% 12.6% 9.7% 18.7% 33.3% 36.1% 38.5% 29.3% 48.1% 45.7%


Choice Segments

14 The cost to invest in a Choice Segment is 1% per year of duration.15 Choice cost is waived if your index returns are negative, and is partially waived if your index returns are positive but less than your applicable Choice cost. This guarantees that the Choice cost will never bring your returns below zero at maturity. 16 The Segment Rate of Return for a Choice Segment will always be less than (a) the Performance Cap rate and (b) the Index Performance Rate, if positive, for that Segment.The Segment Rate of Return for a Choice Segment may be less than the Segment Rate of Return for a Standard Segment based on the same index, Segment Buffer and Segment Duration. This will occur if the applicable Index Performance Rate is positive but less than the sum of (a) the Performance Cap Rate for the Standard Segment and (b) the Choice cost.

Choice Segments14, 15 offer access to generally higher Performance Cap Rates than

Standard Segments and thus potentially greater Segment performance with various

buffer protection levels: -10/-15/-25%.16

3-Year Segment

(Series ADV/C only)

5-Year Segment

(Series B only)

Choice Russell 2000®

Choice S&P 500®Choice S&P 500®

-10%



-15%



-10%



-25%


Choice Segments in actionA Hypothetical Example


38%33%

68%

60%

Index Return Choice Segment Return Choice Cost

Performance Cap

In the scenarios below, let’s imagine the -10% level of protection is paired with a 5-year Choice Segment. Because the cost to invest in a Choice

Segment is 1% per year of Segment Duration, the Choice Cost is 5% — and remember, this only applies when index returns are positive. The Choice

cost is always waived before it could cause your returns to go negative.

-10% Level of Protection

-8%

0%

-13%

-10%

Index Return Choice Segment Return Choice Cost

Scenario 1: Scenario 2:

• Performance Cap Rate for Choice

Segment: 65%

• Index: +38%

• Result: You keep first 33% of

gain, after Choice cost.


Segment: 65%

• Index: +68%

• Result: You keep 60% of gain,

after cap and Choice cost.

Scenario 3: Scenario 4:


Segment: -10%

• Index: -8%

• Result: 0% Return. AXA Equitable

absorbs full loss and Choice cost

is waived.


Segment: -10%

• Index: -13%

• Result: -3% Return. AXA Equitable

absorbs first -10% of loss and

Choice cost is waived.

-10% Buffer

S&P 500 Price Return Index — Includes 500 leading companies in leading industries of the U.S.

economy, capturing 75% coverage of U.S. equities. The S&P 500® Price Return Index does not

include dividends declared by any of the companies included in this Index. Larger, more established

companies may not be able to attain potentially higher growth rates of smaller companies, especially

during extended periods of economic expansion. S&P®, Standard & Poor’s®, S&P 500® and Standard

& Poor’s 500® are trademarks of Standard & Poor’s Financial Services LLC (“Standard & Poor’s”) and

have been licensed for use by AXA Equitable. Structured Capital Strategies® is not sponsored,

endorsed, sold or promoted by Standard & Poor’s and Standard & Poor’s does not make any

representation regarding the advisability of investing in Structured Capital Strategies®.

Russell 2000® Price Return Index — Measures the performance of the small-cap segment of the U.S.

equity universe. The Russell 2000® Price Return Index is a subset of the Russell 3000® Index

representing approximately 10% of the total market capitalization of that index. It includes approximately

2,000 of the smallest securities based on a combination of their market cap and current index

membership. The Russell 2000® Price Return Index does not include dividends declared by any of the

companies included in this Index. Stocks of small and mid-size companies have less liquidity than those

of larger companies and are subject to greater price volatility than the overall stock market. Smaller

company stocks involve a greater risk than is customarily associated with more established companies.

The Russell 2000® Index is a trademark of Russell Investments and has been licensed for use by AXA

Equitable. The Product is not sponsored, endorsed, sold or promoted by Russell Investments and

Russell Investments makes no representation regarding the advisability of investing in the Product.

NASDAQ 100® Price Return Index (Not available in all jurisdictions.) — Includes 100 of the largest

domestic and international non-financial securities listed on The NASDAQ Stock Market based on

market capitalization. The Index reflects companies across major industry groups, including

computer hardware and software, telecommunications and biotechnology. Non-diversified investing

may be focused in a smaller number of issues or one sector of the market that may make the value

of the investment more susceptible to certain risks than diversified investing. It does not contain

securities of financial companies including investment companies. The NASDAQ 100® Price Return

Index does not include dividends declared by any of the companies included in this Index.

MSCI EAFE Price Return Index (Not available in all jurisdictions.) — Is a free float-adjusted market

capitalization index that is designed to measure the equity market performance of developed markets,

excluding the U.S. and Canada. The MSCI EAFE Price Return Index does not include dividends declared by

any of the companies included in this Index. International securities carry additional risks, including currency

exchange fluctuation and different government regulations, economic conditions and accounting standards.

