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Where the Fund’s screening criteria looks solely to third-party ratings or data, issuers are only screened to the extent such ratings or data have been assigned or made available by the third parties. | risk |
The third-party data providers may differ in the data they provide for a given security or between industries, or may only take into account one of many carbon-related components of a company. | risk |
It, therefore, is possible that the Fund may invest in securities of companies that are later determined to be inconsistent with the Fund’s model investment criteria not because the company’s activities or products have changed as in the prior example, but because relevant information about that company was not known or was inaccurate at the time of investment or because the third-party ESG data and research firm now considers additional information that causes the company to no longer meet the investment criteria. | risk |
In addition, the Underlying Index’s methodology allows for the inclusion of companies with high carbon intensity as long as such companies adopt plans to improve their climate impact and carbon footprint in the future. | risk |
In addition, the Sub-fund invest in sovereigns and supranationals, for which sustainable investments defined as green, social, sustainable and/or sustainability-linked bonds from these issuers are not aligned with the OECD Guidelines for Multinational Enterprises and the UN Guiding Principles on Business and Human Rights. | risk |
In addition, the fund may invest in an issuer prior to completion of the sustainability analysis or without engaging with the issuer’s management. | risk |
While the Fund intends for its environmental assessment at the aggregate portfolio level to exceed the Underlying Index, individual portfolio securities will not have to meet a prescribed standard. | risk |
BlackRock’s evaluation of ESG criteria is subjective and may change over time. | risk |
In addition, the Fund may not be successful in its objectives related to ESG characteristics, climate risk and climate opportunities. | risk |
The Fund may not include all instruments in its ESG-related assessments, and may place weight on other factors when selecting investments. | risk |
The Fund may not include all instruments in its ESG related assessments and may place weight on other factors when selecting investments. | risk |
In addition, the Fund may not be successful in its objectives related to ESG. | risk |
This screening criteria is subject to change over time at BlackRock’s discretion. | risk |
For those reasons, the index provider may be unsuccessful in creating an index composed of companies that positively contribute to carbon reduction goals. | risk |
Securities may be deemed suitable for investment even if the issuer does not operate in accordance with all elements of the Fund’s responsible investing criteria. | risk |
Social, sustainable or sustainability-linked bonds may invest (part of) their use of proceeds in economic activities that contribute to a social objective, however the Sub-fund does not intend to set a minimum target. | risk |
However, at the Adviser’s discretion, the Fund is permitted to make an investment without a written ESG assessment on file at the time of purchase, as long as the Adviser believes the security meets the Fund’s sustainability criteria. | risk |
The Fund, indirectly through its investments in certain Underlying Funds (other than the Underlying iShares ESG Funds), may have exposure to investments that generally would be screened out based on certain ESG standards. | risk |
For those reasons, the index provider may be unsuccessful in creating an index composed of companies that exhibit positive ESG characteristics. | risk |
In addition, the Fund may gain indirect exposure (through, including but not limited to, derivatives and investments in other investment companies) to issuers with exposures that are inconsistent with the ESG-related criteria used by BlackRock. | risk |
Green bonds may invest (part of) their use of proceeds in economic activities that do not qualify as environmentally sustainable under the EU Taxonomy, however the Sub-fund does not intend to set a minimum target. | risk |
Because the Underlying Index’s carbon intensity reduction goals are applied on an aggregate basis, there may be certain companies included in the Underlying Index which do not meet the Underlying Index’s carbon intensity reduction goals individually. | risk |
There is no guarantee that these objectives will be achieved, and ESG-related assessments are at BlackRock’s discretion. | risk |
There is no guarantee that the Underlying Index will reflect exposures to the intended Environmental Impact Themes. | risk |
There is no assurance that the Underlying Index provider will compile the Underlying Index accurately, or that the Underlying Index will be determined, 4 Xtrackers MSCI USA ESG Leaders Equity ETF Summary Prospectus December 22, 2022 | risk |
Applying ESG criteria to investment decisions is qualitative and subjective by nature, and there is no guarantee that the criteria utilized by the Subadviser or any judgment exercised by the Subadviser will reflect the beliefs or values of any particular investor. | risk |
There is also a risk that BlackRock may not apply the relevant ESG criteria correctly or that the Fund could have indirect exposure to issuers who do not meet the relevant ESG criteria used by the Fund. | risk |
In addition, companies that fail to meet the Sector Criteria may nevertheless be included in the Underlying Index if they have committed to certain targets regarding climate change. | risk |
