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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 Unconstrained1 Exclusions |
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:
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