OpenList — Active ETFs

Fidelity Global Corporate Bond Research Enhanced PAB UCITS ETF

Fixed Income · Global · Corporate Bonds

Figures refer to the share class ISIN IE00BM9GRM34, currency USD, retail share class.

Fund documents

For the share class shown above.

Factsheet (PDF, 31.08.2026)KID (PDF, 30.04.2026)

Key facts

Management company
FIL Investment Management (Luxembourg) S.A., Ireland Branch
Asset class
Fixed Income
Geography
Global
Strategy
Corporate Bonds
Share class currency
USD
Share class inception
23.03.2021
Fund size
1133 million (as at 14.09.2026)
Management fee
0.25%
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.

808590951002022202320242025202697.179.7Fund (share class shown)Benchmark808590951002022202320242025202697.179.7Fund (share class shown)Benchmark
Table view
PeriodFromFund (100 at start)Benchmark (100 at start)
1Y03.10.202592.696.7
3Y31.10.2023102.5118.5
5Y30.09.202179.797.1
Since 202129.03.202181.298.9

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 30.09.2026.
Benchmark history to 29.09.2026.
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

010YTD: Fund -0.76%YTD: Solactive Paris Algnd Gbl Corp TR USD -0.66%YTD1Y: Fund 1.09%1Y: Solactive Paris Algnd Gbl Corp TR USD 1.35%1Y3Y p.a.: Fund 5.45%3Y p.a.: Solactive Paris Algnd Gbl Corp TR USD 5.54%3Y p.a.5Y p.a.: Fund -0.01%5Y p.a.: Solactive Paris Algnd Gbl Corp TR USD -0.28%5Y p.a.2025: Fund 10.40%2025: Solactive Paris Algnd Gbl Corp TR USD 10.51%20252024: Fund 0.98%2024: Solactive Paris Algnd Gbl Corp TR USD 1.18%20242023: Fund 10.05%2023: Solactive Paris Algnd Gbl Corp TR USD 9.67%2023Fund (share class shown)BenchmarkYTDYTD: Fund -0.76%-0.76YTD: Solactive Paris Algnd Gbl Corp TR USD -0.66%-0.661Y1Y: Fund 1.09%1.091Y: Solactive Paris Algnd Gbl Corp TR USD 1.35%1.353Y p.a.3Y p.a.: Fund 5.45%5.453Y p.a.: Solactive Paris Algnd Gbl Corp TR USD 5.54%5.545Y p.a.5Y p.a.: Fund -0.01%-0.015Y p.a.: Solactive Paris Algnd Gbl Corp TR USD -0.28%-0.2820252025: Fund 10.40%10.402025: Solactive Paris Algnd Gbl Corp TR USD 10.51%10.5120242024: Fund 0.98%0.982024: Solactive Paris Algnd Gbl Corp TR USD 1.18%1.1820232023: Fund 10.05%10.052023: Solactive Paris Algnd Gbl Corp TR USD 9.67%9.67Fund (share class shown)Benchmark
1M3M6MYTD2025202420231Y3Y5YVolatilitySharpe R.Max DD
FundISIN IE00BM9GRM34, currency USD, retail share class0.64-1.08-2.02-0.7610.400.9810.051.095.45-0.016.520.15-4.21
BenchmarkSolactive Paris Algnd Gbl Corp TR USD0.64-0.96-2.07-0.6610.511.189.671.355.54-0.286.500.16-4.13
Differencefund minus benchmark, in percentage points-0.01-0.110.05-0.10-0.11-0.200.38-0.26-0.090.27–––

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 fundGroup medianPosition
Return 1Y1.091.778 of 11
Return 3Y p.a.5.454.203 of 11
3Y p.a. over its own benchmark-0.09-0.077 of 11
Volatility 3Y6.523.4911 of 11
Sharpe ratio 3Y0.150.459 of 10 (1 without a value)
Max drawdown 3Y-4.21-2.2910 of 10 (1 without a value)
Management fee0.25%0.19%8 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

