Fidelity ESG USD EM Bond UCITS ETF
Fixed Income · EM · Hard Ccy Bonds
Figures refer to the share class ISIN IE00BM9GRP64, currency USD.
Recent performance
The USD class returned +0.90% over one year to 2026-09-30. The benchmark (J.P. Morgan ESG EMBI Global Diversified TR USD) returned +0.97%, a difference of -0.07 percentage points.
Key facts
- Associated firm
- FIL Investment Management (Luxembourg) S.A., Ireland Branch
- Asset class
- Fixed Income
- Geography
- EM
- Strategy
- Hard Ccy Bonds
- Share class currency
- USD
- Share class inception
- 25.03.2021
- Fund size
- 393 million (as at 14.09.2026)
- Management fee
- 0.45%
- Performance fee
- No
- UCITS
- Yes
- Registered in Switzerland
- Yes
Performance in context
Growth from the same starting value
Fund · Benchmark: J.P. Morgan ESG EMBI Global Diversified TR USD
Exact chart values
| Month | Fund | Benchmark: J.P. Morgan ESG EMBI Global Diversified TR USD |
|---|---|---|
| 2025-09 | 100.00 | 100.00 |
| 2025-10 | 102.12 | 102.09 |
| 2025-11 | 102.49 | 102.37 |
| 2025-12 | 103.09 | 103.01 |
| 2026-01 | 103.30 | 103.33 |
| 2026-02 | 104.79 | 104.85 |
| 2026-03 | 101.15 | 101.17 |
| 2026-04 | 103.72 | 103.71 |
| 2026-05 | 104.52 | 104.68 |
| 2026-06 | 105.49 | 105.58 |
| 2026-07 | 103.68 | 103.78 |
| 2026-08 | 104.39 | 104.55 |
| 2026-09 | 100.88 | 100.97 |
Growth of 100 · USD total returns. Monthly observations, income reinvested.
Fund valuations: 2025-09-30 to 2026-09-30. Comparison valuations: 2025-09-30 to 2026-09-30. Source: WSP calculation from fundinfo NAV and issuer distribution notices. Cash distributions are reinvested at the NAV on their ex-dividend dates. The chart covers only the verified distribution-history window; earlier months are excluded. Each calendar month uses its last available source observation; fund and comparison dates can differ.
Figures as of 30.09.2026, unless otherwise indicated. Calendar-year returns cover the years shown.
| 1M | 3M | 6M | YTD | 2025 | 2024 | 2023 | 1Y | 3Y | 5Y | Volatility | Sharpe R. | Max DD | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| FundISIN IE00BM9GRP64, currency USD | —Figure withdrawn after source review. | —Figure withdrawn after source review. | —Figure withdrawn after source review. | —Figure withdrawn after source review. | 13.50 | 3.90 | 8.80 | 0.90 | 7.8831.08.2026 | 0.8531.08.2026 | 6.48 | 0.45 | —Figure withdrawn after source review. |
| BenchmarkJ.P. Morgan ESG EMBI Global Diversified TR USD | -3.43 | -4.37 | -0.20 | -1.98 | 13.27 | 5.75 | 10.26 | 0.97 | 8.57 | 0.89 | 6.80 | 0.59 | -4.37 |
| Differencefund minus benchmark, in percentage points | 0.23 | -1.85 | -1.46 | -0.07 | Different or unrecorded reporting dates | Different or unrecorded reporting dates | – | – | – |
Reporting dates by figure
- IE00BM9GRP64 — 31.12.2025: 2025, Benchmark 2025; 31.12.2024: 2024, Benchmark 2024; 31.12.2023: 2023, Benchmark 2023; 30.09.2026: 1Y, Volatility, Sharpe R., Benchmark 1M, Benchmark 3M, Benchmark 6M, Benchmark YTD, Benchmark 1Y, Benchmark 3Y, Benchmark 5Y, Benchmark Volatility, Benchmark Sharpe R., Benchmark Max DD; 31.08.2026: 3Y, 5Y
Has the advantage depended on the entry date?
The fund finished ahead in 0 of 1 overlapping one-year windows ending 2026-09 to 2026-09. These windows overlap; this is historical frequency, not a forecast probability.
Relative wealth = (1 + fund return) ÷ (1 + benchmark return) − 1. It differs from subtracting percentage returns.
Behaviour in rising and falling markets
Up-market capture was 98.1% across 9 rising benchmark months; down-market capture was 98.9% across 3 falling months. Window: 2025-09-30 to 2026-09-30. Capture compares geometric monthly returns; it is not a measure of maximum loss.
The dashed mark is 100%: the same geometric monthly move as the benchmark.
How far below its previous high?
