Fidelity ESG USD EM Bond UCITS ETF
Fixed Income · EM · Hard Ccy Bonds
Figures refer to the share class ISIN IE00BM9GRP64, currency USD, retail share class.
Key facts
- Management company
- 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
- Liquidity
- Not available in this publication
- UCITS
- Yes
- Risk grade (SRRI)
- Not available in this publication
- Registered in Switzerland
- Yes
Price history
Fund and benchmark rebased to 100 at 30.09.2021.
Table view
| Period | From | Fund (100 at start) | Benchmark (100 at start) |
|---|---|---|---|
| 1Y | 03.10.2025 | 94.6 | 100.8 |
| 3Y | 29.09.2023 | 102.7 | 128.3 |
| 5Y | 30.09.2021 | 76.9 | 104.8 |
| Since 2021 | 29.03.2021 | 77.5 | 108.1 |
Exchange closing price of the ETF, not its NAV; distributions not reinvested.
The benchmark is a total-return index and includes reinvested income.
In USD, the currency of the share class shown.
Fund history to 29.09.2026.
Benchmark history to 28.09.2026.
The table shows each series at its own ending date; the comparison periods are not identical.
Past performance is not a reliable indicator of future results, and the value of investments can fall as well as rise.
Performance against the benchmark
| 1M | 3M | 6M | YTD | 2025 | 2024 | 2023 | 1Y | 3Y | 5Y | Volatility | Sharpe R. | Max DD | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| FundISIN IE00BM9GRP64, currency USD, retail share class | Not available in this publication | Not available in this publication | Not available in this publication | Not available in this publication | 13.30 | 3.90 | 8.80 | 6.30 | 7.88 | 0.85 | 6.35 | 0.49 | Not available in this publication |
| BenchmarkJ.P. Morgan ESG EMBI Global Diversified TR USD | 0.74 | -0.13 | -0.29 | 1.49 | 13.27 | 5.75 | 10.26 | 6.28 | 8.75 | 1.12 | 6.71 | 0.61 | -3.51 |
| Differencefund minus benchmark, in percentage points | Not calculated: fund figure not available in this publication | Not calculated: fund figure not available in this publication | Not calculated: fund figure not available in this publication | Not calculated: fund figure not available in this publication | 0.03 | -1.85 | -1.46 | 0.02 | -0.87 | -0.27 | – | – | – |
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.
| This fund | Group median | Position | |
|---|---|---|---|
| Return 1Y | 6.30 | 1.77 | 1 of 11 |
| Return 3Y p.a. | 7.88 | 4.20 | 2 of 11 |
| 3Y p.a. over its own benchmark | -0.87 | -0.07 | 11 of 11 |
| Volatility 3Y | 6.35 | 3.49 | 9 of 11 |
| Sharpe ratio 3Y | 0.49 | 0.45 | 5 of 10 (1 without a value) |
| Max drawdown 3Y | Not available in this publication | -2.29 | No value for this fund (1 without a value) |
| Management fee | 0.45% | 0.19% | 11 of 11 |
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.
Return against risk, 3 years
WSP report
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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. "Not available in this publication" means no value is shown here; it does not mean zero.
Period figures as of 31.08.2026.
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
WSP commentary
Draft commentary, machine-generated from the fund's monthly factsheet dated 31.08.2026; monthly factsheet; key information document (PRIIPs), not yet reviewed by WSP.
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. The Key Information Document states 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.
Investment strategy
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 rating of BB/BB+. 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.
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.
The asset manager
The management company is FIL Investment Management (Luxembourg) S.à r.l. Ireland Branch. The documents state that FIL Investment Management (Luxembourg) S.à r.l. is a member of the Fidelity group of companies, and that Fidelity International refers to the group of companies forming the global investment management organisation providing information on products and services in designated jurisdictions outside North America. The fund is structured as a sub-fund of Fidelity UCITS II ICAV, domiciled in Ireland and authorised as a UCITS.
Strengths
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%. The portfolio is broadly diversified, with 193 holdings and 61 issuers, while retaining a clear sovereign and agency bond focus.
Risks
The fund has a summary risk indicator of 3 out of 7, described as a medium-low risk class. The documents identify bond market risk and interest-rate risk, noting that when interest rates rise, bonds may fall in value, which is relevant given the portfolio’s effective duration of 6.4 and average maturity of 12.4 years. Credit risk is also named, as issuers of bonds may be unable to repay borrowed money or make interest payments; the portfolio’s average credit quality is BB/BB+. The Key Information Document also names currency risk, because investors may receive payments in a different currency, and 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.