The Product referred to herein is not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability

with respect to any such Product or any index on which such Product is based. The prospectus contains a

more detailed description of the limited relationship MSCI has with AXA Equitable and any related products.

MSCI Emerging Markets Price Return Index (Not available in all jurisdictions.) — Is a free float-

adjusted market capitalization index that is designed to measure equity market performance of

emerging markets. International securities carry additional risks, including currency exchange

fluctuation and different government regulations, economic conditions and accounting standards.

Financial Select Sector SPDR Fund (Not available in all jurisdictions.) — Seeks to closely match the

returns and characteristics of the Financial Select Sector Index, which is the underlying index. The

underlying index seeks to provide an effective representation of the financial sector of the S&P 500®

Index, and includes companies from the following industries: commercial banks, capital markets,

diversified financial services, insurance and real estate. Because the return on your Segment Investment

(subject to the Performance Cap and downside Segment Buffer protection) is linked to the performance

of the Financial Select Sector SPDR® Fund and not the underlying index, the return on your Segment

Investment may be less than that of an alternative investment linked directly to the underlying index or the

components of the underlying index. The investment performance of the Financial Select Sector SPDR®

Fund Segment is only based on the closing share price of the Fund. The Financial Select Sector SPDR®

Fund Segment does not include dividends and other distributions declared by the Fund. Non-diversified

investing may be focused in a smaller number of issues or one sector of the market that may make the

value of the investment more susceptible to certain risks than diversified investing. This Structured Capital

Strategies® variable annuity is not sponsored, endorsed, authorized, sold or promoted by the Select

Sector Trust, or SSgA FM. Neither the Select Sector Trust nor SSgA FM makes any representations or

warranties to purchasers of the variable annuity or any member of the public regarding the advisability of

investing in the variable annuity. Neither the Select Sector Trust nor SSgA FM has any obligation or liability

in connection with the operation, marketing, trading or sale of the variable annuity.

Gold SPDR Shares (Not available in all jurisdictions.) — Seek to reflect the performance of the price of gold

bullion. The value of the gold held by the fund will be determined based on the London Bullion Market

Association (LBMA) Gold Price PM USD. Because the return on your Segment Investment (subject to the

Performance Cap and downside Segment Buffer protection) is linked to the performance of the SPDR® Gold

Shares and not the performance of the price of gold, the return on your Segment Investment may be less

than that of an alternative investment linked directly to the performance of the price of gold. The investment

performance of the SPDR® Gold Shares Segment is only based on the closing share price of the Shares. The

SPDR® Gold Shares Segment does not include dividends and other distributions declared by the Shares.

Non-diversified investing may be focused in a smaller number of issues or one sector of the market that may

make the value of the investment more susceptible to certain risks than diversified investing.

The NYMEX West Texas Intermediate Crude Oil Generic Front Month Futures (Not available in all jurisdictions.)

— Is the underlying commodity index of oil futures contracts. Risks involved with futures contracts include

imperfect correlation between the change in the market value of the stocks held by the portfolio and the prices

of futures contracts and options, and the possible lack of a liquid secondary market for futures or options

contracts, and the resulting inability to close a futures contract prior to its maturity date. Also, index options,

over-the-counter options, and options on futures are exposed to additional volatility and potential losses.

The iShares Dow Jones U.S. Real Estate Index Fund seeks investment results that correspond generally

to the performance of the Dow Jones U.S. Real Estate Index. The Index measures the performance of

the Real Estate Industry of the U.S. equity market, including real estate holding and developing and real

estate investment trusts (REITS) subsectors. The investment performance of the iShares Dow Jones

U.S. Real Estate Index Segment is based only on the closing share price of the Index Fund. The iShares

Dow Jones U.S. Real Estate Index Segment does not include dividends declared by the Index Fund.

Non-diversified investing may be focused in a smaller number of issues or one sector of the market that

may make the value of the investment more susceptible to certain risks than diversified investing.

Important Information

D For Financial Professional Use Only

Segment Type — Combination of the index, duration and buffer you choose is what distinguishes

your investment option. Segment Types with greater protection tend to have lower Performance Cap

Rates than other Segment Types that use the same index and duration but provide less protection.

Example: Index: S&P 500; Segment Duration: 3 Years; Segment Buffer: 20%.

Segment Buffer — A Segment Buffer is the amount of loss in your index Segment that AXA Equitable will

absorb upon maturity. Choices of Segment Buffers vary depending on the index and the duration selected.

Segment — Is your investment in a Segment Type with a specific Segment Maturity Date. The

Segment in the following example was established in August 2010. Index: S&P 500; Segment

Duration: 3 Years; Segment Buffer: 20%; Segment Maturity: August 14, 2013.

