The ITR metric is used to provide an indication of alignment to the temperature goal of the Paris Agreement for a company or a portfolio. The temperature goal of the Paris Agreement is to limit global warming to well below 2☌ above pre-industrial levels, and ideally 1.5 ☌, which will help us avoid the most severe impacts of climate change. To address climate change, many of the world's major countries have signed the Paris Agreement. What is the Implied Temperature Rise (ITR) metric? Learn what the metric means, how it is calculated, and about the assumptions and limitations for this forward-looking climate-related metric.Ĭlimate change is one of the greatest challenges in human history and will have profound implications for investors. Review the MSCI methodologies behind Sustainability Characteristics using the links below.

For more information regarding the fund's investment strategy, please see the fund's prospectus. The metrics do not change the fund’s investment objective or constrain the fund’s investable universe, and there is no indication that a sustainable, impact or ESG investment strategy will be adopted by the fund. This fund does not seek to follow a sustainable, impact or ESG investment strategy. Sustainability Characteristics should not be considered solely or in isolation, but instead are one type of information that investors may wish to consider when assessing a fund. They are provided for transparency and for information purposes only. Sustainability Characteristics do not provide an indication of current or future performance nor do they represent the potential risk and reward profile of a fund. Alongside other metrics and information, these enable investors to evaluate funds on certain environmental, social and governance characteristics. Past performance of a security may or may not be sustained in future and is no indication of future performance.Sustainability Characteristics provide investors with specific non-traditional metrics. Investments in securities are subject to market and other risks. It is a projection/opinion and not a statement of fact. The Quantitative Fair Value Estimate is calculated daily. The Quantitative Fair Value Estimate is based on a statistical model derived from the Fair Value Estimate Morningstar’s equity analysts assign to companies which includes a financial forecast of the company. Quantitative Fair Value Estimate represents Morningstar’s estimate of the per share dollar amount that a company’s equity is worth today. For detail information about the Morningstar Star Rating for Stocks, please visit here

Past performance of a security may or may not be sustained in future and is no indication of future performance.

If our base-case assumptions are true the market price will converge on our fair value estimate over time, generally within three years. A 5-star represents a belief that the stock is a good value at its current price a 1-star stock isn't. This process culminates in a single-point star rating that is updated daily. Four components drive the Star Rating: (1) our assessment of the firm’s economic moat, (2) our estimate of the stock’s fair value, (3) our uncertainty around that fair value estimate and (4) the current market price. Morningstar assigns star ratings based on an analyst’s estimate of a stock's fair value. It is projection/opinion and not a statement of fact. The Morningstar Star Rating for Stocks is assigned based on an analyst's estimate of a stocks fair value.

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