www.zerohedge.com/markets/...-fund-aum-collapses-91-overnight
It appears returns matter after all...
What was once the second-biggest exchange-traded fund investing in sustainable emerging-market companies is now a nothing-burger of abandon hopes and dreams ..
In just two days, the iShares ESG MSCI EM Leaders ETF (LDEM) lost 91% of its total assets, crashing to below $70 million briefly (from over $800 million right before Christmas Eve)As Bloomberg reports, only one holder of LDEM’s shares owned enough to account for such a steep outflow, the data show: Ilmarinen, the Helsinki-based pension company that made a $600 million investment in the fund when it launched in February 2020.Since the pension fund's virtue-signaling investment, LDEM has drastically underperformed its benchmark...