What was once the second-biggest exchange-traded fund investing in sustainable emerging-market companies just became a shadow of its former self.
In the two days leading up to Christmas Eve, the iShares ESG MSCI EM Leaders ETF (LDEM) lost 91% of its investments, leaving its total assets depleted at about $69 million, compared with $803 million on Dec. 21. That’s the biggest two-day outflow for a developing-nation ETF this year, according to data compiled by Bloomberg.