Segment Investment — Is the dollar amount of your initial contribution, adjusted for withdrawals prior to

the Segment Maturity Date. Segment Investment is reduced pro rata by the proportion of the withdrawal

to the Segment Interim Value. Therefore, the reduction could be greater than the amount of the withdrawal.

Segment Investment remaining at Segment Maturity is the amount protected by the Buffer.

Segment Interim Value —

• Is the value of the Segment prior to the Segment Maturity Date.

• Calculation is linked to various factors, including the value of a basket of put and call options on the relevant Index, as described in “Appendix III” of the prospectus.

• May be lower than the original investment even when the index is higher and may be less than the amount you would receive had you held the investment to maturity.

• Would generally be lower the longer the time period before the Segment Maturity Date because we prorate the Performance Cap.

• Will generally be negatively affected by the increases in the expected volatility of index prices, interest rate increases, and by poor market performance.

Performance Cap Rate — The maximum potential “ceiling,” or cap, on index gains. It may limit

potential in up markets.

Segment Type Holding Account — Your contribution or the money that you wish to transfer into a

Segment will be held in this account until it is ready to be swept or transferred into the chosen

Segment on the next available Segment Start Date. Each Segment Type has its own Holding Account,

which is part of the EQ Money Market Variable Investment Option.

Choice Cost — Charge applicable to investments in Choice Segments only. The Choice cost is an

amount equal to 1% of the Segment Investment on the Segment Start Date for each year of the

Segment Duration. We deduct the Choice cost from the Index Performance Rate of a Choice Segment,

but only if the Index Performance Rate is positive for that Segment at maturity. Additionally, when we

calculate the Segment Rate of Return, if the Index Performance Rate is positive for a Choice Segment

but less than the applicable Choice cost, the amount of the Choice cost deducted will be the maximum

amount that will not cause the Segment Maturity Value to be less than the Segment Investment. The

Segment Interim Value for a Choice Segment will reflect application of a portion of the Choice cost. If

on a Segment Start Date, we determine that the Performance Cap Rate for a Choice Segment will not

exceed the Performance Cap Rate for a comparable Standard Segment (i.e., with the same Index,

Segment Duration, Segment Buffer and Segment Start Date) by an amount that is at least equal to the

Choice cost, we will waive the Choice cost and declare a Performance Cap Rate for the Choice Segment

that is equal to the Performance Cap Rate for the Standard Segment.

Structured Capital Strategies® is a long-term financial product that is used for retirement purposes.

There are fees and charges associated with Structured Capital Strategies®, which include

administrative expenses, sales expenses, and certain expense risks. Distributions taken prior to

annuitization are generally considered to come from the gain in the contract first. If the contract is

tax-qualified, generally all withdrawals are treated as distributions of gain. Withdrawals of gains are

taxed as ordinary income and, if taken prior to age 59½, may be subject to an additional 10%

federal tax. Withdrawals may also be subject to a contractual withdrawal charge. Structured Capital

Strategies® is subject to market risk, including loss of principal.

Your clients should carefully consider the investment objectives, risks, charges, and expenses of

Structured Capital Strategies®, as stipulated in the prospectus, before investing. For a prospectus

containing this and other information, please call the AXA Distributors Sales Desk at (888) 517-

9900. Please encourage your clients to read it carefully before investing or sending money.

Please keep in mind that AXA Equitable, upon advanced notice to the client, may discontinue,

suspend, or change Segment offerings and contributions/transfers or make other changes in

contribution and transfer requirements and limitations. The prospectus contains more information

on these limitations and restrictions.

Structured Capital Strategies® 14 is issued by AXA Equitable Life Insurance Company (NY, NY). Variable

products are co-distributed by affiliates AXA Advisors, LLC and AXA Distributors LLC (members FINRA, SIPC).

“AXA” is the brand name of AXA Equitable Financial Services, LLC and its family of companies, including

AXA Equitable Life Insurance Company (NY, NY), AXA Advisors, LLC, and AXA Distributors, LLC. AXA S.A.

is a French holding company for a group of international insurance and financial services companies,

including AXA Equitable Financial Services, LLC. The obligations of AXA Equitable Life Insurance

Company are backed solely by their claims-paying ability.

© 2016 AXA Equitable Life Insurance Company. All rights reserved. Structured Capital Strategies® is patent-approved. Patent no. 8,645,261.

1290 Avenue of the Americas, New York, NY 10104, (212) 554-1234

G38500

IU-117808 (8/16) (Exp. 8/18) Cat. #152634 (8/16)

For Financial Professional Use Only

• Market Trend Indicator — Series B (www.axa.com/scs)

• Market Trend Indicator — Series C (www.axa.com/scsc)

• Structured Capital Strategies® iPad App (available on iTunes)

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