AXI is a dynamic credit spread that moves to where the actual bank funding transactions occur. For example, if banks began funding themselves at the 3 year point of the yield curve, AXI would weight transactions at that tenor. AXI is fundamentally different to the other CSR proposals in a few important ways: (1) it takes into account funding transactions that occur out to 5-years so it’s not limited to the short-term markets that once underpinned LIBOR, (2) it is a credit spread add-on to SOFR, not a standalone rate and therefore promotes the adoption of SOFR (3) AXI automatically adapts to changes in bank funding composition, so its representativeness and robustness are sustained over time.