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Sustainable Investment
Morningstar defines a strategy as a "Sustainable Investment" if the use of one or more approaches to sustainable investing is central to the strategy's overall investment process, based on its prospectus or other regulatory filings.
Sustainable Investments are categorized into two subgroups. "General ESG Investments" focus on the broad incorporation of environmental, social, and corporate governance factors, generally through the use of company ESG metrics and exclusions, where the use of these approaches plays a central role in their overall investment process. "Sustainability Themed Investments," by contrast, focus on one or more sustainability themes. The specific themes pursued by these strategies are further identified using Sustainalytics Impact Themes. They include Climate Action, Healthy Ecosystems, Basic Needs, Resource Security, and Human Development. More on these themes can be found below in the individual attribute definition section.

ESG Engagement
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
General ESG Investment strategies use ESG criteria as a central focus or binding factor in their security-selection and portfolio-construction process.
Strategies that incorporate ESG factors typically have explicit sustainability criteria that invested companies must meet. These strategies may use ESG 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.

Sustainability Themed Investment
Sustainability Themed Investment strategies explicitly target exposure to one or more sustainability themes as part of their investment process.
Some may target specific themes like climate action or diversity and inclusion; others may pursue a broader sustainability-themed approach that covers more than one theme. Beyond their thematic focus, these strategies may or may not employ the approaches used by General ESG Investments in their investment decisions. Although most sustainability-themed funds are equity investments, some are fixed-income funds that invest in bonds that finance sustainable projects. To provide investors with more detail on a strategy's thematic focus, investments are categorized using the Sustainalytics Impact Themes. A sustainability-themed investment may belong in one or more of these thematic groups. An investment tagged to one of the five thematic groups may not be involved in all of the theme's underlying subthemes.

	Climate Action Climate Action covers thematic investments related to climate change. This theme includes strategies focused on investing in companies or projects that contribute broadly to the transition to a low-carbon economy. It also includes green energy and clean tech strategies that invest in companies or projects that facilitate the transition to renewable energy. Examples include strategies focused on wind, solar, hydro, tidal, and geothermal power and those focused on green infrastructure and energy storage. Subthemes to be found under this broad theme include, but are not limited to, carbon transition, decarbonization, greenhouse gas emissions, climate change adaptation and mitigation, and climate solutions.
	Healthy Ecosystems This theme is concerned with safeguarding ecologically sound environments on land, air, and water. It includes strategies that invest in companies operating in industries that positively impact the environment, such as companies that reduce pollution or perform remediation activities. It does not include water or greenhouse gas emissions/climate-change-related subthemes, as these are covered under other themes. Examples of subthemes found in this category include biodiversity, deforestation, life under water, natural ecosystems, planetary boundaries, planetary health, and sustainable agriculture.
	Basic Needs This theme concerns the basic needs of humans with a particular focus on individuals in need. Basic needs include access to food, housing, essential healthcare concerning major and neglected diseases, clean water, and energy for underserved populations. It also addresses human safety, including safe workplaces and communities. Examples of strategies to be found in this category include those that target themes such as affordable drinking water, affordable electricity, clean water and sanitation, food security, safe working conditions, and human rights.
	Resource Security This theme is concerned with efficient use of resources and circular economies. Resources include water, timber, metals, minerals, gases, and all types of manufactured materials. Investments that target sectors related to any of these biological resources or that focus on subthemes such as sustainable water and wastewater, eco-efficient and/or circular economy adapted products, waste management, and recycling, are included under this theme. Additional examples of strategies in this group include investments that promote action in areas such as responsible production and consumption, land use, food waste, water consumption, water depletion, or forest conversion.
	Human Development This theme is concerned with enhancing human capabilities and promoting social progress. The theme includes measures that support education, equality, employment opportunities, and reduced inequalities. Strategies focusing on social themes such as diversity, equity and inclusion, education, or micro-finance may be found under this theme. Other examples in this category include financial inclusion, equal opportunities, decent work and economic growth, and sustainable cities and communities.

Employs Exclusions
"Employs Exclusions" strategies exclude certain sectors, companies, or practices. This indicator is marked if any exclusions are employed by the strategy, even if it is not a "Sustainable Investment" strategy based on the criteria outlined above.