Fund · Benchmark: J.P. Morgan ESG EMBI Global Diversified TR USD
Exact chart values
| Month | Fund | Benchmark: J.P. Morgan ESG EMBI Global Diversified TR USD |
|---|---|---|
| 2025-09 | 0.00 | 0.00 |
| 2025-10 | 0.00 | 0.00 |
| 2025-11 | 0.00 | 0.00 |
| 2025-12 | 0.00 | 0.00 |
| 2026-01 | 0.00 | 0.00 |
| 2026-02 | 0.00 | 0.00 |
| 2026-03 | -3.47 | -3.51 |
| 2026-04 | -1.01 | -1.09 |
| 2026-05 | -0.25 | -0.16 |
| 2026-06 | 0.00 | 0.00 |
| 2026-07 | -1.72 | -1.71 |
| 2026-08 | -1.05 | -0.98 |
| 2026-09 | -4.38 | -4.37 |
Deepest month-end decline for this class: -4.38%.
2025-09-30 to 2026-09-30 · USD total returns. Declines are measured against the highest month-end value within this window. Intra-month falls are not shown; this is not daily maximum drawdown.
Where did the gains and setbacks occur?
Fund return · % in USD
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | — | — | — | — | — | — | — | — | — | +2.12 | +0.36 | +0.59 |
| 2026 | +0.20 | +1.44 | -3.47 | +2.55 | +0.77 | +0.93 | -1.72 | +0.68 | -3.36 | — | — | — |
Benchmark return · % in USD
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | — | — | — | — | — | — | — | — | — | +2.09 | +0.28 | +0.63 |
| 2026 | +0.31 | +1.47 | -3.51 | +2.52 | +0.93 | +0.86 | -1.71 | +0.74 | -3.43 | — | — | — |
Fund minus benchmark · percentage points
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | — | — | — | — | — | — | — | — | — | +0.03 | +0.09 | -0.04 |
| 2026 | -0.10 | -0.04 | +0.04 | +0.03 | -0.16 | +0.07 | -0.01 | -0.06 | +0.06 | — | — | — |
Green: positive; red: negative. Grey cells are outside the displayed history. Month-end observations; no missing month is filled or interpolated.
Fund valuations: 2025-09-30 to 2026-09-30. Comparison valuations: 2025-09-30 to 2026-09-30. Source: WSP calculation from fundinfo NAV and issuer distribution notices. Cash distributions are reinvested at the NAV on their ex-dividend dates. The chart covers only the verified distribution-history window; earlier months are excluded. Each calendar month uses its last available source observation; fund and comparison dates can differ.
Within the list: OpenList — Active ETFs
Compared with the fixed income funds on OpenList — Active ETFs (11 funds), each in the share class and currency its list shows. Returns are in each share class's own currency and are not converted.
Performance and risk figures as of 30.09.2026, unless otherwise indicated.
| This fund | Group median | Position | |
|---|---|---|---|
| Return 1Y | 0.90 | 0.17 | 4 of 11 |
| Return 3Y p.a.2026-08-31 | 7.88 | ||
| 3Y p.a. over its own benchmark2026-08-31 | |||
| Volatility 3Y | 6.48 | 3.49 | 10 of 11 |
| Sharpe ratio 3Y | 0.45 | 0.34 | 4 of 11 |
| Max drawdown 3Y | |||
| Management fee | 0.45% | 0.19% | 7 of 7 |
Position 1 is the highest value, except for volatility and the management fee, where 1 is the lowest; for max drawdown, 1 is the smallest fall. Only figures with the same reporting date are compared.
Price history
Fund and benchmark rebased to 100 at 30.09.2025.
Table view
| Period | From | Fund (100 at start) | Benchmark from | Benchmark (100 at start) |
|---|---|---|---|---|
| 1Y | 30.09.2025 | 100.9 | 30.09.2025 | 101.0 |
Total return: distributions reinvested.
In USD, the currency of the share class shown.
Comparison: J.P. Morgan ESG EMBI Global Diversified TR USD.
Fund history to 30.09.2026.
Benchmark history to 30.09.2026.
Past performance is not a reliable indicator of future results, and the value of investments can fall as well as rise.
Fund documents
Check the share class and reporting date in each document.
Factsheet (PDF, 31.08.2026)KID (PDF, 30.04.2026)Chart methodology
Charts use dated total-return observations, including reinvested income. Each calendar month uses the last available observation. Fund and comparison valuation dates may differ. Month-end drawdowns exclude falls within a month. Past performance does not predict future returns.
WSP report
Ask WSP which research is available for this fund and what it covers.
Enquire about WSP researchBack to the list: OpenList — Active ETFs
Performance: in %, in the currency of the share class shown. 3Y and 5Y are annualised. Volatility and Sharpe ratio are over three years; Max DD is the largest fall over three years.