In addition, to the extent that circumstances change between the Underlying Index’s scheduled rebalancing dates, the Underlying Index may include, and the fund may hold for a period of time, securities of companies that do not align with the carbon intensity reduction goals. | risk |
There can be no assurance that every Fund investment will meet carbon emissions criteria, or will do so at all times, or that the carbon emissions criteria or any judgement exercised by the sub-adviser will reflect the beliefs or values of any particular investor. | risk |
To the extent that circumstances change between the Underlying Index’s scheduled rebalancing dates, the Underlying Index may include, and the fund may hold for a period of time, securities of companies that do not align with the ESG criteria. | risk |
A company’s carbon-reduction performance or practices or the sub-adviser’s assessment of those actions could vary over time, which could cause the Fund to be temporarily invested in companies that do not comply with its net zero carbon economy criteria. | risk |
There is no assurance that the Fund will be able to reach its goal of a net zero greenhouse gas emissions portfolio in the aggregate by 2050. | risk |
In addition, companies selected for inclusion in the Fund may not exhibit positive or favorable ESG characteristics at all times and may shift into and out of favor depending on market and economic conditions. | risk |
In addition, there is a risk that the companies identified by the Fund’s ESG investment strategy will not operate as expected when addressing ESG issues or they will not exhibit positive ESG characteristics as intended. | risk |
Under the Underlying Index’s methodology, a company may have considerable carbon intensity today, resulting in a poor Carbon Risk Classification, and at the same time be actively working to improve their climate impact and carbon footprint in the future, resulting in a high Carbon Performance Score. | risk |
The responsible investing criteria of the Fund may be changed by the Board without shareholder approval. | risk |
The Underlying Index may still include significant exposure to large companies that have proportionately greater carbon exposure relative to smaller companies with lower carbon exposure S-2 Table of Contents | risk |
As a result, the issuers deemed eligible for inclusion in the Fund’s portfolio may not reflect the beliefs or values of any particular investor and may not be deemed to exhibit positive or favorable ESG characteristics if different metrics were used to evaluate them. | risk |
Additionally, certain Underlying Funds may not screen out investments based on certain ESG standards. | risk |
High Social Impact Investment debt obligations are unrated and of below-investment grade quality, and involve a greater risk of default and price decline than investment grade investments. | risk |
In addition, projects funded by green bonds selected by the Index Provider may not result in direct environmental benefits. | risk |
The Underlying Index therefore may include companies involved in sectors that often are excluded by indices attempting to utilize an ESG approach. | risk |
Not every Fund investment will meet ESG performance indicators, or will do so at all times, and there can be no assurance that the ESG factor evaluation or any judgment exercised by the sub-adviser will reflect the beliefs or values of any particular investor. | risk |
In addition, companies selected by the Index Provider may not later display positive or favorable ESG characteristics. | risk |
The Fund’s goal of achieving a net zero greenhouse gas emissions portfolio in the aggregate by 2050 may conflict with the Fund’s primary objective of seeking favorable long-term total return, and there is no assurance that the Fund will be able to reach its carbon emission goal. | risk |
In addition, the Fund’s goal of achieving a net zero greenhouse gas emissions portfolio in the aggregate by 2050 may conflict with the Fund’s primary objective of seeking favorable long-term total return, and there is no assurance that the Fund will be able to achieve its net zero goal if such a conflict exists. | risk |
The responsible investment criteria of the Fund may be changed by the Board without shareholder approval. | risk |
While the Underlying Index’s methodology aims to reflect annual reductions in the carbon intensity of the Underlying Index, there is no assurance that such reduction targets will be achieved. | risk |
The Underlying Index seeks to include the companies in each sector that have the highest ESG performance relative to the other companies in the sector, and as a result may include companies that do not exhibit positive ESG performance when compared to a broader universe of companies. | risk |
As a result, the Index may include constituent companies that do not reflect the beliefs or values of a particular investor and may not be deemed to exhibit favorable ESG characteristics if different metrics or ESG rating agencies were used to evaluate them. | risk |
The Sub-fund does not intend to make investments considered as sustainable investments as defined under the SFDR Regulation (EU) 2019/2088. | risk |
Such investments will generally not be subject to responsible investment analysis and will not be required to be consistent with the responsible investment criteria otherwise applicable to investments made by the Fund. | risk |
Fidelity® Water Sustainability Fund may invest in issuers that do not reflect the beliefs and values of any particular investor. | risk |
The Fund may gain indirect exposure (through, including but not limited to, derivatives and investments in other investment companies) to issuers with exposures that are inconsistent with the screening and SDG alignment criteria used by BlackRock as described above. | risk |