A questionable range of government bonds in fixed income ESG ETFs

Top holdings by cumulative percentage of portfolio exposure to government bonds in 14 ESG–labelled government bond ETFs

85%

31%

28%

16%

16%

12%

8%

4%

4%

4%

3%

3%

3%

3%

3%

2%

2%

2%

2%

2%

1%

1%

1%

1%

1%

1%

1%

1%

1%

France

China

US

Italy

Spain

Germany

Poland

Portugal

Uruguay

Qatar

Hungary

Italy

UK

Kazakhstan

Abu Dhabi

Philippines

Romania

Indonesia

Slovakia

Croatia

Saudi Arabia

Brazil

Italy

South Africa

Panama

Dominican Republic

Chile

Ukraine

Peru