There is not a universally agreed upon set of inputs for the calculation. There is not a universally accepted way to calculate an ITR.

Importantly, an ITR metric may vary meaningfully across data providers for a variety of reasons due to methodological choices (e.g., differences in time horizons, the scope(s) of emissions included and portfolio aggregation calculations). Also, there are limitations with the data inputs to the model. This forward-looking metric is calculated based on a model, which is dependent upon multiple assumptions. What are the key assumptions and limitations of the ITR metric? The bands help to underscore the underlying uncertainty in the calculations and the variability of the metric. As a result, BlackRock publishes MSCIвЂ™s ITR metric for its funds in temperature range bands. A summary explanation of MSCIвЂ™s methodology and assumptions for its ITR metric can be found here.Д«ecause the ITR metric is calculated in part by considering the potential for a company within the fundвЂ™s portfolio to reduce its emissions over time, it is forward-looking and prone to limitations. Note, only corporate issuers are covered within the calculation. If emissions in the global economy followed the same trend as the emissions of companies within the fund's portfolio, global temperatures would ultimately rise within this band. The ITR metric is calculated by looking at the current emissions intensity of companies within the fund's portfolio as well as the potential for those companies to reduce its emissions over time. A net zero emissions economy is one that balances emissions and removals. Scientific consensus suggests that reducing emissions until they reach net zero around mid-century (2050-2070) is how this goal could be met. 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 2вЊ above pre-industrial levels, and ideally 1.5 вЊ, 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.Д¬limate 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 a fund's investment strategy, please see the fund's prospectus. Unless otherwise stated in fund documentation and included within a fundвЂ™s investment objective, the metrics do not change a fundвЂ™s investment objective or constrain the fundвЂ™s investable universe, and there is no indication that an ESG or Impact focused investment strategy or exclusionary screens will be adopted by a fund. The metrics are not indicative of how or whether ESG factors will be integrated into a fund. 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. Sustainability Characteristics provide investors with specific non-traditional metrics.

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