In August 2015, TIAA launched the Social Choice Low Carbon Equity Fund. The Fund seeks a favorable long-term total return that reflects the investment performance of the overall U.S. stock market while giving special consideration to certain environmental, social, and governance criteria. The Fund's evaluation process favors companies with leadership in ESG performance relative to their peers. In addition, the Fund favors companies that demonstrate leadership in managing and mitigating current carbon emissions and potential future emissions resulting from fossil fuel reserves. TIAA also has an actively managed equity low carbon value SMA which has both an ESG leadership component as well as low carbon criteria as part of the investment objective. From 2016 onwards, TIAA launched a suite of domestic and international ESG ETFs that also include a low carbon component.