010Return 3Y p.a. (%)Volatility 3Y (%)07JPMorgan EUR 1-5 yr IG Corporate Bond Active UCITS ETF: volatility 2.17%, return 4.03% p.a.PIMCO Euro Short Maturity UCITS ETF: volatility 1.82%, return 3.44% p.a.JPMorgan EUR IG Corporate Bond Active UCITS ETF: volatility 3.49%, return 4.14% p.a.BNP PARIBAS EASY II EUR Credit PAB Opportunities UCITS ETF: volatility 3.56%, return 4.20% p.a.JPMorgan USD IG Corporate Bond Active UCITS ETF: volatility 6.39%, return 5.02% p.a.JPMorgan Global High Yield Corporate Bond Multi-Factor Active UCITS ETF: volatility 4.99%, return 9.04% p.a.Invesco EUR Corporate Bond ESG Multi-Factor UCITS ETF: volatility 3.36%, return 3.98% p.a.Fidelity ESG USD EM Bond UCITS ETF: volatility 6.35%, return 7.88% p.a.Franklin Euro Short Maturity UCITS ETF: volatility 0.47%, return 3.09% p.a.PIMCO Advantage US Low Duration Corporate Bond UCITS ETF: volatility 2.61%, return 5.32% p.a.Fidelity Global Corporate Bond Research Enhanced PAB UCITS ETF: volatility 6.52%, return 5.45% p.a.This fund010Return 3Y p.a. (%)Volatility 3Y (%)07JPMorgan EUR 1-5 yr IG Corporate Bond Active UCITS ETF: volatility 2.17%, return 4.03% p.a.PIMCO Euro Short Maturity UCITS ETF: volatility 1.82%, return 3.44% p.a.JPMorgan EUR IG Corporate Bond Active UCITS ETF: volatility 3.49%, return 4.14% p.a.BNP PARIBAS EASY II EUR Credit PAB Opportunities UCITS ETF: volatility 3.56%, return 4.20% p.a.JPMorgan USD IG Corporate Bond Active UCITS ETF: volatility 6.39%, return 5.02% p.a.JPMorgan Global High Yield Corporate Bond Multi-Factor Active UCITS ETF: volatility 4.99%, return 9.04% p.a.Invesco EUR Corporate Bond ESG Multi-Factor UCITS ETF: volatility 3.36%, return 3.98% p.a.Fidelity ESG USD EM Bond UCITS ETF: volatility 6.35%, return 7.88% p.a.Franklin Euro Short Maturity UCITS ETF: volatility 0.47%, return 3.09% p.a.PIMCO Advantage US Low Duration Corporate Bond UCITS ETF: volatility 2.61%, return 5.32% p.a.Fidelity Global Corporate Bond Research Enhanced PAB UCITS ETF: volatility 6.52%, return 5.45% p.a.This fund

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

The fund is a global corporate bond UCITS ETF designed to achieve income and capital growth while aligning with the Paris Agreement long-term global warming objectives by restricting the carbon emission exposure of its portfolio. It is classified as a bonds (fixed income) fund, carries a risk indicator of 3 out of 7, and has a recommended holding period of 3 years. The Key Information Document says it may appeal to investors with basic knowledge and no or limited experience of investing in funds who seek capital growth and income and understand the risk of losing some or all of the capital invested. Its role is distinct through its actively managed, research-enhanced exposure to global investment grade corporate debt combined with ESG screens and reference to a Paris-aligned benchmark.

