Roughly $11.9 billion has been pulled from sector exchange-traded funds so far in May, putting the category on track for the biggest monthly drawdown on record.
Global investors are jittery as markets navigate a world of rising interest rates, soaring inflation and the impact of China’s strict Covid policies on the global economy.
The charges come as investment advisors increasingly use ESG metrics to appeal to investors, according to SEC Enforcement Division Deputy Director Sanjay Wadhwa.