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Fund Level Exclusions

The Fidelity Exclusion Framework covers three levels and is consistent with the Fidelity Sustainable Investing Framework (FSIF). The below table summarises the thresholds and scope of these exclusions across three levels. This page shows funds with additional fund-specific exclusions on top of the Fidelity Exclusion Framework which depend on sustainability label requirements and the fund’s investment approach.

The majority of our legacy Sustainable Family (SF) of Funds have adopted the new FSIF and relevant exclusions by the end of July 2024 with the remaining ones transitioning in due course. All SF products adopt exclusions that are consistent with the ESG Target Exclusion category under our new FSIF.

In case of overlapping criteria from the Fidelity Exclusion Framework, fund specific exclusions, and sustainability labels, the stricter exclusions apply.

Exclusion Category/Description

Measure

ESG UnconstrainedExclusions

ESG Tilt Exclusions

ESG Target Exclusions 

Controversial Weapons: General

Involvement in production, intended use components or exclusive delivery platforms related to controversial weapons guided by international treaties

Any

Any

Any2

Controversial Weapons: Nuclear Weapons

Involvement in production of nuclear weapons and intended use components and exclusive delivery platforms

Any3

Any3

Any

Controversial Weapons: Nuclear Weapons

Revenues from related activities

≥5%3

≥5%3

≥5%3

Controversial Weapons: Nuclear Weapons

Involvement in nuclear weapons support services

-

-

Any

Conventional Weapons

Revenues from production of weapons, systems & critical components

-

-

≥5%

Semi-automatic Weapons

Involvement in production

-

-

Any

Semi-automatic Weapons

Revenues from distribution

-

-

≥5%

Tobacco

Involvement in production

-

Any

Any

Tobacco

Revenues from related business activities

-

-

≥5%

Thermal Coal

Revenues from extraction/mining

-

≥5%4

≥5%5

Thermal Coal

Revenues from power generation

-

≥20%4

≥5%5

Arctic Oil & Gas

Revenues from extraction

-

-

≥5%

Oil Sands

Revenues from extraction

-

-

≥5%

Norms-based

Issuers which Fidelity assesses as failing to behave in a way which meets their fundamental responsibilities in the areas of human rights, labour, environment and anti-corruption as aligned with international norms

-

Any

Any

Sovereign

Financial Action Task Force (FATF)

-

Black List

Black List

Sovereign

Additional Sovereign indicators and internal analysis

-

-

Fail test

1 ESG Unconstrained exclusions are typically applied firm-wide
2 ESG Target definition includes depleted uranium
3 Applies only to issuers in countries which are non-signatories of Treaty on the Non-Proliferation of Nuclear Weapons 
4 Subject to transition criteria related to future expansion commitments
5 Subject to additional transition criteria related to transition plans

For Fund Level exclusions please select below:

Fidelity Funds - European Growth Fund
Fidelity Funds - Global Financial Services Fund
Fidelity Funds - Sustainable All China Equity Fund
Fidelity Funds - Sustainable Asia Equity Fund
Fidelity Funds - Sustainable Asia Equity II Fund
Fidelity Funds - Sustainable China A Shares Fund
Fidelity Funds - Sustainable Emerging Markets Equity Fund
Fidelity Funds - Sustainable European Dividend Plus Fund
Fidelity Funds - Sustainable European Smaller Companies Fund
Fidelity Funds - Sustainable Eurozone Equity Fund
Fidelity Funds - Sustainable Global Dividend Plus Fund
Fidelity Funds - Sustainable Global Equity Income Fund
Fidelity Funds - Sustainable Japan Equity Fund
Fidelity Funds - Sustainable US Equity Fund
Fidelity Sustainable EUR Corporate Bond Paris-Aligned Multifactor UCITS ETF
Fidelity Sustainable Global Corporate Bond Paris-Aligned Multifactor UCITS ETF
Fidelity Sustainable Global High Yield Bond Paris-Aligned Multifactor UCITS ETF
Fidelity Sustainable USD Corporate Bond Paris-Aligned Multifactor UCITS ETF
Fidelity Sustainable USD EM Bond UCITS ETF

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