The SPDR® S&P® 500 Fossil Fuel Reserves Free ETF seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of the S&P® 500 Fossil Fuel Free Index.
The S&P® 500 Fossil Fuel Free Index is designed to measure the performance of companies in the S&P 500 Index that are 'fossil fuel free', which are defined as companies that do not own fossil fuel reserves. For purposes of the composition of the Index, fossil fuel reserves are defined as economically and technically recoverable sources of crude oil, natural gas and thermal coal but do not include metallurgical or coking coal, which are used in connection with steel production. The Index is a subset of the S&P 500 Index (the 'Underlying Index'), which serves as the initial universe of eligible securities for the Index. In constructing the Index, the initial universe is screened in an effort to exclude companies with any ownership of fossil fuel reserves, including for third-party and in-house power generation, as determined by publicly available information, such as annual reports and other company publications.