Invesco MSCI Emerging Markets Universal Screened UCITS ETF (ESEM.L)

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The Invesco MSCI Emerging Markets Universal Screened UCITS ETF seeks to deliver the net total return performance of the MSCI EM Universal Select Business Screens Index, after accounting for management fees. This benchmark index targets large and mid-capitalisation companies across global emerging markets. Its sophisticated strategy involves adjusting the free-float market capitalisation weights of constituents based on environmental, social, and governance (ESG) metrics, aiming to increase allocation towards companies with both robust ESG profiles and a positive trajectory in improving these standards. The index is constructed by starting with the MSCI Emerging Markets Index and then systematically excluding specific types of securities. These exclusions apply to companies that have not received an ESG assessment or rating from MSCI; those involved in significant ESG controversies within the last three years; firms with an MSCI ESG Rating of CCC; and businesses engaged in controversial weapons, conventional weapons, nuclear weapons, civilian firearms, oil sands, thermal coal, tobacco, or recreational cannabis. Each eligible company subsequently receives a combined ESG score, which incorporates its current MSCI ESG rating alongside the observed trend in that rating over time. This comprehensive score is crucial for re-weighting the securities within the Reference Index. The fund is passively managed and employs a representative sampling approach. Its portfolio managers utilize modelling tools to invest in a carefully chosen subset of the index's securities. This method aims to closely mirror the index's performance while minimizing the costs typically associated with full replication. The fund’s holdings are rebalanced in tandem with the Reference Index, which undergoes a review and adjustment process twice a year. It is important to note that an investment in this fund represents the acquisition of units in a passively managed, index-tracking fund, rather than direct ownership of the underlying assets.