State Street Global Advisors announced planned changes to the SPDR MSCI ACWI Low Carbon Target ETF (LOWC). Effective Friday, April 22, the fund will change its name and ticker to the SPDR MSCI ACWI Climate Paris Aligned ETF (NZAC) and move its primary listing from NYSE Arca to the Nasdaq Stock Market.
The fund’s benchmark will move from the MSCI ACWI Low Carbon Target Index to the MSCI ACWI Climate Paris Aligned Index, which is designed to support investors who seek to reduce their exposure to transition and physical climate-related risks and who wish to pursue opportunities arising from the transition to a lower-carbon economy in alignment with the Paris Agreement requirements.
The fund will also undergo a 4:1 share split. Once implemented, the split will lower the fund’s share price and increase the number of outstanding shares. The aggregate market value of shares outstanding will not be impacted.
The share split will apply to shareholders of record as of market close on or about April 19 and will be payable after market close on or about April 21. The shares will trade at their post-split price effective on or about April 22.
Shareholders won’t need to take any action because of these changes.
For more news, information, and strategy, visit the ESG Channel.