DWS XTrackers Launches Record-Breaking ETF

DWS Xtrackers launched the MSCI USA Climate Action Equity ETF (USCA), the largest exchange-traded fund ever launched with $2 billion in assets. The fund invests in large and mid-cap US-listed companies leading their sector peers in taking actions relating to climate transition. Finnish investor Ilmarinen backed the listing with $3.2 billion it moved from Xtrackers MSCI USA ESG Leaders Equity ETF (USSG). With top holdings of Microsoft, Apple, and Amazon, the passively managed fund holds large- and mid-cap companies. USCA's launch is part of a broader movement among asset managers to move away from all-encompassing ESG strategies and offer more climate-focused products.