ESG data are provided by

ESG Rating
The Fund ESG Rating is designed to assess the resilience of a fund's aggregate holdings to long-term, financially relevant, ESG risks. The Fund ESG Rating is assessed on a seven-point letter rating scale from CCC to AAA, with CCC and AAA being the lowest and highest possible fund scores, respectively. The ratings are derived from the asset-weighted average of MSCI ESG Ratings of a fund's underlying holdings.

For more information, see MSCI's documentation

UN Global Compact (UNGC) Compliance Violation
These are investment products that use shareholder engagement, including raising resolutions, active proxy voting, and direct company engagement, to pursue ESG goals with invested companies.

General ESG Investment
The percentage of portfolio's market value exposed to companies in violation of the UN Global Compact principles. See MSCI's Stocks ESG Help or MSCI's documentation for more information on the company-level assessment. criteria to help them limit risk, identify investment opportunities, and engage with companies. They may also apply certain exclusions. These strategies endeavor to promote sustainability and minimize negative impact, without focusing on a specific theme or area of action.

Business Involvement
The Business Involvement shows the percentage of portfolio's market value exposed to companies flagged for one or more controversial business involvements. The threshold used to flag a company depends on the restrictiveness level applied:

	Most restrictive: Companies with any tie to the controversial domain
	Highly restrictive: Companies with revenues generated in the controversial domain
	Moderately restrictive: Companies deriving 5% or more revenue from the production, or at least 15% aggregate revenue from production, distribution, retail, and supply in the controversial domain
	Least restrictive: Companies deriving at least 10% of their revenue from the production or ownership of products or assets in the controversial domain

EU Sustainable Finance Disclosure Regulation (SFDR)
The EU Sustainable Finance Disclosure Regulation (SFDR) is a set of EU rules which aim to make the sustainability profile of funds clearer, and easier for investors to understand and compare. It's an indication whether, according to the EU SFDR, the financial product promotes Environmental or Social Characteristics (Article 8), has Sustainable Investment Objectives (Article 9) or if it does not have a sustainability scope (Article 6).
SFDR focuses on pre-defined metrics for assessing the environmental, social and governance (ESG) outcomes of the investment process at a fund level and is designed to prevent greenwashing and ensure a systematic, transparent and harmonized approach within financial markets. It is part of the EU's wider Sustainable Finance Framework which is backed by a broad set of new and enhanced regulations that apply across the EU. The SFDR goes hand in hand with the Sustainable Finance Action Plan which aims to promote sustainable investment across the EU, and a new EU Taxonomy to create a level playing field across the whole EU.

Article 6 - Funds without a sustainability scope
Article 6 covers funds which do not integrate any kind of sustainability into the investment process and could include stocks currently screened and excluded from investment mandates by ESG funds, such as coal fired power generation, mining, or tobacco companies. While these will be allowed to continue to be sold in the EU, providing a clear labelling system which defines them as non-sustainable may make these funds harder to market when compared against more sustainable funds. 

Article 8 - Environmental or Social Characteristics
Article 8 applies where a financial product promotes, among other characteristics, environmental or social characteristics, or a combination of those characteristics, provided that the companies in which the investments are made follow good governance practices. Investments may include energy companies with a mix of generation assets, and companies able to show clear progress towards better ESG practices.

Article 9 - Sustainable Investment Objectives
Article 9 covers products targeting sustainable investments and applies where a financial product has sustainable investment as its objective and an index has been designated as a reference benchmark. Investments should have clear ESG benefits as a primary goal, rather than the benefits being incidental to the primary business activity.