This article analyses the risks that ETFs might generate for financial stability. Although ETFs risks have been divided into different categories, many of them are interrelated and their joint modelling constitutes one of the main challenges of the empirical research on ETFs and systemic risk

We develop a comprehensive framework to measure the impact of the climate transition on investment portfolios. Our analysis is enriched by including geographical, sectoral, company and ISIN-level data to assess transition risk. We find that investment funds suffer a moderate 5.7% loss upon...