	Uses Norms-Based Screening These are strategies that cite international agreements, such as the United Nations Global Compact or Universal Declaration of Human Rights, as a guideline for investing responsibly. These frequently involve human rights violations, child labor issues, or investments in companies in conflict zones.
	Excludes Abortion/Stem Cells These are strategies that avoid investments in companies that derive revenue from abortion services, abortifacients, and/or the use of embryonic stem cells. Strategies that exclude human cloning are also included in this data point because of the use of embryonic stem cells and the issue's relationship to life ethics questions. While many strategies employing these exclusions also exclude contraceptives, the exclusion of the latter is reflected in "Excludes Other."
	Excludes Adult Entertainment These are strategies that intend to avoid investments in companies that derive a significant percentage of their revenue from adult entertainment. Strategies that identify specific exclusions of a subindustry, such as pornography, also receive this tag.
	Excludes Alcohol These are strategies that intend to avoid investments in companies that derive a significant percentage of their revenue from the production, distribution, or sale of alcohol.
	Excludes Animal Testing These are strategies that intend to avoid investments in companies that engage in animal-testing practices.
	Excludes Controversial Weapons These are strategies that avoid investments in companies that derive a significant percentage of their revenue from controversial military weapons, such as weapons of mass destruction, nuclear weapons, land mines, and cluster munitions. These do not necessarily preclude investments in companies with revenue from conventional military weapons but may include companies that produce materials used in controversial weapons.
	Excludes Fossil Fuel These are strategies that avoid investments in companies that derive a significant percentage of their revenue from the extraction, distribution, sale, or use of any fossil fuel. These strategies intend to avoid investments in companies that derive a significant percentage of their revenue from coal, petroleum, natural gas, oil shales, bitumen, tar sands, and heavy oils.
	Excludes Fur and Specialty Leather These are strategies that intend to avoid investments in companies that derive a significant percentage of their revenue from the production, distribution, or sale of fur and/or specialty leather.
	Excludes Gambling These are strategies that intend to avoid investments in companies that derive a significant percentage of their revenue from gambling or casinos.
	Excludes GMOs These are strategies that intend to avoid investments in companies that are significantly involved in the use of genetically modified organisms.
	Excludes Military Contracting These are strategies that intend to avoid investments in military contractors or companies that derive a significant percentage of their revenue from nonconsumer military contracting or operations. Some strategies cite companies that derive a significant amount of revenue from working with military organizations or defense more generally. This category does not necessarily exclude nonmilitary companies that are involved in materials or components used in controversial weapons.
	Excludes Nuclear These are strategies that intend to avoid investments in companies that are significantly involved in the research or production of nuclear energy. This does not reflect exclusions of nuclear weapons, which are instead reflected in "Excludes Controversial Weapons."
	Excludes Palm Oil These are strategies that intend to avoid investments in companies that derive a significant percentage of their revenue from the production, distribution, or sale of unsustainable palm oil and its products. This may not require the exclusion of companies that produce, distribute, or sell palm oil that has been shown to be sustainably sourced, including cosmetics and lotions.
	Excludes Pesticides These are strategies that intend to avoid investments in companies that derive a significant percentage of their revenue from the production, distribution, or sale of pesticides for environmental or biological concerns.
	Excludes Small Arms These are strategies that intend to avoid investments in companies that derive a significant percentage of their revenue from the production, distribution, or sale of personal weapons and small arms. These strategies most frequently exclude firearms but may exclude other personal weapons as well.
	Excludes Thermal Coal These are strategies that intend to avoid investments in companies that derive a significant percentage of their revenue from the extraction, distribution, sale, or use of thermal coal. Investments in companies exposed to metallurgical coal are typically not included in this category.
	Excludes Tobacco These are strategies that intend to avoid investments in companies that derive a significant percentage of their revenue from the production, distribution, or sale of tobacco and/or tobacco-related products.
	Excludes Other These are strategies that intend to avoid investments in companies that are significantly involved in other products or practices deemed to be contradictory to the strategy's values. Examples include companies with business operations in countries whose governments pose human rights concerns or more general language about companies whose products or services have a negative impact on customers.

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 fit into either category (Not Stated).
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.

Not Stated
Not stated is applied to those share classes that do not fit into either category (Article 8 or Article 9) as provided by the pre-contractual disclosure document or the periodic disclosure document whichever has the latest effective date. This includes article 6.

Article 6
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.