SPDR MSCI ACWI Low Carbon Target ETF Aims to Offer Exposure to
Stocks with Lower Carbon Emissions and Fossil Fuel Reserves
State Street Global Advisors (SSGA), the asset management arm of
State Street Corporation (NYSE:STT), today announced the SPDR MSCI
ACWI Low Carbon Target ETF (Symbol: LOWC) began trading on the NYSE
Arca on November 26, 2014. Developed in conjunction with the United
Nations Joint Staff Pension Fund (UNJSPF), LOWC is a new vehicle
that seeks to provide access to the potentially long-term growth
opportunities of companies that are carbon efficient while reducing
exposure to assets vulnerable to the transition to a low carbon
economy.
“In combining the advantages of low carbon investment exposure
with the benefits of the ETF structure, LOWC offers a powerful
value proposition for investors seeking to reduce their carbon risk
exposure while maintaining the benefits of broad global
diversification,” said Christopher McKnett, head of ESG Investments
at State Street Global Advisors.
“The launch of LOWC is an exciting advance that improves access
to the benefits of low carbon investing for all investors,” said
James Ross, executive vice president and global head of SPDR
Exchange Traded Funds. “We are proud to support the Secretary
General and the United Nations Joint Staff Pension Fund in
expanding the reach of low carbon initiatives.”
The SPDR MSCI ACWI Low Carbon Target ETF seeks to provide
investment results that correspond generally to the total return
performance of the MSCI ACWI Low Carbon Target Index, which is
designed to address two dimensions of carbon exposure – carbon
emissions and fossil fuel reserves expressed as potential
emissions. The Index, which is a subset of the MSCI ACWI Index,
overweights companies with low carbon emissions relative to sales
and those with low fossil fuel reserves relative to market
capitalization and seeks to achieve a target level of tracking
relative to its parent index (the MSCI ACWI Index) while minimizing
the carbon exposure. The SPDR MSCI ACWI Low Carbon Target ETF’s
gross expense ratio is 0.30 percent1. SSgA has contractually agreed
to waive its advisory fee and reimburse certain expenses until
January 31, 2017, making the net expense ratio 0.20 percent2.
“We support the UNJSPF’s low carbon initiatives and are pleased
that SSGA has selected the MSCI ACWI Low Carbon Target Index as a
benchmark for their Low Carbon ETF,” said Remy Briand, Managing
Director and Head of Equity Research at MSCI. “The MSCI ACWI Low
Carbon Target Index combines MSCI’s quality index construction with
our in-house environmental, social and governance (ESG) team’s
unique data on carbon emissions and reserves.”
“At the UN Secretary-General’s Climate Summit on 23 September,
world leaders in government, business, finance and civil society
were called upon to initiate transformative action to reduce
emissions and build resilience to the adverse impacts of climate
change. The United Nations Joint Staff Pension Fund welcomes the
creation of a new lower carbon index and related ETFs as a
responsible approach to environmentally sustainable investing and a
positive response to the Secretary-General’s call for action,” said
Carol Boykin, CFA, Representative of the Secretary-General for the
investment of the assets of the United Nations Joint Staff Pension
Fund.
ESG investment strategies are one of the fastest growing
segments of the asset management industry amid strong demand from
institutional investors. According to a recent report from US SIF –
the Forum for Sustainable and Responsible Investment, total
US-domiciled assets under management in sustainable, responsible
and impact investment strategies has grown 76 percent from $3.74
trillion in 2012 to $6.57 trillion at the start of 2014, with
environmental factors incorporated in nearly $3 trillion of assets
under management3.
About SPDR Exchange Traded Funds
SPDR ETFs are a comprehensive family spanning an array of
international and domestic asset classes. SPDR ETFs are managed by
SSgA Funds Management, Inc., a registered investment adviser and
wholly owned subsidiary of State Street Bank and Trust Company. The
funds provide investors with the flexibility to select investments
that are precisely aligned to their investment strategy. Recognized
as an industry pioneer, State Street created the first US listed
ETF in 1993 (SPDR S&P 500® – Ticker SPY) and has remained on
the forefront of responsible innovation, as evidenced by the
introduction of many ground-breaking products, including
first-to-market launches with gold, international real estate,
international fixed income, and sector ETFs. For more information,
visit www.spdrs.com.
About State Street Global Advisors
State Street Global Advisors (SSgA) is a global leader in asset
management. The firm is relied on by sophisticated investors
worldwide for its disciplined investment process, powerful global
investment platform and access to every major asset class,
capitalization range and style. SSgA is the asset management
business of State Street Corporation, one of the world’s leading
providers of financial services to institutional investors.
1 The gross expense ratio is the fund’s total annual operating
expenses ratio. It is gross of any fee waivers or expense
reimbursements. It can be found in the fund’s most recent
prospectus.
2 The Adviser has contractually agreed to waive its advisory fee
and reimburse certain expenses, until January 31, 2017, so that the
Net annual Fund operating expenses of the Fund will be limited to
0.20% of the Fund's average daily net assets before application of
any fees and expenses not paid by the Adviser under the Investment
Advisory Agreement. Such fees and expenses paid by the Adviser are
limited to certain direct operating expenses of the Fund and,
therefore, do not include the Fund's acquired fund fees and
expenses, if any. The contractual fee waiver does not provide for
the recoupment by the Adviser of any fees the Adviser previously
waived. The Adviser may continue the waiver from year to year, but
there is no guarantee that the Adviser will do so and after January
31, 2017, the waiver may be cancelled or modified at any time.
3 Source: US SIF Foundation Report on Sustainable, Responsible
and Impact Investing Trends 2014
Investing involves risk including the risk of loss of
principal.
The information provided does not constitute investment advice
and it should not be relied on as such. It should not be considered
a solicitation to buy or an offer to sell a security. It does not
take into account any investor's particular investment objectives,
strategies, tax status or investment horizon. You should consult
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ETFs trade like stocks, are subject to investment risk,
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Frequent trading of ETF’s could significantly increase
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CORP-1217
State Street CorporationAlicia Curran Sweeney,
617-664-3001AACurran@StateStreet.com@StateStreetorRiver
CommunicationsTroy Mayclim, 914-686-5599
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