– means not applicable.
Reporting dates are shown above the figures; exceptions are dated individually.
This page is advertising within the meaning of the Swiss Financial Services Act. It is not an offer, a recommendation or investment advice. The prospectus and key information document for any fund shown may be obtained free of charge from its management company or Swiss representative
How this fund works
Investment rationale
This fund is a USD emerging market bond ETF that aims to deliver both income and capital growth through debt issued by governments and government agencies of emerging market countries. It has a summary risk indicator of 3 out of 7 and a recommended holding period of 5 years. It may appeal to investors with a basic knowledge of, and no or limited experience of, investing in funds who seek capital growth over the recommended holding period and income, and who understand the risk of losing some or all capital invested. Its distinct role comes from combining emerging market sovereign and quasi-sovereign USD bond exposure with ESG characteristics under an Article 8 framework and an actively managed process that remains generally representative of its benchmark.
2026-08-31
How the strategy works
The fund aims to achieve income and capital growth. It invests primarily in USD-denominated debt securities issued by governments and government agencies of emerging market countries, with portfolio characteristics at 31.08.2026 including average maturity of 12.4 years, effective duration of 6.4, yield to maturity of 6.2%, average coupon of 5.4%, and average credit ratings of BB using exponential weighting and BB+ using linear weighting. The benchmark is the JP Morgan ESG EMBI Global Diversified Index, used for investment selection, risk monitoring, performance and carbon footprint comparison; the manager will only invest in securities that are part of the benchmark, while holding them in different proportions with the aim of outperforming over the long term. The fund may use derivatives for efficient portfolio management and currency hedging, and the share class is an income share class with distributions paid to shareholders on request; the recommended holding period is 5 years.
2026-08-31
Investment philosophy
• The fund is actively managed and uses Fidelity sustainable and fundamental research, quantitative techniques, and its own ESG assessment, while referencing the JP Morgan ESG EMBI Global Diversified Index throughout the investment process.
• The investment universe is benchmark-based: the manager will only invest in securities that are part of the benchmark, which comprises US dollar emerging market fixed and floating-rate debt instruments issued by sovereign and quasi-sovereign entities.
• The portfolio is built with the aim of delivering positive returns relative to the benchmark and achieving an ESG score greater than that of the benchmark, considering environmental and social characteristics including carbon intensity, carbon emissions, energy efficiency, water and waste management, biodiversity, product safety, supply chain, health and safety, and human rights.
• Positioning at 31.08.2026 was broad, with 193 holdings across 61 issuers; top positions included Uruguay Republic 4.975% 04/20/55, Brazil Govt 6.625% 03/15/35, Poland Govt 5.375% 04/14/36, Ecuador Govt Step 07/31/40, and Dominican Republic bonds.
• The portfolio remained heavily concentrated in quasi/sovereign/supranational/agency debt at 98.88% and was diversified across countries, with the largest geographic weights in Poland, Brazil, Dominican Republic, Chile, Uruguay, Saudi Arabia, Indonesia, Turkey, Romania, and Bahrain; risk is monitored against the benchmark so portfolio and performance are unlikely to vary significantly from it.
2026-08-31
Distinctive features
The fund combines active management with benchmark-representative exposure to USD emerging market sovereign and quasi-sovereign bonds. It is differentiated by its ESG-targeted approach, including ESG screens and a requirement to aim for a portfolio ESG score above that of the benchmark, while still investing only in benchmark constituents. The ETF structure offers listed access across multiple exchanges and currencies, and the ongoing charges for the share class are 0.45%. At 31 August 2026, the portfolio held 193 securities from 61 issuers, while retaining a clear sovereign and agency bond focus.
2026-08-31
Risks
The fund has a summary risk indicator of 3 out of 7, described as a medium-low risk class. The fund is exposed to bond market risk and interest-rate risk: when interest rates rise, bonds may fall in value, which is relevant given its effective duration of 6.4 and average maturity of 12.4 years at 31 August 2026. It is also exposed to credit risk, as issuers of bonds may be unable to repay borrowed money or make interest payments; at that date, average credit quality was BB using exponential weighting and BB+ using linear weighting. The fund is exposed to currency risk because investors may receive payments in a different currency, and to liquidity risk; derivatives may be used for efficient portfolio management and currency hedging, and the sustainability focus may affect performance unfavourably compared with similar funds without such focus.
2026-08-31
Asset manager
The management company is FIL Investment Management (Luxembourg) S.à r.l. Ireland Branch. FIL Investment Management (Luxembourg) S.à r.l. is a member of the Fidelity group of companies. The fund is structured as a sub-fund of Fidelity UCITS II ICAV, domiciled in Ireland and authorised as a UCITS.
2026-08-31