Investment strategy

The investment objective is to align with the Paris Agreement long-term global warming objectives by restricting carbon emission exposure and to achieve income and capital growth. The fund invests primarily in a global portfolio of investment grade corporate debt securities, with exposure generally representative of the Solactive Paris Aligned Global Corporate USD Index; the benchmark is used in the investment process and the fund’s carbon emission reduction objective will be at least aligned with it. The index tracks global investment grade corporate bonds denominated in euro, British pound and US dollar and applies ISS ESG climate analysis consistent with a 1.5°C scenario through 2050, while excluding issuers involved in activities such as tobacco, fossil fuels and controversial weapons, breaches of international norms, and certain negative sustainable development impacts. The fund may use derivatives for efficient portfolio management and currency hedging purposes; portfolio characteristics at 31.08.2026 included average maturity of 9.8 years, average coupon of 4.0%, yield to maturity of 5.3%, effective duration of 5.9, and average credit ratings of BBB+ on an exponential basis and A- on a linear basis. This Income USD share class has a distribution type of income, while the KID states income earned by the fund is reinvested in additional shares or paid to shareholders on request, and the recommended holding period is 3 years.

Investment philosophy

• The fund is actively managed and uses a combination of quantitative, fundamental and sustainability research, drawing on Fidelity sustainable and fundamental research, to build a portfolio primarily of global investment grade corporate debt securities.

• It references the Solactive Paris Aligned Global Corporate USD Index in its investment process, with securities selected and weighted to maximise portfolio return relative to the benchmark, remain at least aligned with the benchmark’s carbon emission performance, and qualify as sustainable investments.

• The manager applies ESG screens as part of the methodology, and the fund assesses the ESG characteristics of more than 90% of its assets; the benchmark itself incorporates exclusions tied to tobacco, fossil fuels, controversial weapons, international norm breaches and certain sustainable development goal impacts.

• At 31.08.2026 the portfolio held 346 holdings across 208 issuers; the top disclosed positions included bonds from Broadcom, Essity, Gartner, Icade, eBay, Cintas, Morgan Stanley, Steel Dynamics, Mondelez and CBRE, each at 1.0% of the fund.

• Current positioning was concentrated mainly in the USA at 59.99% of the portfolio, with notable country weights in France, the United Kingdom, Sweden and Italy; the largest sector weights were Consumer Non Cyclical at 20.19%, Banks & Brokers at 19.53%, Technology at 16.99% and Consumer Cyclical at 12.59%.

The asset manager

The management company is FIL Investment Management (Luxembourg) S.à r.l., and the factsheet also identifies the fund management company as FIL Investment Management (Luxembourg) S.à r.l. The documents state that FIL Investment Management (Luxembourg) S.à r.l. Ireland Branch is a member of the Fidelity group of companies. Fidelity International is described as the group of companies forming the global investment management organisation that provides information on products and services in designated jurisdictions outside North America. The fund is domiciled in Ireland as a sub-fund of Fidelity UCITS II ICAV.

Strengths

The fund combines an actively managed research-enhanced global corporate bond strategy with a Paris-aligned benchmark framework and SFDR Article 9 classification. Fidelity states that the strategy uses sustainable and fundamental research, applies ESG screens, and provides exposure generally representative of the Paris-aligned benchmark rather than simply tracking it. It offers diversified exposure through 346 holdings and 208 issuers while keeping ongoing charges at 0.25% for the share class. The ETF structure is listed across multiple exchanges and currencies, including London Stock Exchange, SIX, Xetra and Borsa Italiana.

Risks

The KID classifies the fund at 3 out of 7, described as a medium-low risk class, with potential losses from future performance at a medium-low level. The documents state that bond issuers may fail to repay borrowed money or make interest payments, creating credit risk, and that when interest rates rise bonds may fall in value, so rising rates may cause the value of the investment to fall. The fund invests in overseas markets and payments may be received in a different currency, so returns can be affected by exchange-rate movements; this currency risk is specifically noted and is not included in the summary risk indicator. The fund may use derivatives for efficient portfolio management and currency hedging, and the sustainability focus can affect performance unfavourably relative to similar funds without such focus because sustainable characteristics of securities may change over time; the product also does not include capital protection, so investors could lose some or all of their investment.

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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