Abstract
The paper analyses the effect of Sustainable Financial Disclosure Regulation (level 2) on sustainable ETFs. First, we compare the financial performance of two samples of ETFs classified according to article 8 and those that have been downgraded from art. 9 to art. 8 of the SFDR regulation. Second, we analyze the performance of downgraded ETFs following the entry into force of SFDR level 2. Our results highlight that the funds classified as art.9 showed significant differences in performance compared to those under art. 8 and the downgrade process significantly affected the performance of the ETFs analyzed.
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